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TABLE OF CONTENTS
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from          to
Commission File Number 001-41504
900x293 Corebridge financial rgb.jpg
Corebridge Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware
95-4715639
(State or other jurisdiction of 
incorporation or organization)
(I.R.S. Employer
Identification No.)
2919 Allen Parkway, Woodson Tower, Houston, Texas
77019
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: 1-877-375-2422
____________________
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, Par Value $0.01 Per Share
CRBG
New York Stock Exchange
6.375% Junior Subordinated Notes
CRBD
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to
submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and
“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
As of July 31, 2026, there were 445,772,522 shares outstanding of the registrant’s common stock.
Corebridge | Second Quarter 2026 Form 10-Q      2
TABLE OF CONTENTS
COREBRIDGE FINANCIAL, INC.
QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026
TABLE OF CONTENTS
FORM 10-Q
Page
Part I - Financial Information
ITEM 1
Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets at June 30, 2026 and December 31, 2025
Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2026 and 2025
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2026 and
2025
Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2026 and 2025
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025
Notes to Condensed Consolidated Financial Statements (Unaudited)
Overview and Basis of Presentation
Summary of Significant Accounting Policies
Segment Information
Fair Value Measurements
Investments
Lending Activities
Reinsurance
Variable Interest Entities
Derivatives and Hedge Accounting
Deferred Policy Acquisition Costs
Separate Account Assets and Liabilities
Future Policy Benefits
Policyholder Contract Deposits and Other Policyholder Funds
Market Risk Benefits
Contingencies, Commitments and Guarantees
Equity
Earnings Per Common Share
Income Taxes
Related Parties
ITEM 2
Management’s Discussion and Analysis of Financial Condition and Results of Operations
ITEM 3
Quantitative and Qualitative Disclosures About Market Risk
ITEM 4
Controls and Procedures
Part II – Other Information
ITEM 1
Legal Proceedings
ITEM 1A
Risk Factors
ITEM 2
Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 5
Other Information
ITEM 6
Exhibits
Signatures
Corebridge | Second Quarter 2026 Form 10-Q      3
TABLE OF CONTENTS
Cautionary Statement Regarding Forward-Looking Information
This Quarterly Report on Form 10-Q (“Quarterly Report”) includes statements, which, to the extent they are not statements of
historical or present fact, constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. Forward-looking statements, and any related oral statements, can be identified by the use of terms such as “believes,”
“expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “projects,” “forecasts,” “intends,” “targets,” “plans,”
“assumes,” “enable,” “estimates,” “anticipates,” “goals,” “guidance,” “formidable,” “preliminary,” “objective,” “continue,” “drive,”
“improve,” “superior,” “robust,” “positioned,” “resilient,” “vision,” “potential,” “immediate,” “on track,” “progress”, “is optimistic,” and
similar expressions or the negative of those expressions or verbs. We caution you that forward-looking statements are not guarantees
of future performance or outcomes.  Forward-looking statements are not historical facts but instead represent only our beliefs
regarding future events, which may by their nature be inherently uncertain, and some of which may be outside our control. These
statements appear in a number of places throughout this Quarterly Report and include, but are not limited to, statements regarding
our intentions, beliefs, assumptions or current plans and expectations concerning, among other things, financial position and future
financial condition; results of operations; expected operating and non-operating relationships; ability to meet debt service obligations
and financing plans; statements about the potential repurchases of shares of common stock; product sales; distribution channels;
retention of business; investment yields and spreads; investment portfolio and ability to manage asset-liability cash flows; financial
goals and targets; prospects; growth strategies or expectations; laws and regulations; customer retention; the outcome (by judgment
or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation,
collective, representative or class action litigation; geopolitical events; and the impact of prevailing capital markets and economic
conditions.
This Quarterly Report also includes forward-looking statements about the expected timing and completion of the proposed transaction
between the Company and Equitable Holdings, Inc. (“Equitable”) (the “Proposed Transaction”), the anticipated benefits of the
Proposed Transaction, including estimated synergies and projected cost savings, and plans and expectations for the Company,
Equitable or their new parent company after completion of the Proposed Transaction.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may
cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by
such forward-looking statements. Key factors include, among others, the ability to repurchase shares (if the Company decides to do
so) within the expected timing or at all; the ability to complete the Proposed Transaction on the timeframe or on the terms currently
anticipated or at all, including due to a failure to obtain requisite  stock exchange, regulatory, governmental or other approvals; risks
related to difficulties, inabilities or delays in integrating the parties’ businesses; the ability to realize the anticipated benefits of the
Proposed Transaction, including estimated run-rate expense synergies and projected cost savings at the times, and to the extent,
anticipated, as well as expected operating earnings and cash flow generation; the occurrence of any event, change or other
circumstance that could give rise to the right of either or both parties to terminate the merger agreement; the potential impact of the
announcement or consummation of the Proposed Transaction on the Company or Equitable’s stock price and on their respective
business, contractual and operational relationships (including with regulatory bodies, employees, suppliers, clients and competitors);
risks related to business disruptions from the Proposed Transaction that may harm the business or current plans and operations of
either or both parties, including diversion of management time from ongoing business operations; the risk that the Proposed
Transaction and its announcement could have an adverse effect on the ability of either or both parties to hire and retain key
personnel; the parties’ ability to raise debt on favorable terms or at all; the outcome of any legal proceedings that may be instituted
against the Company, Equitable, their new parent company or their respective directors; restrictions on the conduct of the Company
and Equitable’s respective businesses prior to the closing of the Proposed Transaction and on each of their ability to pursue
alternatives to the Proposed Transaction; the possibility that the Proposed Transaction may be more expensive to complete than
anticipated, including as a result of unexpected factors or events, or unforeseen or unknown liabilities; the deterioration of economic
conditions; geopolitical tensions; the potential impact of a downgrade in the Company or Equitable’s Insurer Financial Strength ratings
or credit ratings or of the new parent company of the Company and Equitable following completion of the Proposed Transaction; other
factors that may affect future results of the Company and Equitable; and management’s response to any of the aforementioned
factors.
Any forward-looking statements included herein are not a guarantee of future performance and involve risks and uncertainties, and
there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected
or implied in such forward-looking statements, including, among others, risks related to:
changes in interest rates and changes to credit spreads;
the deterioration of economic conditions, an economic slowdown or recession, changes in market conditions, weakening in
capital markets, volatility in equity markets, inflationary pressures, the rise of pressures on the commercial real estate
market, and geopolitical tensions;
the unpredictability of the amount and timing of insurance liability claims;
unavailable, uneconomical or inadequate reinsurance or recaptures of reinsured liabilities;
Corebridge | Second Quarter 2026 Form 10-Q      4
TABLE OF CONTENTS
uncertainty and unpredictability related to our reinsurance agreements and the reinsurers’ performance of their obligations
under these agreements;
our limited ability to access funds from our subsidiaries;
our ability to incur indebtedness, our potential inability to refinance all or a portion of our indebtedness or our ability to obtain
additional financing on favorable terms or at all;
our ability to maintain sufficient eligible collateral to support business and funding strategies requiring collateralization;
our inability to generate cash to meet our needs due to the illiquidity of some of our investments;
the inaccuracy of the methodologies, estimations and assumptions underlying our valuation of investments and derivatives;
a downgrade in our Insurer Financial Strength (“IFS”) ratings or credit ratings;
exposure to credit risk due to non-performance or defaults by our counterparties or our use of derivative instruments to
hedge market risks associated with our liabilities;
our ability to adequately assess risks and estimate losses related to the pricing of our products;
the failure of third parties that we rely upon to provide and adequately perform certain business, operations, investment
advisory, functional support and administrative services on our behalf;
the impact of risks associated with our arrangement with Blackstone ISG-I Advisors LLC or any affiliates thereof
(“Blackstone”), BlackRock Financial Management, Inc. (“BlackRock”) or any other asset manager we retain, including their
historical performance not being indicative of the future results of our investment portfolio and the exclusivity of certain
arrangements with Blackstone;
our inability to maintain the availability of critical technology systems and the confidentiality, integrity and availability of our
data, including challenges associated with a variety of privacy and information security laws;
scrutiny and evolving expectations from investors, regulators, customers and other stakeholders regarding environmental,
social and governance matters;
the ineffectiveness of our risk management policies and procedures;
significant legal, governmental or regulatory proceedings;
business or asset acquisitions and dispositions that may expose us to certain risks;
our ability to protect our intellectual property;
our ability to operate efficiently and compete effectively in a heavily regulated industry in light of new domestic or
international laws and regulations or new interpretations of current laws and regulations;
impact on sales of our products and taxation of our operations due to changes in U.S. federal income or other tax laws or the
interpretation of tax laws;
differences between actual experience and the estimates used in the preparation of financial statements and modeled results
used in various areas of our business;
our inability to attract and retain key employees and highly skilled people needed to support our business;
our relationships with Nippon Life Insurance Company, a mutual company organized under the laws  of Japan (“Nippon”) and
Blackstone and conflicts of interest arising due to such relationships;
the indemnification obligations we have to American International Group, Inc. (“AIG”);
potentially higher U.S. federal income taxes due to our inability to file a single U.S. consolidated federal income tax return for
five years following our initial public offering (“IPO”) and our separation from AIG causing an “ownership change” for U.S.
federal income tax purposes caused by our separation from AIG;
risks associated with the Tax Matters Agreement with AIG and our potential liability for U.S. income taxes of the entire AIG
Consolidated Tax Group for all taxable years or portions thereof in which we (or our subsidiaries) were members of such
group;
the risk that anti-takeover provisions could discourage, delay, or prevent our change in control, even if the change in control
would be beneficial to our shareholders; and
other factors discussed in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025, as well as our Quarterly Reports on
Form 10-Q.
Corebridge | Second Quarter 2026 Form 10-Q      5
TABLE OF CONTENTS
The foregoing list of factors is not exhaustive. You should carefully consider these factors and the other risks and uncertainties
described in the “Risk Factors” section of the new parent company’s Registration Statement on Form S-4 and other documents filed
or furnished by the Company and Equitable from time to time with the Securities and Exchange Commission (the “SEC”), including
their Annual Reports on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q. These filings identify
and address other important risks and uncertainties that could cause actual events and results to differ materially from those
contained in the forward-looking statements. If any of these risks materialize or our assumptions prove incorrect, actual events and
results could differ materially from those contained in the forward-looking statements. There may be additional risks that neither the
Company nor Equitable presently know or that the Company and Equitable currently believe are immaterial that could also cause
actual events and results to differ materially from those contained in the forward-looking statements. In addition, forward-looking
statements reflect the Company and Equitable’s expectations, plans or forecasts of future events and views as of the date of this
Quarterly Report. The Company and Equitable anticipate that subsequent events and developments will cause the Company and
Equitable’s’ assessments to change. While the Company and Equitable may elect to update these forward-looking statements at
some point in the future, the Company and Equitable specifically disclaim any obligation to do so, unless required by applicable law.
Neither the Company nor Equitable  gives any assurance that the Company, Equitable or their new parent company will achieve the
results or other matters set forth in the forward-looking statements.
Corporate Information
We encourage investors and others to frequently visit our website (www.corebridgefinancial.com), including our Investor Relations
web pages (investors.corebridgefinancial.com). We announce significant financial and other information to our investors and the
public on the Investor Relations web pages, as well as in U.S. Securities and Exchange Commission (“SEC”) filings, in news releases,
public conference calls and webcasts, fact sheets and other documents and media. The information found on our website is not
incorporated by reference into this Quarterly Report or in any other report or document we submit to the SEC, and any references to
our website are intended to be inactive textual references only.
Corebridge | Second Quarter 2026 Form 10-Q      6
TABLE OF CONTENTS
Part I – Financial Information
Item 1. | Financial Statements
Corebridge Financial, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(in millions, except for share data)
June 30, 2026
December 31, 2025
Assets:
Investments:
Fixed maturity securities:
Bonds available-for-sale, at fair value, net of allowance for credit losses of $160 in 2026 and $130 in 2025
(amortized cost: 2026 - $205,495; 2025 - $203,848)*
$189,439
$189,381
Other bond securities, at fair value (See Note 5)*
5,302
5,407
Equity securities, at fair value (See Note 5)*
50
79
Mortgage and other loans receivable, net of allowance for credit losses of $783 in 2026 and $727 in 2025*
53,861
54,481
Other invested assets (portion measured at fair value: 2026 - $8,213; 2025 - $8,106)*
11,314
10,235
Short-term investments, including restricted cash of $3 in 2026 and $4 in 2025 (portion measured at fair value:
2026 - $1,824; 2025 - $1,624)*
4,587
5,675
Total investments
264,553
265,258
Cash*
353
447
Accrued investment income*
2,413
2,379
Premiums and other receivables, net of allowance for credit losses and disputes of $1 in 2026 and $1 in 2025
464
648
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes of $0 in 2026 and $0 in 2025
23,574
24,139
Reinsurance assets - other, net of allowance for credit losses and disputes of $5 in 2026 and $6 in 2025
1,986
1,912
Current and deferred income taxes
7,285
7,467
Deferred policy acquisition costs and value of business acquired
8,836
8,885
Market risk benefit assets, at fair value
2,492
2,392
Other assets, including restricted cash of $2 in 2026 and $2 in 2025 (portion measured at fair value: 2026 - $976;
2025 - $441)*
5,066
4,435
Separate account assets, at fair value
98,771
95,585
Total assets
$415,793
$413,547
Liabilities:
Future policy benefits for life and accident and health insurance contracts
$59,541
$60,971
Policyholder contract deposits (portion measured at fair value: 2026 - $13,568; 2025 - $12,156)
193,225
188,876
Market risk benefit liabilities, at fair value
7,723
7,309
Other policyholder funds
3,003
2,959
Fortitude Re funds withheld payable (portion measured at fair value: 2026 - $3,971; 2025 - $3,795)
22,965
23,648
Other liabilities (portion measured at fair value: 2026 - $223; 2025 - $322)*
8,322
9,333
Short-term and long-term debt, of which $1,250 in 2026 and $0 in 2025 is short-term debt
9,362
9,359
Debt of consolidated investment entities*
1,508
1,547
Separate account liabilities
98,771
95,585
Total liabilities
$404,420
$399,587
Contingencies, commitments and guarantees (See Note 15)
Corebridge Shareholders' equity:
Preferred stock and additional paid-in capital, $1 par value and $1,000 liquidation preference
$493
$493
Common stock, $0.01 par value; 2,500,000,000 shares authorized; shares issued: 2026 - 650,189,849 and  2025 -
650,189,849
7
7
Treasury stock, at cost; 2026 - 204,421,241 shares and 2025 - 153,816,103 shares
(5,908)
(4,382)
Additional paid-in capital
8,151
8,162
Retained earnings
18,075
18,373
Accumulated other comprehensive loss
(10,167)
(9,452)
Total Corebridge Shareholders' equity
10,651
13,201
Non-redeemable noncontrolling interests
722
759
Total equity
$11,373
$13,960
Total liabilities and equity
$415,793
$413,547
*See Note 8 for details of balances associated with variable interest entities.
See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
Corebridge | Second Quarter 2026 Form 10-Q      7
TABLE OF CONTENTS
Corebridge Financial, Inc.
Condensed Consolidated Statements of Income (Loss) (unaudited)
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions, except per common share data)
2026
2025
2026
2025
Revenues:
Premiums
$542
$446
$929
$1,317
Policy fees
624
721
1,234
1,441
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets
2,957
2,995
5,894
5,853
Net investment income - Fortitude Re funds withheld assets
233
343
493
674
Total net investment income
3,190
3,338
6,387
6,527
Net realized losses:
Net realized losses - excluding Fortitude Re funds withheld assets and embedded
derivative
(213)
(1,694)
(542)
(2,516)
Net realized losses on Fortitude Re funds withheld assets
(25)
(30)
(46)
(26)
Net realized losses on Fortitude Re funds withheld embedded derivative
(316)
(251)
(302)
(847)
Total net realized losses
(554)
(1,975)
(890)
(3,389)
Advisory fee income
87
121
170
246
Other income
25
75
48
156
Total revenues
3,914
2,726
7,878
6,298
Benefits and expenses:
Policyholder benefits (includes remeasurement (gains) losses of $69 and $59 for the three
months ended June 30, 2026 and 2025, and $146 and $205, for the six months ended
June 30, 2026 and 2025, respectively)
1,120
982
2,094
2,439
Change in the fair value of market risk benefits, net
180
(279)
558
106
Interest credited to policyholder account balances
1,570
1,486
3,095
2,903
Amortization of deferred policy acquisition costs and value of business acquired
248
275
493
550
Non-deferrable insurance commissions
102
152
206
308
Advisory fee expenses
45
64
89
134
General operating expenses
466
517
934
1,043
Interest expense
131
137
262
285
Net (gain) on divestitures
(2)
Total benefits and expenses
3,862
3,334
7,729
7,768
Income (loss) before income tax expense (benefit)
52
(608)
149
(1,470)
Income tax expense (benefit)
50
60
208
(145)
Net income (loss)
2
(668)
(59)
(1,325)
Less: Net loss attributable to noncontrolling interests
(8)
(8)
(1)
Net income (loss) attributable to Corebridge
2
(660)
(51)
(1,324)
Less: Preferred stock dividends
18
18
Net loss available to Corebridge common shareholders
$(16)
$(660)
$(69)
$(1,324)
Income (loss) per common share available to Corebridge common shareholders:
Common stock - basic
$(0.04)
$(1.20)
$(0.15)
$(2.39)
Common stock - diluted
$(0.04)
$(1.20)
$(0.15)
$(2.39)
Weighted average shares outstanding:
Common stock - basic
454.2
550.3
463.8
554.1
Common stock - diluted
454.2
550.3
463.8
554.1
See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
Corebridge | Second Quarter 2026 Form 10-Q      8
TABLE OF CONTENTS
Corebridge Financial, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Net income (loss)
$2
$(668)
$(59)
$(1,325)
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which
allowance for credit losses was taken
26
13
(8)
26
Change in unrealized appreciation (depreciation) of all other investments
733
1,262
(1,295)
2,746
Change in fair value of market risk benefits attributable to changes in our own credit risk
(208)
13
263
(34)
Change in the discount rates used to measure traditional and limited payment long-duration
insurance contracts
(201)
47
454
87
Change in cash flow hedges
(85)
45
(125)
182
Change in foreign currency translation adjustments
(4)
37
(4)
42
Other comprehensive income (loss)
261
1,417
(715)
3,049
Comprehensive income (loss)
263
749
(774)
1,724
Less:
Comprehensive (loss) attributable to noncontrolling interests
(7)
(8)
Comprehensive income (loss) attributable to Corebridge
$263
$756
$(766)
$1,724
See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
Corebridge | Second Quarter 2026 Form 10-Q      9
TABLE OF CONTENTS
Corebridge Financial, Inc.
Condensed Consolidated Statements of Equity (unaudited)
(in millions)
Preferred
Stock and
Additional
Paid-In
Capital
Common
Stock
Treasury
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Corebridge
Shareholders'
Equity
Non-
Redeemable
Noncontrolling
Interests
Total
Shareholders'
Equity
Three Months Ended June 30, 2026
Balance, beginning of period
$493
$7
$(5,606)
$8,135
$18,204
$(10,428)
$10,805
$736
$11,541
Purchase of common stock
(302)
(302)
(302)
Net income attributable to Corebridge or
noncontrolling interests
2
2
2
Dividends on preferred stock
(18)
(18)
(18)
Dividends on common stock
(112)
(112)
(112)
Other comprehensive income, net of tax
261
261
261
Distributions to noncontrolling interests
(11)
(11)
Other
16
(1)
15
(3)
12
Balance, end of period
$493
$7
$(5,908)
$8,151
$18,075
$(10,167)
$10,651
$722
$11,373
Three Months Ended June 30, 2025
Balance, beginning of period
$
$7
$(2,568)
$8,129
$18,461
$(12,049)
$11,980
$856
$12,836
Common stock issued under stock plans
1
(1)
Purchase of common stock
(314)
(314)
(314)
Net loss attributable to Corebridge or
noncontrolling interests
(660)
(660)
(8)
(668)
Dividends on common stock
(131)
(131)
(131)
Other comprehensive income, net of tax
1,416
1,416
1
1,417
Contributions from noncontrolling interests
30
30
Distributions to noncontrolling interests
(12)
(12)
Other
12
(1)
11
11
Balance, end of period
$
$7
$(2,881)
$8,140
$17,669
$(10,633)
$12,302
$867
$13,169
Six Months Ended June 30, 2026
Balance, beginning of year
$493
$7
$(4,382)
$8,162
$18,373
$(9,452)
$13,201
$759
$13,960
Common stock issued under stock plans
39
(39)
Purchase of common stock
(1,565)
(1,565)
(1,565)
Net loss attributable to Corebridge or
noncontrolling interests
(51)
(51)
(8)
(59)
Dividends on preferred stock
(18)
(18)
(18)
Dividends on common stock
(226)
(226)
(226)
Other comprehensive loss, net of tax
(715)
(715)
(715)
Contributions from noncontrolling interests
8
8
Distributions to noncontrolling interests
(32)
(32)
Other
28
(3)
25
(5)
20
Balance, end of period
$493
$7
$(5,908)
$8,151
$18,075
$(10,167)
$10,651
$722
$11,373
Six Months Ended June 30, 2025
Balance, beginning of year
$
$7
$(2,282)
$8,161
$19,257
$(13,681)
$11,462
$864
$12,326
Common stock issued under stock plans
41
(41)
Purchase of common stock
(640)
(640)
(640)
Net loss attributable to Corebridge or
noncontrolling interests
(1,324)
(1,324)
(1)
(1,325)
Dividends on common stock
(264)
(264)
(264)
Other comprehensive income, net of tax
3,048
3,048
1
3,049
Contributions from noncontrolling interests
38
38
Distributions to noncontrolling interests
(32)
(32)
Other
20
20
(3)
17
Balance, end of period
$
$7
$(2,881)
$8,140
$17,669
$(10,633)
$12,302
$867
$13,169
See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
Corebridge | Second Quarter 2026 Form 10-Q      10
TABLE OF CONTENTS
Corebridge Financial, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
Six Months Ended June 30,
(in millions)
2026
2025
Cash flows from operating activities:
Net income (loss)
$(59)
$(1,325)
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash revenues, expenses, gains and losses included in income (loss):
Net losses (gains) on sales of securities available-for-sale and other assets
325
925
Net (gain) loss on divestitures
(2)
Unrealized (gains) losses in earnings - net
104
1,002
Change in the fair value of market risk benefits in earnings, net
534
417
Equity in income from equity method investments, net of dividends or distributions
16
12
Depreciation and other amortization
338
183
Impairments of assets
24
31
Changes in operating assets and liabilities:
Insurance liabilities
(397)
45
Premiums and other receivables and payables - net
4
144
Funds held relating to Fortitude Re Reinsurance contracts
(682)
(472)
Reinsurance assets and funds held under reinsurance treaties
250
613
Capitalization of deferred policy acquisition costs
(608)
(692)
Current and deferred income taxes - net
195
(354)
Other, net
(95)
(413)
Total adjustments
6
1,441
Net cash provided (used in) by operating activities
(53)
116
Cash flows from investing activities:
Proceeds from (payments for)
Sales or distributions of:
Available-for-sale securities
5,553
6,897
Other securities
2,129
731
Other invested assets
1,095
767
Divestitures, net
9
Maturities of fixed maturity securities available-for-sale
8,968
8,415
Principal payments received on mortgage and other loans receivable
3,497
3,708
Purchases of:
Available-for-sale securities
(16,457)
(20,356)
Other securities
(2,125)
(1,582)
Other invested assets
(2,030)
(489)
Mortgage and other loans receivable
(3,155)
(4,395)
Net change in short-term investments
1,085
1,359
Net change in derivative assets and liabilities
452
(1,525)
Other, net
11
(75)
Net cash (used in) investing activities
(968)
(6,545)
Corebridge | Second Quarter 2026 Form 10-Q      11
TABLE OF CONTENTS
Corebridge Financial, Inc.
Condensed Consolidated Statements of Cash Flows(unaudited)(continued)
Six Months Ended June 30,
(in millions)
2026
2025
Cash flows from financing activities:
Proceeds from (payments for):
Policyholder contract deposits
$18,454
$20,233
Policyholder contract withdrawals
(14,806)
(12,453)
Issuance of debt of consolidated investment entities
79
52
Repayments of short-term debt
(1,000)
Maturities and repayments of debt of consolidated investment entities
(113)
(105)
Dividends paid on common stock
(226)
(264)
Dividends paid on preferred stock
(18)
Distributions to noncontrolling interests
(32)
(32)
Contributions from noncontrolling interests
8
38
Net change in securities lending and repurchase agreements
(934)
(5)
Repurchase of common stock
(1,550)
(632)
Other, net*
64
70
Net cash provided by (used in) financing activities
926
5,902
Effect of exchange rate changes on cash and restricted cash
(1)
Net increase (decrease) in cash and restricted cash
(95)
(528)
Cash and restricted cash at beginning of year
453
824
Cash and restricted cash at end of period
$358
$296
*2026 includes an inflow of $4 million of cash related to the individual variable annuity business reinsured to Corporate Solutions Life Reinsurance Company.
See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
Supplementary Disclosure of Consolidated Cash Flow Information
Six Months Ended June 30,
(in millions)
2026
2025
Cash
$353
$290
Restricted cash included in short-term investments
3
4
Restricted cash included in other assets
2
2
Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash
Flows
$358
$296
Cash (received) paid during the period for:
Interest
$268
$300
Taxes
$12
$209
Non-cash investing activities:
Fixed maturity securities, designated available-for-sale, transferred in connection with reinsurance
transactions
$194
$
Non-cash financing activities:
Interest credited to policyholder contract deposits included in financing activities
$3,118
$3,068
Fee income debited to policyholder contract deposits included in financing activities
$(1,473)
$(1,464)
Non-cash capital contributions
$2
$
See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
Corebridge | Second Quarter 2026 Form 10-Q      12
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 1. Overview and Basis of Presentation
1. Overview and Basis of Presentation
OVERVIEW
Corebridge Financial, Inc. (“Corebridge Parent”) is a leading provider of retirement solutions and life insurance products in the United
States. Our primary business operations consist of sales of individual and group annuities, life insurance products to individuals and
institutional markets products. Corebridge Parent common stock, par value $0.01 per share, is listed on the New York Stock
Exchange (NYSE:CRBG). The terms “Corebridge,” “we,” “us,” “our” or the “Company” mean Corebridge Parent and its consolidated
subsidiaries, unless the context refers to Corebridge Parent only. Subsidiaries of Corebridge Parent include: AGC Life Insurance
Company (“AGC”), American General Life Insurance Company (“AGL”), The Variable Annuity Life Insurance Company (“VALIC”), The
United States Life Insurance Company in the City of New York (“USL”), Corebridge Insurance Company of Bermuda, Ltd. (“CRBG
Bermuda”) and SAFG Capital LLC and its subsidiaries.
As of June 30, 2026, Corebridge’s two largest shareholders, Nippon Life Insurance Company, a mutual company organized under the
laws of Japan (“Nippon”) and Argon Holdco LLC, a wholly-owned subsidiary of Blackstone, owned approximately 27.4% and 13.9% of
the outstanding Corebridge Parent common stock, respectively.
BASIS OF PRESENTATION
These unaudited Condensed Consolidated Financial Statements present the results of operations, financial condition and cash flows
of the Company.
These Condensed Consolidated Financial Statements include the results of Corebridge Parent, its controlled subsidiaries (generally
through a greater than 50% ownership of voting rights and voting interests) and variable interest entities (“VIEs”) of which we are the
primary beneficiary. Equity investments in entities that we do not consolidate, including corporate entities in which we have significant
influence and partnership and partnership-like entities in which we have more than minor influence over the operating and financial
policies, are accounted for under the equity method unless we have elected the fair value option.
The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles
generally accepted in the United States (‘‘GAAP’’). The accompanying Condensed Consolidated Financial Statements reflect all
normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary in the opinion of
management for a fair statement of our financial position, results of operations and cash flows for the periods presented.
Corebridge Financial and Equitable Holdings Merger
On March 26, 2026, we and Equitable Holdings, Inc. (“Equitable”) announced the entering into of a definitive agreement to combine in
an all-stock merger. 
Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of both companies, we
and Equitable will form a new parent company and each outstanding share of our common stock will be exchanged for the right to
receive 1.0000 share of the new parent company’s common stock, and each outstanding share of Equitable common stock will be
exchanged for the right to receive 1.55516 shares of the new parent company’s common stock.
The merger will be effected through a merger agreement, by and among us, Equitable, Mountain Holding, Inc., a newly formed
corporation and wholly-owned subsidiary of Corebridge (“New Equitable”), Palisade Holding, Inc., a newly formed corporation and a
wholly-owned subsidiary of New Equitable (“Corebridge Merger Sub”), and Marcy Holding, Inc., a newly formed corporation and a
wholly-owned subsidiary of New Equitable (“Equitable Merger Sub”).  The mechanics of the merger are as follows: (a) Corebridge
Merger Sub merging with and into Corebridge Parent, with Corebridge Parent surviving such merger as a wholly-owned subsidiary of
New Equitable (the “Corebridge Merger”); (b) immediately following the consummation of the Corebridge Merger, Equitable Merger
Sub merging with and into Equitable, with Equitable surviving such merger as a wholly-owned subsidiary of New Equitable (the
“Equitable Merger” and, together with the Corebridge Merger, the “Mergers”); and (c) as of the closing of the Mergers (the “Closing”),
changing the name of New Equitable to “Equitable Holdings, Inc.”
Following the Closing of the transaction, our shareholders will own approximately 51% of the combined company and Equitable
shareholders will own approximately 49% of the combined company.
On July 30, 2026, shareholders of both Corebridge and Equitable voted to approve all shareholder proposals necessary to complete
the merger transaction at their respective special shareholder meetings. The transaction is expected to close by year-end 2026,
subject to customary closing conditions, including the receipt of required regulatory approvals.
Corebridge | Second Quarter 2026 Form 10-Q      13
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 1. Overview and Basis of Presentation
VARIABLE ANNUITY REINSURANCE TRANSACTION
On June 25, 2025, AGL and USL (the “Ceding Companies” and each, a “Ceding Company”), entered into a Master Transaction
Agreement (the “Agreement”) with Corporate Solutions Life Reinsurance Company, an Iowa-domiciled insurance company (“CSLR”),
pursuant to which, among other things, AGL and CSLR, as well as USL and the CSLR, entered into coinsurance and modified
coinsurance agreements, (together the “Reinsurance Agreements” and each, a “Reinsurance Agreement”). Under the terms of the
Reinsurance Agreements, the applicable Ceding Company ceded to CSLR 100% of the applicable reinsured liabilities with respect to
(i) in-force individual variable annuity contracts issued prior to the effective time of the Reinsurance Agreements, and (ii) only with
respect to AGL, new individual variable annuity contracts issued after the effective date of the Reinsurance Agreement. In addition,
AGL sold all of its outstanding membership interests in SunAmerica Asset Management, LLC, an indirect wholly-owned subsidiary of
the Company (“SAAMCo”), to Venerable Holdings, Inc., a Delaware corporation (“Venerable”).
The closings with respect to the AGL Reinsurance Agreement occurred on August 1, 2025, while the sale of SAAMCo closed on
January 1, 2026 and the USL Reinsurance Agreement closed on January 2, 2026.
USE OF ESTIMATES
The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a
significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and
assumptions are considered our critical accounting estimates and are related to the determination of:
fair value measurements of certain financial assets and liabilities;
valuation of market risk benefits (“MRBs”), including ceded MRBs, related to guaranteed benefit features (collectively known as
“GMxBs”), of variable annuity, fixed annuity and fixed index annuity products;
valuation of embedded derivative liabilities for fixed index annuity, registered index-linked annuity and index universal life
products;
valuation of future policy benefit liabilities and recognition of remeasurement gains and losses;
reinsurance assets, including the allowance for credit losses;
allowance for credit losses primarily on loans and available-for-sale fixed maturity securities; and
income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating
profitability of the character necessary to realize the net deferred tax asset.
These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of
estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of
operations and cash flows could be materially affected.
2. Summary of Significant Accounting Policies
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards
updates (“ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.
FUTURE APPLICATION OF ACCOUNTING STANDARDS
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued an ASU to improve the disclosures about a company’s business expenses. The standard
requires disclosure about specific types of expenses, such as depreciation, intangible asset amortization and employee
compensation, included in the expense captions presented on the face of the income statement as well as disclosures about selling
expenses. The standard is effective for public companies for annual periods beginning after December 15, 2026 and interim reporting
periods beginning after December 15, 2027. The standard is allowed to be applied on either a prospective or retrospective basis. We
are assessing the impact of this standard.
Corebridge | Second Quarter 2026 Form 10-Q      14
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information
3. Segment Information
We report our results of operations consistent with the manner in which our Chief Executive Officer, who is the chief operating
decision maker (“CODM”), reviews the business to assess performance and allocate resources.
We report our results of operations as five reportable segments:
Individual Retirement consists of fixed annuities, fixed index annuities and registered index-linked annuities.
Group Retirement consists of recordkeeping, plan administrative and compliance services, financial planning and advisory
solutions offered in-plan, along with proprietary and limited non-proprietary annuities, advisory and brokerage products offered
out-of-plan.
Life Insuranceconsists of traditional and universal life insurance products in the United States.
Institutional Markets – consists of stable value wrap (“SVW”) products, structured settlement and pension risk transfer (“PRT”)
annuities, guaranteed investment contracts (“GICs”) and Corporate Markets products that include corporate- and bank-owned life
insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuity products.
Corporate and Other consists primarily of:
corporate expenses not attributable to our other segments;
interest expense on financial debt;
results of our consolidated investment entities;
institutional asset management business, which includes managing assets for non-consolidated affiliates;
results of our legacy insurance lines ceded to Fortitude Re; and
results of our individual variable annuity business that is reinsured to CSLR.
The closing with respect to the AGL Reinsurance Agreement occurred on August 1, 2025. Accordingly, retrospectively, effective in the
third quarter of 2025, our individual variable annuity business previously reported in the Individual Retirement segment, is now
included within Corporate and Other, consistent with how the CODM assesses its performance and allocates its resources. Prior
periods presented herein have been recast to conform to the new segment presentation. Additionally, the results of operations from
the variable annuity business have been excluded from Adjusted Pre-Tax Operating Income (“APTOI”) as they are not indicative of our
ongoing business operations. 
The CODM assesses segment performance and allocates capital and resources to the segments based on an evaluation of each
segments’ adjusted revenues and APTOI. Adjusted revenues are derived by excluding certain items from total revenues. APTOI is
derived by excluding certain items from income from operations before income tax. These items generally fall into one or more of the
following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to
enhance transparency to the underlying economics of transactions; and adjustments that we believe to be common to the industry.
Legal entities are attributed to each segment based upon the predominance of activity in that legal entity.
APTOI excludes the impact of the following items:
Fortitude Re related adjustments:
The modified coinsurance (“modco”) reinsurance agreements with Fortitude Re transfer the economics of the invested assets
supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets
and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the
Fortitude Re funds withheld embedded derivative are also excluded from APTOI.
The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not
indicative of our ongoing business operations.
Corebridge | Second Quarter 2026 Form 10-Q      15
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information
Investment-related adjustments:
APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net
realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of
sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods.
In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results,
including those used to economically hedge insurance liabilities, or those recognized as embedded derivatives at fair value, are also
included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and
changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned
income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the
economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).
Market Risk Benefits adjustments:
Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain guaranteed minimum withdrawal benefits
(“GMWBs”) and/or guaranteed minimum death benefits (“GMDBs”) which are accounted for as MRBs. Changes in the fair value of
these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs are excluded from
APTOI. MRBs related to the variable annuity business subject to the reinsurance agreements with CSLR are reported in the
“Businesses exited through reinsurance” line item.
Businesses exited through reinsurance:
Represents the results of businesses that have been or will be economically exited through reinsurance. This includes MRBs, along
with changes in the fair value of derivatives used to hedge MRBs which are recorded through “Change in the fair value of MRBs, net.”
The results of operations from these businesses have been excluded from APTOI as they are not indicative of our ongoing business
operations.
Other adjustments:
Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income
(losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:
restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our
organization;
non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to
accounting principles;
separation costs;
non-operating litigation reserves and settlements;
loss (gain) on extinguishment of debt, if any;
losses from the impairment of goodwill, if any; and
income and loss from divested or run-off business, if any.
Corebridge | Second Quarter 2026 Form 10-Q      16
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information
The following table presents Corebridge’s operations by segment:
(in millions)
Individual
Retirement
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate
& Other
Total
Corebridge
Adjustments
Total
Consolidated
Three Months Ended June 30, 2026
Premiums
$26
$4
$382
$129
$
$541
$1
$542
Policy fees
89
116
356
51
612
12
624
Net investment income(a)
1,604
438
324
679
(14)
3,031
159
3,190
Net realized gains (losses)(a)(b)
(554)
(554)
Advisory fee and other income
103
9
112
112
Total adjusted revenues
1,719
661
1,062
859
(5)
4,296
(382)
3,914
Policyholder benefits
32
7
652
432
1,123
(3)
1,120
Change in the fair value of market risk benefits, net
180
180
Interest credited to policyholder account balances
946
302
79
275
(1)
1,601
(31)
1,570
Amortization of deferred policy acquisition costs
131
28
83
6
248
248
Non-deferrable insurance commissions
50
31
14
5
1
101
1
102
Advisory fee expenses
6
39
45
45
General operating expenses(c)
87
103
122
22
56
390
76
466
Interest expense
124
124
7
131
Total benefits and expenses
1,252
510
950
740
180
3,632
230
3,862
Noncontrolling interests
Adjusted pre-tax operating income (loss)
$467
$151
$112
$119
$(185)
$664
Adjustments to:
Total revenue
(382)
Total expenses
230
Noncontrolling interests
Income before income tax expense (benefit)
$52
$52
Three Months Ended June 30, 2025
Premiums
$31
$
$377
$25
$
$433
$13
$446
Policy fees
76
105
366
51
598
123
721
Net investment income (loss)(a)
1,519
469
335
654
7
2,984
354
3,338
Net realized gains (losses)(a)(b)
(11)
(11)
(1,964)
(1,975)
Advisory fee and other income
85
1
6
92
104
196
Total adjusted revenues
1,626
659
1,078
731
2
4,096
(1,370)
2,726
Policyholder benefits
36
2
650
286
974
8
982
Change in the fair value of market risk benefits, net
(279)
(279)
Interest credited to policyholder account balances
824
301
84
243
1,452
34
1,486
Amortization of deferred policy acquisition costs
112
21
84
4
221
54
275
Non-deferrable insurance commissions
41
30
15
5
91
61
152
Advisory fee expenses
3
30
1
34
30
64
General operating expenses(c)
87
93
111
20
50
361
156
517
Interest expense
129
129
8
137
Total benefits and expenses
1,103
477
945
558
179
3,262
72
3,334
Noncontrolling interests
8
8
Adjusted pre-tax operating income (loss)
$523
$182
$133
$173
$(169)
$842
Adjustments to:
Total revenue
(1,370)
Total expenses
72
Noncontrolling interests
(8)
Income before income tax expense (benefit)
$(608)
$(608)
Corebridge | Second Quarter 2026 Form 10-Q      17
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information
(in millions)
Individual
Retirement
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate
& Other
Total
Corebridge
Adjustments
Total
Consolidated
Six Months Ended June 30, 2026
Premiums
$42
$5
$743
$138
$
$928
$1
$929
Policy fees
166
225
712
103
1,206
28
1,234
Net investment income(a)
3,139
871
648
1,377
(15)
6,020
367
6,387
Net realized gains (losses)(a)(b)
9
9
(899)
(890)
Advisory fee and other income
201
1
1
15
218
218
Total adjusted revenues
3,347
1,302
2,104
1,619
9
8,381
(503)
7,878
Policyholder benefits
49
10
1,300
746
2,105
(11)
2,094
Change in the fair value of market risk benefits, net
558
558
Interest credited to policyholder account balances
1,866
601
157
545
3,169
(74)
3,095
Amortization of deferred policy acquisition costs
261
55
166
11
493
493
Non-deferrable insurance commissions
102
62
27
10
1
202
4
206
Advisory fee expenses
12
76
1
89
89
General operating expenses(c)
175
207
245
45
118
790
144
934
Interest expense
248
248
14
262
Net (gain) on divestitures
(2)
(2)
Total benefits and expenses
2,465
1,011
1,896
1,357
367
7,096
633
7,729
Noncontrolling interests
8
8
Adjusted pre-tax operating income (loss)
$882
$291
$208
$262
$(350)
$1,293
Adjustments to:
Total revenue
(503)
Total expenses
633
Noncontrolling interests
(8)
Income before income tax expense (benefit)
$149
$149
Six Months Ended June 30, 2025
Premiums
$48
$4
$717
$525
$
$1,294
$23
$1,317
Policy fees
143
213
730
101
1,187
254
1,441
Net investment income(a)
2,938
954
671
1,243
19
5,825
702
6,527
Net realized gains (losses)(a)(b)
2
2
(3,391)
(3,389)
Advisory fee and other income
172
1
2
13
188
214
402
Total adjusted revenues
3,129
1,343
2,119
1,871
34
8,496
(2,198)
6,298
Policyholder benefits
59
7
1,286
1,028
11
2,391
48
2,439
Change in the fair value of market risk benefits, net
106
106
Interest credited to policyholder account balances
1,599
597
164
473
2,833
70
2,903
Amortization of deferred policy acquisition costs
224
43
169
8
444
106
550
Non-deferrable insurance commissions
83
60
29
10
1
183
125
308
Advisory fee expenses
9
63
1
73
61
134
General operating expenses (c)
178
196
229
42
107
752
291
1,043
Interest expense
269
269
16
285
Loss on extinguishment of debt
Net (gain) on divestitures
Total benefits and expenses
2,152
966
1,878
1,561
388
6,945
823
7,768
Noncontrolling interests
1
1
Adjusted pre-tax operating income (loss)
$977
$377
$241
$310
$(353)
$1,552
Adjustments to:
Total revenue
(2,198)
Total expenses
823
Noncontrolling interests
(1)
Income before income tax expense (benefit)
$(1,470)
$(1,470)
(a)Adjustments include Fortitude Re activity of $(108) million and $62 million for the three months ended June 30, 2026 and 2025, respectively, and $145 million and
$(199) million for the six months ended June 30, 2026 and 2025, respectively.
(b)Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments.
(c)Adjustments include restructuring and other costs. For the three and  six months ended June 30, 2026 and 2025, restructuring and other costs primarily include
severance related costs and ongoing modernization initiatives.
Corebridge | Second Quarter 2026 Form 10-Q      18
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. 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:
June 30, 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
$11
$1,334
$
$
$
$1,345
Obligations of states, municipalities and political subdivisions
3,242
747
3,989
Non-U.S. governments
3,928
3,928
Corporate debt
121,395
818
122,213
RMBS
14,451
2,993
17,444
CMBS
8,569
490
9,059
CLO
6,507
2,239
8,746
ABS
9,372
13,343
22,715
Total bonds available-for-sale
11
168,798
20,630
189,439
Other bond securities:
U.S. government and government sponsored entities
194
194
Obligations of states, municipalities and political subdivisions
32
1
33
Non-U.S. governments
74
74
Corporate debt
2,331
607
2,938
RMBS
95
41
136
CMBS
197
7
204
CLO
536
31
567
ABS
422
734
1,156
Total other bond securities
3,881
1,421
5,302
Corebridge | Second Quarter 2026 Form 10-Q      19
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements
June 30, 2026
Level 1
Level 2
Level 3
Counterparty
Netting(a)
Cash
Collateral
Total
(in millions)
Equity securities
8
42
50
Other invested assets(b)
1,472
1,472
Derivative assets:
Interest rate contracts
901
33
934
Foreign exchange contracts
912
912
Equity contracts
4
9,404
634
10,042
Credit contracts
405
13
418
Other contracts
15
15
Counterparty netting and cash collateral
(7,501)
(3,844)
(11,345)
Total derivative assets
4
11,622
695
(7,501)
(3,844)
976
Short-term investments
834
990
1,824
Market risk benefit assets
2,492
2,492
Separate account assets
94,713
4,058
98,771
Total
$95,570
$189,349
$26,752
$(7,501)
$(3,844)
$300,326
Liabilities:
Policyholder contract deposits(c)
$
$144
$13,424
$
$
$13,568
Derivative liabilities:
Interest rate contracts
1,907
21
1,928
Foreign exchange contracts
464
464
Equity contracts
6,017
180
6,197
Credit contracts
17
17
Other contracts
1
1
Counterparty netting and cash collateral
(7,501)
(828)
(8,329)
Total derivative liabilities
8,388
219
(7,501)
(828)
278
Fortitude Re funds withheld payable(d)
3,971
3,971
Other liabilities
(55)
(55)
Market risk benefit liabilities
7,723
7,723
Total
$
$8,477
$25,337
$(7,501)
$(828)
$25,485
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
Corebridge | Second Quarter 2026 Form 10-Q      20
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements
December 31, 2025
Level 1
Level 2
Level 3
Counterparty
Netting(a)
Cash
Collateral
Total
(in millions)
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 June 30, 2026 and December 31, 2025, respectively. Total hedge fund investments
measured at NAV were $96 million and $121 million as of June 30, 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.
Corebridge | Second Quarter 2026 Form 10-Q      21
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements
CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS
The following tables present changes during the three and six months ended June 30, 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 June 30, 2026 and 2025:
(in millions)
Fair Value
Beginning
of Period
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 June
30, 2026
Assets:
Bonds available-for-sale:
Obligations of states,
municipalities and
political subdivisions
$745
$
$2
$
$
$
$
$747
$
$1
Corporate debt
699
(6)
(43)
387
(219)
818
(8)
RMBS
5,167
14
19
(192)
62
(2,077)
2,993
21
CMBS
716
3
7
(24)
1
(213)
490
5
CLO
1,998
11
269
(39)
2,239
11
ABS
20,106
12
(80)
158
823
(7,673)
(3)
13,343
(78)
Total bonds available-for-
sale
29,431
29
(47)
168
1,273
(10,221)
(3)
20,630
(48)
Other bond securities:
Obligations of states,
municipalities and
political subdivisions
1
1
Corporate debt
207
(5)
2
403
607
(2)
RMBS
66
2
2
(29)
41
3
CMBS
7
7
CLO
33
(1)
(1)
31
(2)
ABS
1,132
(8)
(32)
(358)
734
(7)
Total other bond
securities
1,446
(12)
(28)
403
(388)
1,421
(8)
Equity securities
49
(1)
(6)
42
Other invested assets
1,477
6
(4)
(7)
1,472
5
Total(a)
$32,403
$22
$(51)
$127
$1,676
$(10,609)
$(3)
$23,565
$(3)
$(48)
(in millions)
Fair Value
Beginning
of Period
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
$11,573
$1,809
$
$42
$
$
$
$13,424
$(392)
$
Derivative liabilities, net:
Interest rate contracts
(12)
(12)
13
Equity contracts
(566)
(41)
153
(454)
66
Credit contracts
4
4
(3)
Other contracts
(16)
(14)
16
(14)
15
Total derivative liabilities,
net(b)
(582)
(63)
169
(476)
91
Fortitude Re funds withheld
payable
3,663
316
(8)
3,971
(177)
Total(c)
$14,654
$2,062
$
$203
$
$
$
$16,919
$(478)
$
Corebridge | Second Quarter 2026 Form 10-Q      22
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements
(in millions)
Fair Value
Beginning
of Period
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(d)
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 June 30,
2025
Assets:
Bonds available-for-sale:
Obligations of states,
municipalities and
political subdivisions
$782
$(1)
$(17)
$(3)
$
$
$
$761
$
$(22)
Corporate debt
1,084
(1)
10
(35)
4
(629)
433
5
RMBS
6,204
65
(19)
(203)
22
(81)
5,988
(9)
CMBS
704
5
4
(12)
91
792
2
CLO
2,159
9
3
(19)
2
(167)
1,987
3
ABS
18,768
127
90
94
436
(11)
19,504
82
Total bonds available-for-
sale
29,701
204
71
(178)
555
(888)
29,465
61
Other bond securities:
Obligations of states, 
municipalities and
political subdivisions
1
1
Corporate debt
14
1
(1)
(1)
13
RMBS
89
(1)
88
1
CMBS
16
16
CLO
52
(1)
6
57
(1)
ABS
1,148
9
18
1,175
1
Total other bond
securities
1,320
9
22
(1)
1,350
1
Equity securities
41
41
Other invested assets
1,633
5
34
(10)
1,662
20
Total(a)
$32,695
$218
$105
$(166)
$554
$(888)
$
$32,518
$21
$61
(in millions)
Fair Value
Beginning
of Period
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
$9,341
$1,115
$
$248
$
$
$
$10,704
$(528)
$
Derivative liabilities, net:
Interest rate contracts
(283)
36
22
(225)
(38)
Equity contracts
(547)
80
(32)
(499)
32
Other contracts
(11)
(18)
16
(13)
17
Total derivative liabilities,
net(b)
(841)
98
6
(737)
11
Fortitude Re funds withheld
payable
2,853
251
(51)
(1)
3,052
30
Debt of consolidated
investment entities
Total(c)
$11,353
$1,464
$
$203
$
$
$(1)
$13,019
$(487)
$
Corebridge | Second Quarter 2026 Form 10-Q      23
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements
(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
Six Months Ended June 30,
2026
Assets:
Bonds available-for-sale:
Obligations of states,
municipalities and
political subdivisions
$761
$(3)
$(1)
$(10)
$
$
$
$747
$
$(8)
Corporate debt
681
(11)
(14)
(45)
596
(389)
818
(16)
RMBS
5,855
33
(40)
6
64
(2,925)
2,993
(38)
CMBS
744
7
12
(77)
17
(213)
490
7
CLO
2,055
(1)
(31)
365
15
(164)
2,239
(31)
ABS
20,437
9
(199)
413
868
(8,182)
(3)
13,343
(207)
Total bonds available-for-
sale
30,533
34
(273)
652
1,560
(11,873)
(3)
20,630
(293)
Other bond securities:
Obligations of states,
municipalities and
political subdivisions
1
1
Corporate debt
205
(7)
6
403
607
(4)
RMBS
87
1
1
(48)
41
3
CMBS
16
1
(10)
7
CLO
43
(12)
1
(1)
31
(12)
ABS
1,188
(9)
(87)
(358)
734
(10)
Total other bond
securities
1,540
(26)
(90)
404
(407)
1,421
(23)
Equity securities
69
(21)
(6)
42
(19)
Other invested assets
1,498
1
(13)
(14)
1,472
(1)
Total(a)
$33,640
$(12)
$(286)
$542
$1,964
$(12,280)
$(3)
$23,565
$(43)
$(293)
(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
$1,160
$
$242
$
$
$
$13,424
$899
$
Derivative liabilities, net:
Interest rate contracts
(12)
(12)
13
Equity contracts
(765)
215
96
(454)
(121)
Credit contracts
4
4
(3)
Other contracts
(10)
(37)
33
(14)
38
Total derivative liabilities,
net(b)
(775)
170
129
(476)
(73)
Fortitude Re funds withheld
payable
3,795
302
(126)
3,971
57
Total(c)
$15,042
$1,632
$
$245
$
$
$
$16,919
$883
$
Corebridge | Second Quarter 2026 Form 10-Q      24
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements
(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
Six Months Ended June 30,
2025
Assets:
Bonds available-for-sale:
Obligations of states,
municipalities and political
subdivisions
$745
$(1)
$(3)
$(4)
$24
$
$
$761
$
$(15)
Corporate debt
1,834
(5)
34
70
337
(1,837)
433
17
RMBS
6,045
123
64
(149)
80
(175)
5,988
74
CMBS
621
10
22
(20)
159
792
19
CLO
2,162
16
5
62
2
(260)
1,987
6
ABS
17,566
229
272
926
560
(49)
19,504
222
Total bonds available-for-
sale
28,973
372
394
885
1,162
(2,321)
29,465
323
Other bond securities:
Obligations of states,
municipalities and political
subdivisions
1
1
Corporate debt
209
(2)
(14)
7
(187)
13
(2)
RMBS
98
3
(5)
(8)
88
3
CMBS
14
2
16
1
CLO
59
4
(6)
57
ABS
1,160
25
(10)
1,175
8
Total other bond securities
1,541
28
(25)
7
(201)
1,350
10
Equity securities
41
41
Other invested assets
1,647
9
53
(7)
(40)
1,662
25
Total(a)
$32,202
$409
$447
$853
$1,169
$(2,562)
$
$32,518
$35
$323
(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
$893
$
$396
$
$
$
$10,704
$256
$
Derivative liabilities, net:
Interest rate contracts
(364)
90
49
(225)
61
Equity contracts
(645)
187
(41)
(499)
(80)
Other contracts
(11)
(34)
32
(13)
33
Total derivative liabilities,
net(b)
(1,020)
243
40
(737)
14
Fortitude Re funds withheld
payable
2,223
847
(68)
50
3,052
(243)
Debt of consolidated
investment entities
Total(c)
$10,618
$1,983
$
$368
$
$
$50
$13,019
$27
$
(a)Excludes MRB assets of $2.5 billion at June 30, 2026 and $1.3 billion at June 30, 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 $7.7 billion at June 30, 2026 and $6.3 billion at June 30, 2025. See Note 14 for additional information.
Corebridge | Second Quarter 2026 Form 10-Q      25
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements
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 June 30, 2026
Assets:
Bonds available-for-sale
$
$27
$2
$
$29
Other bond securities
(12)
(12)
Equity securities
(1)
(1)
Other invested assets
5
1
6
Three Months Ended June 30, 2025
Assets:
Bonds available-for-sale
$
$151
$53
$
$204
Other bond securities
9
9
Equity securities
Other invested assets
17
(12)
5
Six Months Ended June 30, 2026
Assets:
Bonds available-for-sale
$
$56
$(22)
$
$34
Other bond securities
(26)
(26)
Equity securities
(21)
(21)
Other invested assets
(1)
2
1
Six Months Ended June 30, 2025
Assets:
Bonds available-for-sale
$
$297
$75
$
$372
Other bond securities
28
28
Equity securities
Other invested assets
21
(12)
9
Three Months Ended June 30, 2026
Liabilities:
Policyholder contract deposits(b)
$
$
$(1,809)
$
$(1,809)
Derivative liabilities, net
17
46
63
Fortitude Re funds withheld payable
(316)
(316)
Market risk benefit liabilities, net(c)
1
(165)
(164)
Three Months Ended June 30, 2025
Liabilities:
Policyholder contract deposits(b)
$
$
$(1,115)
$
$(1,115)
Derivative liabilities, net
17
(115)
(98)
Fortitude Re funds withheld payable
(251)
(251)
Market risk benefit liabilities, net(c)
(1)
530
529
Six Months Ended June 30, 2026
Liabilities:
Policyholder contract deposits(b)
$
$
$(1,160)
$
$(1,160)
Derivative liabilities, net
33
(203)
(170)
Fortitude Re funds withheld payable
(302)
(302)
Market risk benefit liabilities, net(c)
1
(543)
(542)
Six Months Ended June 30, 2025
Liabilities:
Policyholder contract deposits(b)
$
$
$(893)
$
$(893)
Derivative liabilities, net
32
(275)
(243)
Fortitude Re funds withheld payable
(847)
(847)
Market risk benefit liabilities, net(c)
(3)
(45)
(48)
(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.
Corebridge | Second Quarter 2026 Form 10-Q      26
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements
The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for
the three and six months ended June 30, 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 June 30, 2026
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions
$2
$
$(2)
$
Corporate debt
137
(2)
(178)
(43)
RMBS
24
(12)
(204)
(192)
CMBS
32
(35)
(21)
(24)
CLO
418
(3)
(146)
269
ABS
1,114
(85)
(871)
158
Total bonds available-for-sale
1,727
(137)
(1,422)
168
Other bond securities:
Obligations of states, municipalities and political subdivisions
Corporate debt
4
(2)
2
RMBS
3
(1)
2
CMBS
CLO
ABS
10
(42)
(32)
Total other bond securities
17
(45)
(28)
Equity securities
(6)
(6)
Other invested assets
15
(22)
(7)
Total assets*
$1,759
$(137)
$(1,495)
$127
Liabilities:
Policyholder contract deposits
$
$419
$(377)
$42
Derivative liabilities, net
169
169
Fortitude Re funds withheld payable
(8)
(8)
Total liabilities
$
$419
$(216)
$203
Three Months Ended June 30, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions
$10
$(13)
$
$(3)
Corporate debt
34
(20)
(49)
(35)
RMBS
13
(17)
(199)
(203)
CMBS
5
(12)
(5)
(12)
CLO
143
(162)
(19)
ABS
992
(65)
(833)
94
Total bonds available-for-sale
1,197
(127)
(1,248)
(178)
Other bond securities:
Obligations of states, municipalities and political subdivisions
Corporate debt
5
1
(7)
(1)
RMBS
11
(11)
(1)
(1)
CMBS
1
(1)
CLO
6
6
ABS
38
(20)
18
Total other bond securities
61
(11)
(28)
22
Equity securities
6
(6)
Other invested assets
30
(40)
(10)
Total assets*
$1,294
$(144)
$(1,316)
$(166)
Liabilities:
Policyholder contract deposits
$
$549
$(301)
$248
Derivative liabilities, net
6
6
Fortitude Re funds withheld payable
(51)
(51)
Total liabilities
$
$549
$(346)
$203
Corebridge | Second Quarter 2026 Form 10-Q      27
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements
(in millions)
Purchases
Sales
Issuances
and
Settlements
Purchases, Sales,
Issuances and
Settlements,
Net
Six Months Ended June 30, 2026
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions
$15
$(23)
$(2)
$(10)
Corporate debt
327
(2)
(370)
(45)
RMBS
477
(91)
(380)
6
CMBS
49
(40)
(86)
(77)
CLO
516
(3)
(148)
365
ABS
2,536
(427)
(1,696)
413
Total bonds available-for-sale
3,920
(586)
(2,682)
652
Other bond securities:
Corporate debt
16
(10)
6
RMBS
3
(2)
1
CMBS
(10)
(10)
CLO
ABS
50
(37)
(100)
(87)
Total other bond securities
69
(37)
(122)
(90)
Equity securities
(6)
(6)
Other invested assets
22
(36)
(14)
Total assets*
$4,011
$(623)
$(2,846)
$542
Liabilities:
Policyholder contract deposits
$
$849
$(607)
$242
Derivative liabilities, net
129
129
Fortitude Re funds withheld payable
(126)
(126)
Total liabilities
$
$849
$(604)
$245
Six Months Ended June 30, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions
$35
$(38)
$(1)
$(4)
Corporate debt
374
(106)
(198)
70
RMBS
279
(60)
(368)
(149)
CMBS
12
(19)
(13)
(20)
CLO
326
(264)
62
ABS
2,872
(604)
(1,342)
926
Total bonds available-for-sale
3,898
(827)
(2,186)
885
Other bond securities:
Corporate debt
10
(12)
(12)
(14)
RMBS
25
(25)
(5)
(5)
CMBS
1
(1)
CLO
6
(2)
4
ABS
76
(17)
(69)
(10)
Total other bond securities
118
(55)
(88)
(25)
Equity securities
6
(6)
Other invested assets
160
(167)
(7)
Total assets*
$4,182
$(888)
$(2,441)
$853
Liabilities:
Policyholder contract deposits
$
$858
$(462)
$396
Derivative liabilities, net
40
40
Fortitude Re funds withheld payable
(68)
(68)
Total liabilities
$
$858
$(490)
$368
*There were no issuances during the three and six months ended June 30, 2026 and 2025 for invested assets.
Corebridge | Second Quarter 2026 Form 10-Q      28
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements
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 June 30, 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 $(21) million and $(34) million of net gains (losses) related to assets transferred into Level 3 during
the three months ended June 30, 2026 and 2025, respectively, and $(4) million and $(30) million of net gains (losses) related to
assets transferred into Level 3 during the six months ended June 30, 2026 and 2025, respectively, and includes $(7) million and $2
million of net gains (losses) related to assets transferred out of Level 3 during the three months ended June 30, 2026 and 2025,
respectively, and $(19) million and $16 million of net gains (losses) related to assets transferred out of Level 3 during the six months
ended June 30, 2026 and 2025, respectively.
Transfers of Level 3 Assets
During the three and six months ended June 30, 2026 and 2025, transfers into Level 3 assets primarily included certain investments
in private placement corporate debt, commercial mortgage backed securities (“CMBS”), collateralized loan obligations (“CLOs”), other
asset-backed securities (“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 and six months ended June 30, 2026, transfers out of Level 3 assets into Level 2 assets totaled $10.6 billion and
$12.3 billion respectively and primarily included certain investments in ABS and residential mortgage backed securities (“RMBS”). We
determined that there are less unobservable inputs due to increased trade volume of comparable securities as evidenced by
converging valuations from multiple price vendors which resulted in moving these securities into Level 2 assets.
During the three and six months ended June 30, 2025, transfers out of Level 3 assets primarily included private placement and other
corporate debt, CMBS, RMBS, CLO and ABS. Transfers of 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 and six months ended June 30,
2026 and 2025.
Corebridge | Second Quarter 2026 Form 10-Q      29
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements
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
June 30, 2026
Valuation
Technique
Unobservable Input(a)
Range
(Weighted Average)(b)
Assets:
Obligations of states, municipalities
and political subdivisions
$723
Discounted cash flow
Yield
5.61% - 5.95% (5.78%)
Corporate debt
$1,368
Discounted cash flow
Yield
4.96% - 7.96% (6.46%)
RMBS(c)
$2,278
Discounted cash flow
Prepayment speed
3.67% - 8.51% (6.09%)
Default rate
0.31% - 1.72% (1.01%)
Yield
5.36% - 6.34% (5.85%)
Loss severity
35.84% - 63.48% (49.66%)
CLO(c)
$2,138
Discounted cash flow
Yield
5.29% - 6.77% (6.03%)
ABS(c)
$11,955
Discounted cash flow
Yield
5.22% - 7.75% (6.48%)
CMBS
$455
Discounted cash flow
Yield
4.17% - 17.29% (10.73%)
Market risk benefit assets
$2,492
Discounted cash flow
Equity volatility
6.45% - 51.35%
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% - 2.30%
Liabilities(d):
Market risk benefit liabilities:
Variable annuities guaranteed
benefits
$1,672
Discounted cash flow
Equity volatility
6.45% - 51.35%
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% - 2.30%
Fixed annuities guaranteed
benefits
$1,960
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)
0.32% - 2.30%
Fixed index annuities
guaranteed benefits
$4,091
Discounted cash flow
Equity volatility
6.45% - 51.35%
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)
0.32% - 2.30%
Corebridge | Second Quarter 2026 Form 10-Q      30
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements
(in millions)
Fair Value at
June 30, 2026
Valuation
Technique
Unobservable Input(a)
Range
(Weighted Average)(b)
Embedded derivatives within
Policyholder contract deposits:
Index credits on fixed index
annuities(i)
$10,676
Discounted cash flow
Equity volatility
6.45% - 51.35%
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)
0.32% - 2.30%
Registered index-linked
annuities
$1,271
Discounted cash flow
Equity volatility
6.45% - 51.35%
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)
0.32% - 2.30%
Index universal life
$1,477
Discounted cash flow
Base lapse rate
0.00% - 37.97%
Mortality rates
0.00% - 100.00%
Equity volatility
5.88% - 21.20%
NPA(h)
0.32% - 2.30%
Corebridge | Second Quarter 2026 Form 10-Q      31
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements
(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%
Corebridge | Second Quarter 2026 Form 10-Q      32
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements
(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 non-performance risk adjustment (“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 $2.4 billion and $2.0 billion at June 30, 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.
Corebridge | Second Quarter 2026 Form 10-Q      33
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements
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.
Corebridge | Second Quarter 2026 Form 10-Q      34
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements
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 June 30,
Six months Ended June 30,
(in millions)
2026
2025
2026
2025
Assets:
Other bond securities(a)
$77
$101
$88
$240
Alternative investments(b)
(4)
182
84
231
Total assets
73
283
172
471
Liabilities:
Policyholder contract deposits(c)
1
1
(2)
Total liabilities
1
1
(2)
Total gain (loss)
$74
$283
$173
$469
(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 Value
Impairment Charges
Non-Recurring Basis
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended
June 30,
(in millions)
Level 1
Level 2
Level 3
Total
2026
2025
2026
2025
June 30, 2026
Other investments
$
$
$43
$43
$
$30
$23
$30
Total
$
$
$43
$43
$
$30
$23
$30
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 1
Level 2
Level 3
Total
Carrying
Value
June 30, 2026
Assets:
Mortgage and other loans receivable
$
$25
$51,442
$51,467
$53,861
Other invested assets
291
291
291
Short-term investments
2,763
2,763
2,763
Cash
353
353
353
Other assets*
1
2,229
2,230
2,633
Liabilities:
Policyholder contract deposits associated with investment-type contracts
42
162,905
162,947
166,710
Fortitude Re funds withheld payable
18,994
18,994
18,994
Other liabilities
3,559
10
3,569
3,559
Short-term and long-term debt
9,015
9,015
9,362
Debt of consolidated investment entities
25
1,334
1,359
1,508
Separate account liabilities - investment contracts
93,400
93,400
93,400
Corebridge | Second Quarter 2026 Form 10-Q      35
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements
   
Estimated Fair Value
(in millions)
Level 1
Level 2
Level 3
Total
Carrying
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
Short-term and 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.
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
June 30, 2026
Bonds available-for-sale:
U.S. government and government sponsored entities
$1,669
$
$13
$(337)
$1,345
Obligations of states, municipalities and political subdivisions
4,647
20
(678)
3,989
Non-U.S. governments
4,487
52
(611)
3,928
Corporate debt
135,720
(123)
1,476
(14,860)
122,213
Mortgage-backed, asset-backed and collateralized:
RMBS
17,516
(9)
562
(625)
17,444
CMBS
9,517
(22)
65
(501)
9,059
CLO
8,748
63
(65)
8,746
ABS
23,191
(6)
116
(586)
22,715
Total mortgage-backed, asset-backed and collateralized
58,972
(37)
806
(1,777)
57,964
Total bonds available-for-sale
$205,495
$(160)
$2,367
$(18,263)
$189,439
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.
Corebridge | Second Quarter 2026 Form 10-Q      36
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments
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*
June 30, 2026
Bonds available-for-sale:
U.S. government and government sponsored entities
$94
$2
$873
$335
$967
$337
Obligations of states, municipalities and political subdivisions
517
56
2,796
622
3,313
678
Non-U.S. governments
844
107
1,816
504
2,660
611
Corporate debt
30,477
1,586
51,431
13,233
81,908
14,819
RMBS
4,824
108
4,454
504
9,278
612
CMBS
1,514
22
4,423
475
5,937
497
CLO
2,075
27
1,950
38
4,025
65
ABS
8,058
113
5,384
473
13,442
586
Total bonds available-for-sale
$48,403
$2,021
$73,127
$16,184
$121,530
$18,205
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 June 30, 2026, we held 12,677 individual fixed maturity securities that were in an unrealized loss position and for which no
allowance for credit losses has been recorded (including 8,313 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 June 30, 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
June 30, 2026
Due in one year or less
$3,076
$3,060
Due after one year through five years
27,165
26,934
Due after five years through ten years
31,134
30,757
Due after ten years
85,025
70,724
Mortgage-backed, asset-backed and collateralized
58,935
57,964
Total
$205,335
$189,439
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.
Corebridge | Second Quarter 2026 Form 10-Q      37
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. 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                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
2026
2025
2026
2025
(in millions)
Gross
Realized
Gains
Gross
Realized
Losses
Gross
Realized
Gains
Gross
Realized
Losses
Gross
Realized
Gains
Gross
Realized
Losses
Gross
Realized
Gains
Gross
Realized
Losses
Fixed maturity securities
$29
$(88)
$8
$(526)
$69
$(327)
$31
$(705)
For the three and six months ended June 30, 2026, the aggregate fair value of available-for-sale securities sold was $3.2 billion and
$5.6 billion, respectively, which resulted in Net realized gains (losses) of $(59) million and $(258) million, respectively. Included within
the Net realized gains (losses) are $0 million and $(13) million of realized gains (losses) for the three and six months ended June 30,
2026, 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.
For the three and six months ended June 30, 2025, the aggregate fair value of available-for-sale securities sold was $3.8 billion and
$6.9 billion, respectively, which resulted in Net realized gains (losses) of $(518) million and $(674) million, respectively. Included within
the Net realized gains (losses) are $(5) million and $(20) million of realized gains (losses) for the three and six months ended June 30,
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:
June 30, 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
$194
4%
$192
4%
Obligations of states, municipalities and political subdivisions
33
1
34
1
Non-U.S. governments
74
1
75
1
Corporate debt
2,938
55
2,914
53
Mortgage-backed, asset-backed and collateralized:
RMBS
136
2
137
2
CMBS
204
4
217
4
CLO
567
10
585
11
ABS
1,156
22
1,253
23
Total mortgage-backed, asset-backed and collateralized
2,063
38
2,192
40
Total fixed maturity securities
5,302
99
5,407
99
Equity securities
50
1
79
1
Total
$5,352
100%
$5,486
100%
OTHER INVESTED ASSETS
The following table summarizes the carrying amounts of other invested assets:
(in millions)
June 30, 2026
December 31, 2025
Alternative investments(a)(b)
$8,179
$8,123
Investment real estate(c)
1,004
985
All other investments(d)
2,131
1,127
Total
$11,314
$10,235
(a)At June 30, 2026, included hedge funds of $96 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.
Corebridge | Second Quarter 2026 Form 10-Q      38
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments
(c)Net of accumulated depreciation of $443 million and $406 million as of June 30, 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 June 30, 2026 and December 31, 2025, respectively.
Other Invested Assets – Equity Method Investments
The carrying amount of equity method investments totaled $2.9 billion and $2.8 billion as of June 30, 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 June 30,
Available-for-sale fixed maturity securities, including short-term
investments
$2,438
$161
$2,599
$2,245
$169
$2,414
Other fixed maturity securities
11
66
77
21
80
101
Equity securities
14
14
30
30
Interest on mortgage and other loans
664
35
699
694
43
737
Alternative investments*
(21)
(21)
169
55
224
Real estate
7
(1)
6
7
2
9
Other investments
35
35
7
7
Total investment income
3,169
240
3,409
3,173
349
3,522
Investment expenses
212
7
219
178
6
184
Net investment income
$2,957
$233
$3,190
$2,995
$343
$3,338
Six Months Ended June 30,
Available-for-sale fixed maturity securities, including short-term
investments
$4,838
$338
$5,176
$4,514
$344
$4,858
Other fixed maturity securities
2
86
88
40
200
240
Equity securities
3
3
28
28
Interest on mortgage and other loans
1,339
71
1,410
1,359
86
1,445
Alternative investments*
59
12
71
249
59
308
Real estate
16
(2)
14
12
12
Other investments
55
55
5
5
Total investment income
6,312
505
6,817
6,207
689
6,896
Investment expenses
418
12
430
354
15
369
Net investment income
$5,894
$493
$6,387
$5,853
$674
$6,527
*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.
Corebridge | Second Quarter 2026 Form 10-Q      39
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments
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 June 30,
Sales of fixed maturity securities
$(59)
$
$(59)
$(513)
$(5)
$(518)
Intent to sell
(250)
(250)
Change in allowance for credit losses on fixed maturity securities
(80)
(1)
(81)
(41)
(4)
(45)
Change in allowance for credit losses on loans
(30)
(7)
(37)
14
5
19
Foreign exchange transactions, net of related hedges
(80)
(1)
(81)
(445)
(3)
(448)
Index-Linked interest credited embedded derivatives, net of related
hedges
(154)
(154)
(248)
(248)
All other derivatives and hedge accounting*
204
(16)
188
(172)
(21)
(193)
Sales of alternative investments and real estate investments
(3)
(1)
(4)
(9)
(2)
(11)
Other
(11)
1
(10)
(30)
(30)
Net realized losses – excluding Fortitude Re funds withheld
embedded derivative
(213)
(25)
(238)
(1,694)
(30)
(1,724)
Net realized losses on Fortitude Re funds withheld embedded
derivative
(316)
(316)
(251)
(251)
Net realized losses
$(213)
$(341)
$(554)
$(1,694)
$(281)
$(1,975)
Six Months Ended June 30,
Sales of fixed maturity securities
$(245)
$(13)
$(258)
$(654)
$(20)
$(674)
Intent to sell
(60)
(60)
(250)
(250)
Change in allowance for credit losses on fixed maturity securities
(136)
(1)
(137)
(61)
(12)
(73)
Change in allowance for credit losses on loans
(52)
(18)
(70)
(2)
3
1
Foreign exchange transactions, net of related hedges
120
6
126
(566)
10
(556)
Index-Linked interest credited embedded derivatives, net of related
hedges
(195)
(195)
(536)
(536)
All other derivatives and hedge accounting*
26
(4)
22
(416)
16
(400)
Sales of alternative investments and real estate investments
4
(8)
(4)
3
(4)
(1)
Other
(4)
(8)
(12)
(34)
(19)
(53)
Net realized losses – excluding Fortitude Re funds withheld
embedded derivative
(542)
(46)
(588)
(2,516)
(26)
(2,542)
Net realized losses on Fortitude Re funds withheld embedded
derivative
(302)
(302)
(847)
(847)
Net realized losses
$(542)
$(348)
$(890)
$(2,516)
$(873)
$(3,389)
*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                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities
$1,045
$1,585
$(1,517)
$3,604
Other investments
Total increase (decrease) in unrealized appreciation (depreciation) of
investments
$1,045
$1,585
$(1,517)
$3,604
Corebridge | Second Quarter 2026 Form 10-Q      40
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments
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 June 30,
Net gains (losses) recognized during the period on equity securities and
other investments
$14
$(13)
$1
$30
$220
$250
Less: Net gains (losses) recognized during the period on equity securities
and other investments sold during the period
(6)
(6)
16
(3)
13
Unrealized gains (losses) recognized during the reporting period on
equity securities and other investments still held at the reporting
date
$20
$(13)
$7
$14
$223
$237
Six Months Ended June 30,
Net gains recognized during the period on equity securities and other
investments
$3
$106
$109
$28
$285
$313
Less: Net gains (losses) recognized during the period on equity securities
and other investments sold during the period
24
4
28
32
(4)
28
Unrealized gains (losses) recognized during the reporting period on
equity securities and other investments still held at the reporting
date
$(21)
$102
$81
$(4)
$289
$285
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 June 30,
Balance, beginning of period
$39
$129
$168
$31
$83
$114
Additions:
Securities for which allowance for credit losses were not previously recorded
83
83
1
42
43
Reductions:
Securities sold during the period
(1)
(1)
(9)
(9)
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
(2)
(2)
(10)
12
2
Write-offs charged against the allowance
(88)
(88)
(4)
(55)
(59)
Balance, end of period
$37
$123
$160
$18
$73
$91
Six Months Ended June 30,
Balance, beginning of year
$36
$94
$130
$33
$86
$119
Additions:
Securities for which allowance for credit losses were not previously recorded
7
117
124
1
82
83
Reductions:
Securities sold during the period
(3)
(2)
(5)
(11)
(11)
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
(3)
16
13
(9)
(1)
(10)
Write-offs charged against the allowance
(102)
(102)
(7)
(83)
(90)
Balance, end of period
$37
$123
$160
$18
$73
$91
Corebridge | Second Quarter 2026 Form 10-Q      41
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments
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)
June 30, 2026
December 31, 2025
Fixed maturity securities available-for-sale
$3,521
$4,405
At June 30, 2026 and December 31, 2025, amounts borrowed under repurchase and securities lending agreements totaled
$3.6 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
June 30, 2026
Bonds available-for-sale:
Non-U.S. governments
$
$
$35
$
$
$35
Corporate debt
5
105
1,052
1,162
Total
$5
$105
$1,087
$
$
$1,197
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
June 30, 2026
Bonds available for sale:
Non-U.S. government
$
$48
$16
$
$
$64
Corporate debt
1,884
376
2,260
Total
$
$1,932
$392
$
$
$2,324
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 June 30, 2026 and December 31, 2025.
Corebridge | Second Quarter 2026 Form 10-Q      42
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments
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 $11.9 billion
and $12.1 billion at June 30, 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 $292 million and $306 million of stock in FHLBs at June 30, 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 $3.9 billion and $7.8 billion, respectively, at June 30, 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 $48 million and $48 million at June 30, 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 $118 million and
$121 million at June 30, 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 $634 million and $650 million at June 30,
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.
6. Lending Activities
The following table presents the composition of Mortgage and other loans receivable, net:
(in millions)
June 30, 2026
December 31, 2025
Commercial mortgages(a)
$36,930
$37,009
Residential mortgages
13,539
13,839
Life insurance policy loans
1,660
1,694
Commercial loans, other loans and notes receivable(b)
2,515
2,666
Total mortgage and other loans receivable
54,644
55,208
Allowance for credit losses(c)
(783)
(727)
Mortgage and other loans receivable, net
$53,861
$54,481
(a)Commercial mortgages primarily represent loans for apartments, offices and industrial properties, with exposures in New York and California representing the largest
geographic concentrations (aggregating approximately 17% and 10%, respectively, at June 30, 2026, and 17% and 10%, respectively, at December 31, 2025). The
weighted average loan-to-value ratio for NY and CA was 67% and 57% at June 30, 2026, respectively, and 66% and 57% at December 31, 2025, respectively. The
debt service coverage ratio for NY and CA was 1.9X and 2.1X at June 30, 2026, respectively, and 1.9X and 2.1X at December 31, 2025, respectively.
(b)There were no loans that were held for sale which are carried at lower of cost or market as of June 30, 2026 and December 31, 2025.
(c)Does not include allowance for credit losses of $10 million and $7 million at June 30, 2026 and December 31, 2025, respectively, in relation to off-balance-sheet
commitments to fund commercial mortgage loans, which is recorded in Other liabilities.
Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired
loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed
when delinquent contractual principal and interest are repaid or when a portion of the delinquent contractual payments are made, and
the ongoing required contractual payments have been made for an appropriate period. As of June 30, 2026, $147 million and
$1.2 billion of residential mortgage loans and commercial mortgage loans, respectively, are in nonaccrual status. As of December 31,
2025, $128 million and $0.9 billion of residential mortgage loans and commercial mortgage loans, respectively, were placed on
nonaccrual status.
Corebridge | Second Quarter 2026 Form 10-Q      43
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6. Lending Activities
Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance
Sheets. As of June 30, 2026, accrued interest receivable was $116 million and $154 million associated with residential mortgage
loans and commercial mortgage loans, respectively. As of December 31, 2025, accrued interest receivable was $107 million and
$175 million associated with residential mortgage loans and commercial mortgage loans, respectively.
A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for
specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the
provisions of a guarantee on a commercial real estate or mortgage loan.
Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due.
Nonperforming loans were approximately 1% of our loan portfolio for all periods presented.
CREDIT QUALITY OF COMMERCIAL AND RESIDENTIAL MORTGAGES
The following table presents debt service coverage ratios for commercial mortgages by year of vintage*:
June 30, 2026
(in millions)
2026
2025
2024
2023
2022
Prior
Total
>1.2X
$1,858
$4,676
$3,822
$1,618
$5,599
$15,379
$32,952
1.00 - 1.20X
46
184
188
284
388
1,908
2,998
<1.00X
23
42
915
980
Total commercial mortgages
$1,904
$4,860
$4,010
$1,925
$6,029
$18,202
$36,930
December 31, 2025
(in millions)
2025
2024
2023
2022
2021
Prior
Total
>1.2X
$4,633
$4,154
$1,695
$5,876
$2,333
$14,172
$32,863
1.00 - 1.20X
185
217
275
464
73
1,932
3,146
<1.00X
23
42
92
843
1,000
Total commercial mortgages
$4,818
$4,371
$1,993
$6,382
$2,498
$16,947
$37,009
*The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt
service coverage ratio was 1.9X at both periods ended June 30, 2026 and December 31, 2025. The debt service coverage ratios are updated when additional relevant
information becomes available.
The following table presents loan-to-value ratios for commercial mortgages by year of vintage*:
June 30, 2026
(in millions)
2026
2025
2024
2023
2022
Prior
Total
Less than 65%
$1,754
$3,904
$3,606
$1,805
$3,409
$11,158
$25,636
65% to 75%
150
956
404
97
2,250
4,688
8,545
76% to 80%
705
705
Greater than 80%
23
370
1,651
2,044
Total commercial mortgages
$1,904
$4,860
$4,010
$1,925
$6,029
$18,202
$36,930
December 31, 2025
(in millions)
2025
2024
2023
2022
2021
Prior
Total
Less than 65%
$4,007
$3,806
$1,824
$3,731
$1,815
$10,145
$25,328
65% to 75%
811
565
146
2,275
421
4,776
8,994
76% to 80%
1
42
549
592
Greater than 80%
23
375
220
1,477
2,095
Total commercial mortgages
$4,818
$4,371
$1,993
$6,382
$2,498
$16,947
$37,009
*The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our
weighted average loan-to-value ratio was 61% at June 30, 2026 and 60% at December 31, 2025. The loan-to-value ratios have been updated within the last three
months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least
once per year.
Corebridge | Second Quarter 2026 Form 10-Q      44
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6. Lending Activities
The following table presents the credit quality performance indicators for commercial mortgages:
(dollars in millions)
Number
of
Loans
Class
Percent
of
Total
Apartments
Offices
Retail
Industrial
Hotel
Others
Total
June 30, 2026
Credit Quality Performance
Indicator:
In good standing
557
$13,737
$7,248
$3,857
$8,746
$1,888
$779
$36,255
98%
90 days or less delinquent
2
115
29
144
1%
>90 days delinquent or in process
of foreclosure(a)
3
345
186
531
1%
Total(b)
562
$13,737
$7,708
$4,043
$8,746
$1,917
$779
$36,930
100%
Allowance for credit losses
$31
$377
$184
$8
$28
$1
$629
2%
December 31, 2025
Credit Quality Performance
Indicator:
In good standing
576
$13,688
$7,675
$4,114
$8,163
$2,037
$778
$36,455
99%
90 days or less delinquent
1
15
15
%
>90 days delinquent or in
process of foreclosure
4
1
352
186
539
1%
Total(b)
581
$13,689
$8,042
$4,300
$8,163
$2,037
$778
$37,009
100%
Allowance for credit losses
$28
$360
$164
$14
$27
$1
$594
2%
(a)Includes $21 million of Retail loans and $13 million of Office loans supporting the Fortitude Re Funds Withheld arrangements, greater than 90 days delinquent or in
process of foreclosure, at June 30, 2026
(b)Does not reflect allowance for credit losses.
The following table presents credit quality performance indicators for residential mortgages by year of vintage:
June 30, 2026
(in millions)
2026
2025
2024
2023
2022
Prior
Total
FICO*:
780 and greater
$31
$732
$968
$524
$600
$3,361
$6,216
720 - 779
68
1,155
1,638
859
498
1,021
5,239
660 - 719
16
311
553
261
159
482
1,782
600 - 659
9
24
166
199
Less than 600
8
19
76
103
Total residential mortgages
$115
$2,198
$3,159
$1,661
$1,300
$5,106
$13,539
December 31, 2025
(in millions)
2025
2024
2023
2022
2021
Prior
Total
FICO*:
780 and greater
$595
$974
$570
$616
$2,129
$1,384
$6,268
720 - 779
1,044
1,740
926
529
509
543
5,291
660 - 719
287
578
292
180
125
349
1,811
600 - 659
107
54
17
28
15
158
379
Less than 600
5
12
7
66
90
Total residential mortgages
$2,033
$3,346
$1,810
$1,365
$2,785
$2,500
$13,839
*Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated
within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On June 30,
2026 and December 31, 2025 residential loans direct to consumers totaled $7.4 billion and $7.8 billion, respectively.
Corebridge | Second Quarter 2026 Form 10-Q      45
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6. Lending Activities
ALLOWANCE FOR CREDIT LOSSES
The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans
receivable*:
2026
2025
(in millions)
Commercial
  Mortgages
Other
Loans
Total
Commercial 
Mortgages
Other
Loans
Total
Three Months Ended June 30,
Allowance, beginning of period
$597
$156
$753
$656
$136
$792
Loans charged off
(3)
(1)
(4)
(54)
(1)
(55)
Net charge-offs
(3)
(1)
(4)
(54)
(1)
(55)
Addition to (release of) allowance for loan losses
35
(1)
34
(16)
(2)
(18)
Allowance, end of period
$629
$154
$783
$586
$133
$719
Six Months Ended June 30,
Allowance, beginning of period
$594
$133
$727
$626
$145
$771
Loans charged off
(8)
(3)
(11)
(62)
(1)
(63)
Net charge-offs
(8)
(3)
(11)
(62)
(1)
(63)
Addition to (release of) allowance for loan losses
43
24
67
22
(11)
11
Allowance, end of period
$629
$154
$783
$586
$133
$719
*Does not include allowance for credit losses of $10 million and $8 million, respectively at June 30, 2026 and, 2025, in relation to the off-balance-sheet commitments to
fund commercial mortgage loans, which is recorded in Other liabilities in the Condensed Consolidated Balance Sheets.
Our expectations and models used to estimate the allowance for losses on commercial and residential mortgage loans are regularly
updated to reflect the current economic environment.
LOAN MODIFICATIONS
The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset
origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which
includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss
given default model to determine the allowance for credit losses for our commercial and residential mortgage loans. An assessment of
whether a borrower is experiencing financial difficulty is made on the date of a modification.
Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for
credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is
generally not recorded upon modification.
When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or
some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against
the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the
loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit
losses.
We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default
on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the
insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and
the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market
conditions for a non-troubled debtor.
Corebridge did not modify any loans to borrowers experiencing financial difficulty during the six months ended June 30, 2026. During
the six months ended June 30, 2025, commercial mortgage loans with an amortized cost of $108 million and commercial loans, other
loans and notes receivable with an amortized cost of $10 million, none of which were supporting the funds withheld arrangements with
Fortitude Re, were granted term extensions.
During the six months ended June 30, 2026, commercial mortgage loans with an amortized cost of $29 million, which were previously
extended, became delinquent. There were no loans that defaulted during the six months ended June 30, 2025 that had been
previously modified with borrowers experiencing financial difficulties.
Corebridge closely monitors the performance of the loans modified to borrowers experiencing financial difficulty to understand the
effectiveness of its modification efforts.
Corebridge | Second Quarter 2026 Form 10-Q      46
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 7. Reinsurance
7. Reinsurance
In the ordinary course of business, our companies may use ceded reinsurance to limit potential losses, provide additional capacity for
growth, minimize exposure to significant risks or to provide greater diversification of our businesses. We may also use assumed
reinsurance to diversify our business. Reinsurance premiums ceded are recognized when due, along with corresponding benefits.
Amounts recoverable from reinsurers are presented as a component of Reinsurance assets. In addition to contracts which qualify for
reinsurance accounting under U.S. GAAP, the Company also manages its risks through contracts which follow deposit accounting.
Certain of our reinsurers have sought rate increases on certain YRT agreements. We have disputed, and expect to continue disputing,
any requested rate increases under these agreements. These disputes may lead to and have resulted in arbitration over the terms of
the reinsurance contracts. To the extent reinsurers seek retroactive premium increases, our practice is to assess and accrue our
current estimate of probable loss with respect to these matters when appropriate.
On August 1, 2025 and January 2, 2026, AGL and USL closed their coinsurance and modco reinsurance agreements with CSLR,
effective as of August 1, 2025 and January 1, 2026, respectively. Under the terms of these reinsurance agreements, AGL and USL
reinsured 100% of their individual variable annuity contracts. The majority of the variable annuity contracts are considered investment
contracts as they do not contain significant insurance risk; therefore, the reinsurance of such contracts are accounted for under
deposit accounting. As of the closing dates, we transferred to the reinsurer $2.1 billion of assets primarily consisting of fixed maturity
securities supporting the general account liabilities, net of a ceding commission. At inception, we recorded a net deposit asset of $2.8
billion, which includes a $2.2 billion deferred gain, reported in Other assets in the Condensed Consolidated Balance Sheets. The net
deposit asset was $2.6 billion and $2.5 billion as of June 30, 2026 and December 31, 2025, respectively. The deferred gain is
amortized into income over the estimated remaining life of the reinsured contracts. Additionally, $48.7 billion of separate account
liabilities were ceded under the modco portion of the agreement. Refer to Note 1 for additional information related to the reinsurance
agreement.
FORTITUDE RE
AGL and USL have modco reinsurance agreements with Fortitude Re, a registered Class 4 and Class E reinsurer in Bermuda.
VALIC’s modco agreement with Fortitude Re was recaptured effective January 1, 2025, resulting in a $45 million charge to pre-tax
earnings.
In the modco arrangement, the investments supporting the reinsurance agreements are withheld by, and therefore continue to reside
on the balance sheet of, the ceding company (i.e., Corebridge), thereby creating an obligation for the ceding company to pay the
reinsurer (i.e., Fortitude Re) at a later date. Additionally, as Corebridge maintains ownership of these investments, Corebridge
maintains its existing accounting for these assets (e.g., the changes in fair value of available-for-sale securities will be recognized
within OCI). Corebridge has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance
asset representing liabilities for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an
embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in
earnings through realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are
attributable to various assets and liabilities associated with these reinsurance agreements. As the majority of the invested assets
supporting the modco are fixed income securities that are available-for-sale, there is a mismatch between the accounting for the
embedded derivative as its changes in fair value are recorded through net income while changes in the fair value of the fixed maturity
securities available-for-sale are recorded through OCI.
Corebridge | Second Quarter 2026 Form 10-Q      47
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 7. Reinsurance
There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes
the composition of the pool of assets:
June 30, 2026
December 31, 2025
(in millions)
Carrying
Value
Fair Value
Carrying
Value
Fair Value
Corresponding Accounting Policy
Fixed maturity securities - available-for-sale
$12,306
$12,306
$12,739
$12,739
Fair value through other comprehensive income
Fixed maturity securities - fair value option
4,915
4,915
4,982
4,982
Fair value through net investment income
Commercial mortgage loans
2,615
2,430
2,745
2,594
Amortized cost
Real estate investments
86
127
118
165
Amortized cost
Private equity funds/hedge funds
1,716
1,716
1,800
1,800
Fair value through net investment income
Policy loans
295
295
302
302
Amortized cost
Short-term Investments
240
240
399
399
Fair value through net investment income
Funds withheld investment assets
22,173
22,029
23,085
22,981
Derivative assets, net(a)
Fair value through realized gains (losses)
Other(b)
936
936
667
667
Amortized cost
Total
$23,109
$22,965
$23,752
$23,648
(a)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld
arrangements had a fair market value of $0 million and $716 million, respectively, as of June 30, 2026. The derivative assets and liabilities supporting the Fortitude Re
funds withheld arrangements had a fair market value of $0 million and $615 million, respectively, as of December 31, 2025. These derivative assets and liabilities are
fully collateralized either by cash or securities.
(b)Primarily comprised of Cash and Accrued investment income.
The impact of the funds withheld arrangements with Fortitude Re was as follows:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Net investment income - Fortitude Re funds withheld assets
$233
$343
$493
$674
Net realized losses on Fortitude Re funds withheld assets:
Net realized losses Fortitude Re funds withheld assets
(25)
(30)
(46)
(26)
Net realized losses Fortitude Re funds withheld embedded derivatives
(316)
(251)
(302)
(847)
Net realized losses - Fortitude Re funds withheld assets
(341)
(281)
(348)
(873)
Income (loss) before income tax expense (benefit)
(108)
62
145
(199)
Income tax expense (benefit)*
(23)
13
30
(42)
Net income (loss)
(85)
49
115
(157)
Change in unrealized appreciation (depreciation) of the invested assets supporting the
Fortitude Re modco arrangement classified as available-for-sale*
79
(18)
(75)
145
Comprehensive income (loss)
$(6)
$31
$40
$(12)
*The income tax expense (benefit) and the tax impact in OCI was computed using the U.S. statutory tax rate of 21%.
Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the
fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included
in the embedded derivative in the Fortitude Re funds withheld arrangement and the appreciation (depreciation) of the assets is the
primary driver of the comprehensive income (loss) reflected above.
REINSURANCE – CREDIT LOSSES
The total reinsurance recoverables as of June 30, 2026 were $25.6 billion. As of that date, utilizing Corebridge’s Obligor Risk Ratings,
(i) approximately 100% of the reinsurance recoverables were investment grade, (ii) approximately 0% were non-investment grade
reinsurance recoverables and (iii) none of the reinsurance recoverables were related to entities that were not rated by Corebridge.
Reinsurance Recoverable Allowance
The following table presents a rollforward of the reinsurance recoverable allowance:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Balance, beginning of period
$6
$10
$6
$12
Current period provision for expected credit losses and disputes
(1)
(1)
(2)
Balance, end of period
$5
$10
$5
$10
There were no material recoveries of credit losses previously written off for the six months ended June 30, 2026 or 2025.
Corebridge | Second Quarter 2026 Form 10-Q      48
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 7. Reinsurance
Past-Due Status
We consider a reinsurance asset to be past due when it is 90 days past due and record an allowance for disputes when there is
reasonable uncertainty of the collectability of a disputed amount during the reporting period. Past-due balances were not significant
for any of the periods presented.
8. Variable Interest Entities
A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial
support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations
through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary
beneficiary is not based on majority voting interest but is based on other criteria discussed below.
We enter into various arrangements with VIEs in the normal course of business and consolidate the VIEs when we determine we are
the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms,
nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing
the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to
expose the variable interest holders.
The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the
entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially
significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-
making ability and our ability to influence activities that significantly affect the economic performance of the VIE.
BALANCE SHEET CLASSIFICATION AND EXPOSURE TO LOSS
Creditors or beneficial interest holders of VIEs for which the Company is the primary beneficiary generally have recourse
only to the assets and cash flows of the VIEs and do not have recourse to the Company. The following table presents the
total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Condensed
Consolidated Balance Sheets:
(in millions)
Real Estate and
Investment
Entities(c)
Securitization
and
Repackaging
Vehicles
Total
June 30, 2026
Assets:
Bonds available-for-sale
$23
$
$23
Other bond securities
25
25
Mortgage and other loans receivable
1,565
1,565
Other invested assets
  Alternative investments(a)
2,478
2,478
    Investment real estate
448
448
Short-term investments
81
81
Cash
36
36
Accrued investment income
4
4
Other assets
44
44
Total assets(b)
$3,135
$1,569
$4,704
Liabilities:
Debt of consolidated investment entities
$415
$842
$1,257
Other liabilities
54
54
Total liabilities
$469
$842
$1,311
Corebridge | Second Quarter 2026 Form 10-Q      49
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8. Variable Interest Entities
(in millions)
Real Estate and
Investment
Entities(c)
Securitization
and
Repackaging
Vehicles
Total
December 31, 2025
Assets:
Bonds available-for-sale
$33
$
$33
Other bond securities
37
37
Mortgage and other loans receivable
1,750
1,750
Other invested assets
  Alternative investments(a)
2,575
2,575
    Investment real estate
492
492
Short-term investments
93
93
Cash
38
38
Accrued investment income
5
5
Other assets
50
50
Total assets(b)
$3,318
$1,755
$5,073
Liabilities:
Debt of consolidated investment entities
$409
$883
$1,292
Other liabilities
39
39
Total liabilities
$448
$883
$1,331
(a)Composed primarily of investments in real estate joint ventures at June 30, 2026 and December 31, 2025.
(b)The assets of each VIE can be used only to settle specific obligations of that VIE.
(c)Off-balance-sheet exposure primarily consisting of commitments by insurance operations and affiliates into real estate and investment entities. At June 30, 2026 and
December 31, 2025, the Company had commitments to internal parties of $0.8 billion and $0.9 billion and commitments to external parties of $0.2 billion and
$0.3 billion, respectively.
The following table presents the revenue, net income (loss) attributable to noncontrolling interests and net income (loss)
attributable to Corebridge associated with our variable interests in consolidated VIEs, as classified in the Condensed
Consolidated Statements of Income (Loss):
Real Estate and
Securitization
Investment
and Repackaging
(in millions)
Entities
Vehicles
Total
Three Months Ended June 30, 2026
Total revenue
$16
$12
$28
Net (loss) attributable to noncontrolling interests
$(3)
$
$(3)
Net income attributable to Corebridge
$16
$7
$23
Three Months Ended June 30, 2025
Total revenue
$46
$17
$63
Net (loss) attributable to noncontrolling interests
$(9)
$
$(9)
Net income attributable to Corebridge
$41
$12
$53
Six Months Ended June 30, 2026
Total revenue
$(1)
$28
$27
Net (loss) attributable to noncontrolling interests
$(14)
$
$(14)
Net income attributable to Corebridge
$3
$18
$21
Six Months Ended June 30, 2025
Total revenue
$74
$35
$109
Net (loss) attributable to noncontrolling interests
$(4)
$
$(4)
Net income attributable to Corebridge
$58
$24
$82
We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of
VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation and
(iii) other commitments and guarantees to the VIE.
Corebridge | Second Quarter 2026 Form 10-Q      50
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8. Variable Interest Entities
The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our
maximum exposure to loss associated with these VIEs:
Maximum Exposure to Loss
(in millions)
Total VIE
Assets
On-Balance
Sheet(b)
Off-Balance
Sheet (c)
Total
June 30, 2026
Real estate and investment entities(a)
$511,760
$6,315
$3,221
$9,536
Total
$511,760
$6,315
$3,221
$9,536
December 31, 2025
Real estate and investment entities(a)
$501,904
$6,249
$3,405
$9,654
Total
$501,904
$6,249
$3,405
$9,654
(a)Composed primarily of hedge funds and private equity funds.
(b)At June 30, 2026 and December 31, 2025, $6.3 billion and $6.2 billion, respectively, of our total unconsolidated VIE assets were recorded as other invested assets.
(c)These amounts represent our unfunded commitments to invest in private equity funds and hedge funds.
Additionally, Corebridge is a passive investor in certain investment vehicles that securitized certain secured loans, bank loans and
residential mortgage loans. The notes held by Corebridge and their related fair values are included in the available-for-sale
disclosures that are reported in Notes 4 and 5. As of June 30, 2026, the total VIE assets of these securitizations are $2.4 billion, of
which Corebridge’s maximum exposure to loss including unfunded commitments is $2.5 billion. As of December 31, 2025, the total
VIE assets of these securitizations are $2.5 billion, of which Corebridge’s maximum exposure to loss is $2.5 billion.
9. Derivatives and Hedge Accounting
We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment
operations. Interest rate derivatives (such as interest rate futures, swaps, options and bond forwards), equity derivatives (such as
equity futures, swaps and options) and fixed maturity securities are used to economically mitigate interest rate risk, equity risk and
credit spread exposure associated with MRBs and embedded derivatives contained in insurance contract liabilities. Interest rate
derivatives are used to manage interest rate risk associated with fixed maturity securities as well as other interest rate sensitive
assets and liabilities. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives and
MRBs in certain insurance liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to
economically mitigate risk associated with foreign denominated investments, net capital exposures and foreign currency transactions.
We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they
are meant to offset. As part of our strategy to enhance investment income, in addition to hedging activities, we also enter into
derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (“CDS”), total
return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds.
Interest rate, currency and equity swaps, credit contracts, swaptions, options and forward transactions are accounted for as
derivatives, recorded on a trade-date basis and carried at fair value. Unrealized gains and losses are generally reflected in income,
except in certain situations in which hedge accounting is applied and unrealized gains and losses are reflected in AOCI. Aggregate
asset or liability positions are netted on the Condensed Consolidated Balance Sheets only to the extent permitted by qualifying master
netting arrangements in place with each respective counterparty. Cash collateral posted with counterparties in conjunction with
transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative
liability, while cash collateral received in conjunction with transactions supported by qualifying master netting arrangements is reported
as a reduction of the corresponding net derivative asset.
Derivatives, with the exception of embedded derivatives, are reported at fair value in the Condensed Consolidated Balance Sheets in
Other assets and Other liabilities. Embedded derivatives are generally presented with the host contract in the Condensed
Consolidated Balance Sheets. A bifurcated embedded derivative is measured at fair value and accounted for in the same manner as a
freestanding derivative contract. The corresponding host contract is accounted for according to the accounting guidance applicable for
that instrument.
For additional information on embedded derivatives and MRBs, see Notes 4, 13 and 14.
Corebridge | Second Quarter 2026 Form 10-Q      51
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Derivatives and Hedge Accounting
The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in
the Condensed Consolidated Balance Sheets:
June 30, 2026
December 31, 2025
Gross Derivative
Assets
Gross Derivative
Liabilities
Gross Derivative
Assets
Gross Derivative
Liabilities
(in millions)
Notional
Amount
Fair
Value
Notional
Amount
Fair
Value
Notional
Amount
Fair
Value
Notional
Amount
Fair
Value
Derivatives designated as hedging
instruments:(a)
Interest rate contracts
$7,990
$292
$14,297
$443
$11,987
$364
$9,734
$234
Foreign exchange contracts
6,768
369
2,936
166
3,855
252
8,128
236
Derivatives not designated as
hedging instruments:(a)
Interest rate contracts
24,663
642
21,920
1,485
19,672
552
25,397
1,399
Foreign exchange contracts
9,786
543
5,763
298
6,139
459
6,847
318
Equity contracts
75,268
10,042
75,833
6,197
66,780
8,388
64,855
4,900
Credit contracts(b)
20,775
418
21,950
17
Other contracts(c)
49,978
15
44
1
49,020
14
212
4
Total derivatives, gross(d)
$195,228
$12,321
$142,743
$8,607
$157,453
$10,029
$115,173
$7,091
Counterparty netting(e)
(7,501)
(7,501)
(6,106)
(6,106)
Cash collateral(f)
(3,844)
(828)
(3,482)
(686)
Total Derivatives on Condensed
Consolidated Balance Sheets(g)
$976
$278
$441
$299
(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.
(b)Includes written credit default swaps linked to certain actively traded indices. In the case of a credit event, the maximum future payment is limited to the constituent’s
representation within the index.
(c)Consists primarily of stable value wraps and contracts with multiple underlying exposures.
(d)Includes $13.9 billion and $20.5 billion of notional amounts associated with reinsurance agreements at June 30, 2026 and December 31, 2025.
(e)Represents netting of derivative exposures covered by a qualifying master netting agreement.
(f)Represents cash collateral posted and received that is eligible for netting.
(g)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities,
respectively. All derivative transactions are with third parties. The fair value of assets related to bifurcated embedded derivatives were both zero at June 30, 2026 and
December 31, 2025. The fair value of liabilities related to bifurcated embedded derivatives was $17.6 billion and $16.0 billion at June 30, 2026 and December 31,
2025, respectively. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded
derivatives are primarily related to guarantee features in fixed index annuities and index universal life contracts, which include equity and interest rate components;
bonds available-for-sale and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7.
As of June 30, 2026 and December 31, 2025, the following amounts were recorded on the Condensed Consolidated Balance
Sheets related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the
carrying amount for fair value hedges:
June 30, 2026
December 31, 2025
(in millions)
Carrying
Amount of the
Hedged Assets
(Liabilities)
Cumulative Amount of
Fair Value Hedging
Adjustments Included
In the Carrying Amount
of the Hedged Assets
Liabilities
Carrying
Amount of the
Hedged Assets
(Liabilities)
Cumulative Amount of
Fair Value Hedging
Adjustments Included
In the Carrying Amount
of the Hedged Assets
Liabilities
Balance sheet line item in which hedged item is
recorded:
Fixed maturities, available-for-sale, at fair value(a)
$11,251
$(49)
$11,984
$(7)
Commercial mortgage and other loans(b)
$
$(17)
$
$(19)
Policyholder contract deposits(c)
$(14,720)
$66
$(13,022)
$(48)
(a)These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be
remaining at the end of the hedging relationship. At June 30, 2026, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.0
billion, the amount of the designated hedged item was $2.7 billion, and the cumulative basis adjustment associated with these hedging relationships was $(49) million.
At December 31, 2025, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.0 billion, the amount of the designated hedged
item was $2.7 billion, and the cumulative basis adjustment associated with these hedging relationships was $(7) million.
(b)This relates to hedge accounting that has been discontinued, but the respective loans are still held. The cumulative adjustment is being amortized into earnings over
the remaining life of the loan.
(c)This relates to fair value hedges on GICs.
Corebridge | Second Quarter 2026 Form 10-Q      52
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Derivatives and Hedge Accounting
COLLATERAL
We engage in derivative transactions that are not subject to a clearing requirement directly with third parties, in most cases under
International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements. Many of the ISDA Master Agreements also include
Credit Support Annex (“CSA”) provisions, which provide for collateral postings that may vary based on criteria such as ratings and
threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be
obtained from a counterparty on an up-front or contingent basis. We minimize the risk that counterparties might be unable to fulfill
their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional
collateral to be posted upon the occurrence of certain events or circumstances. Additionally, in the case reinsurance agreements
involve derivative transactions, cash collateral is provided to us by reinsurers and can be posted to third parties under the respective
ISDA and CSA provisions.
Collateral posted by us to third parties for derivative transactions was $1.6 billion and $1.2 billion at June 30, 2026 and December 31,
2025, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can
generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was
$5.4 billion and $4.0 billion at June 30, 2026 and December 31, 2025, respectively. In the case of collateral provided to us under
derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.
OFFSETTING
We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a
net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and
our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two
counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative
transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement
provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a
specified group of, derivative transactions governed by the ISDA Master Agreement.
HEDGE ACCOUNTING
We designated certain derivatives entered into with third parties as fair value hedges of available-for-sale securities held by our
insurance subsidiaries. The fair value hedges include foreign currency forwards and cross-currency swaps designated as hedges of
the change in fair value of foreign currency denominated available-for-sale securities attributable to changes in foreign exchange
rates. We also designated certain interest rate swaps entered into with third parties as fair value hedges of fixed rate GICs attributable
to changes in benchmark interest rates. In December 2025, we also entered into certain interest rate swap contracts designated as
fair value portfolio layer hedges of available-for-sale investment securities.
In 2022, we designated certain interest rate swaps entered into with related parties as cash flow hedges of forecasted coupon
payments associated with anticipated long-term debt issuances and we recognized derivative gains in AOCI. For the three and six
months ended June 30, 2026, $7 million and $14 million, respectively, and for the three and six months ended June 30, 2025, $7
million and $14 million, respectively, have been reclassified into Interest expense. The remaining amount in AOCI, of $104 million, will
be reclassified into Interest expense over the life of the hedging relationship, which can extend up to 30 years. We expect $28 million
to be reclassified into Interest expense over the next 12 months. There are no amounts excluded from the assessment of hedge
effectiveness that are recognized in earnings.
For additional information related to the debt issuances, see Note 15 to the Consolidated Financial Statements in the 2025 Form 10-K.
We also designated certain interest rate swaps as cash flow hedges of floating-rate investment assets. Related to such swaps, for the
three and six months ended June 30, 2026, we recognized derivative gains (losses) of $(99) million and
$(145) million
, respectively, in
AOCI and $2 million and $2 million, respectively, in net investment income. For the three and six months ended June 30, 2025, we
recognized derivative gains (losses) of $64 million and $246 million, respectively, in AOCI and $(14) million and $(28) million,
respectively, in net investment income. As it relates to such hedges, we do not expect any reclassifications into net investment income
over the next 12 months and there are no amounts excluded from the assessment of hedge effectiveness that are recognized in
earnings.
We use cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk
associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships that use
derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward
rates. We recognized gains (losses) for the three and six months ended June 30, 2026 of $1 million and $3 million, respectively, and
for the three and six months ended June 30, 2025 of $(5) million and $(9) million, respectively, included in Change in foreign currency
translation adjustment in OCI related to the net investment hedge relationships. The gains (losses) recognized primarily include
transactions with related parties. A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while
regression analysis is employed for all other hedges.
Corebridge | Second Quarter 2026 Form 10-Q      53
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Derivatives and Hedge Accounting
The following table presents the gain (loss) recognized in earnings on our derivative instruments in fair value hedging
relationships in the Condensed Consolidated Statements of Income (Loss):
Gains/(Losses) Recognized in Earnings for:
(in millions)
Hedging
Derivatives(a)
Excluded
Components(b)
Hedged
Items
Net Impact
Three Months Ended June 30, 2026
Interest rate contracts:
Interest credited to policyholder account balances
$(66)
$
$63
$(3)
Net investment income
31
(31)
Foreign exchange contracts:
Realized gains (losses)
$33
$(101)
$(33)
$(101)
Three Months Ended June 30, 2025
Interest rate contracts:
Interest credited to policyholder account balances
$56
$
$(58)
$(2)
Net investment income
Foreign exchange contracts:
Realized gains (losses)
$(619)
$(20)
$619
$(20)
Six Months Ended June 30, 2026
Interest rate contracts:
Interest credited to policyholder account balances
$(121)
$
$117
$(4)
Net investment income
42
(42)
Foreign exchange contracts:
Realized gains (losses)
$210
$(18)
$(210)
$(18)
Six Months Ended June 30, 2025
Interest rate contracts:
Interest credited to policyholder account balances
$142
$
$(146)
$(4)
Net investment income
Foreign exchange contracts:
Realized gains (losses)
$(883)
$127
$883
$127
(a)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.
(b)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and
recognized in earnings on a mark-to-market basis.
Corebridge | Second Quarter 2026 Form 10-Q      54
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Derivatives and Hedge Accounting
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed
Consolidated Statements of Income (Loss):
Gains (Losses) Recognized in Earnings
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
By Derivative Type:
Interest rate contracts
$(25)
$(48)
$(149)
$(70)
Foreign exchange contracts
101
(397)
118
(616)
Equity contracts
1,156
352
540
(102)
Credit contracts
152
100
42
31
Other contracts
15
16
38
32
Embedded derivatives
(1,823)
(1,124)
(1,169)
(878)
Fortitude Re funds withheld embedded derivative
(316)
(251)
(302)
(847)
Total(a)
$(740)
$(1,352)
$(882)
$(2,450)
By Classification:
Policy fees
$18
$16
$34
$31
Net investment income (loss) - Fortitude Re funds withheld assets
(9)
(23)
7
(25)
Net realized gains (losses) - excluding Fortitude Re funds withheld assets
119
(785)
(103)
(1,513)
Net realized gains (losses) on Fortitude Re funds withheld assets
(10)
(59)
13
(34)
Net realized losses on Fortitude Re funds withheld embedded derivatives
(316)
(251)
(302)
(847)
Policyholder benefits
2
Change in the Fair value of market risk benefits(b)
(542)
(252)
(531)
(62)
Total(a)
$(740)
$(1,352)
$(882)
$(2,450)
(a)Includes gains (losses) with related parties of $2 million for the three months ended June 30, 2025, and $2 million for the six months ended June 30, 2025.
(b)This represents activity related to derivatives that economically hedge changes in fair value of certain MRBs. Excludes the impact of ceding derivative gains and losses
in conjunction with the reinsurance agreements with CSLR. Starting 2026, the amount presented is ceded to CSLR. See Note 1 for additional information.
In addition to embedded derivatives within policyholder contract deposits, certain guaranteed benefits within insurance contracts are
classified as MRBs. The change in the fair value of these benefits is disclosed in Note 14. The change in the fair value of MRBs and
the derivative instruments that hedge those risks are recognized in “Change in the fair value of MRBs, net” in the Condensed
Consolidated Statements of Income (Loss).
10. Deferred Policy Acquisition Costs
Deferred policy acquisition costs (“DAC”) represent those costs that are incremental and directly related to the successful acquisition
of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the
acquisition or renewal of an insurance contract. Such DAC generally include agent or broker commissions and bonuses, and medical
fees that would not have been incurred if the insurance contract had not been acquired or renewed. Each cost is analyzed to assess
whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is
directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in Non-
deferrable insurance commissions in the Condensed Consolidated Statements of Income (Loss).
We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing
specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and
processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution
channel and/or cost center from which the cost originates.
DAC for all contracts, except for those with limited to no exposure to policyholder behavior risk, (i.e., certain investment contracts), is
grouped and amortized on a constant level basis (i.e., approximating straight line amortization with adjustments for expected
terminations) over the expected term of the related contracts.
Corebridge | Second Quarter 2026 Form 10-Q      55
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 10. Deferred Policy Acquisition Costs
The following table presents a rollforward of deferred policy acquisition costs related to long-duration contracts for the six
months ended June 30, 2026 and 2025:
Individual
Retirement
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate
and Other
Total
(in millions)
DAC:
Balance at January 1, 2026
$3,378
$1,053
$4,162
$118
$164
$8,875
Capitalization
343
43
193
29
608
Amortization expense
(260)
(55)
(166)
(11)
(492)
Other adjustments(a)
(164)
(164)
Balance at June 30, 2026(b)
$3,461
$1,041
$4,189
$136
$
$8,827
Balance at January 1, 2025
$3,020
$1,049
$4,127
$95
$1,990
$10,281
Capitalization
417
42
183
14
36
692
Amortization expense
(224)
(43)
(168)
(8)
(106)
(549)
Other, including foreign exchange
Balance at June 30, 2025(b)
$3,213
$1,048
$4,142
$101
$1,920
$10,424
(a)Includes the impacts of the reinsurance agreement with CSLR. See Note 7 for additional information.
(b)Excludes value of business acquired (“VOBA”) of $9 million and $11 million at June 30, 2026 and 2025, respectively.
DEFERRED SALES INDUCEMENTS
We offer deferred sales inducements (“DSI”) which include enhanced crediting rates or bonus payments to contract holders (bonus
interest) on certain annuity and investment contract products. To qualify for accounting treatment as an asset, the bonus interest must
be explicitly identified in the contract at inception. We must also demonstrate that such amounts are incremental to amounts we credit
on similar contracts without bonus interest and are higher than the contracts’ expected ongoing crediting rates for periods after the
bonus period. DSI is reported in Other assets, while amortization related to DSI is recorded in Interest credited to policyholder account
balances. DSI amounts are deferred and amortized on a constant level basis over the life of the contract consistent with DAC.
The following table presents a rollforward of deferred sales inducement assets related to long-duration contracts for the six
months ended June 30, 2026 and 2025:
Individual
Retirement
Group
Retirement
Corporate and
Other
Total
(in millions)
Balance at January 1, 2026
$182
$140
$1
$323
Capitalization
Amortization expense
(16)
(7)
(23)
Other adjustments(a)
(1)
(1)
Balance at June 30, 2026
$166
$133
$
$299
Other reconciling items(b)
4,767
Other assets, including restricted cash
$5,066
Balance at January 1, 2025
$218
$152
$70
$440
Capitalization
1
1
Amortization expense
(19)
(6)
(4)
(29)
Balance at June 30, 2025
$199
$146
$67
$412
Other reconciling items(b)
1,630
Other assets, including restricted cash
$2,042
(a)Includes the impacts of the reinsurance agreement with CSLR. See Note 7 for additional information.
(b)Other reconciling items include deposit assets, derivative assets, prepaid expenses, goodwill and any similar items.
Corebridge | Second Quarter 2026 Form 10-Q      56
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Separate Account Assets and Liabilities
11. Separate Account Assets and Liabilities
We report variable contracts within the separate accounts when investment income and investment gains and losses accrue directly
to, and investment risk is borne by, the contract holder and the separate account meets additional accounting criteria to qualify for
separate account treatment. The assets supporting the variable portion of variable annuity and variable universal life contracts that
qualify for separate account treatment are carried at fair value and are reported as separate account assets, with an equivalent
summary total reported as separate account liabilities. The assets of insulated accounts are legally segregated and are not subject to
claims that arise from any of our other businesses.
Policy values for variable products and investment contracts are expressed in terms of investment units. Each unit is linked to an
asset portfolio. The value of a unit increases or decreases based on the value of the linked asset portfolio. The current liability at any
time is the sum of the current unit value of all investment units in the separate accounts, plus any liabilities for MRBs.
Amounts assessed against the policyholders for mortality, administrative and other services are included in policy fees. Investment
performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the
corresponding amounts credited to policyholders of such separate accounts are offset within the same line in the Condensed
Consolidated Statements of Income (Loss).
For discussion of the fair value measurement of guaranteed benefits that are accounted for as MRBs, see Note 4.
The following table presents fair value of separate account investment options:
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate and
Other
Total
(in millions)
June 30, 2026
Equity funds
$32,764
$1,108
$788
$26,779
$61,439
Bond funds
3,182
48
1,689
4,187
9,106
Balanced funds
6,180
63
2,747
17,524
26,514
Money market funds
755
15
312
630
1,712
Total
$42,881
$1,234
$5,536
$49,120
$98,771
December 31, 2025
Equity funds
$30,683
$1,027
$721
$26,073
$58,504
Bond funds
3,160
48
1,398
4,165
8,771
Balanced funds
6,055
59
2,660
17,903
26,677
Money market funds
803
15
178
637
1,633
Total
$40,701
$1,149
$4,957
$48,778
$95,585
The following table presents the balances and changes in separate account liabilities:
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate and
Other
Total
(in millions)
Six Months Ended June 30, 2026
Separate accounts balance, beginning of year
$40,701
$1,149
$4,957
$48,778
$95,585
Premiums and deposits
674
15
604
811
2,104
Policy charges
(238)
(21)
(72)
(589)
(920)
Surrenders and withdrawals
(2,364)
(18)
(106)
(2,896)
(5,384)
Benefit payments
(302)
(5)
(78)
(518)
(903)
Investment performance
4,667
118
223
3,507
8,515
Net transfers from (to) general account and other
(257)
(4)
8
27
(226)
Separate accounts balance, end of period
$42,881
$1,234
$5,536
$49,120
$98,771
Cash surrender value*
$42,795
$1,206
$5,527
$48,398
$97,926
Corebridge | Second Quarter 2026 Form 10-Q      57
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Separate Account Assets and Liabilities
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate and
Other
Total
(in millions)
Six Months Ended June 30, 2025
Separate accounts balance, beginning of year
$39,672
$1,059
$4,339
$48,818
$93,888
Premiums and deposits
687
17
72
620
1,396
Policy charges
(228)
(23)
(53)
(587)
(891)
Surrenders and withdrawals
(2,080)
(20)
(100)
(2,514)
(4,714)
Benefit payments
(313)
(5)
(5)
(473)
(796)
Investment performance
2,488
73
100
2,720
5,381
Net transfers from (to) general account and other
(245)
(3)
14
34
(200)
Separate accounts balance, end of period
$39,981
$1,098
$4,367
$48,618
$94,064
Cash surrender value*
$39,889
$1,080
$4,368
$47,768
$93,105
*The cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less applicable surrender charges.
Separate account liabilities primarily represent the contract holder's account balance in separate account assets and will be equal and
offsetting to total separate account assets.
12. Future Policy Benefits
Future policy benefits primarily include reserves for traditional life and annuity payout contracts, which represent an estimate of the
present value of future benefits less the present value of future net premiums. Included in Future policy benefits are liabilities for
annuities issued in structured settlement arrangements whereby a claimant receives life contingent payments over their lifetime. Also
included are pension risk transfer arrangements whereby an upfront premium is received in exchange for guaranteed retirement
benefits. All payments under these arrangements are fixed and determinable with respect to their amounts and dates. Structured
settlement or other annuitization elections (e.g., certain single premium immediate annuities) that do not involve life contingent
payments, but rather payments for a stated period are included in Policyholder contract deposits.
For traditional and limited pay long-duration products, benefit reserves are accrued and benefit expense is recognized using a net
premium ratio (“NPR”) methodology for each annual cohort of business.
The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the
net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets:
Individual
Retirement
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate
and Other
Total
(in millions, except for liability durations)
Six Months Ended June 30, 2026
Present value of expected net premiums
Balance, beginning of year
$
$
$8,365
$
$825
$9,190
Effect of changes in discount rate assumptions
(AOCI)
504
34
538
Beginning balance at original discount rate
8,869
859
9,728
Effect of actual variances from expected
experience
(21)
(8)
(29)
Adjusted beginning of year balance
8,848
851
9,699
Issuances
367
13
380
Interest accrual
170
18
188
Net premium collected
(534)
(62)
(596)
Other
2
2
Ending balance at original discount rate
8,853
820
9,673
Effect of changes in discount rate assumptions
(AOCI)
(598)
(45)
(643)
Balance, end of period
$
$
$8,255
$
$775
$9,030
Corebridge | Second Quarter 2026 Form 10-Q      58
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 12. Future Policy Benefits
Individual
Retirement
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate
and Other
Total
(in millions, except for liability durations)
Six Months Ended June 30, 2026
Present value of expected future policy benefits
Balance, beginning of year
$1,173
$291
$17,209
$24,147
$18,772
$61,592
Effect of changes in discount rate assumptions
(AOCI)
110
(5)
1,261
3,290
1,180
5,836
Beginning balance at original discount rate
1,283
286
18,470
27,437
19,952
67,428
Effect of actual variances from expected
experience(a)
(14)
(22)
7
(19)
(48)
Adjusted beginning of year balance
1,269
286
18,448
27,444
19,933
67,380
Issuances
34
5
364
163
17
583
Interest accrual
25
7
391
595
471
1,489
Benefit payments
(59)
(19)
(779)
(852)
(751)
(2,460)
Foreign exchange impact
(167)
(167)
Other
3
3
Ending balance at original discount rate
1,269
279
18,427
27,183
19,670
66,828
Effect of changes in discount rate assumptions
(AOCI)
(119)
1
(1,465)
(3,759)
(1,423)
(6,765)
Balance, end of period
$1,150
$280
$16,962
$23,424
$18,247
$60,063
Net liability for future policy benefits, end of
period
1,150
280
8,707
23,424
17,472
51,033
Liability for future policy benefits for certain
participating contracts
11
1,203
1,214
Liability for universal life policies(b)
4,287
53
4,340
Deferred profit liability
31
19
27
1,631
757
2,465
Other reconciling items(c)
13
369
107
489
Future policy benefits for life and accident and
health insurance contracts
1,194
299
13,401
25,055
19,592
59,541
Less: Reinsurance recoverable:
(5)
(649)
(65)
(19,592)
(20,311)
Net liability for future policy benefits after
reinsurance recoverable
$1,189
$299
$12,752
$24,990
$
$39,230
Weighted average liability duration of the
liability for future policy benefits (years)(d)
7.2
5.8
10.7
10.7
10.2
Individual
Retirement
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate
and Other
Total
(in millions, except for liability durations)
Six Months Ended June 30, 2025
Present value of expected net premiums
Balance, beginning of year
$
$
$8,287
$
$871
$9,158
Effect of changes in discount rate assumptions
(AOCI)
797
61
858
Reclassified due to reinsurance recapture
Beginning balance at original discount rate
9,084
932
10,016
Effect of actual variances from expected
experience
(22)
4
(18)
Adjusted beginning of year balance
9,062
936
9,998
Issuances
328
328
Interest accrual
176
20
196
Net premium collected
(525)
(53)
(578)
Other
Ending balance at original discount rate
9,041
903
9,944
Effect of changes in discount rate assumptions
(AOCI)
(633)
(45)
(678)
Balance, end of period
$
$
$8,408
$
$858
$9,266
Corebridge | Second Quarter 2026 Form 10-Q      59
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 12. Future Policy Benefits
Individual
Retirement
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate
and Other
Total
(in millions, except for liability durations)
Six Months Ended June 30, 2025
Present value of expected future policy benefits
Balance, beginning of year
$1,130
$202
$16,947
$19,487
$19,243
$57,009
Effect of changes in discount rate assumptions
(AOCI)
145
3
1,720
3,206
1,556
6,630
Reclassified due to reinsurance recapture
102
259
(361)
Beginning balance at original discount rate
1,275
307
18,667
22,952
20,438
63,639
Effect of actual variances from expected
experience(a)
(7)
2
(29)
10
(7)
(31)
Adjusted beginning of year balance
1,268
309
18,638
22,962
20,431
63,608
Issuances
48
4
323
520
20
915
Interest accrual
25
8
401
481
483
1,398
Benefit payments
(58)
(23)
(742)
(709)
(745)
(2,277)
Foreign exchange impact
893
893
Other
(1)
(2)
(3)
(6)
Ending balance at original discount rate
1,282
296
18,620
24,147
20,186
64,531
Effect of changes in discount rate assumptions
(AOCI)
(122)
3
(1,425)
(3,473)
(1,250)
(6,267)
Balance, end of period
$1,160
$299
$17,195
$20,674
$18,936
$58,264
Net liability for future policy benefits, end of
year
1,160
299
8,787
20,674
18,078
48,998
Liability for future policy benefits for certain
participating contracts
12
1,239
1,251
Liability for universal life policies(b)
4,108
53
4,161
Deferred profit liability
34
22
24
1,653
801
2,534
Other reconciling items(c)
15
419
107
541
Future policy benefits for life and accident and
health insurance contracts
1,209
321
13,350
22,327
20,278
57,485
Less: Reinsurance recoverable:
(5)
(656)
(40)
(20,034)
(20,735)
Net liability for future policy benefits after
reinsurance recoverable
$1,204
$321
$12,694
$22,287
$244
$36,750
Weighted average liability duration of the
liability for future policy benefits (years)(d)
7.4
6.0
10.5
10.7
10.5
(a)Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability.
(b)Additional details can be found in the table that presents the balances and changes in the liability for universal life policies.
(c)Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts.
(d)The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level,
utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.
For the six months ended June 30, 2026 and 2025 in the traditional and term life insurance block, capping of net premium ratios at
100% caused a (credit)/charge to net income of $0 million and $1 million, respectively. The discount rate was updated based on
market observable information.
Corebridge | Second Quarter 2026 Form 10-Q      60
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 12. Future Policy Benefits
The following table presents the amount of undiscounted expected future benefit payments and undiscounted and
discounted expected gross premiums for future policy benefits for nonparticipating contracts:
Six Months Ended June 30,
(in millions)
2026
2025
Individual
Retirement
Undiscounted expected future benefits and expense
$1,849
$1,856
Undiscounted expected future gross premiums
$
$
Group Retirement
Undiscounted expected future benefits and expense
$396
$428
Undiscounted expected future gross premiums
$
$
Life Insurance
Undiscounted expected future benefits and expense
$30,847
$30,285
Undiscounted expected future gross premiums
$21,116
$20,762
Discounted expected future gross premiums (at current discount rate)
$14,173
$13,911
Institutional
Markets
Undiscounted expected future benefits and expense
$53,802
$43,970
Undiscounted expected future gross premiums
$
$
Corporate and
other
Undiscounted expected future benefits and expense
$39,129
$40,512
Undiscounted expected future gross premiums
$1,730
$1,896
Discounted expected future gross premiums (at current discount rate)
$1,175
$1,287
The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of
Income (Loss) for future policy benefits for nonparticipating contracts:
Gross Premiums
Interest Accretion
Six Months Ended June 30,
Six Months Ended June 30,
(in millions)
2026
2025
2026
2025
Individual Retirement
$40
$47
$25
$25
Group Retirement
6
4
7
8
Life Insurance
935
926
221
225
Institutional Markets
173
542
595
481
Corporate and Other
108
118
453
463
Total
$1,262
$1,637
$1,301
$1,202
The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:
Individual
Retirement
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate
and Other
June 30, 2026
Weighted-average interest rate, original discount rate
4.01%
5.17%
4.77%
4.59%
4.90%
Weighted-average interest rate, current discount rate
5.43%
5.28%
5.64%
5.90%
5.62%
June 30, 2025
Weighted-average interest rate, original discount rate
3.88%
5.29%
4.70%
4.31%
4.77%
Weighted-average interest rate, current discount rate
5.31%
5.15%
5.51%
5.66%
5.49%
The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment
level, and are represented as an annual rate.
Corebridge | Second Quarter 2026 Form 10-Q      61
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 12. Future Policy Benefits
Additional Liabilities: For universal-life type products, insurance benefits in excess of the account balance are generally recognized
as expenses in the period incurred unless the design of the product is such that future charges are insufficient to cover the benefits, in
which case an “additional liability” is accrued over the life of the contract. These additional liabilities are included in Future policy
benefits for life and accident and health insurance contracts in the Condensed Consolidated Balance Sheets.
The following table presents the balances and changes in the liability for universal life policies:
Six Months Ended June 30,
2026
2025
Life
Insurance
Corporate
and Other
Total
Life
Insurance
Corporate
and Other
Total
(in millions, except duration of liability)
Balance, beginning of year
$4,241
$54
$4,295
$4,034
$54
$4,088
Effect of changes in experience
183
(2)
181
217
(2)
215
Adjusted beginning balance
$4,424
$52
$4,476
$4,251
$52
$4,303
Assessments
318
318
327
327
Excess benefits paid
(509)
(509)
(581)
(581)
Interest accrual
84
1
85
79
1
80
Other
(4)
(4)
(1)
(1)
Changes related to unrealized appreciation
(depreciation) of investments
(26)
(26)
33
33
Balance, end of period
$4,287
$53
$4,340
$4,108
$53
$4,161
Less: Reinsurance recoverable
(170)
(53)
(223)
(151)
(53)
(204)
Balance, end of period, net of Reinsurance recoverable
$4,117
$
$4,117
$3,957
$
$3,957
Weighted average duration of liability *
25.9
8.5
25.1
8.8
*The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment
level, utilizing the segment level weighted average interest rates, which can be found in the table below.
The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of
Income (Loss) for the liability for universal life policies:
Gross Assessments
Interest Accretion
Six Months Ended June 30,
Six Months Ended June 30,
(in millions)
2026
2025
2026
2025
Life Insurance
$511
$562
$84
$79
Corporate and Other
19
18
1
1
Total
$530
$580
$85
$80
The following table presents the calculation of weighted average interest rate for the liability for universal life policies:
June 30,
2026
2025
Life
Insurance
Corporate and
Other
Life
Insurance
Corporate and
Other
Weighted-average interest rate
3.96%
4.20%
4.03%
4.20%
The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment
level, and are represented as an annual rate.
The following table presents details concerning our universal life policies:
Six Months Ended June 30,
(in millions, except for attained age of contract holders)
2026
2025
Account value
$4,414
$4,089
Net amount at risk
$79,318
$77,186
Average attained age of contract holders
54
54
Corebridge | Second Quarter 2026 Form 10-Q      62
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13. Policyholder Contract Deposits and Other Policyholder Funds
13. Policyholder Contract Deposits and Other Policyholder Funds
POLICYHOLDER CONTRACT DEPOSITS
The liability for Policyholder contract deposits is primarily recorded at accumulated value (deposits received and net transfers from
separate accounts, plus accrued interest credited, less withdrawals and assessed fees). Deposits collected on investment-oriented
products are not reflected as revenues. They are recorded directly to Policyholder contract deposits upon receipt. Amounts assessed
against the contract holders for mortality, administrative, and other services are included as Policy fees in revenues.
In addition to liabilities for universal life, fixed annuities, fixed options within variable annuities, annuities without life contingencies,
funding agreements and GICs, policyholder contract deposits also include our liability for (i) index-linked interest credited features
accounted for as embedded derivatives at fair value, (ii) annuities issued in a structured settlement arrangement with no life
contingency and (iii) certain contracts we have elected to account for at fair value. Changes in the fair value of the embedded
derivatives related to policy index-linked interest credited features and the fair value of derivatives hedging these liabilities are
recognized in realized gains and losses.
For additional information on index credits accounted for as embedded derivatives, see Note 4.
The following table presents the balances and changes in Policyholder contract deposits account balances(a):
Individual
Retirement
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate
and other
Total
(in millions, except for average crediting rate)
Six Months Ended June 30, 2026
Policyholder contract deposits account balance,
beginning of year
$111,802
$38,407
$10,440
$22,746
$7,729
$191,124
Deposits
8,181
2,172
798
3,534
1,019
15,704
Policy charges
(131)
(255)
(741)
(44)
(323)
(1,494)
Surrenders and withdrawals
(6,257)
(4,367)
(144)
(106)
(3,232)
(14,106)
Benefit payments
(1,318)
(995)
(116)
(1,611)
(753)
(4,793)
Net transfers from (to) separate account
2,413
12
(372)
2,857
4,910
Interest credited
2,947
699
271
546
105
4,568
Other, including foreign exchange
(28)
18
(47)
9
(48)
Policyholder contract deposits account balance, end
of period
115,196
38,074
10,538
24,646
7,411
195,865
Other reconciling items(b)
(2,559)
(315)
206
28
(2,640)
Policyholder contract deposits
$112,637
$37,759
$10,744
$24,674
$7,411
$193,225
Weighted average crediting rate
3.76%
3.26%
4.47%
4.72%
2.80%
Cash surrender value(c)
$107,779
$37,174
$9,427
$2,639
$5,941
$162,960
Six Months Ended June 30, 2025
Policyholder contract deposits account balance,
beginning of year
$100,230
$39,246
$10,338
$18,026
$8,375
$176,215
Reclassification due to reinsurance recapture
14
(14)
Deposits
10,797
2,383
810
2,560
814
17,364
Policy charges
(105)
(245)
(752)
(34)
(328)
(1,464)
Surrenders and withdrawals
(4,832)
(4,247)
(155)
(87)
(2,851)
(12,172)
Benefit payments
(1,397)
(984)
(132)
(591)
(704)
(3,808)
Net transfers from (to) separate account
2,090
17
58
2,610
4,775
Interest credited
2,046
616
233
446
110
3,451
Other, including foreign exchange
(14)
6
11
10
13
Policyholder contract deposits account balance, end
of period
106,725
38,859
10,365
20,403
8,022
184,374
Other reconciling items(b)
(2,107)
(298)
80
139
(1)
(2,187)
Policyholder contract deposits
$104,618
$38,561
$10,445
$20,542
$8,021
$182,187
Weighted average crediting rate
3.49%
3.19%
4.49%
4.75%
2.43%
Cash surrender value(c)
$99,888
$38,013
$9,182
$2,603
$6,379
$156,065
(a)Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited
into the general account and then simultaneously transferred to the separate account), and thus, did not impact the ending balance of policyholder contract deposits.
(b)Reconciling items principally relate to MRBs that are bifurcated and reported separately, and changes in the fair value of embedded derivatives of $1,160 million and
$893 million that are recorded in policyholder contract deposits as of June 30, 2026 and 2025, respectively.
(c)Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs do not have a cash surrender
value).
Corebridge | Second Quarter 2026 Form 10-Q      63
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13. Policyholder Contract Deposits and Other Policyholder Funds
For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 14.
The following table presents Policyholder contract deposits account balance by range of guaranteed minimum crediting
rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective
guaranteed minimums:
June 30, 2026
At Guaranteed
Minimum
1 Basis Point - 50
Basis Points
Above
More than 50
Basis Points
Above Minimum
Guarantee
Total
(in millions, except percentage of total)
Individual Retirement
Range of Guaranteed Minimum Credited Rate
<=1%
$2,522
$1,217
$38,085
$41,824
> 1% - 2%
1,789
45
681
2,515
> 2% - 3%
5,533
137
4,391
10,061
> 3% - 4%
4,752
31
4
4,787
> 4% - 5%
371
4
375
> 5%
30
30
Total
$14,997
$1,430
$43,165
$59,592
Group Retirement
Range of Guaranteed Minimum Credited Rate
<=1%
$1,969
$1,467
$9,576
$13,012
> 1% - 2%
2,860
414
831
4,105
> 2% - 3%
9,329
260
165
9,754
> 3% - 4%
494
494
> 4% - 5%
5,825
5,825
> 5%
118
118
Total
$20,595
$2,141
$10,572
$33,308
Life Insurance
Range of Guaranteed Minimum Credited Rate
<=1%
$
$
$
$
> 1% - 2%
114
358
472
> 2% - 3%
10
137
1,696
1,843
> 3% - 4%
1,061
438
37
1,536
> 4% - 5%
2,539
2,539
> 5%
197
197
Total
$3,807
$689
$2,091
$6,587
Corporate and Other
Range of Guaranteed Minimum Credited Rate
<=1%
$2,463
$
$2
$2,465
> 1% - 2%
640
1
36
677
> 2% - 3%
1,381
3
59
1,443
> 3% - 4%
384
50
503
937
> 4% - 5%
183
3
186
> 5%
9
9
Total
$5,060
$54
$603
$5,717
Total*
$44,459
$4,314
$56,431
$105,204
Percentage of total
42%
4%
54%
100%
Corebridge | Second Quarter 2026 Form 10-Q      64
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13. Policyholder Contract Deposits and Other Policyholder Funds
June 30, 2025
At Guaranteed
Minimum
1 Basis Point - 50
Basis Points Above
More than 50 Basis
Points Above
Minimum
Guarantee
Total
(in millions, except percentage of total)
Individual Retirement
Range of Guaranteed Minimum Credited Rate
<=1%
$2,826
$1,084
$36,390
$40,300
> 1% - 2%
2,121
48
976
3,145
> 2% - 3%
5,991
138
3,430
9,559
> 3% - 4%
5,311
33
4
5,348
> 4% - 5%
394
4
398
> 5%
31
2
33
Total
$16,674
$1,303
$40,806
$58,783
Group Retirement
Range of Guaranteed Minimum Credited Rate
<=1%
$1,979
$1,452
$9,200
$12,631
> 1% - 2%
3,156
516
820
4,492
> 2% - 3%
10,198
345
126
10,669
> 3% - 4%
543
543
> 4% - 5%
6,182
6,182
> 5%
128
128
Total
$22,186
$2,313
$10,146
$34,645
Life Insurance
Range of Guaranteed Minimum Credited Rate
<=1%
$
$
$
$
> 1% - 2%
111
362
473
> 2% - 3%
12
172
1,710
1,894
> 3% - 4%
1,155
414
24
1,593
> 4% - 5%
2,665
2,665
> 5%
205
205
Total
$4,037
$697
$2,096
$6,830
Corporate and Other
Range of Guaranteed Minimum Credited Rate
<=1%
$2,848
$
$1
$2,849
> 1% - 2%
740
1
39
780
> 2% - 3%
1,300
1
66
1,367
> 3% - 4%
468
1
533
1,002
> 4% - 5%
190
3
193
> 5%
9
9
Total
$5,555
$3
$642
$6,200
Total*
$48,452
$4,316
$53,690
$106,458
Percentage of total
46%
4%
50%
100%
*Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.
OTHER POLICYHOLDER FUNDS
Other policyholder funds include unearned revenue reserve (“URR”), consisting of front-end loads on investment-oriented contracts,
representing those policy loads that are non-level and typically higher in initial policy years than in later policy years. Amortization of
URR is recorded in Policy fees.
URR for investment-oriented contracts are generally deferred and amortized into income using the same assumptions and factors
used to amortize DAC (i.e., on a constant level basis).
Corebridge | Second Quarter 2026 Form 10-Q      65
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13. Policyholder Contract Deposits and Other Policyholder Funds
The following table presents a rollforward of the unearned revenue reserve for the six months ended June 30, 2026 and
2025:
Life
Insurance
Institutional
Markets
Corporate and
Other
Total
(in millions)
Six Months Ended June 30, 2026
Balance, beginning of year
$1,876
$17
$76
$1,969
Revenue deferred
85
18
103
Amortization
(56)
(3)
(59)
Balance, end of period
$1,905
$35
$73
$2,013
Other reconciling items*
990
Other policyholder funds
$3,003
Six Months Ended June 30, 2025
Balance, beginning of year
$1,821
$1
$84
$1,906
Revenue deferred
82
1
83
Amortization
(56)
(4)
(60)
Balance, end of period
$1,847
$2
$80
$1,929
Other reconciling items*
974
Other policyholder funds
$2,903
*Other reconciling items include policyholders' dividend accumulations, provisions for future dividends to participating policyholders, dividends to policyholders and any
similar items.
14. Market Risk Benefits
MRBs are defined as contracts or contract features that both provide protection to the policyholder and expose the insurance entity to
other-than-nominal capital market risk. The MRB represents an amount that a policyholder receives in addition to the account balance
upon the occurrence of a specific event or circumstance, such as death, annuitization, or periodic withdrawal that involves protection
from other-than-nominal capital market risk. Certain contract features, such as GMWBs, GMDBs and guaranteed minimum income
benefits (“GMIBs”) commonly found in variable annuities, fixed index annuities and fixed annuities, are MRBs. MRBs are assessed at
contract inception using a non-option method involving attributed fees that results in an initial fair value of zero or an option method
that results in a fair value greater than zero.
MRBs are recorded at fair value, and Corebridge applies a non-option attributed fee valuation method for variable annuity products,
and an option-based valuation method (host offset) for fixed index and fixed products.
Changes in the fair value of Market Risk Benefits, net represents changes in the fair value of market risk benefit liabilities and
assets (with the exception of our own credit risk changes), and includes attributed rider fees and benefits, net of changes in the fair
value of derivative instruments and fixed maturity securities that are used to economically hedge market risk from the variable annuity
GMWB riders.
Corebridge | Second Quarter 2026 Form 10-Q      66
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 14. Market Risk Benefits
The following table presents the balances of and changes in MRBs:
Individual
Retirement
Group
Retirement
Corporate and
Other
Total
(in millions, except for attained age of contract holders)
Six Months Ended June 30, 2026
Balance, beginning of year
$5,118
$346
$349
$5,813
Effect of changes in our own credit risk
(556)
(105)
(729)
(1,390)
Balance, beginning of year, before effect of changes in our own credit
risk
$4,562
$241
$(380)
$4,423
Issuances
458
22
7
487
Interest accrual
124
10
(7)
127
Attributed fees
28
351
379
Expected claims
(1)
(34)
(35)
Effect of changes in interest rates
(18)
(1)
(31)
(50)
Effect of changes in interest rate volatility
(1)
1
Effect of changes in equity markets
(40)
(31)
(464)
(535)
Effect of changes in equity index volatility
5
(6)
(1)
Actual outcome different from model expected outcome
(37)
(1)
92
54
Effect of changes in future expected policyholder behavior
Effect of changes in other future expected assumptions
16
1
(10)
7
Other, including foreign exchange
(1)
(1)
Balance, end of period before effect of changes in our own credit risk
5,064
272
(481)
4,855
Effect of changes in our own credit risk
418
84
564
1,066
Balance, end of period
5,482
356
83
5,921
Less: Reinsured MRB, end of period
(690)
(690)
Net Liability Balance after reinsurance recoverable
$5,482
$356
$(607)
$5,231
Net amount at risk
GMDB only
$
$85
$480
$565
GMWB only
$802
$80
$
$882
Combined*
$56
$12
$306
$374
Weighted average attained age of contract holders
68
64
72
Six Months Ended June 30, 2025
Balance, beginning of year
$3,757
$278
$309
$4,344
Effect of changes in our own credit risk
(224)
(69)
(587)
(880)
Balance, beginning of year, before effect of changes in our own credit
risk
$3,533
$209
$(278)
$3,464
Issuances
364
18
5
387
Interest accrual
95
8
(3)
100
Attributed fees
29
351
380
Expected claims
(1)
(33)
(34)
Effect of changes in interest rates
22
8
112
142
Effect of changes in interest rate volatility
3
(1)
(20)
(18)
Effect of changes in equity markets
(14)
(9)
(372)
(395)
Effect of changes in equity index volatility
(1)
2
(1)
Actual outcome different from model expected outcome
7
(27)
51
31
Effect of changes in future expected policyholder behavior
1
1
Effect of changes in other future expected assumptions
2
2
Other, including foreign exchange
3
3
Balance, end of period before effect of changes in our own credit risk
4,011
240
(188)
4,063
Effect of changes in our own credit risk
263
70
591
924
Balance, end of period
4,274
310
403
4,987
Less: Reinsured MRB, end of period
(51)
(51)
Net liability balance after reinsurance recoverable
$4,274
$310
$352
$4,936
Net amount at risk
GMDB only
$
$104
$521
$625
GMWB only
$382
$30
$
$412
Combined*
$54
$12
$357
$423
Weighted average attained age of contract holders
68
64
72
*Certain contracts contain both guaranteed GMDB and GMWB features and are modeled together for the purposes of calculating the MRB.
Corebridge | Second Quarter 2026 Form 10-Q      67
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 14. Market Risk Benefits
The following is a reconciliation of MRBs by amounts in an asset position and in a liability position to the MRBs amount in
the Condensed Consolidated Balance Sheets:
June 30, 2026
June 30, 2025
(in millions)
Asset*
Liability*
Net
Asset*
Liability*
Net
Individual Retirement
$
$5,482
$5,482
$
$4,274
$4,274
Group Retirement
254
610
356
217
527
310
Corporate and Other
2,238
1,631
(607)
1,112
1,464
352
Total
$2,492
$7,723
$5,231
$1,329
$6,265
$4,936
*Cash flows and attributed fees for MRBs are determined on a policy level basis and are reported based on their asset or liability position at the balance sheet date.
For additional information related to fair value measurements of MRBs, see Note 4.
15. Contingencies, Commitments and Guarantees
In the normal course of business, we enter into various contingent liabilities and commitments. Although we cannot currently quantify
our ultimate liability for unresolved litigation and investigation matters, including those referred to below, it is possible that such liability
could have a material adverse effect on our consolidated financial condition, consolidated results of operations or consolidated cash
flows for an individual reporting period.
LEGAL CONTINGENCIES
Overview
In the normal course of business, we are subject to regulatory and government investigations and actions, and litigation and other
forms of dispute resolution in a large number of proceedings pending in various domestic and foreign jurisdictions. Certain of these
matters involve potentially significant risk of loss due to potential for significant jury awards and settlements, punitive damages or
other penalties. Many of these matters are also highly complex and may seek recovery on behalf of a class or similarly large number
of plaintiffs. It is therefore inherently difficult to predict the size or scope of potential future losses arising from these matters. In our
insurance and reinsurance operations, litigation and arbitration concerning the scope of coverage under insurance and reinsurance
contracts, and litigation and arbitration in which our subsidiaries defend or indemnify their insureds under insurance contracts, are
generally considered in the establishment of our future policy benefits. Separate and apart from the foregoing matters involving
insurance and reinsurance coverage, we and our respective officers and directors are subject to a variety of additional types of legal
proceedings brought by holders of our securities, customers, employees and others, alleging, among other things, breach of
contractual or fiduciary duties, bad faith, indemnification and violations of federal and state statutes and regulations. With respect to
these other categories of matters not arising out of claims for insurance or reinsurance coverage, we establish reserves for loss
contingencies when it is probable that a loss will be incurred, and the amount of the loss can be reasonably estimated. In many
instances, we are unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore,
the potential future losses arising from legal proceedings may exceed the amount of liabilities that we have recorded in our financial
statements covering these matters. While such potential future charges could be material, based on information currently known to
management, management does not believe, other than as may be discussed below, that any such charges are likely to have a
material adverse effect on our financial position or results of operations.
Additionally, from time to time, various regulatory and governmental agencies review our transactions and practices in connection with
industry-wide and other inquiries or examinations into, among other matters, the business practices of current and former operating
subsidiaries. Such investigations, inquiries or examinations could develop into administrative, civil or criminal proceedings or
enforcement actions, in which remedies could include fines, penalties, restitution or alterations in our business practices, and could
result in additional expenses, limitations on certain business activities and reputational damage.
Corebridge | Second Quarter 2026 Form 10-Q      68
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 15. Contingencies, Commitments and Guarantees
California Lapse Statute Litigation
The Company continues to defend itself against actions involving Sections 10113.71 and 10113.72 of the California Insurance Code.
In general, those statutes require that for life insurance policies issued and delivered in California: (1) the policy must contain a 60-day
grace period following non-payment of premium during which the policy remains in force; (2) the insurer must provide a 30-day pre-
lapse notice; and (3) the insurer must notify policy owners of the right to designate a secondary recipient for lapse notices. People of
the State of California v. American General Life Insurance Co., et al. (Cal. Superior Court, San Diego County) was filed on October 17,
2024, against AGL, Lincoln Benefit Life Co., Everlake Life Insurance Co., and Transamerica Life Insurance Co., seeking civil penalties
and equitable relief under California Business & Professions Code §§ 17200 et seq. in connection with all California policies issued
before 2013 that lapsed for nonpayment of premiums since January 1, 2013. On January 27, 2025, AGL filed a demurrer to the
complaint. That demurrer was heard on July 10, 2025. The trial court sustained AGL’s demurrer as to misjoinder on August 25, 2025,
but granted leave to amend. The plaintiff filed an Amended Complaint on September 11, 2025, and AGL filed an answer to that
pleading on October 14, 2025. Discovery has since commenced.  A trial date is currently set for March 5, 2027. AGL has accrued its
current estimate of probable loss with respect to this litigation matter.
OTHER COMMITMENTS
In the normal course of business, we enter into commitments to invest in limited partnerships, private equity funds and hedge funds
and to purchase and develop real estate in the United States and abroad. These commitments totaled $5.0 billion at June 30, 2026.
GUARANTEES
Asset Dispositions
We are subject to guarantees and indemnity arrangements in connection with the completed sales of businesses. The various
arrangements may be triggered by, among other things, declines in asset values; the occurrence of specified business contingencies;
the realization of contingent liabilities; developments in litigation; or breaches of representations, warranties or covenants provided by
us. These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as
statutes of limitations. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such
limitations are not specified or are not applicable.
We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we
believe that it is unlikely we will have to make any material payments related to completed sales under these arrangements, and no
material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets.
Guarantees provided by AIG
Prior to the IPO, American International Group, Inc. (“AIG”) provided certain guarantees to us as described below. Pursuant to the
Separation Agreement we will indemnify, defend and hold harmless AIG against or from any liability arising from or related to these
guarantees.
Certain of our insurance subsidiaries benefit from General Guarantee Agreements under which American Home Assurance Company
(“AHAC”) or National Union Fire Insurance Company of Pittsburgh, PA (“NUFIC”) has unconditionally and irrevocably guaranteed all
present and future obligations arising from certain insurance policies issued by these subsidiaries (a “Guaranteed Policy” or the
“Guaranteed Policies”). AHAC and NUFIC are required to perform under the agreements if one of the insurance subsidiaries fails to
make payments due under a Guaranteed Policy. These General Guarantee Agreements have all been terminated as to insurance
policies issued after the date of termination. AHAC and NUFIC have not been required to perform under any of the agreements but
remain contingently liable for all policyholder obligations associated with the Guaranteed Policies. We did not pay any fees under
these agreements for the six months ended June 30, 2026 or 2025.
AIG provides a full and unconditional guarantee of all outstanding notes and junior subordinated debentures of CRBGLH. This
includes:
a guarantee (the “CRBGLH External Debt Guarantee”) in connection with CRBGLH junior subordinated debentures and certain
CRBGLH notes (the “CRBGLH External Debt”).
In addition to the Separation Agreement, we entered into a guarantee reimbursement agreement with AIG which provides that we will
reimburse AIG for the full amount of any payment made by or on behalf of AIG pursuant to the CRBGLH External Debt Guarantee.
We have also entered into a collateral agreement with AIG which provides that in the event of: (i) a ratings downgrade of Corebridge
Parent or CRBGLH long-term unsecured indebtedness below specified levels or (ii) the failure by CRBGLH to pay principal and
interest on the External Debt when due, we must collateralize an amount equal to the sum of: (a) 100% of the principal amount
outstanding, (b) accrued and unpaid interest and (c) 100% of the net present value of scheduled interest payments through the
maturity dates of the CRBGLH External Debt.
For additional discussion on commitments and guarantees associated with VIEs, see Note 8.
For additional disclosures about derivatives, see Note 9.
For additional disclosures about related parties, see Note 19.
Corebridge | Second Quarter 2026 Form 10-Q      69
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. 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 rank 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.
COMMON STOCK
The following table presents a rollforward of outstanding shares:
Six Months Ended June 30, 2026
Common Stock
Issued
Treasury Stock
Common Stock
Outstanding
Shares, beginning of year
650,189,849
(153,816,103)
496,373,746
Shares issued under long-term incentive compensation plans
1,381,018
1,381,018
Shares repurchased
(51,986,156)
(51,986,156)
Shares, end of period
650,189,849
(204,421,241)
445,768,608
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: 
June 30, 2026
Announcement date
Authorized
amount
Authorization
Remaining*
(in millions)
June 23, 2025
$2,000
$1,042
February 11, 2025
$2,000
$
April 30, 2024
$2,000
$
May 4, 2023
$1,000
$
* The authorization remaining at June 30, 2026 does not reflect the applicable excise tax payable due to the Inflation Reduction Act of 2022.
Corebridge | Second Quarter 2026 Form 10-Q      70
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. Equity
RETAINED EARNINGS
Dividends
Common Stock Dividends
Declaration Date
Record Date
Payment Date
Dividend Paid Per
Common Share
May 4, 2026
June 16, 2026
June 30, 2026
$0.25
February 9, 2026
March 17, 2026
March 31, 2026
$0.25
Preferred Stock Dividends
Declaration Date
Record Date
Payment Date
Dividend Paid Per
Common Share
May 5, 2026
May 15, 2026
June 1, 2026
$36.86
Common Stock Dividends Declared
On August 4, 2026, the Company declared a cash dividend on Corebridge Parent common stock of $0.25 per share, payable on
September 30, 2026 to shareholders of record at close of business on September 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 June 30, 2026
Balance, March 31, 2026, net of tax
$(63)
$(13,684)
$(645)
$3,905
$26
$31
$2
$(10,428)
Change in unrealized appreciation
(depreciation) of investments
33
1,012
1,045
Change in fair value of market risk
benefits attributable to changes in our
own credit risk
(266)
(266)
Change in discount rates assumptions of
certain liabilities
(256)
(256)
Change in future policy benefits and other
(21)
(21)
Change in cash flow hedges
(108)
(108)
Change in foreign currency translation
adjustments
(4)
(4)
Change in deferred tax asset (liability)
(7)
(258)
58
55
23
(129)
Total other comprehensive income
(loss)
26
733
(208)
(201)
(85)
(4)
261
Less: Noncontrolling interests
Balance, June 30, 2026, net of tax
$(37)
$(12,951)
$(853)
$3,704
$(59)
$27
$2
$(10,167)
Three Months Ended June 30, 2025
Balance, March 31, 2025, net of tax
$(30)
$(14,745)
$(737)
$3,382
$91
$(12)
$2
$(12,049)
Change in unrealized appreciation
(depreciation) of investments
17
1,568
1,585
Change in fair value of market risk
benefits attributable to changes in our
own credit risk
16
16
Change in discount rates assumptions of
certain liabilities
60
60
Change in future policy benefits and other
(1)
(1)
Change in cash flow hedges
57
57
Change in foreign currency translation
adjustments
41
41
Change in deferred tax (liability)
(4)
(305)
(3)
(13)
(12)
(4)
(341)
Total other comprehensive income
13
1,262
13
47
45
37
1,417
Less: Noncontrolling interests
1
1
Balance, June 30, 2025, net of tax
$(17)
$(13,483)
$(724)
$3,429
$136
$24
$2
$(10,633)
Corebridge | Second Quarter 2026 Form 10-Q      71
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. Equity
(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
Six Months Ended June 30, 2026
Balance at 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
(10)
(1,507)
(1,517)
Change in fair value of market risk
benefits attributable to changes in our
own credit risk
335
335
Change in discount rates assumptions of
certain liabilities
581
581
Change in future policy benefits and other
29
29
Change in cash flow hedges
(160)
(160)
Change in foreign currency translation
adjustments
(4)
(4)
Change in deferred tax asset (liability)
2
183
(72)
(127)
35
21
Total other comprehensive income
(loss)
(8)
(1,295)
263
454
(125)
(4)
(715)
Less: Noncontrolling interests
Balance, June 30, 2026, net of tax
$(37)
$(12,951)
$(853)
$3,704
$(59)
$27
$2
$(10,167)
Six Months Ended June 30, 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
33
3,571
3,604
Change in fair value of market risk
benefits attributable to changes in our
own credit risk
(44)
(44)
Change in discount rates assumptions of
certain liabilities
110
110
Change in future policy benefits and other
(33)
(33)
Change in cash flow hedges
232
232
Change in foreign currency translation
adjustments
46
46
Change in deferred tax asset (liability)
(7)
(792)
10
(23)
(50)
(4)
(866)
Total other comprehensive income (loss)
26
2,746
(34)
87
182
42
3,049
Less: Noncontrolling interests
1
1
Balance, June 30, 2025, net of tax
$(17)
$(13,483)
$(724)
$3,429
$136
$24
$2
$(10,633)
Corebridge | Second Quarter 2026 Form 10-Q      72
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. Equity
The following table presents the OCI reclassification adjustments for the three and six months ended June 30, 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 June 30, 2026
Unrealized change arising during period
$34
$931
$(266)
$(256)
$(108)
$(4)
$331
Less: Reclassification adjustments included in net income
1
(60)
(59)
Total other comprehensive income (loss), before
income tax expense (benefit)
33
991
(266)
(256)
(108)
(4)
390
Less: Income tax expense (benefit)
7
258
(58)
(55)
(23)
129
Total other comprehensive income (loss), net of
income tax expense (benefit)
$26
$733
$(208)
$(201)
$(85)
$(4)
$261
Three Months Ended June 30, 2025
Unrealized change arising during period
$17
$799
$16
$60
$57
$41
$990
Less: Reclassification adjustments included in net income
(768)
(768)
Total other comprehensive income (loss), before
income tax expense (benefit)
17
1,567
16
60
57
41
1,758
Less: Income tax expense (benefit)
4
305
3
13
12
4
341
Total other comprehensive income (loss), net of
income tax expense (benefit)
$13
$1,262
$13
$47
$45
$37
$1,417
Six Months Ended June 30, 2026
Unrealized change arising during period
$(5)
$(1,801)
$335
$581
$(160)
$(4)
$(1,054)
Less: Reclassification adjustments included in net income
5
(323)
(318)
Total other comprehensive income (loss), before
income tax expense (benefit)
(10)
(1,478)
335
581
(160)
(4)
(736)
Less: Income tax expense (benefit)
(2)
(183)
72
127
(35)
(21)
Total other comprehensive income (loss), net of
income tax expense (benefit)
$(8)
$(1,295)
$263
$454
$(125)
$(4)
$(715)
Six Months Ended June 30, 2025
Unrealized change arising during period
$32
$2,615
$(44)
$143
$232
$46
$3,024
Less: Reclassification adjustments included in net income
(1)
(923)
33
(891)
Total other comprehensive income (loss), before
income tax expense (benefit)
33
3,538
(44)
110
232
46
3,915
Less: Income tax expense (benefit)
7
792
(10)
23
50
4
866
Total other comprehensive income (loss), net of
income tax expense (benefit)
$26
$2,746
$(34)
$87
$182
$42
$3,049
Corebridge | Second Quarter 2026 Form 10-Q      73
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. Equity
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                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended
June 30,
(in millions)
2026
2025
2026
2025
Unrealized appreciation (depreciation) of fixed
maturity securities on which allowance for credit
losses was taken
Investments
$1
$
$5
$(1)
Net realized gains (losses)
Total
$1
$
$5
$(1)
Unrealized appreciation (depreciation) of all other
investments
Investments
$(60)
$(768)
$(323)
$(923)
Net realized gains (losses)
Total
$(60)
$(768)
$(323)
$(923)
Effect of changes in the discount rates used to
measure traditional and limited-payment long
duration insurance contracts
Reinsurance recapture
$
$
$
$33
Policyholder benefits
Total
$
$
$
$33
Total reclassifications for the period
$(59)
$(768)
$(318)
$(891)
*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                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Beginning balance
$736
$856
$759
$864
Net (loss) attributable to redeemable noncontrolling interest
(8)
(8)
(1)
Other comprehensive income, net of tax
1
1
Contributions from noncontrolling interests
30
8
38
Distributions to noncontrolling interests
(11)
(12)
(32)
(32)
Other
(3)
(5)
(3)
Ending balance
$722
$867
$722
$867
See Note 8 for additional information related to Variable Interest Entities.
Corebridge | Second Quarter 2026 Form 10-Q      74
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) 17. Earnings Per Common Share
17. Earnings Per Common Share
The basic earnings per common share (“EPS”) computation is based on the weighted average number of common shares
outstanding, adjusted to reflect all stock splits. The diluted EPS computation is based on those shares used in the basic EPS
computation plus common shares that would have been outstanding assuming issuance of common shares for all dilutive potential
common shares outstanding and adjusted to reflect all stock splits, using the treasury stock method.
The following table presents the computation of basic and diluted EPS for the three and six months ended June 30, 2026
and 2025:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions, except per common share data)
2026
2025
2026
2025
Numerator for EPS:
Net income (loss)
$2
$(668)
$(59)
$(1,325)
Less: Net loss attributable to noncontrolling interests
(8)
(8)
(1)
Net income (loss) attributable to Corebridge
2
(660)
(51)
(1,324)
Less: Preferred stock dividends
18
18
Net loss available to Corebridge common shareholders
$(16)
$(660)
$(69)
$(1,324)
Denominator for EPS:
Weighted average common shares outstanding - basic
454.2
550.3
463.8
554.1
Dilutive common shares
Weighted average common shares outstanding - diluted
454.2
550.3
463.8
554.1
Income (loss) per common share available to Corebridge common shareholders
Common stock - basic
$(0.04)
$(1.20)
$(0.15)
$(2.39)
Common stock - diluted
$(0.04)
$(1.20)
$(0.15)
$(2.39)
*Potential dilutive common shares include our share-based employee compensation plans. The number of common shares excluded from dilutive shares outstanding
was approximately 2.7 million and 0.8 million  for the three months ended June 30, 2026 and 2025, respectively, and 3.1 million and 0.6 million for the six months
ended June 30, 2026 and 2025, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.
18. Income Taxes
RECENT TAX LAW CHANGES
The Inflation Reduction Act of 2022 (H.R. 5376) (the “Inflation Reduction Act”) includes a 15% corporate alternative minimum tax
(“CAMT”) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period and a
1% stock buyback tax. The U.S. Treasury and Internal Revenue Service (“IRS”) have published proposed regulations, as well as
interim guidance, with respect to the CAMT which we rely upon to calculate our estimated CAMT liability. Our estimated CAMT liability
may be refined as additional guidance is issued.
RECLASSIFICATION OF CERTAIN TAX EFFECTS FROM AOCI
We use an item-by-item approach to release the stranded or disproportionate income tax effects in AOCI related to our available-for-
sale securities. Under this approach, a portion of the disproportionate tax effects is assigned to each individual security when
recognized in AOCI. When the individual securities are sold, mature or are otherwise impaired on an other-than-temporary basis, the
assigned portion of the disproportionate tax effect is reclassified from AOCI to income (loss) from operations.
INTERIM TAX CALCULATION METHOD
We use the estimated annual effective tax rate method in computing our interim tax provision. Certain items, including those deemed
to be unusual or infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rate. In these
cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are excluded from the
estimated annual effective tax rate, including the reclassification of certain tax effects from AOCI and changes in the realizability of
deferred tax assets, and are recorded in the period in which they occur.
Corebridge | Second Quarter 2026 Form 10-Q      75
TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 18. Income Taxes
INTERIM TAX EXPENSE (BENEFIT)
For the three and six months ended June 30, 2026, the effective tax rate on income from operations was 96.2% and 139.6%,
respectively. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to tax charges
associated with increase in U.S. federal valuation allowance and state and local income taxes, partially offset by tax benefits
associated with dividends received deduction, tax adjustments related to prior year returns including interest, reclassifications from
AOCI to income from operations related to the disposal of available-for-sale securities, and non-controlling interest.
For the three and six months ended June 30, 2025, the effective tax rate on loss from operations was (9.9)% and 9.9%, respectively.
The effective tax rate on loss from operations differs from the statutory tax rate of 21% primarily due to tax benefits associated with
dividends received deduction, non-controlling interest, reclassifications from AOCI to income from operations related to the disposal of
available-for-sale securities, and tax adjustments related to prior year returns including interest. These tax benefits are offset by tax
charges associated with increase in U.S. federal and state valuation allowance and state and local income taxes. Additionally, the six
months ended June 30, 2025 reflects excess tax benefits related to share based compensation payments recorded through the
income statement during first quarter 2025.
ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE
In evaluating the recoverability of our deferred tax assets and the need for a valuation allowance, we consider recent events, changes
in interest rates, significant market volatility, forecasts of future income for each of our businesses, and any potential impact of these
factors on our tax planning strategies. Our assessment of the realization of deferred tax assets, including net operating loss and
capital loss carryforwards, is performed for each separate U.S. federal tax filing group and separate U.S. tax filer.  This assessment
considers, among other factors, the five-year waiting period during which certain life insurance subsidiaries are not permitted to join in
the filing of the U.S. consolidated federal income tax return.  We also consider the impact of Sec. 382 limitations on pre-ownership
change net operating losses and other built-in losses and deductions. After evaluating all positive and negative evidence, if we
determine that it is more-likely-than-not that some portion of the deferred tax asset will not be realized, a valuation allowance is
recorded.
Based on management’s analysis, as of June 30, 2026, we have a U.S. federal valuation allowance of $1.7 billion, of which
$179 million is related to NOLs and other ordinary DTAs and $1.5 billion ($1.1 billion reflected in AOCI) is related to realized and
unrealized capital losses. For the three months ended June 30, 2026, we recorded an increase  in valuation allowance of $8 million
related to NOLs and other ordinary DTAs and net increase of $92 million related to investment losses, of which $51 million was
recorded through the Condensed Consolidated Statements of Income (Loss) and $41 million was recorded in OCI. For the six months
ended June 30, 2026, we recorded an increase  in valuation allowance of $19 million related to NOLs and other ordinary DTAs and
net increase of $319 million related to investment losses, of which $191 million was recorded through the Condensed Consolidated
Statements of Income (Loss) and $128 million was recorded in OCI.
TAX EXAMINATIONS AND LITIGATION
Corebridge Parent and certain U.S. subsidiaries are included in a consolidated U.S. federal income tax return with AIG through the
date of IPO (short-period tax year 2022), and income tax expense is recorded, based on applicable U.S. and foreign laws.
The AIG Consolidated Tax Group is currently under IRS examination for the tax years 2011 through 2019 and is continuing to engage
in the appeals process for years 2007 through 2010.
We are periodically advised of certain IRS and other adjustments identified in AIG's consolidated tax return which are attributable to
our operations. Under our tax sharing arrangement, we provide a charge or credit for the effect of the adjustments and the related
interest in the period we are advised of such adjustments and interest.
Corebridge | Second Quarter 2026 Form 10-Q      76
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 19. Related Parties
19. Related Parties
RELATED PARTY TRANSACTIONS
We may enter into a significant number of transactions with related parties in the normal course of business. Parties are considered to
be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating
decisions, or if a party, directly or indirectly through one or more of its intermediaries, controls, is controlled by or is under common
control with an entity. Our material transactions with related parties are described below.
Related Party Transactions with AIG
On February 12, 2026, we purchased an aggregate of approximately $750 million of shares from AIG in a privately negotiated
transaction. Following the decrease in AIG’s ownership interest in the Company from approximately 10% to approximately 6% on
February 12, 2026, AIG is no longer considered a related party of the Company. Transactions with AIG continue to be reported as
related party transactions for periods prior to the February 12, 2026. From January 1, 2026 through February 11, 2026 there were no
material transactions with AIG. On May 5, 2026, AIG sold its remaining interest in Corebridge.
Related Party Transactions with Blackstone Inc. (“Blackstone”)
On December 30, 2025, funds managed by affiliates of Blackstone acquired AIG’s interests in certain real estate funds and other
investments which are managed by the Company. We also receive management and advisory fee income for Investment Services
related to these ventures.
We also have a long-term asset management relationship with Blackstone to manage a portion of our investment portfolio. The
investment expense incurred was $91 million and $176 million for the three and six months ended June 30, 2026, respectively, and
$80 million and $156 million for the three and six months ended June 30, 2025, respectively.
Related Party Transactions with Variable Interest Entities
In the ordinary course of business, we enter into various arrangements with VIEs, and we consolidate the VIE if we are determined to
be the primary beneficiary. In certain situations, we may have a variable interest in a VIE that is consolidated by related parties, and in
other instances, related parties may have variable interests in a VIE that is consolidated by us. The total debt of consolidated VIEs
held by related parties was $0 million and $24 million as of June 30, 2026 and December 31, 2025, respectively.
The noncontrolling interest included in the Condensed Consolidated Balance Sheets related to the VIEs held by related parties was
$257 million and $334 million as of June 30, 2026 and December 31, 2025, respectively. The gain/(loss) attributable to noncontrolling
interest of consolidated VIEs held by related parties were $(20) million and $(14) million three and six months ended June 30, 2026,
respectively, and $(12) million and $(8) million for the three and six months ended June 30, 2025, respectively.
In addition to transactions with VIEs, Corebridge has entered into other structured financing arrangements supporting real estate
properties and other types of assets with other related parties. These financing arrangements are reported in Other invested assets in
the Condensed Consolidated Balance Sheets. Certain of these and the VIE structures above also include commitments for funding
from related parties of $0.5 billion and $0.6 billion at June 30, 2026 and December 31, 2025, respectively.
For additional information related to VIEs and other investments, see Notes 5 and 8.
Corebridge | Second Quarter 2026 Form 10-Q      77
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Item 2 | Management’s Discussion and Analysis of Financial
Condition and Results of Operations
Glossary and Acronyms of Selected Insurance Terms and References
Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), we use certain
terms and abbreviations, which are summarized in the Glossary and Acronyms in the 2025 Form 10-K.
Corebridge has incorporated into this discussion a number of cross-references to additional information included throughout this
Quarterly Report to assist readers seeking additional information related to a particular subject.
In this Quarterly Report, unless otherwise mentioned or unless the context indicates otherwise, we use the terms “Corebridge,” “we,”
“us” and “our” to refer to Corebridge Financial, Inc., a Delaware corporation, and its consolidated subsidiaries. We use the term
“Corebridge Parent” to refer solely to Corebridge Financial, Inc., and not to any of its consolidated subsidiaries.
This MD&A addresses the consolidated financial condition of Corebridge as of June 30, 2026, compared with December 31, 2025,
and its consolidated results of operations for the three and six months ended June 30, 2026 and 2025. In addition to historical data,
this discussion contains forward-looking statements about our business operations and financial performance based on current
expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the
forward-looking statements as a result of various factors. You should read the following analysis of our consolidated financial condition
and results of operations in conjunction with the (unaudited)Condensed Consolidated Financial Statements and the statements under
“Cautionary Statements Regarding Forward-Looking Information,” included elsewhere in this Quarterly Report and the “Management’s
Discussion and Analysis of Results of Operations and Financial Condition,” and the “Risk Factors” section in the 2025 Form 10-K.
Corebridge | Second Quarter 2026 Form 10-Q      78
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Index to Item 2
Page
Executive Summary
Revenues
Benefits and Expenses
Significant Factors Impacting our Results
Corebridge’s Outlook - Macroeconomic, Industry and Regulatory Trends
Use of Non-GAAP Measures
Key Operating Metrics
Consolidated Results of Operations
Business Segment Operations
Individual Retirement
Group Retirement
Life Insurance
Institutional Markets
Corporate and Other
Investments
Overview
Key Investment Strategies
Credit Ratings
Liquidity and Capital Resources
Overview
Liquidity and Capital Resources of Corebridge Parent and Intermediate Holding Companies
Liquidity and Capital Resources of Corebridge Insurance Subsidiaries
Short-Term and Long-Term Debt
Credit Ratings
Off-Balance Sheet Arrangements and Commercial Commitments
Accounting Policies and Pronouncements
Critical Accounting Estimates
Adoption of Accounting Pronouncements
Glossary
Certain Important Terms
Acronyms
Corebridge | Second Quarter 2026 Form 10-Q      79
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ITEM 2 | Executive Summary
Executive Summary
OVERVIEW
We are one of the largest providers of retirement solutions and insurance products in the United States, committed to helping
individuals plan, save for and achieve secure financial futures. We offer a broad set of products and services through our market
leading Individual Retirement, Group Retirement, Life Insurance and Institutional Markets businesses, each of which features
capabilities and industry experience we believe are difficult to replicate. These four businesses collectively seek to enhance
stockholder returns while maintaining our attractive risk profile, which has historically resulted in consistent and strong cash flow
generation.
COREBRIDGE FINANCIAL AND EQUITABLE HOLDINGS MERGER
On March 26, 2026, we and Equitable Holdings, Inc. (“Equitable”) announced the entering into of a definitive agreement to combine in
an all-stock merger. 
Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of both companies, we
and Equitable will form a new parent company and each outstanding share of our common stock will be exchanged for the right to
receive 1.0000 share of the new parent company’s common stock, and each outstanding share of Equitable common stock will be
exchanged for the right to receive 1.55516 shares of the new parent company’s common stock.
Following the closing of the transaction, Corebridge shareholders will own approximately 51% of the combined company and
Equitable shareholders will own approximately 49% of the combined company.
On July 30, 2026, shareholders of both Corebridge and Equitable voted to approve all shareholder proposals necessary to complete
the merger transaction at their respective special shareholder meetings. The transaction is expected to close by year-end 2026,
subject to customary closing conditions, including the receipt of required regulatory approvals.
REVENUES
Our revenues come from five principal sources:
Premiums are principally derived from our traditional life insurance and certain annuity products including PRT transactions and
structured settlements with life contingencies. Our premium income is driven by growth in new policies and contracts written and
persistency of our in-force policies, both of which are influenced by a combination of factors including our efforts to attract and
retain customers and market conditions that influence demand for our products;
Policy fees are principally derived from our universal life insurance, group retirement, individual retirement, Corporate Markets
and SVW products. Our policy fees typically vary directly with the underlying assets under administration, account value or
benefit base of our annuities. Account value and benefit base are influenced by changes in economic conditions, including
changes in levels of equity prices, and changes in levels of interest rates and credit spreads, as well as net flows;
Net investment income from our investment portfolio varies as a result of the yield, allocation and size of our investment
portfolio, which are, in turn, a function of capital market conditions and net flows into our total investments, as well as the
expenses associated with managing our investment portfolio;
Net realized gains (losses), net include changes in the Fortitude Re funds withheld embedded derivative, risk management
related derivative activities (excluding hedges of certain MRBs), changes in the fair value of embedded derivatives in certain of
our insurance products and trading activity within our investment portfolio, including trading activity related to the Fortitude Re
modco arrangement. Net realized gains (losses) vary due to the timing of sales of investments as well as changes in the fair
value of embedded derivatives in certain of our insurance products and derivatives utilized to hedge certain embedded
derivatives; and
Advisory fee income and other income includes fees from registered investment advisory services, 12b-1 fees (marketing and
distribution fees paid by mutual funds), other asset management fee income and commission-based broker-dealer services.
BENEFITS AND EXPENSES
Our benefits and expenses come from six principal sources:
Policyholder benefits are driven primarily by customer withdrawals and surrenders from traditional products which change in
response to changes in capital market conditions and changes in policy reserves, as well as life contingent benefit payments on
life and annuity contracts and updates to assumptions related to future policyholder behavior, mortality and longevity;
Corebridge | Second Quarter 2026 Form 10-Q      80
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ITEM 2 | Executive Summary
Interest credited to policyholder account balances varies in relation to the amount of the underlying account value or benefit
base and also includes changes in the fair value of certain embedded derivatives related to our insurance products and
amortization of deferred sales inducement assets;
Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) for all applicable
contracts is amortized, on a constant level basis over the expected term of the related contracts, using assumptions consistent
with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding
contracts, as applicable. VOBA is determined at the time of acquisition and is reported with DAC. This value is based on the
present value of future pre-tax profits discounted at yields applicable at the time of purchase;
General operating expenses include expenses associated with conducting our business, including salaries, other employee-
related compensation and other operating expenses such as professional services or travel;
Change in the fair value of market risk benefits, net represents the changes in fair value of MRBs contained within certain
insurance contracts (excluding the impact of changes in our own credit risk), including attributed fees, along with the changes in
the fair value of derivatives that economically hedge MRBs. Changes in our own credit risk are included in OCI; and
Interest expense represents the charges associated with our external debt obligations, including debt of consolidated investment
entities. This expense varies based on the amount of debt on our balance sheet, as well as the rates of interest associated with
those obligations. Interest expense related to consolidated investment entities principally relates to variable interest entities
(“VIEs”) for which we are the primary beneficiary; however, creditors or beneficial interest holders of VIEs generally only have
recourse to the assets and cash flows of the VIEs and do not have recourse to us except in limited circumstances when we have
provided a guarantee to the VIE’s interest holders.
SIGNIFICANT FACTORS IMPACTING OUR RESULTS
The following significant factors have impacted, and may in the future impact, our business, results of operations, financial condition
and liquidity.
Impact of Variable Annuity Reinsurance Transaction
On August 1, 2025 and January 2, 2026, respectively, AGL and USL entered into a coinsurance and modco reinsurance agreement
with CSLR to reinsure 100% of their  individual variable annuity contracts. Under these agreements, AGL and USL transferred to the
reinsurer $2.1 billion of assets primarily consisting of fixed maturity securities supporting the general account liabilities net of a ceding
commission. Additionally, $48.7 billion of separate account liabilities were ceded under the modco portion of the agreement. In
addition, the closing of the sale to Venerable of all outstanding membership interests of SAAMCo held by AGL occurred on January 1,
2026.
Impact of Fortitude Re
In February 2018, AGL, VALIC and USL entered into modco agreements with Fortitude Re, a wholly-owned subsidiary of Fortitude
Group Holdings, LLC (“Fortitude Holdings”), a registered Class 4 and Class E reinsurer in Bermuda.
In the modco arrangement, the investments supporting the reinsurance agreements are withheld by, and therefore continue to reside
on the balance sheet of, the ceding company (i.e., AGL and USL) thereby creating an obligation for the ceding company to pay the
reinsurer (i.e., Fortitude Re) at a later date. We have established a funds withheld payable to Fortitude Re while simultaneously
establishing a reinsurance asset representing liabilities for the insurance coverage that Fortitude Re has assumed. The funds withheld
payable contains an embedded derivative and changes in fair value of this derivative are recognized in Net realized gains (losses) on
Fortitude Re funds withheld embedded derivative.
Our net income experiences ongoing volatility as a result of the reinsurance agreements and gives rise to a funds withheld payable
that contains an embedded derivative. However, this net income volatility is almost entirely offset with a corresponding change in OCI,
which reflects the fair value change from the investment portfolio supporting the funds withheld payable, which is primarily available-
for-sale securities, resulting in minimal impact to our comprehensive income (loss) and equity attributable to Corebridge. The
Company has also elected the fair value option on the acquisition of certain new fixed maturity securities, helping reduce the
mismatch over time. VALIC’s modco agreement with Fortitude Re was recaptured effective January 1, 2025, resulting in a $45 million
charge to pre-tax earnings. As of June 30, 2026, $23.6 billion of reserves had been ceded to Fortitude Re.
For additional information on our reinsurance agreements with Fortitude Re, see Note 7 to the Condensed Consolidated Financial
Statements.
Corebridge | Second Quarter 2026 Form 10-Q      81
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ITEM 2 | Executive Summary
Embedded Derivatives for Fixed Index Annuity, Registered Index-Linked Annuity and Index Universal
Life Products
Fixed index annuity and registered index-linked annuity contracts contain index interest credits which are accounted for as embedded
derivatives and our index universal life insurance products also contain embedded derivatives. In contrast to fixed index annuity
contracts, registered index-linked annuity contract owners also accept limited exposure to negative index interest credits in return for
higher potential positive index credits. Policyholders may elect to rebalance among the various crediting strategies within the product
at specified renewal dates. At the end of each index term, we generally have the opportunity to re-price the index component by
establishing different participation rates or caps on index credited rates. The index-linked interest credited features of these products
results in the recognition of an embedded derivative that is required to be bifurcated from the host contract and carried at fair value
with changes in the fair value of the liabilities recorded in Net realized gains (losses). Option pricing models are used to estimate fair
value, taking into account assumptions for future index growth rates, volatility of the index, future interest rates and our ability to adjust
the participation rates and caps on index-linked interest credited features.
The following table summarizes the fair values of the embedded derivatives for fixed index annuity, registered index-linked
annuity and index universal life products:
(in millions)
June 30, 2026
December 31, 2025
Fixed index annuities
$10,676
$9,996
Registered index-linked annuities
$1,271
$765
Index universal life
$1,477
$1,261
Our Strategic Partnership with Blackstone
In 2021, we entered into a long-term asset management relationship with Blackstone. As of June 30, 2026, Blackstone managed
approximately $70.3 billion in book value of assets in our investment portfolio.
For additional information on our Strategic Partnership with Blackstone, see “Investments” below.
Our Investment Management Agreements with BlackRock
Since April 2022, we entered into investment management agreements with BlackRock and its investment advisory affiliates. As of
June 30, 2026, BlackRock managed approximately $91.8 billion in book value of assets in our investment portfolio, consisting of liquid
fixed income and certain private placement assets.
For additional information on our Investment Management Agreements with BlackRock, see “Investments” below.
See “Business—Investment Management—Our Investment Management Agreements with BlackRock” in the 2025 Form10-K.
Fair Value Option Bond Securities
We elect the fair value option on certain bond securities. When the fair value option is elected, the realized and unrealized gains and
losses on these securities are reported in net investment income.
The following table shows the net investment income reported on fair value option bond securities:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Net investment income - excluding Fortitude Re funds withheld assets
$11
$21
$2
$40
Net investment income - Fortitude Re funds withheld assets
66
80
86
200
Total
$77
$101
$88
$240
Corebridge | Second Quarter 2026 Form 10-Q      82
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ITEM 2 | Executive Summary
COREBRIDGE’S MACROECONOMIC, INDUSTRY AND REGULATORY TRENDS
Our business is affected by industry and economic factors such as changes in interest rates and credit spreads; geopolitical tensions;
credit and equity market conditions; currency exchange rates; regulation; tax policy; competition; trade disputes with other countries,
including the effect of sanctions and trade restrictions, such as tariffs and trade barriers imposed by the U.S. government and any
countermeasures by other governments in response to such tariffs; and general economic, market and political conditions. We
continued to operate under market conditions in 2026 and 2025 characterized by factors such as higher interest rates, inflationary
pressures, an uneven global economic recovery and global trade tensions. Responses by central banks and monetary authorities with
respect to inflation, growth concerns and other macroeconomic factors have also affected global exchange rates and volatility.
Below is a discussion of certain industry and economic factors impacting our business:
Equity Markets
Our financial results are impacted by the performance of equity markets, which impacts the performance of our alternative investment
portfolio, fee income, MRBs and embedded derivatives. For instance, in our Group Retirement variable annuity separate accounts,
mutual fund assets and brokerage and advisory assets, we generally earn fee income based on the account value, which fluctuates
with the equity markets as a significant amount of these assets are invested in equity funds. The impact of equity market returns, both
increases and decreases, is reflected in our results due to the impact on the account value and the fair values of equity-exposed
securities in our investment portfolio.
Our hedging costs could also be significantly impacted by changes in the level of equity markets as rebalancing and option costs are
tied to the equity market volatility.
For additional information see “Risk Factors—Risks Relating to Market ConditionsWe are exposed to risk from equity market
declines or volatility.” in the 2025 Form 10-K.
Market and other economic factors may result in increased credit impairments, downgrades and losses across single or numerous
asset classes due to lower collateral values or deteriorating cash flow and profitability by borrowers could lead to higher defaults on
our investment portfolio, especially in geographic, industry or investment sectors where we have higher concentrations of exposure,
such as real estate related borrowings. These factors can also cause widening of credit spreads which could reduce investment asset
valuations, decrease fee income and increase statutory capital requirements, as well as reduce the availability of investments that are
attractive from a risk-adjusted perspective.
For additional information see “Risk Factors—Risks Relating to Market ConditionsOur business is highly dependent on economic
and capital market conditions.” in the 2025 Form 10-K.
Alternative investments include private equity funds which are generally reported on a one-quarter lag. Accordingly, changes in
valuations driven by equity market conditions during the second quarter of 2026 may impact the private equity investments in the
alternative investments portfolio in the third quarter of 2026.
Impact of Changes in the Interest Rate Environment
A rising interest rate environment benefits our spread income as we reinvest cash flows from existing business at higher rates and
should have a positive impact on sales of spread-based products.
As of June 30, 2026, new investments continue to have higher yields than the yield on maturities and redemptions that we are
experiencing in our existing portfolios. We actively manage our exposure to the interest rate environment through portfolio
construction and asset-liability management, including spread management strategies for our investment-oriented products and
economic hedging of interest rate risk from guarantee features in our variable annuities, but we may not be able to fully mitigate our
interest rate risk by matching exposure of our assets relative to our liabilities.
Fluctuations in interest rates may result in changes to certain statutory reserve or capital requirements that are based on formulas or
models that consider interest rates or prescribed interest rates, such as asset adequacy testing. Rising interest rates can have a
mixed impact on statutory financials due to higher surrender activity, particularly for fixed annuities, offset by potentially lower reserves
for other products under various statutory reserving frameworks.
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ITEM 2 | Executive Summary
Annuity Sales and Surrenders
Rising interest rates could create the potential for increased sales but could also drive higher surrenders relative to what we have
historically experienced. Fixed annuities have surrender charge periods, generally in the three-to-seven-year range. Fixed index
annuities have surrender charge periods, generally in the five-to-ten-year range, and within our Group Retirement segment, certain of
our fixed investment options are subject to other withdrawal restrictions, which may help mitigate increased early surrenders in a
rising rate environment. In addition, older contracts that have higher minimum interest rates and continue to be attractive to contract
holders have driven better than expected persistency in fixed annuities, although the liabilities for such contracts have continued to
decrease over time in amount and as a percentage of the total annuity portfolio. We closely monitor surrenders of fixed annuities as
contracts with lower minimum interest rates come out of the surrender charge period.
Reinvestment and Spread Management
We actively monitor fixed income markets, including the level of interest rates, credit spreads and the shape of the yield curve. We
also frequently review our interest rate assumptions and actively manage the crediting rates used for new and in-force business.
Business strategies continue to evolve and we attempt to maintain profitability of the overall business in light of the interest rate
environment. A rising interest rate environment results in improved yields on new investments and improves margins for our business
while also making certain products, such as fixed annuities, more attractive to potential customers. However, the rising rate
environment has resulted in lower values on general and separate account assets, mutual fund assets and brokerage and advisory
assets that hold investments in fixed income assets.
For investment-oriented products, including universal life insurance, and variable, fixed, fixed index and registered index-linked
annuities in each of our operating and reportable segments, our spread management strategies include disciplined pricing and
product design for new business, modifying or limiting the sale of products that do not achieve targeted spreads, using asset-liability
management to match assets to liabilities to the extent practicable and actively managing crediting rates to help mitigate some of the
pressure on investment spreads. Renewal crediting rate management is guided by specific contract provisions designed to allow
crediting rates to be reset at pre-established intervals and subject to minimum crediting rate guarantees. We expect to continue to
adjust crediting rates on in-force business, as appropriate, to be responsive to changing rate environments. As interest rates rise, we
may need to raise crediting rates on in-force business for competitive and other reasons, potentially offsetting a portion of the
additional investment income resulting from investing in a higher interest rate environment.
Of the aggregate fixed account values of our Individual Retirement and Group Retirement annuity products, 38% and 40% were
crediting at the contractual minimum guaranteed interest rate at June 30, 2026 and December 31, 2025, respectively. In the universal
life insurance products in our Life Insurance business, 58% and 59% of the account values were crediting at the contractual minimum
guaranteed interest rate at June 30, 2026 and December 31, 2025, respectively. These businesses continue to focus on pricing
discipline and strategies to manage the minimum guaranteed interest crediting rates offered on new sales in the context of regulatory
requirements and competitive positioning.
For additional information on our investment and asset-liability management strategies, see “Investments” below.
Regulatory Environment
The insurance and financial services industries are generally subject to close regulatory scrutiny and supervision. Our operations are
subject to regulation by a number of different types of domestic and international regulatory authorities, including securities,
derivatives, and investment advisory regulators. Our insurance subsidiaries are subject to regulation and supervision by the states
and jurisdictions in which they do business.
We expect that the domestic and international regulations applicable to us and our regulated entities will continue to evolve for the
foreseeable future.
Corebridge | Second Quarter 2026 Form 10-Q      84
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ITEM 2 | Executive Summary
For example, the Risk-Based Capital (“RBC”) framework and RBC charges and treatment applicable to our U.S. life insurance
subsidiaries have been a subject of focus for regulators in recent years. In February 2025, the NAIC announced the creation of a new
Risk-Based Capital Model Governance (EX) Task Force (“Task Force”) as part of its efforts to update and strengthen the governance
framework around RBC requirements. The Task Force adopted governing principles in December 2025 and soon after began a
comprehensive gap analysis and consistency assessment of the existing RBC framework to identify potential issues. The work of the
Task Force is ongoing and could result in changes to RBC requirements and calculations in the future, which could affect our capital
planning, investment strategies, reporting obligations and permitted disclosures. Relatedly, the inaugural meeting of the Invested
Assets (E) Task Force took place in March 2026. It was established for the purpose of better understanding investment products with
characteristics that pose unique risks to insurers and developing investment-related solvency policy changes. For example, in July
2026, the Financial Condition (E) Committee of the NAIC approved new Life RBC factors, to be effective December 31, 2026, for
CLOs, collateralized bond obligations (“CBOs”) and collateralized debt obligations (“CDOs”). This framework includes (i) lower RBC
factors for senior investment-grade tranches (NAIC Designation Category 1.A through 1.G) and higher RBC factors for lower rated
tranches (NAIC Designation Category 2.A or below) and (ii) an 11.77% pretax surcharge that will apply to below-investment-grade
tranches (NAIC Designation Category 2.C or below) of only broadly syndicated loan CLOs (not middle market CLOs) with a thickness
of 4% or less. The NAIC and its related working groups continue to consider the treatment of other investment products which would
result in changes to accounting policies and RBC requirements. We are actively monitoring these developments associated with these
RBC-related NAIC initiatives and their potential impacts on our life insurance subsidiaries.
As another example, during 2025, the Life Actuarial Task Force adopted updates to actuarial guidelines intended to enhance asset
adequacy analysis for asset-intensive, life insurance and annuity reinsurance treaties above certain thresholds. The updated
guidelines, referred to as Actuarial Guideline LV (“AG 55”), are designed as a testing and disclosure regime, and the first AG 55
reports were filed in April 2026. The NAIC plans to review the disclosures to identify any concerns with insurers’ approaches to asset
adequacy testing, with the possibility of making additional changes that could lead to higher reserves for certain reinsurance
agreements. We are actively monitoring developments associated with this NAIC initiative, which are applicable to certain
transactions that involve our life insurance subsidiaries acting as cedants.
VM-22 principles-based reserving applicable to non-variable annuity contracts is effective on January 1, 2026, and Companies have
three years to implement VM-22 requirements with mandatory adoption January 1, 2029. The NAIC’s Life Actuarial Task Force VM-22
(A) Subgroup is considering allowing optional election of VM-22 for non-variable annuity business issued on or after January 1, 2017.
Relatedly, the Generator of Economic Scenarios statutory reserve and capital calculations applicable to new non-variable annuity
business is effective January 1, 2026. Corebridge has considered, and will be considering, appropriate implementation of these
frameworks, and continues to closely monitor these developments.
Finally, the NAIC Life Insurance and Annuities (A) Committee has created a working group to contemplate updating NAIC guidance
for life insurance and annuity illustrations and disclosures. Suggested revisions could include changes to illustration requirements for
fixed index annuities pertaining to back-casting performance results. We are monitoring these developments and any model guidance
that may flow from the Life Insurance and Annuities Committee’s work on this subject.
In addition to regulatory developments at the NAIC, we are also subject to accounting practices and standards prescribed and/or
permitted by our domiciliary insurance regulators. In December 2025, the NAIC approved agenda item 2024-06: Risk Transfer
Analysis of Combination Reinsurance Contracts in respect of SSAP No. 61 and Appendix A-791 (the “Adoption”), clarifying the
treatment of combination treaties with interdependent features under statutory accounting for new and newly amended contracts
effective immediately and for in-force contracts effective for the year ending December 31, 2026. In response, we received a statutory
permitted accounting practice from the Texas Department of Insurance related to an existing reinsurance treaty that fell within the
scope of the Adoption. The permitted accounting practice is effective December 31, 2026.
For information regarding our regulation and supervision by different regulatory authorities in the United States and abroad, see
Business—Regulation—U.S. Regulation” and “Business—Regulation—International Regulation in the 2025 Form 10-K.
Corebridge | Second Quarter 2026 Form 10-Q      85
TABLE OF CONTENTS
ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics
Use of Non-GAAP Financial Measures and Key Operating Metrics
NON-GAAP FINANCIAL MEASURES
Throughout this MD&A, we present our financial condition and results of operations in the way we believe will be most meaningful and
representative of our business results. Some of the measurements we use are “non-GAAP financial measures” under SEC rules and
regulations. We believe presentation of these non-GAAP financial measures allows for a deeper understanding of the profitability
drivers of our business, results of operations, financial condition and liquidity. These measures should be considered supplementary
to our results of operations and financial condition that are presented in accordance with GAAP and should not be viewed as a
substitute for GAAP measures. The non-GAAP financial measures we present may not be comparable to similarly named measures
reported by other companies. Reconciliations of non-GAAP financial measures for future periods are not provided as we do not
currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliations.
Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments,
revenues from businesses exited through reinsurance, and income from non-operating litigation settlements (included in Other income
for GAAP purposes).
The following table presents a reconciliation of Total revenues to Adjusted revenues:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Total revenues
$3,914
$2,726
$7,878
$6,298
Fortitude Re related items:
Net investment (income) on Fortitude Re funds withheld assets
(233)
(343)
(493)
(674)
Net realized losses on Fortitude Re funds withheld assets
25
30
46
26
Net realized losses on Fortitude Re funds withheld embedded derivatives
316
251
302
847
Subtotal - Fortitude Re related items
108
(62)
(145)
199
Businesses exited through reinsurance items:
Premiums
(1)
(13)
(1)
(23)
Policy fees
(12)
(123)
(28)
(254)
Net investment income - excluding Fortitude Re funds withheld assets
(8)
(80)
(17)
(161)
Advisory fee and other income
(104)
(214)
Subtotal - Businesses exited through reinsurance items
(21)
(320)
(46)
(652)
Other reconciling items:
Other (income) - net
(7)
(8)
(14)
(16)
Net realized losses*
302
1,760
708
2,667
Subtotal - Other reconciling items
295
1,752
694
2,651
Total adjustments
382
1,370
503
2,198
Adjusted revenues
$4,296
$4,096
$8,381
$8,496
*Represents all Net realized gains and losses except gains (losses) related to the disposition of real estate investments and earned income (periodic settlements and
changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Earned income for non-qualifying
(economic) hedging or for asset replication is reclassified from Net realized gains and losses to specific APTOI line items (e.g., net investment income and interest
credited to policyholder account balances) based on the economic risk being hedged.
Adjusted pre-tax operating income (“APTOI”) is derived by excluding the items set forth below from income (loss) before income
tax expense (benefit). These items generally fall into one or more of the following broad categories: legacy matters having no
relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of
transactions; and recording adjustments to APTOI that we believe to be common in our industry. We believe the adjustments to pre-
tax income are useful for gaining an understanding of our overall results of operations.
APTOI excludes the impact of the following items:
FORTITUDE RE RELATED ADJUSTMENTS:
The modified coinsurance (“modco”) reinsurance agreements with Fortitude Re transfer the economics of the invested assets
supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets
and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the
Fortitude Re funds withheld embedded derivative are also excluded from APTOI.
The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not
indicative of our ongoing business operations.
Corebridge | Second Quarter 2026 Form 10-Q      86
TABLE OF CONTENTS
ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics
INVESTMENT RELATED ADJUSTMENTS:
APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net
realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of
sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods.
In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results,
including those used to economically hedge insurance liabilities, or those recognized as embedded derivatives at fair value, are also
included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and
changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned
income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the
economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).
MARKET RISK BENEFIT ADJUSTMENTS:
Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain GMWBs and/or GMDBs which are accounted
for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees
attributed to the MRBs are excluded from APTOI. MRBs related to the variable annuity business subject to the reinsurance
agreements with CSLR are reported in the “Businesses exited through reinsurance” line item.
BUSINESSES EXITED THROUGH REINSURANCE:
Represents the results of businesses that have been or will be economically exited through reinsurance. This includes MRBs, along
with changes in the fair value of derivatives used to hedge MRBs which are recorded through “Change in the fair value of MRBs, net.”
The results of operations from these businesses have been excluded from APTOI as they are not indicative of our ongoing business
operations.
OTHER ADJUSTMENTS:
Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income
(losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:
restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our
organization;
non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to
accounting principles;
separation costs;
non-operating litigation reserves and settlements;
loss (gain) on extinguishment of debt, if any;
losses from the impairment of goodwill, if any; and
income and loss from divested or run-off business, if any.
Adjusted After-tax Operating Income Available to Corebridge Common Shareholders (“Adjusted After-tax Operating
Income” or “AATOI”) is derived by excluding the tax effected APTOI adjustments described above and preferred stock dividends, as
well as the following tax items from net income attributable to us:
reclassifications of disproportionate tax effects from AOCI, changes in uncertain tax positions and other tax items related to
legacy matters having no relevance to our current businesses or operating performance; and
deferred income tax valuation allowance releases and charges.
Corebridge | Second Quarter 2026 Form 10-Q      87
TABLE OF CONTENTS
ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics
The following tables present a reconciliation of pre-tax income (loss)/net income (loss) available to Corebridge common
shareholders to adjusted pre-tax operating income (loss)/adjusted after-tax operating income (loss) available to Corebridge
common shareholders:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
2026
2025
(in millions)
Pre-tax
Total Tax
(Benefit)
Charge
Non-
controlling
Interests/
Preferred
stock
dividends
After Tax
Pre-tax
Total Tax
(Benefit)
Charge
Non-
controlling
Interests/
Preferred
stock
dividends
After Tax
Pre-tax income (loss)/net income (loss)
including noncontrolling interests
$52
$50
$
$2
$(608)
$60
$
$(668)
Noncontrolling interests
8
8
Preferred stock dividends
(18)
(18)
Pre-tax income (loss)/net (loss) available to
Corebridge common shareholders
52
50
(18)
(16)
(608)
60
8
(660)
Fortitude Re related items
Net investment (income) on Fortitude Re funds
withheld assets
(233)
(51)
(182)
(343)
(73)
(270)
Net realized losses on  Fortitude Re funds
withheld assets
25
6
19
30
7
23
Net realized losses on Fortitude Re funds
withheld embedded derivative
316
68
248
251
53
198
Subtotal Fortitude Re related items
108
23
85
(62)
(13)
(49)
Other reconciling Items:
Reclassification of disproportionate tax effects
from AOCI and other tax adjustments
15
(15)
(6)
6
Deferred income tax valuation allowance
(releases) charges
(60)
60
(186)
186
Change in the fair value of market risk benefits,
net
24
5
19
(44)
(9)
(35)
Changes in benefit reserves related to net
realized gains (losses)
(1)
(1)
(4)
(1)
(3)
Net realized (gains) losses*
301
63
238
1,758
369
1,389
Restructuring and other costs
62
13
49
129
28
101
Non-recurring costs related to regulatory or
accounting changes
1
1
Businesses exited through reinsurance
118
25
93
(336)
(72)
(264)
Noncontrolling interests
8
(8)
Subtotal Other Non-Fortitude Re reconciling
items
504
61
443
1,512
123
(8)
1,381
Total adjustments
612
84
528
1,450
110
(8)
1,332
Adjusted pre-tax operating income/Adjusted
after-tax operating income attributable to
Corebridge common shareholders
$664
$134
$(18)
$512
$842
$170
$
$672
Corebridge | Second Quarter 2026 Form 10-Q      88
TABLE OF CONTENTS
ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
2026
2025
(in millions)
Pre-tax
Total Tax
(Benefit)
Charge
Non-
controlling
Interests/
Preferred
stock
dividends
After Tax
Pre-tax
Total Tax
(Benefit)
Charge
Non-
controlling
Interests/
Preferred
stock
dividends
After Tax
Pre-tax income (loss)/net (loss) including
noncontrolling interests
$149
$208
$
$(59)
$(1,470)
$(145)
$
$(1,325)
Noncontrolling interests
8
8
1
1
Preferred stock dividends
(18)
(18)
Pre-tax income (loss)/net (loss) available to
Corebridge common shareholders
149
208
(10)
(69)
(1,470)
(145)
1
(1,324)
Fortitude Re related items
Net investment (income) on Fortitude Re funds
withheld assets
(493)
(106)
(387)
(674)
(144)
(530)
Net realized losses on Fortitude Re funds
withheld assets
46
10
36
26
6
20
Net realized losses on Fortitude Re funds
withheld embedded derivative
302
65
237
847
180
667
Subtotal Fortitude Re related items
(145)
(31)
(114)
199
42
157
Other Reconciling Items:
Changes in uncertain tax positions and other
tax adjustments
30
(30)
15
(15)
Deferred income tax valuation allowance
(releases) charges
(215)
215
(194)
194
Change in fair value of market risk benefits, net
337
71
266
291
61
230
Changes in benefit reserves related to net
realized (gains) losses
(1)
(1)
27
6
21
Net realized (gains) losses*
706
148
558
2,663
559
2,104
Restructuring and other costs
117
25
92
226
48
178
Non-recurring costs related to regulatory or
accounting changes
1
1
2
2
Net (gain) loss on divestiture
(2)
(2)
Pension expense - non operating
Businesses exited through reinsurance
123
26
97
(387)
(82)
(305)
Noncontrolling interests
8
(8)
1
(1)
Subtotal Other Non-Fortitude Re reconciling
items
1,289
85
(8)
1,196
2,823
413
(1)
2,409
Total adjustments
1,144
54
(8)
1,082
3,022
455
(1)
2,566
Adjusted pre-tax operating income/Adjusted
after-tax operating income attributable to
Corebridge common shareholders
$1,293
$262
$(18)
$1,013
$1,552
$310
$
$1,242
*Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-
qualifying (economic) hedging or for asset replication. Additionally, gains (losses) related to the disposition of real estate investments are also excluded from this
adjustment.
Corebridge | Second Quarter 2026 Form 10-Q      89
TABLE OF CONTENTS
ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics
Adjusted Book Value Available to Corebridge Common Shareholders is derived by excluding preferred stock as well as AOCI,
adjusted for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets. We believe this measure is
useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities
portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with
changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is
recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld
assets since these fair value movements are economically transferred to Fortitude Re.
The following table presents the reconciliation of Book value per common share to Adjusted book value per common share:
At June 30,
At December 31,
(in millions, except per common share data)
2026
2025
Total Corebridge shareholders' equity
$10,651
$13,201
Less: Preferred stock and additional paid-in capital
493
493
Total Corebridge shareholders' equity available to common shareholders (a)
10,158
12,708
Less: Accumulated other comprehensive income (loss)
(10,167)
(9,452)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets
(2,526)
(2,391)
Adjusted Book Value (b)
$17,799
$19,769
Total common shares outstanding (c)
445.8
496.4
Book value per common share (a/c)
$22.79
$25.60
Adjusted book value per common share (b/c)
$39.93
$39.83
Adjusted Return on Average Equity Available to Common Shareholders (“Adjusted ROAE”) is derived by dividing AATOI by
average Adjusted Book Value available to Common Shareholders and is used by management to evaluate our recurring profitability
and evaluate trends in our business. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting
from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related
insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical
impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized
gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to
Fortitude Re.
The following table presents the reconciliation of Adjusted ROAE available to common shareholders:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions, unless otherwise noted)
2026
2025
2026
2025
Actual or annualized net income (loss) available to Corebridge common shareholders
(a)
$(64)
$(2,640)
$(138)
$(2,648)
Actual or annualized adjusted after-tax operating income available to Corebridge
common shareholders (b)
2,048
2,688
2,026
2,484
Average Corebridge shareholders’ equity
10,728
12,141
11,552
11,915
Less: Average preferred stock
493
493
Total Average equity available to Corebridge common shareholders (c)
10,235
12,141
11,059
11,915
Less: Average AOCI
(10,298)
(11,341)
(10,016)
(12,121)
Add: Average cumulative unrealized gains and losses related to Fortitude Re funds
withheld assets
(2,568)
(2,570)
(2,509)
(2,646)
Average Adjusted Book Value available to Corebridge Common Shareholders (d)
$17,965
$20,912
$18,566
$21,390
Return on Average Equity available to Corebridge common shareholders (a/c)
(0.6)%
(21.7)%
(1.2)%
(22.2)%
Adjusted ROAE available to Corebridge common shareholders (b/d)
11.4%
12.9%
10.9%
11.6%
Corebridge | Second Quarter 2026 Form 10-Q      90
TABLE OF CONTENTS
ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics
Premiums and deposits is a non-GAAP financial measure that includes direct and assumed premiums received and earned on
traditional life insurance policies and life-contingent payout annuities, as well as deposits received on universal life insurance,
investment-type annuity contracts and GICs. We believe the measure of premiums and deposits is useful in understanding customer
demand for our products, evolving product trends and our sales performance period over period.
The following table presents the premiums and deposits:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Individual Retirement
Premiums
$26
$31
$42
$48
Deposits
3,799
6,457
8,130
10,740
Other(a)
(3)
(1)
(4)
(3)
Premiums and deposits
3,822
6,487
8,168
10,785
Group Retirement
Premiums
4
5
4
Deposits
1,765
1,976
3,515
3,796
Premiums and deposits(b)(c)
1,769
1,976
3,520
3,800
Life Insurance
Premiums
382
377
743
717
Deposits
391
393
777
790
Other(a)
97
98
200
217
Premiums and deposits
870
868
1,720
1,724
Institutional Markets
Premiums
129
25
138
525
Deposits
2,455
1,102
3,498
2,535
Other(a)
21
8
35
17
Premiums and deposits
2,605
1,135
3,671
3,077
Total
Premiums
541
433
928
1,294
Deposits
8,410
9,928
15,920
17,861
Other(a)
115
105
231
231
Premiums and deposits
$9,066
$10,466
$17,079
$19,386
(a)Other principally consists of ceded premiums, in order to reflect gross premiums and deposits.
(b)Excludes client deposits into advisory and brokerage accounts of $935 million and $744 million for the three months ended June 30, 2026 and 2025, respectively, and
$1.9 billion and $1.5 billion for the six months ended June 30, 2026 and 2025, respectively.
(c)Includes inflows related to in-plan mutual funds of $781 million and $842 million for the three months ended June 30, 2026 and 2025, respectively, and $1.5 billion and
$1.6 billion for the six months ended June 30, 2026 and 2025, respectively.
Net investment income (APTOI basis) is the sum of base portfolio income and variable investment income. We believe that
presenting net investment income on an APTOI basis is useful for gaining an understanding of the main drivers of investment income.
The following table presents a reconciliation of net investment income (net income basis) to net investment income (APTOI
basis):
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended June
30,
(in millions)
2026
2025
2026
2025
Net investment income (net income basis)
$3,190
$3,338
$6,387
$6,527
Net investment (income) on Fortitude Re funds withheld assets
(233)
(343)
(493)
(674)
Net investment (income) related to businesses exited through reinsurance
(8)
(80)
(17)
(161)
Other adjustments
(7)
(8)
(14)
(16)
Derivative income recorded in net realized gains (losses)
89
77
157
149
Total adjustments
(159)
(354)
(367)
(702)
Net investment income (APTOI basis)
$3,031
$2,984
$6,020
$5,825
Corebridge | Second Quarter 2026 Form 10-Q      91
TABLE OF CONTENTS
ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics
KEY OPERATING METRICS
Assets Under Management and Administration
Assets Under Management (“AUM”) include assets in the general and separate accounts of our subsidiaries that support liabilities
and surplus related to our life and annuity insurance products.
Assets Under Administration (“AUA”) include Group Retirement mutual fund assets and other third-party assets that we sell or
administer and the notional value of SVW contracts.
Assets Under Management and Administration (“AUMA”) is the cumulative amount of AUM and AUA.
The following table presents a summary of our AUMA:
(in millions)
June 30, 2026
December 31, 2025
Individual Retirement
AUM
$121,607
$120,419
AUA
Total Individual Retirement AUMA
121,607
120,419
Group Retirement
AUM
81,060
80,220
AUA
50,650
50,063
Total Group Retirement AUMA
131,710
130,283
Life Insurance
AUM
27,737
27,752
AUA
Total Life Insurance AUMA
27,737
27,752
Institutional Markets
AUM
60,675
59,390
AUA
49,194
48,507
Total Institutional Markets AUMA
109,869
107,897
Total AUMA
$390,923
$386,351
Fee and Spread income and Underwriting Margin
Fee income is defined as policy fees plus advisory fees plus other fee income. For our Institutional Markets segment, its SVW
products generate fee income.
Spread income is defined as net investment income less interest credited to policyholder account balances, excluding the
amortization of deferred sales inducement assets. Spread income is comprised of both base spread income and variable investment
income. For our Institutional Markets segment, its structured settlements, PRT and GIC products generate spread income, which
includes premiums, net investment income, less interest credited and policyholder benefits and excludes the annual assumption
update.
Underwriting margin for our Life Insurance segment includes premiums, policy fees, other income and net investment income, less
interest credited to policyholder account balances and policyholder benefits, and excludes the annual assumption update. For our
Institutional Markets segment, its Corporate Markets products generate underwriting margin, which includes premiums, net
investment income, policy and advisory fee income, less interest credited and policyholder benefits and excludes the annual
assumption update.
Base portfolio income includes interest, dividends and foreclosed real estate income, net of investment expenses and non-qualifying
(economic) hedges.
Variable investment income includes call and tender income on bonds, commercial mortgage loan prepayments, changes in market
value of investments accounted for under the fair value option, interest received on defaulted investments (other than foreclosed real
estate), income from alternative investments and other miscellaneous investment income, including income on certain partnership
entities that are required to be consolidated. Alternative investments include private equity and real estate equity funds which are
generally reported on a one-quarter lag.
Base spread income means base portfolio income less interest credited to policyholder account balances, excluding the amortization
of deferred sales inducement assets.
Corebridge | Second Quarter 2026 Form 10-Q      92
TABLE OF CONTENTS
ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics
Base net investment spread means base yield less cost of funds, excluding the amortization of deferred sales inducement assets.
Base yield means the returns from base portfolio income including accretion and impacts from holding cash and short-term
investments.
The following table presents a summary of our spread income, fee income and underwriting margin:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Individual Retirement
Spread income
$665
$704
$1,289
$1,358
Fee income
89
76
166
143
Total Individual Retirement
754
780
1,455
1,501
Group Retirement
Spread income
140
171
277
363
Fee income
219
190
426
385
Total Group Retirement
359
361
703
748
Life Insurance
Underwriting margin
331
344
647
669
Total Life Insurance
331
344
647
669
Institutional Markets
Spread income
122
173
267
305
Fee income
17
16
34
31
Underwriting margin
13
13
27
34
Total Institutional Markets
152
202
328
370
Total
Spread income
927
1,048
1,833
2,026
Fee income
325
282
626
559
Underwriting margin
344
357
674
703
Total
$1,596
$1,687
$3,133
$3,288
Net Investment Income (APTOI Basis)
The following table presents a summary of our four insurance operating businesses’ net investment income on an APTOI
basis:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Individual Retirement
Base portfolio income
$1,584
$1,445
$3,130
$2,841
Variable investment income
20
74
9
97
Net investment income
1,604
1,519
3,139
2,938
Group Retirement
Base portfolio income
434
445
866
906
Variable investment income
4
24
5
48
Net investment income
438
469
871
954
Life Insurance
Base portfolio income
325
329
650
661
Variable investment income
(1)
6
(2)
10
Net investment income
324
335
648
671
Institutional Markets
Base portfolio income
674
565
1,339
1,117
Variable investment income
5
89
38
126
Net investment income
679
654
1,377
1,243
Total
Base portfolio income
3,017
2,784
5,985
5,525
Variable investment income
28
193
50
281
Net investment income (APTOI basis) - Insurance operations
$3,045
$2,977
$6,035
$5,806
Corebridge | Second Quarter 2026 Form 10-Q      93
TABLE OF CONTENTS
ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics
Net Flows
Net flows for annuity products in Individual Retirement and Group Retirement represent premiums and deposits less death, surrender
and other withdrawal benefits. Net flows for mutual funds represent deposits less withdrawals. For Group Retirement, client deposits
into advisory and brokerage accounts less total client withdrawals from advisory and brokerage accounts are not included in net flows.
The following table presents a summary of our Net Flows:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Individual Retirement
Fixed Annuities
$(444)
$1,181
$(1,035)
$1,299
Fixed Index Annuities
(84)
1,584
372
2,446
Registered Index-Linked Annuities
595
492
1,194
755
Total Individual Retirement
67
3,257
531
4,500
Group Retirement
(5,552)
(1,833)
(7,419)
(3,669)
Total Net Flows
$(5,485)
$1,424
$(6,888)
$831
Corebridge | Second Quarter 2026 Form 10-Q      94
TABLE OF CONTENTS
ITEM 2 Consolidated Results of Operations
Consolidated Results of Operations
The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three
and six months ended June 30, 2026 and 2025. For factors that relate primarily to a specific business, see “— Business Segment
Operations.”
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Revenues:
Premiums
$542
$446
$929
$1,317
Policy fees
624
721
1,234
1,441
Net investment income
3,190
3,338
6,387
6,527
Net realized (losses)
(554)
(1,975)
(890)
(3,389)
Advisory fee and other income
112
196
218
402
Total revenues
3,914
2,726
7,878
6,298
Benefits and expenses:
Policyholder benefits
1,120
982
2,094
2,439
Change in the fair value of market risk benefits, net
180
(279)
558
106
Interest credited to policyholder account balances
1,570
1,486
3,095
2,903
Amortization of deferred policy acquisition costs and value of business acquired
248
275
493
550
Non-deferrable insurance commissions
102
152
206
308
Advisory fee expenses
45
64
89
134
General operating expenses
466
517
934
1,043
Interest expense
131
137
262
285
Net (gain) on divestitures
(2)
Total benefits and expenses
3,862
3,334
7,729
7,768
Income (loss) before income tax expense (benefit)
52
(608)
149
(1,470)
Income tax expense (benefit)
50
60
208
(145)
Net income (loss)
2
(668)
(59)
(1,325)
Less: Net (loss) attributable to noncontrolling interests
(8)
(8)
(1)
Net income (loss) attributable to Corebridge
2
(660)
(51)
(1,324)
Less: Preferred stock dividends
18
18
Net (loss) available to Corebridge common shareholders
$(16)
$(660)
$(69)
$(1,324)
The following table presents certain balance sheet data:
(in millions, except per common share data)
June 30, 2026
December 31, 2025
Balance sheet data:
Total assets
$415,793
$413,547
Short-term and long-term debt
$9,362
$9,359
Debt of consolidated investment entities
$1,508
$1,547
Total Corebridge shareholders’ equity
$10,651
$13,201
Book value per common share
$22.79
$25.60
Adjusted book value per common share
$39.93
$39.83
Financial Highlights
Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Net Income Comparison
We recorded pre-tax income of $52 million in the three months ended June 30, 2026 compared to pre-tax loss of $608 million in the
three months ended June 30, 2025. The change in pre-tax loss was primarily due to:
lower net realized losses of $1.4 billion primarily driven by lower losses on sales of fixed maturity securities and lower losses from
changes in foreign exchange rates.
Corebridge | Second Quarter 2026 Form 10-Q      95
TABLE OF CONTENTS
ITEM 2 Consolidated Results of Operations
Partially offset by:
unfavorable change in the fair value of market risk benefits, net of $180 million in the second quarter of 2026 compared to a
favorable change in the fair value of market risk benefits, net of $279 million in the second quarter of 2025 primarily driven by the
impact of the reinsurance agreement with CSLR partially offset by higher equity markets compared to the prior year.
higher interest credited to policyholder account balances of $84 million primarily due to higher interest rates and higher sales
activity in fixed and fixed index annuities and growing GIC business; and
lower advisory fee income of $84 million driven by the reinsurance agreement with CSLR.
Income tax expense (benefit)
For the three months ended June 30, 2026, there was an income tax expense of $50 million, resulting in an effective tax rate of 96.2%
primarily due to an increase in valuation allowance and expense on pre-tax income from operations.
Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 Net Income Comparison
We recorded pre-tax income of $149 million in the six months ended June 30, 2026 compared to pre-tax loss of $1.5 billion in the six
months ended June 30, 2025. The change in pre-tax income was primarily due to:
lower net realized losses of $2.5 billion primarily driven by lower losses from changes in foreign exchange rates, lower losses on
sales of fixed maturity securities, lower losses from Fortitude Re related balances and lower losses from certain derivatives and
hedge accounting;
lower policyholder benefits of $345 million primarily on new pension risk transfer business.
Partially offset by:
higher unfavorable change in the fair value of market risk benefits, net of $452 million primarily driven by impact of the
reinsurance agreement with CSLR, partially offset by impacts of higher equity markets and interest rates compared to the prior
year;
lower premiums of $388 million primarily on new pension risk transfer business;
higher interest credited to policyholder account balances of $192 million primarily due to higher crediting rates and higher sales
activity in fixed, fixed index and registered index-linked annuities and growing GIC business; and
lower net investment income of $140 million primarily driven by lower variable investment income and lower income on Fortitude
Re funds withheld assets partially offset by higher base portfolio income .
Income tax expense (benefit)
For the six months ended June 30, 2026, there was an income tax expense of $208 million, resulting in an effective tax rate of 139.6%
primarily due to an increase in valuation allowance and expense on pre-tax income from operations.
Adjusted pre-tax operating income
The following table presents total Corebridge’s adjusted pre-tax operating income:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Premiums
$541
$433
$928
$1,294
Policy fees
612
598
1,206
1,187
Net investment income
3,031
2,984
6,020
5,825
Net realized gains (losses)*
(11)
9
2
Advisory fee and other income
112
92
218
188
Total adjusted revenues
4,296
4,096
8,381
8,496
Policyholder benefits
1,123
974
2,105
2,391
Interest credited to policyholder account balances
1,601
1,452
3,169
2,833
Amortization of deferred policy acquisition costs
248
221
493
444
Non-deferrable insurance commissions
101
91
202
183
Advisory fee expenses
45
34
89
73
General operating expenses
390
361
790
752
Interest expense
124
129
248
269
Total benefits and expenses
3,632
3,262
7,096
6,945
Noncontrolling interests
8
8
1
Adjusted pre-tax operating income
$664
$842
$1,293
$1,552
*Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments.
Corebridge | Second Quarter 2026 Form 10-Q      96
TABLE OF CONTENTS
ITEM 2 Consolidated Results of Operations
Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 APTOI Comparison
APTOI decreased $178 million, primarily due to:
higher policyholder benefits of $149 million primarily due to higher new pension risk transfer business; and
higher interest credited to policyholder account balances of $149 million primarily due to growth in fixed, fixed index and
registered index-linked annuities and growing GIC business.
Partially offset by:
higher premiums of $108 million primarily due to higher new pension risk transfer business; and
higher net investment income of $47 million primarily driven by higher base portfolio income partially offset by lower variable
investment income.
Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 APTOI Comparison
APTOI decreased $259 million, primarily due to:
lower premiums of $366 million primarily due to lower new pension risk transfer business;
higher interest credited to policyholder account balances of $336 million primarily due to growth in fixed, fixed index and
registered index-linked annuities and growing GIC business.
Partially offset by:
lower policyholder benefits of $286 million primarily due to lower new pension risk transfer business; and
higher net investment income of $195 million primarily driven by higher base portfolio income partially offset by lower variable
investment income.
Corebridge | Second Quarter 2026 Form 10-Q      97
TABLE OF CONTENTS
ITEM 2 | Business Segment Operations
Business Segment Operations
Our business operations consist of five reportable segments:
Individual Retirement – consists of fixed annuities, fixed index annuities and registered index-linked annuities.
Group Retirement – consists of recordkeeping, plan administrative and compliance services, financial planning and advisory
solutions offered in-plan, along with proprietary and limited non-proprietary annuities, advisory and brokerage products offered
out-of-plan.
Life Insurance – consists of traditional and universal life insurance products in the United States.
Institutional Markets – consists of SVW products, structured settlement and PRT annuities, GICs and Corporate Markets
products that include corporate- and bank-owned life insurance (“COLI-BOLI”), private placement variable universal life and
private placement variable annuities products.
Corporate and Other – consists primarily of:
corporate expenses not attributable to our other segments;
interest expense on financial debt;
results of our consolidated investment entities;
institutional asset management business, which includes managing assets for non-consolidated affiliates;
results of our legacy insurance lines ceded to Fortitude Re; and
results of our individual variable annuity business that is reinsured to CSLR.
The closing with respect to the AGL Reinsurance Agreement occurred on August 1, 2025. Accordingly, retrospectively, effective in the
third quarter of 2025, our individual variable annuity business previously reported in the Individual Retirement segment, is now
included within Corporate and Other, consistent with how the CODM assesses its performance and allocates its resources. Prior
periods presented herein have been recast to conform to the new segment presentation. Additionally, the results of operations from
the variable annuity business have been excluded from APTOI as they are not indicative of our ongoing business operations.
The following tables summarize adjusted pre-tax operating income (loss) from our segments:
See Note 3 to the Condensed Consolidated Financial Statements.
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Individual Retirement
$467
$523
$882
$977
Group Retirement
151
182
291
377
Life Insurance
112
133
208
241
Institutional Markets
119
173
262
310
Corporate and Other
(185)
(169)
(350)
(353)
Adjusted pre-tax operating income
$664
$842
$1,293
$1,552
Corebridge | Second Quarter 2026 Form 10-Q      98
TABLE OF CONTENTS
ITEM 2 | Business Segment Operations
DISCUSSION OF SEGMENT RESULTS
Individual Retirement
Individual Retirement Results
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Adjusted Revenues:
Premiums
$26
$31
$42
$48
Policy fees
89
76
166
143
Net investment income:
Base portfolio income
1,584
1,445
3,130
2,841
Variable investment income
20
74
9
97
Net investment income
1,604
1,519
3,139
2,938
Total adjusted revenues
1,719
1,626
3,347
3,129
Benefits and expenses:
Policyholder benefits
32
36
49
59
Interest credited to policyholder account balances
946
824
1,866
1,599
Amortization of deferred policy acquisition costs
131
112
261
224
Non-deferrable insurance commissions
50
41
102
83
Advisory fee expenses
6
3
12
9
General operating expenses
87
87
175
178
Total benefits and expenses
1,252
1,103
2,465
2,152
Adjusted pre-tax operating income
$467
$523
$882
$977
Individual Retirement Sources of Earnings
The following table presents the sources of earnings of the Individual Retirement segment. We believe providing APTOI using this
view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Spread income(a)
$665
$704
$1,289
$1,358
Fee income
89
76
166
143
Policyholder benefits, net of premiums
(6)
(5)
(7)
(11)
Non-deferrable insurance commissions
(50)
(41)
(102)
(83)
Amortization of DAC and DSI
(138)
(121)
(277)
(243)
General operating expenses
(87)
(87)
(175)
(178)
Other(b)
(6)
(3)
(12)
(9)
Adjusted pre-tax operating income
$467
$523
$882
$977
(a)Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of deferred sales inducements
(“DSI”) of $7 million and $9 million for the three months ended June 30,2026 and 2025, respectively, and $16 million and $19 million for the six months ended June 30,
2026 and 2025 respectively.
(b)Other represents advisory fee expenses.
Financial Highlights
Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 APTOI Comparison
APTOI decreased $56 million, primarily due to:
lower spread income of $39 million driven by a decrease in variable investment income of $54 million mostly due to lower
alternative investment income, partially offset by higher base spread income of $15 million primarily due to general account
growth and asset optimization initiatives; and
higher amortization of DAC and DSI of $17 million primarily due to growth in the business.
Partially offset by:
higher policy fee income of $13 million, primarily due to higher GMWB fees from fixed and fixed index annuity growth.
Corebridge | Second Quarter 2026 Form 10-Q      99
TABLE OF CONTENTS
ITEM 2 | Business Segment Operations
Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 APTOI Comparison
APTOI decreased $95 million, primarily due to:
lower spread income of $69 million driven by a decrease in variable investment income of $88 million due to lower alternative
investment and yield enhancement income, partially offset by higher base spread income of $19 million, primarily due to general
account growth and asset optimization initiatives; and
higher amortization of DAC and DSI of $34 million primarily due to growth in the business.
Partially offset by:
higher policy fee income of $23 million, primarily due to higher GMWB fees from fixed and fixed index annuity growth.
AUMA
The following table presents Individual Retirement AUMA:
(in millions)
June 30, 2026
December 31, 2025
Total AUMA
$121,607
$120,419
June 30, 2026 to December 31, 2025 AUMA Comparison
AUMA increased $1.2 billion primarily due to positive general account net flows and interest credited to policyholders’ account
balance.
Spread and Fee Income
The following table presents Individual Retirement spread and fee income:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Spread income:
Base portfolio income
$1,584
$1,445
$3,130
$2,841
Interest credited to policyholder account balances
(939)
(815)
(1,850)
(1,580)
Base spread income
645
630
1,280
1,261
Variable investment income
20
74
9
97
Total spread income*
$665
$704
$1,289
$1,358
Fee income:
Policy fees
$89
$76
$166
$143
Total fee income
$89
$76
$166
$143
*Excludes amortization of DSI assets of $7 million and $9 million for the three months ended June 30, 2026 and 2025, respectively, and $16 million and $19 million for
the six months ended June 30, 2026 and 2025, respectively.
The following table presents Individual Retirement net investment spread:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
2026
2025
2026
2025
Individual Retirement base net investment spread:
Base yield*
5.19%
5.19%
5.14%
5.18%
Cost of funds
(3.37)
(3.21)
(3.37)
(3.18)
Individual Retirement base net investment spread
1.82%
1.98%
1.77%
2.00%
*Includes returns from base portfolio including accretion and income (loss) from certain other invested assets.
Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Comparison and Six Months Ended
June 30, 2026 to Six Months Ended June 30, 2025 Comparison
See “Financial Highlights.”
Corebridge | Second Quarter 2026 Form 10-Q      100
TABLE OF CONTENTS
ITEM 2 | Business Segment Operations
Premiums and Deposits and Net Flows
For Individual Retirement, premiums primarily represent amounts received on life-contingent payout annuities, while deposits
represent sales on investment-oriented products.
Net flows for annuity products in Individual Retirement represent premiums and deposits less death, surrender and other withdrawal
benefits.
Premiums and Deposits
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Fixed annuities
$1,523
$3,216
$3,120
$5,215
Fixed index annuities
1,697
2,779
3,844
4,815
Registered index-linked annuities
602
492
1,204
755
Total
$3,822
$6,487
$8,168
$10,785
Net Flows
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Fixed annuities
$(444)
$1,181
$(1,035)
$1,299
Fixed index annuities
(84)
1,584
372
2,446
Registered index-linked annuities
595
492
1,194
755
Total
$67
$3,257
$531
$4,500
Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Comparison
Fixed Annuities Net flows decreased by $1.6 billion over the prior year, primarily due to lower premiums and deposits of $1.7 billion,
partially offset by lower death benefits of $41 million and lower surrenders and withdrawals of $27 million.
Fixed Index Annuities Net flows decreased by $1.7 billion primarily due to lower premiums and deposits of $1.1 billion and higher
surrenders and withdrawals of $595 million.
Registered Index-Linked Annuities Net inflows increased by $103 million primarily due to higher premiums and deposits of
$110 million.
Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 Comparison
Fixed Annuities Net flows decreased by $2.3 billion over the prior year, primarily due to lower premiums and deposits of $2.1 billion,
higher surrenders and withdrawals of $317 million, partially offset by lower death benefits of $77 million.
Fixed Index Annuities Net inflows decreased by $2.1 billion primarily due to higher surrenders and withdrawals of $1.1 billion and
lower premiums and deposits of $971 million.
Registered Index-Linked Annuities Net inflows increased by $439 million primarily due to higher premiums and deposits of
$449 million.
Surrenders
The following table presents Individual Retirement surrender rates:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
2026
2025
2026
2025
Fixed annuities
10.8%
11.3%
11.6%
10.9%
Fixed index annuities
11.8
8.5
11.5
8.7
Registered index-linked annuities
0.6
0.2
0.5
0.2
Corebridge | Second Quarter 2026 Form 10-Q      101
TABLE OF CONTENTS
ITEM 2 | Business Segment Operations
The following table presents account values for fixed annuities, fixed index annuities and registered index-linked annuities
by surrender charge category:
June 30, 2026
December 31, 2025
(in millions)
Fixed
Annuities
Fixed Index
Annuities
Registered
Index-Linked
Annuities
Fixed
Annuities
Fixed Index
Annuities
Registered
Index-Linked
Annuities
No surrender charge
$16,210
$3,714
$
$16,798
$3,570
$
Greater than 0% - 2%
1,299
4,065
1,509
4,299
Greater than 2% - 4%
3,507
7,676
2,163
8,033
Greater than 4%
33,792
39,300
3,647
34,266
37,002
2,144
Non-surrenderable
2,947
3,002
Total account value*
$57,755
$54,755
$3,647
$57,738
$52,904
$2,144
*Includes payout Immediate Annuities and funding agreements.
Individual Retirement annuities are typically subject to a three- to ten-year surrender charge period, depending on the product. For
fixed annuities, the proportion of account value subject to surrender charge at June 30, 2026 increased compared to December 31,
2025 primarily due to prior year’s growth in the business. For fixed index annuities, the proportion of account value subject to
surrender charge at June 30, 2026 was flat compared to December 31, 2025.
Group Retirement
Group Retirement Results
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Adjusted Revenues:
Premiums
$4
$
$5
$4
Policy fees
116
105
225
213
Net investment income:
Base portfolio income
434
445
866
906
Variable investment income
4
24
5
48
Net investment income
438
469
871
954
Advisory fee and other income*
103
85
201
172
Total adjusted revenues
661
659
1,302
1,343
Benefits and expenses:
Policyholder benefits
7
2
10
7
Interest credited to policyholder account balances
302
301
601
597
Amortization of deferred policy acquisition costs
28
21
55
43
Non-deferrable insurance commissions
31
30
62
60
Advisory fee expenses
39
30
76
63
General operating expenses
103
93
207
196
Total benefits and expenses
510
477
1,011
966
Adjusted pre-tax operating income
$151
$182
$291
$377
*Includes advisory fee income from registered investment services, 12b-1 fees (i.e., marketing and distribution fee income), other asset management fee income, and
commission-based broker-dealer services.
Corebridge | Second Quarter 2026 Form 10-Q      102
TABLE OF CONTENTS
ITEM 2 | Business Segment Operations
Group Retirement Sources of Earnings
The following table presents the sources of earnings of the Group Retirement segment. We believe providing APTOI using this view is
useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Spread income(a)
$140
$171
$277
$363
Fee income(b)
219
190
426
385
Policyholder benefits, net of premiums
(3)
(2)
(5)
(3)
Non-deferrable insurance commissions
(31)
(30)
(62)
(60)
Amortization of DAC and DSI
(32)
(24)
(62)
(49)
General operating expenses
(103)
(93)
(207)
(196)
Other(c)
(39)
(30)
(76)
(63)
Adjusted pre-tax operating income
$151
$182
$291
$377
(a)Excludes amortization of DSI assets of $4 million and $3 million for the three months ended June 30, 2026 and 2025, respectively, and $7 million and $6 million for the
six months ended June 30, 2026 and 2025, respectively.
(b)Fee income represents policy fee and advisory fee and other income.
(c)Other consists of advisory fee expenses.
Financial Highlights
Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 APTOI Comparison
APTOI decreased $31 million, primarily due to:
lower spread income of $31 million driven by a decrease in variable investment income of $20 million due to lower alternative
investment and yield enhancement income, and lower base spread income of $11 million primarily due to the impact of lower
federal funds rate;
higher general operating expenses of $10 million; and
higher amortization of DAC and DSI of $8 million mostly due to prior year actuarial assumption updates.
Partially offset by:
higher fee income, net of advisory fee expenses of $20 million, mostly due to higher average separate account and mutual fund
assets driven by improved equity market performance.
Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 APTOI Comparison
APTOI decreased $86 million, primarily due to:
lower spread income of $86 million driven by a decrease in variable investment income of $43 million due to lower alternative
investment and yield enhancement income, and lower base spread income of $43 million primarily due to the impact of lower
federal funds rate and negative general account flows;
higher general operating expenses of $11 million; and
higher amortization of DAC and DSI of $13 million mostly due to prior year actuarial assumption updates.
Partially offset by:
higher fee income, net of advisory fee expenses of $28 million, mostly due to higher average separate account and mutual fund
assets driven by improved equity market performance.
Corebridge | Second Quarter 2026 Form 10-Q      103
TABLE OF CONTENTS
ITEM 2 | Business Segment Operations
AUMA
The following table presents Group Retirement AUMA by product:
(in millions)
June 30, 2026
December 31, 2025
AUMA by asset type:
In-plan spread based
$21,081
$21,947
In-plan fee based
62,227
61,505
Total in-plan AUMA(a)
83,308
83,452
Out-of-plan proprietary - General Account
17,188
17,666
Out-of-plan proprietary - Separate Accounts
11,355
11,030
Total out-of-plan proprietary annuities
28,543
28,696
Advisory and brokerage assets
19,859
18,135
Total out-of-plan AUMA(b)
48,402
46,831
Total AUMA
$131,710
$130,283
(a)Includes $14.2 billion of AUMA at June 30, 2026 and $14.1 billion of AUMA at December 31, 2025 that is associated with our in-plan investment advisory service that
we offer to participants at an additional fee.
(b)Includes $16.7 billion of AUMA at June 30, 2026 and $15.1 billion of AUMA at December 31, 2025 that is associated with our out-of-plan investment advisory service
that we offer to participants at an additional fee.
June 30, 2026 to December 31, 2025 AUMA Comparison
Total assets increased by $1.4 billion, primarily driven by an increase in advisory and brokerage assets of $1.7 billion due to improved
equity market performance. Both In-plan and Out- of-plan assets remained relatively flat from year end where negative net flows were
offset by improved equity market performance.
Spread and Fee Income
The following table presents Group Retirement spread and fee income:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Spread income:
Base portfolio income
$434
$445
$866
$906
Interest credited to policyholder account balances
(298)
(298)
(594)
(591)
Base spread income
136
147
272
315
Variable investment income
4
24
5
48
Total spread income*
$140
$171
$277
$363
Fee income:
Policy fees
$116
$105
$225
$213
Advisory fees and other income
103
85
201
172
Total fee income
$219
$190
$426
$385
*Excludes amortization of DSI assets of $4 million and $3 million for the three months ended June 30, 2026 and 2025, respectively, and $7 million and $6 million for the
six months ended June 30, 2026 and 2025, respectively
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
2026
2025
2026
2025
Base net investment spread:
Base yield*
4.23%
4.26%
4.21%
4.32%
Cost of funds
(3.15)
(3.09)
(3.15)
(3.07)
Base net investment spread
1.08%
1.17%
1.06%
1.25%
*Includes returns from base portfolio, including accretion and income (loss) from certain other invested assets.
Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Comparison and Six Months Ended
June 30, 2026 to Six Months Ended June 30, 2025 Comparison
See “Financial Highlights.”
Corebridge | Second Quarter 2026 Form 10-Q      104
TABLE OF CONTENTS
ITEM 2 | Business Segment Operations
Premiums and Deposits and Net Flows
For Group Retirement, premiums primarily represent amounts received on life-contingent payout annuities while deposits represent
sales on investment-oriented products.
Net flows for annuity products included in Group Retirement represent premiums and deposits less death, surrender and other
withdrawal benefits. Net flows for mutual funds represent deposits less withdrawals. For Group Retirement, client deposits into
advisory and brokerage accounts less total client withdrawals from advisory and brokerage accounts are not included in net flows. Net
new assets into these products contribute to growth in AUA rather than AUM.
Premiums and Deposits and Net Flows
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
In-plan(a)(b)
$1,179
$1,272
$2,324
$2,521
Out-of-plan proprietary variable annuity
140
150
292
328
Out-of-plan proprietary fixed, index annuities and registered index-linked annuities
450
554
904
951
Premiums and deposits(c)
$1,769
$1,976
$3,520
$3,800
Net Flows
$(5,552)
$(1,833)
$(7,419)
$(3,669)
(a)In-plan premium and deposits include sales of variable and fixed annuities as well as mutual funds for 403(b), 401(a), 457(b) and 401(k) plans.
(b)Includes inflows related to in-plan mutual funds of $781 million and $842 million for the three months ended June 30, 2026 and 2025, respectively, and $1.5 billion and
$1.6 billion for the six months ended June 30, 2026 and 2025, respectively.
(c)Excludes client deposits into advisory and brokerage accounts of $935 million and $744 million for the three months ended June 30, 2026 and 2025, respectively, and
$1.9 billion and $1.5 billion for the six months ended June 30, 2026 and 2025, respectively.
Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Comparison
Net flows remained negative and increased by $3.7 billion primarily due to $3.1 billion higher large plan surrenders, $377 million
higher other surrender and withdrawals and $207 million lower deposits.
Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 Comparison
Net flows remained negative and increased by $3.8 billion primarily due to $2.8 billion higher large plan surrenders, $604 million
higher other surrender and withdrawals and $280 million lower deposits.
Surrenders
The following table presents Group Retirement surrender rates:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
2026
2025
2026
2025
Surrender rates*
25.7%
13.2%
19.0%
12.9%
*Increase in surrender rates for three and six months ended June 30, 2026 is primarily driven by higher large plan surrenders.
The following table presents account value for Group Retirement annuities by surrender charge category:
(in millions)
June 30, 2026
December 31, 2025
No surrender charge(a)
$70,874
$69,257
Greater than 0% - 2%
1,511
1,532
Greater than 2% - 4%
1,272
1,238
Greater than 4%
7,249
7,030
Non-surrenderable
349
364
Total account value(b)(c)
$81,255
$79,421
(a)Group Retirement amounts in this category include account values in the general account of approximately $3.5 billion and $3.6 billion at June 30, 2026 and
December 31, 2025, respectively, which are subject to 20% annual withdrawal limitations at the participant level and account values in the general account of $4.4
billion and $4.6 billion at June 30, 2026 and December 31, 2025, respectively, which are subject to 20 percent annual withdrawal limitations at the plan level.
(b)Excludes mutual fund assets under administration of $30.8 billion and $31.9 billion at June 30, 2026 and December 31, 2025, respectively.
(c)Includes payout Immediate Annuities and funding agreements.
June 30, 2026 to December 31, 2025 Comparison
Group Retirement annuity deposits are typically subject to a four- to seven-year surrender charge period, depending on the product.
In addition, for annuity assets held within an employer defined contribution plan, participants can only withdraw funds in certain
circumstances without incurring tax penalties (for example, separation from service), regardless of surrender charges. At June 30,
2026, Group Retirement annuity account values with no surrender charge increased compared to December 31, 2025 primarily due to
an increase in assets under management driven by higher equity markets, partially offset by negative net flows.
Corebridge | Second Quarter 2026 Form 10-Q      105
TABLE OF CONTENTS
ITEM 2 | Business Segment Operations
Life Insurance
Life Insurance Results
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Adjusted Revenues:
Premiums
$382
$377
$743
$717
Policy fees
356
366
712
730
Net investment income:
Base portfolio income
325
329
650
661
Variable investment income (loss)
(1)
6
(2)
10
Net investment income
324
335
648
671
Other income
1
1
Total adjusted revenues
1,062
1,078
2,104
2,119
Benefits and expenses:
Policyholder benefits
652
650
1,300
1,286
Interest credited to policyholder account balances
79
84
157
164
Amortization of deferred policy acquisition costs
83
84
166
169
Non-deferrable insurance commissions
14
15
27
29
Advisory fee expenses
1
1
1
General operating expenses
122
111
245
229
Total benefits and expenses
950
945
1,896
1,878
Adjusted pre-tax operating income
$112
$133
$208
$241
Life Insurance Sources of Earnings
The following table presents the sources of earnings of the Life Insurance segment. We believe providing APTOI using this view is
useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Underwriting margin(a)
$331
$344
$647
$669
General operating expenses
(122)
(111)
(245)
(229)
Non-deferrable insurance commissions
(14)
(15)
(27)
(29)
Amortization of DAC
(83)
(84)
(166)
(169)
Other(b)
(1)
(1)
(1)
Adjusted pre-tax operating income
$112
$133
$208
$241
(a)Underwriting margin represents premiums, policy fees, net investment income and other income, less policyholder benefits and interest credited to policyholder
account balances. 
(b)Other primarily represents advisory fee expenses.
Financial Highlights
Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 APTOI Comparison
APTOI decreased $21 million, primarily due to:
unfavorable underwriting margin of $13 million, driven by lower variable investment income and less favorable mortality results;
and
higher general operating expenses of $11 million consistent with business growth and trends.
Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 APTOI Comparison
APTOI decreased $33 million, primarily due to:
unfavorable underwriting margin of $22 million, driven by lower variable investment income and less favorable mortality results;
and
higher general operating expenses of $16 million consistent with business growth and trends.
Corebridge | Second Quarter 2026 Form 10-Q      106
TABLE OF CONTENTS
ITEM 2 | Business Segment Operations
AUMA
The following table presents Life Insurance AUMA:
(in millions)
June 30, 2026
December 31, 2025
Total AUMA
$27,737
$27,752
June 30, 2026 to December 31, 2025 AUMA Comparison
AUMA decreased $15 million in the six months ended June 30, 2026 remaining relatively flat compared to the prior year-end.
Underwriting Margin
The following table presents Life Insurance underwriting margin:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Premiums
$382
$377
$743
$717
Policy fees
356
366
712
730
Net investment income
324
335
648
671
Other income
1
1
Policyholder benefits
(652)
(650)
(1,300)
(1,286)
Interest credited to policyholder account balances
(79)
(84)
(157)
(164)
Underwriting margin
$331
$344
$647
$669
Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Comparison and Six Months Ended
June 30, 2026 to Six Months Ended June 30, 2025 Comparison
See “Financial Highlights.”
Premiums and Deposits
Premiums and Deposits for Life Insurance represent amounts received on life and health policies. Premiums generally represent
amounts received on traditional life products, while deposits represent amounts received on universal life products.
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Traditional Life
$479
$475
$943
$934
Universal Life
391
393
777
790
Premiums and deposits
$870
$868
$1,720
$1,724
Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Comparison and Six Months Ended
June 30, 2026 to Six Months Ended June 30, 2025 Comparison
Premiums and deposits increased $2 million for the three months ended June 30, 2026, and decreased $4 million for the six months
ended June 30, 2026, remaining relatively flat for both traditional and universal life products when compared to prior year periods.
Corebridge | Second Quarter 2026 Form 10-Q      107
TABLE OF CONTENTS
ITEM 2 | Business Segment Operations
Institutional Markets
Institutional Markets Results
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Adjusted Revenues:
Premiums
$129
$25
$138
$525
Policy fees
51
51
103
101
Net investment income:
Base portfolio income
674
565
1,339
1,117
Variable investment income
5
89
38
126
Net investment income
679
654
1,377
1,243
Other income
1
1
2
Total adjusted revenues
859
731
1,619
1,871
Benefits and expenses:
Policyholder benefits
432
286
746
1,028
Interest credited to policyholder account balances
275
243
545
473
Amortization of deferred policy acquisition costs
6
4
11
8
Non-deferrable insurance commissions
5
5
10
10
General operating expenses
22
20
45
42
Total benefits and expenses
740
558
1,357
1,561
Adjusted pre-tax operating income
$119
$173
$262
$310
Institutional Markets Sources of Earnings
The following table presents the sources of earnings of the Institutional Markets segment. We believe providing APTOI using this view
is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Spread income(a)
$122
$173
$267
$305
Fee income(b)
17
16
34
31
Underwriting margin(c)
13
13
27
34
Non-deferrable insurance commissions
(5)
(5)
(10)
(10)
General operating expenses
(22)
(20)
(45)
(42)
Other
(6)
(4)
(11)
(8)
Adjusted pre-tax operating income
$119
$173
$262
$310
(a)Represents spread income on GIC, PRT and structured settlement products.
(b)Represents fee income on SVW products.
(c)Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement
variable annuity products.
Financial Highlights
Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 APTOI Comparison
APTOI decreased $54 million, primarily due to:
lower spread income of $51 million driven by $83 million lower variable investment income from private equity investments,
partially offset by higher base spread income, reflecting growth in the business.
Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 APTOI Comparison
APTOI decreased $48 million, primarily due to:
lower spread income of $38 million driven by $86 million lower variable investment income from private equity investments,
partially offset by higher base spread income, reflecting growth in the business; and
lower underwriting margin of $7 million driven by lower net investment income.
Corebridge | Second Quarter 2026 Form 10-Q      108
TABLE OF CONTENTS
ITEM 2 | Business Segment Operations
AUMA
The following table presents Institutional Markets AUMA:
(in millions)
June 30, 2026
December 31, 2025
SVW (AUA)
$49,194
$48,507
    GIC, PRT/assumed reinsurance and Structured settlements (AUM)
52,238
51,511
    All other (AUM)
8,437
7,879
Total AUMA
$109,869
$107,897
June 30, 2026 to December 31, 2025 AUMA Comparison
AUMA increased $2.0 billion, primarily due to premiums and deposits of GIC and Corporate Market products of $3.7 billion and
investment performance and other activity of $1.0 billion, partially offset by benefit payments on the GIC, PRT and structured
settlement products of $2.5 billion and net outflows of $253 million from SVW products.
Spread Income, Fee Income and Underwriting Margin
The following table presents Institutional Markets spread income, fee income and underwriting margin:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Premiums
$138
$34
$154
$542
Net investment income
644
617
1,308
1,168
Policyholder benefits
(413)
(262)
(706)
(987)
Interest credited to policyholder account balances
(247)
(216)
(489)
(418)
Total spread income(a)
$122
$173
$267
$305
SVW fees
$17
$16
$34
$31
Total fee income
$17
$16
$34
$31
Premiums
$(9)
$(9)
$(16)
$(17)
Policy fees (excluding SVW)
34
35
69
70
Net investment income
35
37
69
75
Other income
1
1
2
Policyholder benefits
(19)
(24)
(40)
(41)
Interest credited to policyholder account balances
(28)
(27)
(56)
(55)
Total underwriting margin(b)
$13
$13
$27
$34
(a)Represents spread income from GIC, PRT and structured settlement products.
(b)Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement
variable annuity products.
Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Comparison and Six Months Ended
June 30, 2026 to Six Months Ended June 30, 2025 Comparison
See “Financial Highlights.”
Premiums and Deposits
The following table presents the Institutional Markets premiums and deposits:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
PRT/assumed reinsurance
$105
$
$111
$469
GICs
1,848
1,024
2,859
2,349
Other*
652
111
701
259
Premiums and deposits
$2,605
$1,135
$3,671
$3,077
*Other principally consists of structured settlements and Corporate Markets products.
Corebridge | Second Quarter 2026 Form 10-Q      109
TABLE OF CONTENTS
ITEM 2 | Business Segment Operations
Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Comparison
Premiums and deposits increased compared to the prior year period by $1.5 billion, primarily due to higher deposits on new GICs of
$824 million, higher deposits on new Corporate Markets business of $573 million and higher premiums on new PRT business of $105
million.
Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 Comparison
Premiums and deposits increased compared to the prior year period by $594 million, primarily due to higher deposits on new GICs of
$510 million and higher deposits on new Corporate Markets business of $558 million, partially offset by lower premiums on new PRT
business of $358 million.
Corporate and Other
Corporate and Other primarily consists of interest expense on financial debt, parent expenses not attributable to other segments,
institutional asset management business, which includes managing assets for non-consolidated affiliates, results of our consolidated
investment entities, results of our legacy insurance lines ceded to Fortitude Re and intercompany eliminations.
Corporate and Other Results
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Adjusted Revenues:
Net investment income (loss)
$(14)
$7
$(15)
$19
Net realized gains (losses) on real estate investments
(11)
9
2
Other income
9
6
15
13
Total adjusted revenues
(5)
2
9
34
Benefits and expenses:
Policyholder benefits
11
Interest credited to policyholder account balances
(1)
Non-deferrable insurance commissions
1
1
1
General operating expenses:
Corporate and other
45
37
93
80
Asset management(a)
11
13
25
27
Total general operating expenses
56
50
118
107
Interest expense:
Corporate
114
114
227
239
Asset management and other
10
15
21
30
Total interest expense
124
129
248
269
Total benefits and expenses
180
179
367
388
Noncontrolling interest(b)
8
8
1
Adjusted pre-tax operating (loss)
$(185)
$(169)
$(350)
$(353)
(a)General operating expenses – Asset management primarily represent the costs to manage the investment portfolio for affiliates that are not included in the
consolidated financial statements of Corebridge.
(b)Noncontrolling interests represent the third-party or Corebridge affiliated interest in internally managed consolidated investment vehicles and are almost entirely offset
within net investment income, net realized gains (losses) and interest expense.
Corporate and Other Sources of Earnings
The following table presents the sources of earnings of the Corporate and Other segment. We believe providing APTOI using this
view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
June 30,
Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
June 30,
(in millions)
2026
2025
2026
2025
Corporate expenses
$(38)
$(32)
$(76)
$(67)
Interest expense on financial debt
(114)
(114)
(227)
(239)
Asset management
2
(3)
Consolidated investment entities
3
Other
(33)
(23)
(49)
(47)
Adjusted pre-tax operating (loss)
$(185)
$(169)
$(350)
$(353)
Corebridge | Second Quarter 2026 Form 10-Q      110
TABLE OF CONTENTS
ITEM 2 | Business Segment Operations
Financial Highlights
Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 APTOI Comparison
Adjusted pre-tax operating loss increased $16 million primarily due to lower net investment income and higher corporate expenses.
Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 APTOI Comparison
Adjusted pre-tax operating loss decreased $3 million primarily due to:
lower interest expense on financial debt of $12 million primarily driven by debt issuances in the third and fourth quarter of 2024 in
anticipation of debt maturities in April and July 2025.
Partially offset by:
higher corporate expenses of $9 million.
Corebridge | Second Quarter 2026 Form 10-Q      111
TABLE OF CONTENTS
ITEM 2 | Investments
Investments
OVERVIEW
We regularly run strategic asset allocations (“SAA”) both at the specific business level portfolio as well as the overall portfolio. This
SAA informs our investment strategies for each business operating unit. The SAA provides an asset mix that supports estimated cash
flows of our outstanding liabilities and provides diversification from asset class, sector issuer and geographic perspectives.
The primary objectives of our portfolio optimization are generation of investment income, preservation of capital, liquidity management
and growth of surplus. The majority of assets backing our insurance liabilities consist of fixed maturity securities, RMBS, CMBS,
CLOs, other ABS and fixed maturity securities issued by government-sponsored entities and corporate entities. At June 30, 2026, of
$239.6 billion of invested assets supporting our insurance operating companies, approximately 47% were in corporate debt securities.
Mortgage-backed securities (“MBS”), ABS and CLOs represent 32% of our fixed income securities, of which 99% were investment
grade. At December 31, 2025, of $239.3 billion of invested assets supporting our insurance operating companies, approximately 47%
were in corporate debt securities. MBS, ABS and CLOs represent 32% of our fixed income securities and 99% were investment
grade.
See “Business - Investment Managementin the 2025 Form 10-K for further information, including current and future management of
our investment portfolio.
Key Investment Strategies
Investment strategies are assessed at the segment level and the insurance subsidiary level and involve considerations that include
local and general market and economic conditions, duration and cash flow management, risk appetite and volatility constraints, rating
agency and regulatory capital considerations, tax, regulatory and legal investment limitations, and, as applicable, environmental,
social and governance considerations.
Some of our key investment strategies are as follows:
we adhere to a strong asset-liability management discipline;
we perform portfolio optimizations to determine strategic asset allocations. This informs portfolio construction that seeks
investments with similar characteristics to the associated liabilities to the extent practicable;
we seek to purchase investments that offer enhanced yield through illiquidity premiums, such as private placements and
commercial mortgage and residential loans, which also add portfolio diversification. These assets typically afford credit
protections through covenants, ability to customize structures that meet our insurance liability needs and deeper due diligence
and borrower transparency;
we seek investments that provide diversification from assets available in local markets. To the extent we purchase these
investments, we generally hedge any currency risk using derivatives, which could provide opportunities to earn higher risk-
adjusted returns compared to investments in the functional currency;
we have a highly functioning, hybrid-origination model. We are able to originate attractive assets from both our deeply
experienced internal teams as well as from our two major partners, Blackstone and BlackRock. This supports the growth of our
business segments;
we actively manage our assets and liabilities, counterparties and duration. Our liquidity sources are held primarily in the form of
cash, short-term investments and publicly traded, investment grade rated fixed maturity securities that can be readily monetized
through sales or repurchase agreements. Certain of our subsidiaries are members of the FHLBs in their respective districts, and
we borrow from the FHLB utilizing its funding agreement program. Borrowings from FHLBs are used to supplement liquidity or for
other uses deemed appropriate by management. This strategy allows us to both diversify our sources of liquidity and reduce the
cost of maintaining sufficient liquidity;
investments are generally split between reserve-backing and surplus portfolios:
insurance liabilities are backed mainly by investment grade fixed maturity securities that meet our duration, risk-return, tax
liquidity, credit quality and diversification objectives. We assess asset classes based on their fundamental underlying risk
factors, including credit (public and private), commercial real estate and residential real estate, regardless of whether such
investments are bonds, loans or structured products; and
surplus investments seek to enhance portfolio returns and are generally comprised of a mix of fixed maturity investment
grade and below investment grade securities and various alternative asset classes, including private equity, real estate
equity and hedge funds. Over the past few years, hedge fund investments have been reduced; and
we also utilize interest rate, credit and currency derivatives to manage our asset and liability duration as well as credit and
currency exposure.
Corebridge | Second Quarter 2026 Form 10-Q      112
TABLE OF CONTENTS
ITEM 2 | Investments
Asset-Liability Management
Our investment strategy is to invest in assets that generate net investment income to back policyholder benefit and deposit liabilities
that result in stable distributable earnings and enhance portfolio value, subject to asset-liability management, capital, liquidity and
regulatory constraints.
We use asset-liability management as a primary tool to monitor and manage interest rate and duration risk in our businesses. We
maintain a diversified, high quality portfolio of fixed maturity securities issued by corporations, municipalities and other governmental
agencies; structured securities collateralized by, among other assets, residential and commercial real estate; and commercial
mortgage loans that, to the extent practicable, match the duration characteristics of the liabilities. We seek to diversify the portfolio
across asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks. The investment portfolio of each product line is
tailored to the specific characteristics of its insurance liabilities, and as a result, duration varies between distinct portfolios. The interest
rate environment has a direct impact on the asset liability management profile of the businesses, and changes in the interest rate
environment may result in the need to lengthen or shorten the duration of the portfolio. In a rising rate environment, we may shorten
the duration of the investment portfolio.
In addition, we seek to enhance surplus portfolio returns through investments in a diversified portfolio of alternative investments.
Although these alternative investments are subject to earnings fluctuations, they have historically achieved accumulative returns over
time in excess of the fixed maturity portfolio returns.
Investment Portfolio
The following table presents carrying amounts of our total investments:
                                                               
(in millions)
Excluding Fortitude Re
Funds Withheld Assets
Fortitude Re Funds
Withheld Assets
Total
June 30, 2026
Bonds available-for-sale:
U.S. government and government-sponsored entities
$1,096
$249
$1,345
Obligations of states, municipalities and political subdivisions
3,428
561
3,989
Non-U.S. governments
3,719
209
3,928
Corporate debt
112,184
10,029
122,213
Mortgage-backed, asset-backed and collateralized:
RMBS
17,005
439
17,444
CMBS
8,786
273
9,059
CLO
8,705
41
8,746
ABS
22,210
505
22,715
Total mortgage-backed, asset-backed and collateralized
56,706
1,258
57,964
Total bonds available-for-sale
177,133
12,306
189,439
Other bond securities
387
4,915
5,302
Total fixed maturities
177,520
17,221
194,741
Equity securities
50
50
Mortgage and other loans receivable:
Residential mortgages
13,450
13,450
Commercial mortgages
33,739
2,562
36,301
Life insurance policy loans
1,365
295
1,660
Commercial loans, other loans and notes receivable
2,397
53
2,450
Total mortgage and other loans receivable(a)
50,951
2,910
53,861
Other invested assets(b)
9,512
1,802
11,314
Short-term investments
4,347
240
4,587
Total(c)
$242,380
$22,173
$264,553
Corebridge | Second Quarter 2026 Form 10-Q      113
TABLE OF CONTENTS
ITEM 2 | Investments
                                                               
(in millions)
Excluding Fortitude Re
Funds Withheld Assets
Fortitude Re Funds
Withheld Assets
Total
December 31, 2025
Bonds available-for-sale:
U.S. government and government-sponsored entities
$1,090
$247
$1,337
Obligations of states, municipalities and political subdivisions
3,915
571
4,486
Non-U.S. governments
4,270
217
4,487
Corporate debt
111,739
10,332
122,071
Mortgage-backed, asset-backed and collateralized:
RMBS
15,891
459
16,350
CMBS
8,959
348
9,307
CLO
9,038
54
9,092
ABS
21,740
511
22,251
Total mortgage-backed, asset-backed and collateralized
55,628
1,372
57,000
Total bonds available-for-sale
176,642
12,739
189,381
Other bond securities
425
4,982
5,407
Total fixed maturities
177,067
17,721
194,788
Equity securities
79
79
Mortgage and other loans receivable:
Residential mortgages
13,767
13,767
Commercial mortgages
33,733
2,682
36,415
Life insurance policy loans
1,392
302
1,694
Commercial loans, other loans and notes receivable
2,542
63
2,605
Total mortgage and other loans receivable(a)
51,434
3,047
54,481
Other invested assets(b)
8,317
1,918
10,235
Short-term investments
5,276
399
5,675
Total(c)
$242,173
$23,085
$265,258
(a)Net of total allowance for credit losses for $783 million and $727 million at June 30, 2026 and December 31, 2025, respectively.
(b)Other invested assets, excluding Fortitude Re funds withheld assets, include $6.4 billion and $6.3 billion of private equity funds as of June 30, 2026 and December 31,
2025, respectively, which are generally reported on a one-quarter lag.
(c)Includes the consolidation of approximately $4.7 billion and $5.1 billion of consolidated investment entities at June 30, 2026 and December 31, 2025, respectively.
Corebridge | Second Quarter 2026 Form 10-Q      114
TABLE OF CONTENTS
ITEM 2 | Investments
The following table presents carrying amounts of our total investments for our insurance operating subsidiaries excluding
the Fortitude Re funds withheld assets:
(in millions)
June 30, 2026
December 31, 2025
Bonds available-for-sale:
U.S. government and government-sponsored entities
$1,096
$1,089
Obligations of states, municipalities and political subdivisions
3,429
3,915
Non-U.S. governments
3,719
4,270
Corporate debt
112,984
112,537
Mortgage-backed, asset-backed and collateralized:
RMBS
17,515
16,406
CMBS
8,786
8,959
CLO
8,674
8,995
ABS
22,210
21,740
Total mortgage-backed, asset-backed and collateralized
57,185
56,100
Total bonds available-for-sale
178,413
177,911
Other bond securities
368
394
Total fixed maturities
178,781
178,305
Equity securities
49
78
Mortgage and other loans receivable:
Residential mortgages
12,084
12,305
Commercial mortgages
34,317
34,295
Commercial loans, other loans and notes receivable
2,522
2,600
Total mortgage and other loans receivable(a)(b)
48,923
49,200
Other invested assets
Hedge funds
55
68
Private equity(c)
5,832
5,725
Real estate investments
38
11
Other invested assets - All other
1,872
848
Total other invested assets
7,797
6,652
Short-term investments
4,012
5,043
Total(d)
$239,562
$239,278
(a)Does not reflect allowance for credit loss on mortgage loans of $729 million and $692 million at June 30, 2026 and December 31, 2025, respectively.
(b)Does not reflect policy loans of $1.4 billion and $1.4 billion at June 30, 2026 and December 31, 2025, respectively.
(c)Private equity funds are generally reported on a one-quarter lag.
(d)Excludes approximately $4.7 billion and $5.1 billion of consolidated investment entities as well as $2.5 billion and $2.9 billion of eliminations primarily between the
consolidated investment entities and the insurance operating companies at June 30, 2026 and December 31, 2025, respectively.
Corebridge | Second Quarter 2026 Form 10-Q      115
TABLE OF CONTENTS
ITEM 2 | Investments
Credit Ratings
At June 30, 2026, nearly all our fixed maturity securities were held by our U.S. entities and 95% of these securities were rated
investment grade by one or more of the principal rating agencies.
Moody’s, Standard & Poor’s Financial Services LLC (“S&P”), Fitch or similar foreign rating services rate a significant portion of our
foreign entities’ fixed maturity securities portfolio. Rating services are not available for some foreign-issued securities. Our
Investments team, with oversight from credit risk management, closely reviews the credit quality of the foreign portfolio’s non-rated
fixed maturity securities.
NAIC Designations of Fixed Maturity Securities
The Securities Valuation Office (“SVO”) of the NAIC evaluates the investments of U.S. insurers for statutory reporting purposes and
assigns fixed maturity securities to one of six categories called ‘NAIC Designations.’ In general, NAIC Designations of ‘1,’ highest
quality, or ‘2,’ high quality, include fixed maturity securities considered investment grade, while NAIC Designations of ‘3’ through ‘6’
generally include fixed maturity securities referred to as below investment grade. NAIC Designations for non-agency RMBS and
CMBS are calculated using third-party modeling results provided through the NAIC. These methodologies result in an improved NAIC
Designation for such securities compared to the rating typically assigned by the three major rating agencies. The following tables
summarize the ratings distribution of our subsidiaries’ fixed maturity security portfolio by NAIC Designation, and the distribution by
composite our credit rating, which is generally based on ratings of the three major rating agencies. As of June 30, 2026 and
December 31, 2025, 96% and 95%, respectively, of our fixed maturity security portfolio, excluding Fortitude Re funds withheld assets,
were investment grade. The fixed maturity security portfolio of our insurance operating subsidiaries, excluding the Fortitude Re funds
withheld assets, was 96% and 96% investment grade as of June 30, 2026 and December 31, 2025, respectively. The remaining
below investment grade securities that are not included in consolidated investment entities relate to middle market and high yield bank
loans securities.
The following tables present the fixed maturity security portfolio categorized by NAIC Designation, at fair value:
NAIC Designation Excluding Fortitude Re Funds
Withheld Assets
(in millions)
1
2
Total
Investment
Grade
3
4(a)
5(a)
6
Total Below
Investment
Grade
Total
June 30, 2026
Other fixed maturity securities
$51,128
$62,174
$113,302
$4,517
$2,170
$354
$158
$7,199
$120,501
Mortgage-backed, asset-backed
and collateralized
46,920
9,506
56,426
288
160
66
23
537
56,963
Total(b)
$98,048
$71,680
$169,728
$4,805
$2,330
$420
$181
$7,736
$177,464
Fortitude Re funds withheld assets
$17,221
Total fixed maturities
$194,685
December 31, 2025
Other fixed maturity securities
$52,407
$60,804
$113,211
$5,107
$2,279
$428
$81
$7,895
$121,106
Mortgage-backed, asset-backed
and collateralized
45,535
9,734
55,269
270
203
76
63
612
55,881
Total(b)
$97,942
$70,538
$168,480
$5,377
$2,482
$504
$144
$8,507
$176,987
Fortitude Re funds withheld assets
$17,721
Total fixed maturities
$194,708
(a)Includes $0 million and $1 million of consolidated CLOs that are rated NAIC 4 and 5, respectively, as of June 30, 2026 and $0 million and $1 million of NAIC 4 and 5
securities, respectively, as of December 31, 2025. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s
insurance subsidiaries.
(b)Excludes $56 million and $80 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2026 and December 31, 2025, respectively.
The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value, for our
insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:
(in millions)
June 30, 2026
December 31, 2025
NAIC 1
$98,557
$98,454
NAIC 2
72,483
71,341
NAIC 3
4,809
5,380
NAIC 4
2,332
2,484
NAIC 5 and 6
598
646
Total(a)(b)
$178,779
$178,305
a)Excludes approximately $39 million and $53 million of consolidated investment entities and $1.3 billion and $1.3 billion of eliminations primarily related to the
consolidated investment entities and the insurance operating subsidiaries at June 30, 2026 and December 31, 2025, respectively.
b)Excludes $2 million and $0 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2026 and December 31, 2025, respectively.
Corebridge | Second Quarter 2026 Form 10-Q      116
TABLE OF CONTENTS
ITEM 2 | Investments
Composite Corebridge Credit Ratings
With respect to our fixed maturity securities, the credit ratings in the table below and in subsequent tables reflect: (i) a composite of
the ratings of the three major rating agencies, or when agency ratings are not available, the rating assigned by the NAIC SVO (100%
of total fixed maturity securities), or (ii) our equivalent internal ratings when these investments have not been rated by any of the major
rating agencies or the NAIC. The “Non-rated” category in those tables consists of fixed maturity securities that have not been rated by
any of the major rating agencies, the NAIC or us.
The following tables present the fixed maturity security portfolio categorized by composite Corebridge credit rating (as
described below), at fair value:
Composite Corebridge Credit Rating
Excluding Fortitude Re Funds Withheld
Assets   
(in millions)
AAA/AA/A
BBB
Total
Investment
Grade
BB
B
CCC and
Lower
Total Below
Investment
Grade (a)(b)
Total
June 30, 2026
Other fixed maturity securities
$52,410
$61,130
$113,540
$4,117
$2,212
$632
$6,961
$120,501
Mortgage-backed, asset-backed
and collateralized
44,158
10,016
54,174
536
251
2,002
2,789
56,963
Total(c)
$96,568
$71,146
$167,714
$4,653
$2,463
$2,634
$9,750
$177,464
Fortitude Re funds withheld assets
$17,221
Total fixed maturities
$194,685
December 31, 2025
Other fixed maturity securities
$53,742
$59,819
$113,561
$4,758
$2,292
$495
$7,545
$121,106
Mortgage-backed, asset-backed
and collateralized
42,517
10,330
52,847
524
280
2,230
3,034
55,881
Total(c)
$96,259
$70,149
$166,408
$5,282
$2,572
$2,725
$10,579
$176,987
Fortitude Re funds withheld assets
$17,721
Total fixed maturities
$194,708
(a)Includes $2.0 billion and $2.2 billion at June 30, 2026 and December 31, 2025, respectively, of certain RMBS that had experienced deterioration in credit quality since
its origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.
(b)Includes $4 million of consolidated CLOs as of June 30, 2026 and $1 million as of December 31, 2025. These are assets of consolidated investment entities and do
not represent direct investment of Corebridge’s insurance subsidiaries.
(c)Excludes $56 million and $80 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2026 and December 31, 2025, respectively.
The following table presents the fixed maturity security portfolio categorized by composite Corebridge credit rating (as
described below), at fair value for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:
(in millions)
AAA/AA/A
BBB
Total
Investment
Grade
BB
B
CCC and
Lower
Total Below
Investment
Grade
Total
June 30, 2026
Other fixed maturity securities
$52,409
$61,930
$114,339
$4,117
$2,213
$629
$6,959
$121,298
Mortgage-backed, asset-backed
and collateralized
44,659
10,026
54,685
540
252
2,004
2,796
57,481
Total fixed maturities(a)(b)
$97,068
$71,956
$169,024
$4,657
$2,465
$2,633
$9,755
$178,779
December 31, 2025
Other fixed maturity securities
$53,740
$60,617
$114,357
$4,758
$2,291
$495
$7,544
$121,901
Mortgage-backed, asset-backed
and collateralized
43,026
10,340
53,366
527
281
2,230
3,038
56,404
Total fixed maturities(a)(b)
$96,766
$70,957
$167,723
$5,285
$2,572
$2,725
$10,582
$178,305
(a)Excludes approximately $39 million and $53 million of consolidated investment entities and $1.3 billion and $1.3 billion of eliminations primarily related to the
consolidated investment entities and the insurance operating subsidiaries at June 30, 2026 and December 31, 2025, respectively.
(b)  Excludes $2 million and $0 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2026 and December 31, 2025, respectively
For a discussion of credit risks associated with investments, see “Business—Investment ManagementCredit Risk in the 2025 Form
10-K.
Corebridge | Second Quarter 2026 Form 10-Q      117
TABLE OF CONTENTS
ITEM 2 | Investments
The following tables present the composite Corebridge credit ratings of our fixed maturity securities calculated based on
their fair value:
Available-for-Sale
Other Fixed Maturity Securities,
at Fair Value
Total
Excluding Fortitude Funds
Withheld Assets
(in millions)
June 30, 2026
December 31, 2025
June 30, 2026
December 31, 2025
June 30, 2026
December 31, 2025
Rating:
Other fixed maturity
securities*
AAA
$1,249
$1,288
$
$
$1,249
$1,288
AA
11,444
22,019
31
11,444
22,050
A
39,699
30,403
18
1
39,717
30,404
BBB
61,084
59,768
46
51
61,130
59,819
Below investment grade
6,769
7,532
9
9
6,778
7,541
Non-rated
182
4
1
183
4
Total
$120,427
$121,014
$74
$92
$120,501
$121,106
Mortgage-backed, asset-
backed and collateralized
AAA
$15,909
$10,723
$50
$10
$15,959
$10,733
AA
13,547
22,963
17
67
13,564
23,030
A
14,521
8,642
114
112
14,635
8,754
BBB
9,954
10,268
62
62
10,016
10,330
Below investment grade
2,742
2,982
45
46
2,787
3,028
Non-rated
33
50
25
36
58
86
Total
$56,706
$55,628
$313
$333
$57,019
$55,961
Total
AAA
$17,158
$12,011
$50
$10
$17,208
$12,021
AA
24,991
44,982
17
98
25,008
45,080
A
54,220
39,045
132
113
54,352
39,158
BBB
71,038
70,036
108
113
71,146
70,149
Below investment grade
9,511
10,514
54
55
9,565
10,569
Non-rated
215
54
26
36
241
90
Total
$177,133
$176,642
$387
$425
$177,520
$177,067
Available-for-Sale
Other Fixed Maturity Securities,
at Fair Value
Total
Fortitude Re Funds
Withheld Assets                                                                   
(in millions)
June 30, 2026
December 31, 2025
June 30, 2026
December 31, 2025
June 30, 2026
December 31, 2025
Rating:
Other fixed maturity
securities*
AAA
$332
$337
$20
$20
$352
$357
AA
2,120
2,799
602
1,038
2,722
3,837
A
4,196
3,660
572
232
4,768
3,892
BBB
4,120
4,269
1,664
1,524
5,784
5,793
Below investment grade
278
302
288
300
566
602
Non-rated
2
19
9
21
9
Total
$11,048
$11,367
$3,165
$3,123
$14,213
$14,490
Mortgage-backed, asset-
backed and collateralized
AAA
$231
$89
$120
$86
$351
$175
AA
249
583
147
571
396
1,154
A
258
122
678
375
936
497
BBB
271
268
772
769
1,043
1,037
Below investment grade
249
309
32
57
281
366
Non-rated
1
1
1
1
2
Total
$1,258
$1,372
$1,750
$1,859
$3,008
$3,231
Corebridge | Second Quarter 2026 Form 10-Q      118
TABLE OF CONTENTS
ITEM 2 | Investments
Available-for-Sale
Other Fixed Maturity Securities,
at Fair Value
Total
Fortitude Re Funds
Withheld Assets                                                                   
(in millions)
June 30, 2026
December 31, 2025
June 30, 2026
December 31, 2025
June 30, 2026
December 31, 2025
Rating:
Total
AAA
$563
$426
$140
$106
$703
$532
AA
2,369
3,382
749
1,609
3,118
4,991
A
4,454
3,782
1,250
607
5,704
4,389
BBB
4,391
4,537
2,436
2,293
6,827
6,830
Below investment grade
527
611
320
357
847
968
Non-rated
2
1
20
10
22
11
Total
$12,306
$12,739
$4,915
$4,982
$17,221
$17,721
Available-for-Sale
Other Fixed Maturity Securities,
at Fair Value
Total
Total
(in millions)
June 30, 2026
December 31, 2025
June 30, 2026
December 31, 2025
June 30, 2026
December 31, 2025
Rating:
Other fixed maturity
securities*
AAA
$1,581
$1,625
$20
$20
$1,601
$1,645
AA
13,564
24,818
602
1,069
14,166
25,887
A
43,895
34,063
590
233
44,485
34,296
BBB
65,204
64,037
1,710
1,575
66,914
65,612
Below investment grade
7,047
7,834
297
309
7,344
8,143
Non-rated
184
4
20
9
204
13
Total
$131,475
$132,381
$3,239
$3,215
$134,714
$135,596
Mortgage-backed, asset-
backed and collateralized
AAA
$16,140
$10,812
$170
$96
$16,310
$10,908
AA
13,796
23,546
164
638
13,960
24,184
A
14,779
8,764
792
487
15,571
9,251
BBB
10,225
10,536
834
831
11,059
11,367
Below investment grade
2,991
3,291
77
103
3,068
3,394
Non-rated
33
51
26
37
59
88
Total
$57,964
$57,000
$2,063
$2,192
$60,027
$59,192
Total
AAA
$17,721
$12,437
$190
$116
$17,911
$12,553
AA
27,360
48,364
766
1,707
28,126
50,071
A
58,674
42,827
1,382
720
60,056
43,547
BBB
75,429
74,573
2,544
2,406
77,973
76,979
Below investment grade
10,038
11,125
374
412
10,412
11,537
Non-rated
217
55
46
46
263
101
Total
$189,439
$189,381
$5,302
$5,407
$194,741
$194,788
*Consists of assets including U.S. government and government sponsored entities, obligations of states, municipalities and political subdivisions, non-U.S.
governments, and corporate debt.
Corebridge | Second Quarter 2026 Form 10-Q      119
TABLE OF CONTENTS
ITEM 2 | Investments
The following table presents the fair value of our aggregate credit exposures to non-U.S. governments for our fixed maturity
securities:
June 30, 2026
December 31, 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
France
$480
$19
$499
$471
$19
$490
Chile
407
22
429
481
23
504
Mexico
351
27
378
369
28
397
Indonesia
272
31
303
295
32
327
Saudi Arabia
179
19
198
195
19
214
Colombia
169
28
197
173
27
200
United Arab Emirates
160
1
161
199
1
200
Qatar
158
21
179
179
28
207
Panama
129
20
149
150
20
170
Norway
112
112
117
117
Other
1,302
95
1,397
1,641
95
1,736
Total*
$3,719
$283
$4,002
$4,270
$292
$4,562
*Includes bonds available-for-sale and other bond securities.
Investments in Corporate Debt Securities
The following table presents the industry categories of our available-for-sale corporate debt securities:
June 30, 2026
December 31, 2025
Fair Value
Fair Value
(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
Industry Category:
Financial institutions
$32,609
$1,918
$34,527
$33,605
$2,151
$35,756
Utilities
18,911
2,243
21,154
18,556
2,248
20,804
Communications
6,120
570
6,690
5,987
591
6,578
Consumer noncyclical
11,328
1,179
12,507
11,723
1,233
12,956
Capital goods
3,898
337
4,235
3,969
364
4,333
Energy
10,968
893
11,861
10,056
913
10,969
Consumer cyclical
6,455
417
6,872
6,404
410
6,814
Basic materials
4,221
251
4,472
4,170
250
4,420
Other
17,674
2,221
19,895
17,269
2,172
19,441
Total*
$112,184
$10,029
$122,213
$111,739
$10,332
$122,071
*94% and 94% of investments were rated investment grade at June 30, 2026 and December 31, 2025, respectively.
Corebridge | Second Quarter 2026 Form 10-Q      120
TABLE OF CONTENTS
ITEM 2 | Investments
Investments in RMBS
The following table presents our RMBS available-for-sale securities:
June 30, 2026
December 31, 2025
(in millions)
Fair Value
Percent of
Total
Fair Value
Percent of
Total
Agency RMBS
$5,579
33%
$4,097
25%
AAA
206
AA
5,373
4,097
A
BBB
Below investment grade
Non-rated
Alt-A RMBS
2,896
17%
3,113
20%
AAA
1,425
976
AA
89
652
A
67
51
BBB
37
34
Below investment grade
1,278
1,400
Non-rated
Sub-prime RMBS
928
5%
981
6%
AAA
68
32
AA
56
87
A
56
60
BBB
71
24
Below investment grade
677
778
Non-rated
Prime non-agency
3,433
20%
3,621
23%
AAA
2,409
2,249
AA
693
856
A
142
327
BBB
104
86
Below investment grade
85
100
Non-rated
3
Other housing related
4,169
25%
4,079
26%
AAA
2,640
2,614
AA
868
886
A
608
461
BBB
50
106
Below investment grade
3
12
Non-rated
Total RMBS excluding Fortitude Re funds withheld assets
17,005
100%
15,891
100%
Total RMBS Fortitude Re funds withheld assets
439
459
Total RMBS*
$17,444
$16,350
*Includes $2.0 billion and $2.2 billion at June 30, 2026 and December 31, 2025, respectively, of certain RMBS that had experienced deterioration in credit quality since
their origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.
Our underwriting principles for investing in RMBS, other ABS and CLOs take into consideration the quality of the originator, the
manager, the servicer, security credit ratings, underlying characteristics of the mortgages, borrower characteristics and the level of
credit enhancement in the transaction.
Corebridge | Second Quarter 2026 Form 10-Q      121
TABLE OF CONTENTS
ITEM 2 | Investments
Investments in CMBS
The following table presents our CMBS available-for-sale securities:
June 30, 2026
December 31, 2025
(in millions)
Fair Value
Percent of
Total
Fair Value
Percent of
Total
CMBS (traditional)
$7,804
89%
$7,923
88%
AAA
4,154
2,993
AA
1,045
2,634
A
1,147
939
BBB
939
914
Below investment grade
519
443
Non-rated
Agency
852
10%
878
10%
AAA
64
AA
788
878
A
BBB
Below investment grade
Non-rated
Other
130
1%
158
2%
AAA
27
35
AA
4
A
11
18
BBB
92
101
Below investment grade
Non-rated
Total excluding Fortitude Re funds withheld assets
8,786
100%
8,959
100%
Total Fortitude Re funds withheld assets
273
348
Total
$9,059
$9,307
The fair value of CMBS holdings increased slightly during the six months ended June 30, 2026. The majority of our investments in
CMBS are in tranches that contain substantial protection features through collateral subordination.
Corebridge | Second Quarter 2026 Form 10-Q      122
TABLE OF CONTENTS
ITEM 2 | Investments
Investments in ABS/CLOs
The following table presents our ABS/CLO available-for-sale securities by collateral type:
June 30, 2026
December 31, 2025
(dollars in millions)
Fair Value
Percent of
Total
Fair Value
Percent of
Total
CDO - bank loan (CLO)
$8,636
28%
$8,967
29%
AAA
2,585
992
AA
2,146
3,820
A
2,440
2,512
BBB
1,434
1,598
Below investment grade
Non-rated
31
45
CDO - other
69
%
71
%
AAA
20
20
AA
47
49
A
BBB
Below investment grade
Non-rated
2
2
ABS
22,210
72%
21,740
71%
AAA
2,312
812
AA
2,441
9,000
A
10,049
4,274
BBB
7,228
7,405
Below investment grade
180
249
Non-rated
Total excluding Fortitude Re funds withheld assets
30,915
100%
30,778
100%
Total Fortitude Re funds withheld assets
546
565
Total
$31,461
$31,343
Unrealized Losses of Fixed Maturity Securities
The following tables show the aging of the unrealized losses on available-for-sale fixed maturity securities, the extent to
which the fair value is less than amortized cost or cost, and the number of respective items in each category:
June 30, 2026
Less Than or Equal to
20% of Cost(b)
Greater Than 20% to
50% of Cost(b)
Greater Than
50% of Cost(b)
Total
Aging(a)
(dollars in millions)
Cost(c)
Unrealized
Loss(e)
Items(d)
Cost(c)
Unrealized
Loss(e)
Items(d)
Cost(c)
Unrealized
Loss(e)
Items(d)
Cost(c)
Unrealized
Loss(e)
Items(d)
Investment grade bonds
0-6 months
$39,669
$676
3,411
$874
$266
70
$38
$21
1
$40,581
$963
3,482
7-11 months
4,994
262
482
1,911
608
105
26
24
2
6,931
894
589
12 months or more
46,199
4,163
4,547
26,970
8,526
2,408
393
212
22
73,562
12,901
6,977
Total
90,862
5,101
8,440
29,755
9,400
2,583
457
257
25
121,074
14,758
11,048
Below investment grade
bonds
0-6 months
1,756
34
479
85
25
14
19
15
4
1,860
74
497
7-11 months
352
12
70
18
6
3
5
5
2
375
23
75
12 months or more
2,223
160
508
394
127
73
37
23
15
2,654
310
596
Total
4,331
206
1,057
497
158
90
61
43
21
4,889
407
1,168
Total bonds
0-6 months
41,425
710
3,890
959
291
84
57
36
5
42,441
1,037
3,979
7-11 months
5,346
274
552
1,929
614
108
31
29
4
7,306
917
664
12 months or more
48,422
4,323
5,055
27,364
8,653
2,481
430
235
37
76,216
13,211
7,573
Total excluding Fortitude
Re funds withheld assets
$95,193
$5,307
9,497
$30,252
$9,558
2,673
$518
$300
46
$125,963
$15,165
12,216
Total Fortitude Re funds
withheld assets
$14,292
$3,098
611
Total
$140,255
$18,263
12,827
Corebridge | Second Quarter 2026 Form 10-Q      123
TABLE OF CONTENTS
ITEM 2 | Investments
December 31, 2025
Less Than or Equal to
20% of Cost(b)
Greater Than 20% to
50% of Cost(b)
Greater Than
50% of Cost(b)
Total
Aging(a)
(dollars in millions)
Cost(c)
Unrealized
Loss(e)
Items(d)
Cost(c)
Unrealized
Loss(e)
Items(d)
Cost(c)
Unrealized
Loss(e)
Items(d)
Cost(c)
Unrealized
Loss(e)
Items(d)
Investment grade bonds
0-6 months
$15,680
$340
1,413
$2,066
$645
125
$32
$30
2
$17,778
$1,015
1,540
7-11 months
7,442
360
566
765
220
73
16
8
8,223
588
639
12 months or more
49,278
4,129
5,240
26,792
8,428
2,352
248
133
16
76,318
12,690
7,608
Total
72,400
4,829
7,219
29,623
9,293
2,550
296
171
18
102,319
14,293
9,787
Below investment grade
bonds
0-6 months
934
19
207
60
19
15
1
1
3
995
39
225
7-11 months
386
13
76
1
2
2
387
13
80
12 months or more
2,673
174
550
364
118
66
9
6
7
3,046
298
623
Total
3,993
206
833
425
137
83
10
7
12
4,428
350
928
Total bonds
0-6 months
16,614
359
1,620
2,126
664
140
33
31
5
18,773
1,054
1,765
7-11 months
7,828
373
642
766
220
75
16
8
2
8,610
601
719
12 months or more
51,951
4,303
5,790
27,156
8,546
2,418
257
139
23
79,364
12,988
8,231
Total excluding Fortitude
Re funds withheld assets
$76,393
$5,035
8,052
$30,048
$9,430
2,633
$306
$178
30
$106,747
$14,643
10,715
Total Fortitude Re funds
withheld assets
$14,498
$3,016
524
Total
$121,245
$17,659
11,239
(a)Represents the number of consecutive months that fair value has been less than amortized cost or cost by any amount.
(b)Represents the percentage by which fair value is less than amortized cost or cost at June 30, 2026 and December 31, 2025.
(c)For bonds, represents amortized cost net of allowance.
(d)Item count is by CUSIP by subsidiary.
(e)Includes MTM movement relating to embedded derivatives and fair value hedge basis adjustment.
The allowance for credit losses was $8 million and $3 million for investment grade bonds, and $152 million and $127 million for below
investment grade bonds as of June 30, 2026 and December 31, 2025, respectively.
Private Debt Investments
We invest in an array of private debt strategies, private debt consists of debt investments that are privately originated or privately
negotiated rather than broadly syndicated or traded in active public markets. At June 30, 2026, Corebridge had private debt
investments with a combined aggregate carrying value of $50.4 billion. As of June 30, 2026, 91% of our private debt portfolio had an
investment grade rating. Our below investment grade exposure is primarily concentrated in middle market loans, which represented
6.5% of the private debt portfolio as of June 30, 2026. For all other asset classes noted below, we generally invest in investment
grade assets and in senior tranches of structured securities.
The following table shows the composition of our private debt portfolio on an NAIC statutory accounting basis as of June
30, 2026.
(dollars in millions)
June 30, 2026
Corporate private placements(a)
$26,997
Infrastructure debt(b)
12,498
Private ABS(c)
7,671
Direct middle market lending(d)
3,280
Total
$50,446
(a)Corporate Private Placements – includes, the origination of direct or privately negotiated forms of debt to a corporation or entity and the origination of debt which has a
guarantee from a corporation or entity. The substantial majority of these investments are investment-grade.
(b)Infrastructure – direct or privately negotiated debt issued to facilitate investments in categories including, but not limited to, essential social, economic, physical and
digital assets. Some examples include investments in oil and gas pipelines, water pipelines, airports, roads, parking lots and data centers. Infrastructure investments
are generally senior secured project finance investments and senior unsecured corporate debt obligations.
(c)Private ABS – direct or privately negotiated debt that is securitized by underlying cash flows from specific pools of collateral. Some examples include aircraft leases,
music royalties, data center leases and oil and gas properties. The substantial majority of these investments are in the most senior tranches and investment-grade.
(d)Middle Market Lending – direct or privately negotiated debt issued to mid-sized companies (as measured by revenue or EBITDA) that are either unable to, or choose
not to, access the public debt or broadly syndicated loan market. These loans usually have a below investment grade rating.
Corebridge | Second Quarter 2026 Form 10-Q      124
TABLE OF CONTENTS
ITEM 2 | Investments
Change in Unrealized Gains and Losses on Investments
The change in net unrealized gains and losses on investments for the three and six months ended June 30, 2026, was primarily
attributable to a change in the fair value of fixed maturity securities. For the three months ended June 30, 2026, net unrealized gains
related to fixed maturity securities were $1.1 billion due to narrowing of credit spreads. For the six months ended June 30, 2026, net
unrealized losses were $1.5 billion due to higher interest rates, partially offset by narrowing of credit spreads.
The change in net unrealized gains and losses on investments for the three and six months ended June 30, 2025 was primarily
attributable to decreases in the fair value of fixed maturity securities. For the three months ended June 30, 2025, net unrealized gains
related to fixed maturity securities increased by $1.6 billion due primarily to narrowing of credit spreads. For the six months ended
June 30, 2025, net unrealized gains related to fixed maturity securities increased by $3.6 billion due primarily to narrowing of credit
spreads.
For further discussion of our investment portfolio, see Notes 4 and 5 to the Condensed Consolidated Financial Statements.
Commercial Mortgage Loans
At June 30, 2026 and December 31, 2025, we had direct commercial mortgage loan exposure of $36.9 billion and $37.0 billion,
respectively. At June 30, 2026 and December 31, 2025, we had an allowance for credit losses of $629 million and $594 million,
respectively.
The following tables present the commercial mortgage loan exposure by location and class of loan based on amortized
cost:
Number
of
Loans
Class
Total
Percent of
Total
Excluding Fortitude Re Funds
Withheld Assets
(dollars in millions)
Apartments
Offices
Retail
Industrial
Hotel
Others
June 30, 2026
State:
New York
73
$1,939
$3,090
$251
$557
$63
$
$5,900
17%
California
57
624
857
109
1,164
524
51
3,329
10%
New Jersey
47
1,514
4
266
954
20
2,758
8%
Florida
51
784
102
432
671
490
58
2,537
7%
Texas
41
820
444
341
200
17
177
1,999
6%
Massachusetts
18
350
799
511
29
1,689
5%
Colorado
18
512
41
200
234
110
1,097
3%
Illinois
20
324
311
2
350
57
1,044
3%
Pennsylvania
20
187
161
161
378
887
3%
Ohio
14
57
50
538
645
2%
Other States
113
2,637
104
507
1,882
246
87
5,463
16%
Foreign
57
3,014
1,008
880
1,317
422
328
6,969
20%
Total*
529
$12,762
$6,921
$3,710
$8,274
$1,872
$778
$34,317
100%
Fortitude Re funds withheld
assets
$2,613
Total Commercial Mortgages
$36,930
Corebridge | Second Quarter 2026 Form 10-Q      125
TABLE OF CONTENTS
ITEM 2 | Investments
Number
of
Loans
Class
Total
Percent of
Total
Excluding Fortitude Re Funds
Withheld Assets
(dollars in millions)
Apartments
Offices
Retail
Industrial
Hotel
Others
December 31, 2025
State:
New York
74
$1,797
$3,163
$283
$561
$63
$
$5,867
17%
California
59
628
851
138
1,170
560
52
3,399
10%
New Jersey
55
1,590
5
268
737
20
2,620
8%
Florida
51
827
104
447
602
490
58
2,528
7%
Texas
42
807
394
453
195
17
178
2,044
6%
Massachusetts
19
351
1,021
517
30
1,919
6%
Colorado
15
418
41
87
251
111
908
2%
Illinois
20
325
321
2
184
57
889
2%
Pennsylvania
20
179
157
163
380
879
3%
Ohio
14
58
52
539
649
2%
Other States
118
2,698
122
568
1,726
320
81
5,515
16%
Foreign
61
2,985
1,052
983
1,297
429
332
7,078
21%
Total*
548
$12,663
$7,231
$3,961
$7,672
$1,990
$778
$34,295
100%
Fortitude Re funds withheld
assets
$2,714
Total Commercial Mortgages
$37,009
*Does not reflect allowance for credit losses.
The following tables present debt service coverage ratios and loan-to-value ratios for commercial mortgages:
Debt Service Coverage Ratios(a)
(in millions)
>1.20X
1.00X -
1.20X
<1.00X
Total
June 30, 2026
Loan-to-value ratios(b)
Less than 65%
$22,539
$1,456
$108
$24,103
65% to 75%
6,851
873
43
7,767
76% to 80%
224
475
699
Greater than 80%
891
154
703
1,748
Total commercial mortgages excluding Fortitude Re(c)
$30,505
$2,958
$854
$34,317
Total commercial mortgages including Fortitude Re
$2,613
Total commercial mortgages
$36,930
December 31, 2025
Loan-to-value ratios(b)
Less than 65%
$22,122
$1,509
$126
$23,757
65% to 75%
7,202
953
8,155
76% to 80%
104
481
585
Greater than 80%
886
165
747
1,798
Total commercial mortgages excluding Fortitude Re(c)
$30,314
$3,108
$873
$34,295
Total commercial mortgages including Fortitude Re
$2,714
Total commercial mortgages
$37,009
(a)The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt
service coverage ratio was 1.9X at both periods ended June 30, 2026 and December 31, 2025, respectively. The debt service coverage ratios are updated when
additional relevant information becomes available.
(b)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our
weighted average loan-to-value ratio was 61% and 60% at both periods ended June 30, 2026 and December 31, 2025, respectively. The loan-to-value ratios have
been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent
appraisals, generally at least once per year.
(c)Does not reflect allowance for credit losses.
Corebridge | Second Quarter 2026 Form 10-Q      126
TABLE OF CONTENTS
ITEM 2 | Investments
Residential Mortgage Loans
At June 30, 2026 and December 31, 2025, we had direct residential mortgage loan exposure of $13.5 billion and $13.8 billion,
respectively.
The following tables present credit quality performance indicators for residential mortgages by year of vintage:
June 30, 2026
(in millions)
2026
2025
2024
2023
2022
Prior
Total
FICO:(a)
780 and greater
$31
$732
$968
$524
$600
$3,361
$6,216
720 - 779
68
1,155
1,638
859
498
1,021
5,239
660 - 719
16
311
553
261
159
482
1,782
600 - 659
9
24
166
199
Less than 600
8
19
76
103
Total residential mortgages(b)(c)
$115
$2,198
$3,159
$1,661
$1,300
$5,106
$13,539
December 31, 2025
(in millions)
2025
2024
2023
2022
2021
Prior
Total
FICO:(a)
780 and greater
$595
$974
$570
$616
$2,129
$1,384
$6,268
720 - 779
1,044
1,740
926
529
509
543
5,291
660 - 719
287
578
292
180
125
349
1,811
600 - 659
107
54
17
28
15
158
379
Less than 600
5
12
7
66
90
Total residential mortgages(b)(c)
$2,033
$3,346
$1,810
$1,365
$2,785
$2,500
$13,839
(a)Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated
within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On June 30,
2026 and December 31, 2025 residential loans direct to consumers totaled $7.4 billion and $7.8 billion, respectively.
(b)There are no residential mortgage loans under Fortitude Re funds withheld assets.
(c)Does not include allowance for credit losses.
For additional discussion on credit losses, see Note 5 and for additional discussion on commercial mortgage loans, see Note 6 to the
Condensed Consolidated Financial Statements.
Net Realized Gains and 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 June 30,
Sales of fixed maturity securities
$(59)
$
$(59)
$(513)
$(5)
$(518)
Intent to Sell(a)
(250)
(250)
Change in allowance for credit losses on fixed maturity securities
(80)
(1)
(81)
(41)
(4)
(45)
Change in allowance for credit losses on loans
(30)
(7)
(37)
14
5
19
Foreign exchange transactions, net of related hedges
(80)
(1)
(81)
(445)
(3)
(448)
Index-linked interest credited embedded derivatives, net of related hedges
(154)
(154)
(248)
(248)
All other derivatives and hedge accounting(b)
204
(16)
188
(172)
(21)
(193)
Sales of alternative investments and real estate
(3)
(1)
(4)
(9)
(2)
(11)
Other
(11)
1
(10)
(30)
(30)
Net realized losses – excluding Fortitude Re funds withheld embedded
derivative
(213)
(25)
(238)
(1,694)
(30)
(1,724)
Net realized losses on Fortitude Re funds withheld embedded derivative
(316)
(316)
(251)
(251)
Net realized losses
$(213)
$(341)
$(554)
$(1,694)
$(281)
$(1,975)
Corebridge | Second Quarter 2026 Form 10-Q      127
TABLE OF CONTENTS
ITEM 2 | Investments
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
Six Months Ended June 30,
Sales of fixed maturity securities
$(245)
$(13)
$(258)
$(654)
$(20)
$(674)
Intent to Sell
(60)
(60)
(250)
(250)
Change in allowance for credit losses on fixed maturity securities
(136)
(1)
(137)
(61)
(12)
(73)
Change in allowance for credit losses on loans
(52)
(18)
(70)
(2)
3
1
Foreign exchange transactions, net of related hedges
120
6
126
(566)
10
(556)
Index-linked interest credited embedded derivatives, net of related hedges
(195)
(195)
(536)
(536)
All other derivatives and hedge accounting*
26
(4)
22
(416)
16
(400)
Sales of alternative investments and real estate
4
(8)
(4)
3
(4)
(1)
Other
(4)
(8)
(12)
(34)
(19)
(53)
Net realized losses – excluding Fortitude Re funds withheld embedded
derivative
(542)
(46)
(588)
(2,516)
(26)
(2,542)
Net realized losses on Fortitude Re funds withheld embedded derivative
(302)
(302)
(847)
(847)
Net realized losses
$(542)
$(348)
$(890)
$(2,516)
$(873)
$(3,389)
*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 to the
Condensed Consolidated Financial Statements.
Lower net realized losses, excluding Fortitude Re funds withheld assets, in the three and six months ended June 30, 2026, compared
to same period in the prior year, were primarily due to gain on derivatives and foreign exchange transactions in the current period
compared to losses on derivatives and foreign exchange transactions in the same period in the prior year.
Index-linked interest credited embedded derivatives, net of related hedges, reflected lower losses in the three and six months ended
June 30, 2026 compared to the same period in the prior year. Fair value gains or losses in the hedging portfolio are typically not fully
offset by increases or decreases in liabilities due to the non-performance or “own credit” risk adjustment used in the valuation of
index-linked interest credited embedded derivatives, which are not hedged as part of our economic hedging program, and other risk
margins used for valuation that cause the embedded derivatives to be less sensitive to changes in market rates than the hedge
portfolio.
Net realized gains (losses) on Fortitude Re funds withheld assets primarily reflect changes in the valuation of the modified
coinsurance and funds withheld assets. Increases in the valuation of these assets result in losses to Corebridge as the appreciation
on the assets under those reinsurance arrangements must be transferred to Fortitude Re. Decreases in valuation of the assets result
in gains to Corebridge as the depreciation on the assets under those reinsurance agreements must be transferred to Fortitude Re.
For further discussion of our investment portfolio, see Note 5 to the Condensed Consolidated Financial Statements.
Other Invested Assets
We seek to enhance returns through investment in a diversified portfolio of alternative asset classes, including private equity, real
estate equity and hedge funds.
The following table presents the carrying value of our other invested assets by type:
June 30, 2026
December 31, 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
Alternative investments(a)
$6,463
$1,716
$8,179
$6,323
$1,800
$8,123
Investment real estate(b)
918
86
1,004
867
118
985
All other investments(c)
2,131
2,131
1,127
1,127
Total
$9,512
$1,802
$11,314
$8,317
$1,918
$10,235
(a)At June 30, 2026, included hedge funds of $96 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)Net of accumulated depreciation of $443 million and $406 million as of June 30, 2026 and December 31, 2025, respectively.
(c)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 June 30, 2026 and December 31, 2025, respectively.
Corebridge | Second Quarter 2026 Form 10-Q      128
TABLE OF CONTENTS
ITEM 2 | Investments
Derivatives and Hedge Accounting
We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment
operations. Interest rate derivatives (such as interest rate swaps and bond forwards) are used to manage interest rate risk associated
with both embedded derivatives and MRBs contained in insurance contract liabilities and fixed maturity securities as well as other
interest rate sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used
to economically mitigate risk associated with foreign denominated investments, net capital exposures and foreign currency
transactions. Equity derivatives (such as equity futures, swaps and options) are used to mitigate financial risk embedded in certain
insurance liabilities. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the
exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative instruments with respect to
investment operations, which may include, among other things, credit default swaps (“CDS”) and purchases of investments with
embedded derivatives, such as equity linked notes and convertible bonds.
We designated certain derivatives entered into with related parties as fair value hedges of available-for-sale investment securities held
by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross-currency swaps designated as
hedges of the change in fair value of foreign currency denominated available-for-sale securities attributable to changes in foreign
exchange rates. We also designated certain interest rate swaps entered into with both third parties and related parties as fair value
hedges of fixed rate GICs and commercial mortgage loans attributable to changes in benchmark interest rates.
Credit risk associated with derivative counterparties exists for a derivative contract when that contract has a positive fair value to us.
The maximum potential exposure may increase or decrease during the life of the derivative commitments as a function of maturity and
market conditions. All derivative transactions must be transacted within counterparty limits.
We utilize various credit enhancements, including guarantees, collateral, credit triggers and margin agreements, to reduce the credit
risk related to outstanding financial derivative transactions. We require credit enhancements in connection with specific transactions
based on, among other things, the creditworthiness of the counterparties and the transaction size and maturity. Furthermore, we enter
into certain agreements that have the benefit of set-off and close-out netting provisions, such as ISDA Master Agreements. These
provisions provide that, in the case of an early termination of a transaction, we can set off receivables from a counterparty against
payables to the same counterparty arising out of all covered transactions. As a result, where a legally enforceable netting agreement
exists, the fair value of the transaction with the counterparty represents the net sum of estimated fair values.
For additional information on embedded derivatives, see Notes 4 and 9 to the Condensed Consolidated Financial Statements.
The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in
the Condensed Consolidated Balance Sheets:
June 30, 2026
December 31, 2025
Gross Derivative
Assets
Gross Derivative
Liabilities
Gross Derivative
Assets
Gross Derivative
Liabilities
(in millions)
Notional
Amount
Fair Value
Notional
Amount
Fair Value
Notional
Amount
Fair Value
Notional
Amount
Fair Value
Derivatives designated as hedging
instruments(a)
Interest rate contracts
$7,990
$292
$14,297
$443
$11,987
$364
$9,734
$234
Foreign exchange contracts
6,768
369
2,936
166
3,855
252
8,128
236
Derivatives not designated as hedging
instruments(a)
Interest rate contracts
24,663
642
21,920
1,485
19,672
552
25,397
1,399
Foreign exchange contracts
9,786
543
5,763
298
6,139
459
6,847
318
Equity contracts
75,268
10,042
75,833
6,197
66,780
8,388
64,855
4,900
Credit contracts(b)
20,775
418
21,950
17
Other contracts(c)
49,978
15
44
1
49,020
14
212
4
Total derivatives, excluding Fortitude
Re funds withheld
$195,228
$12,321
$142,743
$8,607
$157,453
$10,029
$115,173
$7,091
Total derivatives, Fortitude Re funds
withheld
$
$
$
$
$
$
$
$
Total derivatives, gross(d)
$195,228
$12,321
$142,743
$8,607
$157,453
$10,029
$115,173
$7,091
Counterparty netting(e)
(7,501)
(7,501)
(6,106)
(6,106)
Cash collateral(f)
(3,844)
(828)
(3,482)
(686)
Total derivatives on Condensed
Consolidated Balance Sheets(g)
$976
$278
$441
$299
(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.
(b)Includes written credit default swaps linked to certain actively traded indices. In the case of a credit event, the maximum future payment is limited to the constituent’s
representation within the index.
Corebridge | Second Quarter 2026 Form 10-Q      129
TABLE OF CONTENTS
ITEM 2 | Investments
(c)Consists primarily of SVWs and contracts with multiple underlying exposures.
(d)Includes $13.9 billion and $20.5 billion of notional amounts associated with reinsurance agreements at June 30, 2026 and December 31, 2025.
(e)Represents netting of derivative exposures covered by a qualifying master netting agreement.
(f)Represents cash collateral posted and received that is eligible for netting.
(g)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities,
respectively. All derivative transactions are with third parties. Fair value of assets related to bifurcated embedded derivatives was zero at both June 30, 2026 and
December 31, 2025. Fair value of liabilities related to bifurcated embedded derivatives was $17.6 billion and $16.0 billion, respectively, at June 30, 2026 and
December 31, 2025. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded
derivatives are primarily related to guarantee features in fixed index annuities and index universal life contracts, which include equity and interest rate components,
bonds available-for-sale and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7 to the Condensed Consolidated Financial
Statements.
For additional information, see Note 9 to the Condensed Consolidated Financial Statements.
Corebridge | Second Quarter 2026 Form 10-Q      130
TABLE OF CONTENTS
ITEM 2 | Liquidity and Capital Resources
Liquidity and Capital Resources
OVERVIEW
Liquidity is defined as cash and unencumbered assets that can be monetized in a short period of time at a reasonable cost. In
addition to the on-balance-sheet liquid assets, liquidity resources include availability under committed bank credit facilities.
Capital refers to the long-term financial resources available to support the operation of our businesses, fund business growth, and
cover financial and operational needs that arise from adverse circumstances.
We aim to manage our liquidity and capital resources prudently through a well-defined risk management framework that involves
various target operating thresholds, as well as minimum requirements during periods of stress.
We believe that we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations to
policyholders, customers, creditors and debt-holders, including those arising from reasonably foreseeable contingencies or events.
For a discussion regarding risks associated with liquidity and capital, see “Risk Factors—Risks Relating to Our Investment Portfolio,
Liquidity, Capital and Credit in the 2025 Form 10-K.
LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE PARENT AND INTERMEDIATE HOLDING
COMPANIES
As of June 30, 2026 and December 31, 2025, Corebridge Parent and its non-regulated intermediate holding companies (“Corebridge
Hold Cos.”) had $4.4 billion and $5.3 billion, respectively, in liquidity sources. These liquidity sources were primarily held in the form of
cash and short-term investments and included a $3.0 billion and $3.0 billion committed revolving credit facility as of June 30, 2026
and December 31, 2025, respectively. Corebridge Hold Cos.’ primary sources of liquidity are dividends, loans and other payments
from subsidiaries, sales of businesses and credit facilities. Corebridge Hold Cos.’ primary uses of liquidity are for debt service, capital
and liability management, and operating expenses.
Corebridge Parent expects to maintain liquidity that is sufficient to at least cover one year of its expenses. We expect that the
Corebridge Hold Cos. may access the debt and equity markets from time to time to meet funding requirements as needed.
We utilize our capital resources to support our businesses, with the majority of capital held by our insurance businesses. Corebridge
Hold Cos. intend to manage capital between Corebridge Hold Cos. and our insurance companies through internal, Board-approved
policies as well as management standards. Nevertheless, regulatory and other legal restrictions could limit our ability to transfer
capital freely, either to or from our subsidiaries.
As of June 30, 2026, Corebridge Parent and certain of our subsidiaries were parties to several letter of credit agreements with various
financial institutions which issue letters of credit from time to time in support of our subsidiaries (primarily, insurance companies) which
totaled $276 million and $276 million at June 30, 2026 and December 31, 2025, respectively.
The following table presents Corebridge Hold Cos.’ liquidity sources:
June 30,
December 31,
(in millions)
2026
2025
Cash and short-term investments
$1,439
$2,319
Total Corebridge Hold Cos. liquidity
1,439
2,319
  Available capacity under committed, revolving credit facility
3,000
3,000
Total Corebridge Hold Cos. liquidity sources
$4,439
$5,319
COREBRIDGE HOLD COS. LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS
SOURCES
Liquidity to Corebridge Parent from Subsidiaries
During the three and six months ended June 30, 2026, Corebridge Hold Cos. received $475 million and $1.4 billion in dividends from
subsidiaries, the six months ended June 30, 2026 includes dividends sourced from a portion of the proceeds received from the
reinsurance agreement with CSLR.
Corebridge | Second Quarter 2026 Form 10-Q      131
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ITEM 2 | Liquidity and Capital Resources
USES
Interest Payments
We made interest payments on our debt instruments totaling $155 million and $237 million, respectively, during the three and six
months ended June 30, 2026.
Dividends
During the three and six months ended June 30, 2026, we paid cash dividends totaling $112 million and $226 million, respectively,
consisting of a quarterly dividend of $0.25 per share of Corebridge Parent common stock.
During the three and six months ended June 30, 2026, we paid cash dividends totaling $18 million, consisting of a semi-annual
dividend of $36.86 per share of Corebridge Parent preferred stock.
Repurchase of Common Stock
During the three and six months ended June 30, 2026, we repurchased approximately 11 million and 52 million of shares of
Corebridge Parent common stock, for an aggregate purchase price of approximately $300 million and $1.6 billion.
For additional information, see Note 16 to the Condensed Consolidated Financial Statements.
Contributions
During the three and six months ended June 30, 2026, Corebridge Hold Cos. made capital contributions totaling $75 million and $150
million to CRBG Bermuda.
LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE INSURANCE SUBSIDIARIES
Insurance Companies
We believe that our insurance companies have sufficient liquidity and capital resources to satisfy reasonably foreseeable future
liquidity requirements and meet their obligations, including those arising from reasonably foreseeable contingencies or events,
through cash from operations and, to the extent necessary, monetization of invested assets. Our insurance companies’ liquidity
resources are primarily held in the form of cash, short-term investments and publicly traded, investment grade-rated fixed maturity
securities.
The liquidity of each of our material insurance companies is monitored through various internal liquidity risk measures. The primary
sources of liquidity are premiums, deposits, fees, reinsurance recoverables, investment income and maturities. The primary uses of
liquidity are paid losses, reinsurance payments, benefit claims, surrenders, withdrawals, interest payments, dividends, expenses,
investment purchases and collateral requirements.
Certain of our U.S. insurance companies are members of the FHLBs in their respective districts. Our borrowings from FHLBs are non-
puttable and are used to supplement liquidity or for other uses deemed appropriate by management. Our U.S. insurance companies
had $6.1 billion which were due to FHLBs in their respective districts at June 30, 2026, under funding agreements which were
reported in policyholder contract deposits. These investment contracts do not have mortality or morbidity risk. Proceeds from funding
agreements are generally invested in investments intended to generate spread income. In addition, our U.S. insurance companies
had no outstanding borrowings in the form of cash advances from FHLBs at June 30, 2026.
Certain of our U.S. insurance companies have securities lending programs that lend securities from their investment portfolios to
supplement liquidity or for other uses deemed appropriate by management. Under these programs, these U.S. insurance companies
lend securities to financial institutions and receive cash as collateral equal to 102% of the fair value of the loaned securities. Cash
collateral received is kept in cash or invested in short-term investments or used for short-term liquidity purposes.
The aggregate amount of securities that a U.S. insurance company can lend under its program at any time is limited to 5% of its
general account statutory-basis admitted assets. Our U.S. insurance companies had $2.3 billion and $3.4 billion of securities subject
to these agreements at June 30, 2026 and December 31, 2025 and $2.4 billion and $3.3 billion liabilities to borrowers for collateral
received at June 30, 2026 and December 31, 2025.
We manage the capital of our Life Fleet RBC ratio targeting above 400%. AGC serves as an affiliate reinsurance company. The
surplus of AGC is comprised predominantly of the statutory surplus of the Life Fleet. Given that AGC has no primary operations
outside of this internal reinsurance, we believe that excluding AGC from the Life Fleet RBC ratio calculation presents a more accurate
view of the overall capital position of our U.S. operating entities. Our Life Fleet RBC ratio was above our minimum target Life Fleet
RBC ratio of 400% as of December 31, 2025.
Corebridge | Second Quarter 2026 Form 10-Q      132
TABLE OF CONTENTS
ITEM 2 | Liquidity and Capital Resources
Dividend Restrictions
Payments of dividends to Corebridge Hold Cos. by our U.S. insurance subsidiaries are subject to certain restrictions imposed by laws
and regulations of their respective states of domicile. With respect to our domestic insurance subsidiaries, the payment of a dividend
may require formal notice to the insurance department of the state in which the particular insurance subsidiary is domiciled, and prior
approval of such insurance regulator is required when the amount of the dividend is above certain regulatory thresholds. See
Business — Regulation — U.S. Regulation — State Insurance Regulation in the 2025 Form 10-K. Bermuda law also restricts the
ability of CRBG Bermuda to pay dividends.
To our knowledge, no Corebridge insurance company is currently on any regulatory or similar “watch list” with regard to solvency.
ANALYSIS OF SOURCES AND USES OF CASH
Our primary sources and uses of liquidity are summarized as follows:
Six Months Ended June 30,
(in millions)
2026
2025
Sources:
Operating activities, net
$
$116
Net changes in policyholder account balances
3,648
7,780
Issuance of debt of consolidated investment entities
79
52
Contributions from noncontrolling interests
8
38
Financing other, net
64
70
Net change in securities lending and repurchase agreements
Total Sources
3,799
8,056
Uses:
Operating activities, net
(53)
Investing activities, net
(968)
(6,545)
Repayments of debt of consolidated investment entities
(113)
(105)
Repayments of short-term debt
(1,000)
Distributions to noncontrolling interests
(32)
(32)
Dividends paid on common stock
(226)
(264)
Dividends paid on preferred stock
(18)
Net change in securities lending and repurchase agreements
(934)
(5)
Repurchase of common stock
(1,550)
(632)
Effect of exchange rate changes on cash and restricted cash
(1)
Total Uses
(3,894)
(8,584)
Net increase (decrease) in cash and cash equivalents
$(95)
$(528)
Operating Activities
Cash inflows from operating activities primarily include insurance premiums, fees and investment income. Cash outflows from
operating activities primarily include benefit payments, general operating expenses and servicing of debt. Operating cash flow will
fluctuate based on the timing of premiums received and benefit payments to policyholders, as well as other core business activities.
Investing Activities
Cash inflows from investing activities primarily include sales and maturities of underlying assets, mainly fixed maturities available-for-
sale and principal payments on mortgage and other loans. The primary cash outflows for investing activities relate to the purchases of
new securities, mainly fixed maturities available-for-sale.
Financing Activities
Cash inflows from financing activities primarily include policyholder deposits on investment-type contracts, issuances of debt and
inflows from the settlement of securities lending and repurchase agreements. Cash outflows primarily relate to policyholder withdrawal
activity on investment-type contracts, repayments of debt of consolidated investment entities, repayments of short and long-term debt,
repurchases of common stock, issuance of preferred stock, shareholder dividends, distributions to noncontrolling interests and
outflows for the settlement of securities lending and repurchase agreements.
CONTRACTUAL OBLIGATIONS
As of June 30, 2026, there have been no material changes in our contractual obligations from December 31, 2025, a description of
which may be found in “Management’s Discussion and Analysis of Financial Condition and Results of OperationLiquidity and
Capital Resources Contractual Obligations” in the 2025 Form 10-K.
Corebridge | Second Quarter 2026 Form 10-Q      133
TABLE OF CONTENTS
ITEM 2 | Liquidity and Capital Resources
SHORT-TERM AND LONG-TERM DEBT
We expect to repay the short-term and long-term debt maturities and interest accrued on these borrowings through cash flows
generated from invested assets, future cash flows from operations, and future debt and other financing arrangements.
The following tables provide the rollforward of our total debt outstanding:
(in millions)
Maturity
Date(s)
Balance at
December 31, 2025
Issuances
Maturities
and
Repayments
Other
Changes
Balance at June
30, 2026
Current portion of long-term debt:
Senior unsecured notes*
2027
$
$
$
$1,250
$1,250
Total short-term debt
1,250
1,250
Long-term debt issued by Corebridge:
Senior unsecured notes
2029 - 2052
$6,750
$
$
$(1,250)
$5,500
Hybrid junior subordinated notes
2052 - 2064
2,350
2,350
Long-term debt issued by Corebridge
subsidiaries:
CRBGLH notes
2029
99
99
CRBGLH junior subordinated debentures
2030 - 2046
227
227
Total long-term debt
9,426
(1,250)
8,176
Debt issuance costs
(67)
3
(64)
Total long-term debt, net of debt issuance
costs
9,359
(1,247)
8,112
Total debt, net of issuance costs
$9,359
$
$
$3
$9,362
*Represents $1.25 billion of 3.65% senior notes that will mature on April 5, 2027.
REVOLVING CREDIT AGREEMENT
On March 26, 2025, Corebridge Parent entered into the Revolving Credit Agreement (the “2025 Revolving Credit Agreement”). The
2025 Revolving Credit Agreement replaces the 2022 Revolving Credit Agreement which was scheduled to mature in 2027. The 2025
Revolving Credit Agreement provides for a five-year total commitment of $3.0 billion revolving credit facility (the “2025 Credit Facility”).
Under circumstances described in the 2025 Revolving Credit Agreement, the aggregate commitments may be increased by up to
$500 million, for a total commitment under the 2025 Revolving Credit Agreement of $3.5 billion. Loans under the 2025 Revolving
Credit Agreement will mature on March 26, 2030. Under the 2025 Revolving Credit Agreement, the applicable rate, commitment fee
and letter of credit fee were determined by reference to the credit ratings of Corebridge Parent’s senior, unsecured, long-term
indebtedness. Borrowings bear interest at a rate per annum equal to (i) with respect to loans in US Dollars, an alternative base rate
plus an applicable margin or the adjusted Term SOFR Rate plus an applicable margin, (ii) with respect to loans in Euros, the adjusted
European Union interbank Offer Rate (“EURIBOR”) plus an applicable margin, (iii) with respect to loans in Pounds Sterling, the
adjusted Daily Simple Sterling Overnight Index Average (“SONIA”) Rate plus an applicable margin and (iv) with respect to loans in
Japanese Yen, the adjusted Tokyo Interbank Offered Rate (“TIBOR”) plus an applicable margin. There are no borrowings outstanding
under the 2025 Credit Facility.
For additional information on debt outstanding and revolving credit facilities, see Note 15 to the Consolidated Financial Statements in
the 2025 Form 10-K.
DEBT OF CONSOLIDATED INVESTMENT ENTITIES
Our non-financial debt includes debt of consolidated investment entities and such debt does not represent our contractual obligation
and is non-recourse to Corebridge. This non-financial debt includes notes and bonds payables supported by cash and investments
held by us and certain of our non-insurance subsidiaries for the repayment of those obligations.
(in millions)
Balance at
December 31, 2025
Issuances
Maturities
and
Repayments
Effect of
Foreign
Exchange
Other
Changes
Balance at
June 30, 2026
Debt of consolidated investment entities –
not guaranteed by Corebridge(a)(b)
$1,547
$79
$(113)
$(5)
$
$1,508
(a)At June 30, 2026, includes debt of consolidated investment entities related to real estate investments of $415 million and other securitization vehicles of $842 million.
(b)In relation to the debt of consolidated investment entities not guaranteed by Corebridge, creditors or beneficial interest holders of VIEs generally only have recourse to
the assets and cash flows of the VIEs and do not have recourse to us.
Corebridge | Second Quarter 2026 Form 10-Q      134
TABLE OF CONTENTS
ITEM 2 | Liquidity and Capital Resources
CREDIT RATINGS
Credit ratings estimate a company’s ability to meet its obligations and may directly affect the cost and availability of financing to that
company.
The following table presents the credit ratings of Corebridge Parent as of the date of this filing:
Senior Unsecured Long-Term Debt
Hybrid Junior Subordinated Long-Term Debt
Moody’s(a)
S&P(b)
Fitch(c)
Moody’s(a)
S&P(b)
Fitch(c)
Baa2
BBB+
BBB+
Baa3
BBB-
BBB-
(a)Moody’s appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories. Moody’s has a stable ratings
outlook.
(b)S&P ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories. S&P has placed the ratings on
CreditWatch with negative implications due to the pending merger with Equitable.
(c)Fitch ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories. Fitch has a positive rating outlook
due to the pending merger with Equitable.
These credit ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the
rating agencies because of changes in, or unavailability of, information or based on other circumstances. Ratings may also be
withdrawn at our request.
We are party to some agreements that contain “ratings triggers.” Depending on the ratings maintained by one or more rating
agencies, these triggers could result in (i) the termination or limitation of credit availability or a requirement for accelerated repayment,
(ii) the termination of business contracts or (iii) a requirement to post collateral for the benefit of counterparties.
In the event of a downgrade of our long-term debt ratings or our insurance subsidiaries’ Insurer Financial Strength (“IFS”) ratings, we
would be required to post additional collateral under some derivative and other transactions, or certain of the counterparties of such
other of our subsidiaries would be permitted to terminate such transactions early.
The actual amount of collateral that we or certain of our subsidiaries would be required to post to counterparties in the event of such
downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value
of outstanding affected transactions and other factors prevailing at the time of the downgrade.
INSURER FINANCIAL STRENGTH RATINGS
IFS ratings estimate an insurance company’s ability to pay its obligations under an insurance policy.
The following table presents the ratings of our primary insurance subsidiaries as of the date of this filing:
Moody’s(a)
S&P(b)
Fitch(c)
A.M. Best(d)
American General Life Insurance Company
A2
A+
A+
A
The Variable Annuity Life Insurance Company
A2
A+
A+
A
The United States Life Insurance Company in the City of New York
A2
A+
A+
A
(a)Moody’s appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories. Moody’s has a stable ratings
outlook.
(b)S&P ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories. S&P has placed the ratings on
CreditWatch with negative implications due to the pending merger with Equitable.
(c)Fitch ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories. Fitch has a positive rating outlook
due to the pending merger with Equitable.
(d)AM Best ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories. AM Best has placed the ratings
Under Review with Developing Implications due to the pending merger with Equitable.
These IFS ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the
rating agencies as a result of changes in, or unavailability of, information or based on other circumstances.
OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS
During the second quarter of 2026, AGL entered into two committed repurchase agreement facilities totaling $1 billion. There were no
outstanding borrowings under the facilities as of June 30, 2026.
As of June 30, 2026, other than the repo facilities disclosed above, there have been no material changes in our off-balance-sheet
arrangements and commercial commitments from December 31, 2025, a description of which may be found inManagement’s
Discussion and Analysis of Financial Condition and Results of Operation—Liquidity and Capital Resources—Off-Balance Sheet
Arrangements and Commercial Commitments” in the 2025 Form 10-K.
Corebridge | Second Quarter 2026 Form 10-Q      135
TABLE OF CONTENTS
ITEM 2 | Accounting Policies and Pronouncements
Accounting Policies and Pronouncements
CRITICAL ACCOUNTING ESTIMATES
The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a
significant degree of judgment. On a regular basis, we review estimates and assumptions used in the preparation of financial
statements. Actual results may differ from these estimates under different assumptions or conditions. For a detailed discussion of our
significant accounting policies and accounting pronouncements, see Note 2 in the 2025 Form 10-K.
The accounting policies that we believe are most dependent on the application of estimates and assumptions,
which are critical accounting estimates, are related to the determination of:
fair value measurements of certain financial assets and liabilities;
valuation of MRBs, including ceded MRBs, related to guaranteed benefit features (collectively known as “GMxBs”), of variable
annuity, fixed annuity and fixed index annuity products;
valuation of embedded derivative liabilities for fixed index annuity, registered index-linked annuity and index universal life
products;
valuation of future policy benefit liabilities and recognition of remeasurement gains and losses;
reinsurance assets, including the allowance for credit losses;
allowance for credit losses primarily on loans and available-for-sale fixed maturity securities; and
income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating
profitability of the character necessary to realize the net deferred tax asset.
These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of
estimation. To the extent actual experience differs from the assumptions used, our business, results of operations, financial condition
and liquidity could be materially affected.
ADOPTION OF ACCOUNTING PRONOUNCEMENTS
See Note 2 to the Condensed Consolidated Financial Statements for a complete discussion of adoption of accounting
pronouncements.
Glossary
For a list of defined terms see the “Management’s Discussion and Analysis of Financial Condition and Results of Operation—
Glossary” in our 2025 Form 10-K.
Certain Important Terms
For a list of certain important terms see “Management’s Discussion and Analysis of Financial Condition and Results of Operation—
Certain Important Terms” in our 2025 Form 10-K.
Acronyms
For list of acronyms see “Management’s Discussion and Analysis of Financial Condition and Results of Operation— Acronyms” in our
2025 Form 10-K.
Corebridge | Second Quarter 2026 Form 10-Q      136
TABLE OF CONTENTS
ITEM 3 | Quantitative and Qualitative Disclosures about Market Risk
ITEM 3 | Quantitative and Qualitative Disclosures about Market
Risk
There have been no material changes to the quantitative and qualitative disclosures about market risk described in “Quantitative and
Qualitative Disclosures About Market Risk” in the 2025 Form 10-K.
ITEM 4 | Controls and Procedures
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported
within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to
management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required
disclosures. In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by Corebridge
management, with the participation of Corebridge’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of our
disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of June 30, 2026.
Based on this evaluation, Corebridge’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and
procedures were effective as of June 30, 2026.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f)) that have occurred during
the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over
financial reporting.
Corebridge | Second Quarter 2026 Form 10-Q      137
TABLE OF CONTENTS
ITEM 1 | Legal Proceedings
Part II - Other Information
ITEM 1 | Legal Proceedings
For information regarding certain legal proceedings pending against us, see Note 15 to the Condensed Consolidated Financial
Statements.
ITEM 1A | Risk Factors
In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors discussed in “Risk
Factors” in our 2025 Form 10-K and in our first quarter 2026 Form 10-Q. There have been no material changes in Corebridge’s risk
factors from those disclosed in "Risk Factors" in the 2025 Form 10-K. and in the first quarter 2026 Form 10-Q.
Corebridge | Second Quarter 2026 Form 10-Q      138
TABLE OF CONTENTS
ITEM 2 | Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 2 | Unregistered Sales of Equity Securities and Use of
Proceeds
The following table provides information about purchases made by or on behalf of Corebridge Parent or any “affiliated purchaser” (as
defined in Rule 10b-18(a)(3) under the Exchange Act) of Corebridge Parent common stock during the three months ended June 30,
2026:
Period
Total Number
of Shares
Repurchased
Average Price
Paid per Share*
Total Number of
Shares
Purchased as Part of
Publicly Announced
Plans or Programs
Approximate Dollar Value
of Shares that May Yet Be
Purchased Under the Plans
or Programs (in millions)
04/01/26 through 04/30/26
$
$1,342
05/01/26 through 05/31/26
5,856,168
27.24
5,856,168
1,182
06/01/26 through 06/30/26
5,108,345
27.50
5,108,345
1,042
Total
10,964,513
$27.36
10,964,513
$1,042
*Excludes excise tax of $3.0 million due to the Inflation Reduction Act of 2022 for the three months ended June 30, 2026.
On May 4, 2023, our Board of Directors authorized a $1.0 billion Share Repurchase Program (“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 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 Program
may be terminated, increased or decreased by the Board of Directors at any time.
Under the Program, 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. For instance, on February 12, 2026, we
purchased an aggregate of approximately $750 million of shares from AIG in a privately negotiated transaction. In addition, certain of
our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans. The
timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results
of operations, liquidity and other factors.
On May 3, 2026, we mutually agreed with Equitable to waive certain of the restrictions under the merger agreement to permit the
repurchase by Corebridge and Equitable of Corebridge common stock and Equitable common stock, respectively, during the
pendency of the Mergers (including, but not limited to, the period from the filing with the SEC of the preliminary proxy statement/
prospectus related to the Mergers until the commencement of mailing of the definitive preliminary proxy statement/prospectus). There
can be no assurance that we will determine to make such share repurchases during the above noted time period and if undertaken,
the volume, pricing, timing and method of repurchases of shares of our common stock will be at our discretion.
During the three months ended June 30, 2026, Corebridge Parent repurchased approximately 11 million shares of Corebridge Parent
common stock, par value $0.01 per share, for an aggregate purchase price of $300 million, pursuant to the Program.
As of June 30, 2026, approximately $1.0 billion remained under the Program authorizations.
For additional information related to share repurchases see Note 16 to the Condensed Consolidated Financial Statements.
ITEM 5 | Other Information
Not applicable.
Corebridge | Second Quarter 2026 Form 10-Q      139
TABLE OF CONTENTS
Exhibit Index
Exhibit Index
Exhibit
Number
Description
Voting and Support Agreement, dated as of April 8, 2026, by and among Equitable Holdings, Inc., Corebridge
Financial, Inc., and Nippon Life Insurance Company. incorporated by reference to Exhibit 10.1 of Corebridge
Financial, Inc.’s Form 8-K, filed on April 8, 2026 (File No. 001-41504).
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101**
Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline eXtensible Business
Reporting Language): (i) the Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31,
2025, (ii) the Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30,
2026 and 2025, (iii) the Condensed Consolidated Statements of Equity for the three and six months ended June 30,
2026 and 2025, (iv) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026
and 2025, (v) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six
months ended June 30, 2026 and 2025, and (vi) the Notes to the Condensed Consolidated Financial Statements.
104*
Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information
contained in exhibits 101).
*
Filed herewith.
**
This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and
Section 18 of the Securities Exchange Act of 1934, as amended.
Corebridge | Second Quarter 2026 Form 10-Q      140
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Signatures
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
                                                                                               
COREBRIDGE FINANCIAL, INC.
(Registrant)
/s/ CHRISTOPHER FILIAGGI
Christopher Filiaggi
Interim Chief Financial Officer and Chief Accounting Officer
Dated August 5 2026

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