
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Accelerated filer ☐ | ||||
Non-accelerated filer ☐ | Smaller reporting company | |||
Emerging growth company |
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 | |||
(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 $ (amortized cost: 2026 - $ | $ | $ | |
Other bond securities, at fair value (See Note 5)* | |||
Equity securities, at fair value (See Note 5)* | |||
Mortgage and other loans receivable, net of allowance for credit losses of $ | |||
Other invested assets (portion measured at fair value: 2026 - $ | |||
Short-term investments, including restricted cash of $ 2026 - $ | |||
Total investments | |||
Cash* | |||
Accrued investment income* | |||
Premiums and other receivables, net of allowance for credit losses and disputes of $ | |||
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes of $ | |||
Reinsurance assets - other, net of allowance for credit losses and disputes of $ | |||
Current and deferred income taxes | |||
Deferred policy acquisition costs and value of business acquired | |||
Market risk benefit assets, at fair value | |||
Other assets, including restricted cash of $ 2025 - $ | |||
Separate account assets, at fair value | |||
Total assets | $ | $ | |
Liabilities: | |||
Future policy benefits for life and accident and health insurance contracts | $ | $ | |
Policyholder contract deposits (portion measured at fair value: 2026 - $ | |||
Market risk benefit liabilities, at fair value | |||
Other policyholder funds | |||
Fortitude Re funds withheld payable (portion measured at fair value: 2026 - $ | |||
Other liabilities (portion measured at fair value: 2026 - $ | |||
Short-term and long-term debt, of which $ | |||
Debt of consolidated investment entities* | |||
Separate account liabilities | |||
Total liabilities | $ | $ | |
Contingencies, commitments and guarantees (See Note 15) | |||
Corebridge Shareholders' equity: | |||
Preferred stock and additional paid-in capital, $ | $ | $ | |
Common stock, $ | |||
Treasury stock, at cost; 2026 - | ( | ( | |
Additional paid-in capital | |||
Retained earnings | |||
Accumulated other comprehensive loss | ( | ( | |
Total Corebridge Shareholders' equity | |||
Non-redeemable noncontrolling interests | |||
Total equity | $ | $ | |
Total liabilities and equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
(in millions, except per common share data) | 2026 | 2025 | 2026 | 2025 | ||||
Revenues: | ||||||||
Premiums | $ | $ | $ | $ | ||||
Policy fees | ||||||||
Net investment income: | ||||||||
Net investment income - excluding Fortitude Re funds withheld assets | ||||||||
Net investment income - Fortitude Re funds withheld assets | ||||||||
Total net investment income | ||||||||
Net realized losses: | ||||||||
Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative | ( | ( | ( | ( | ||||
Net realized losses on Fortitude Re funds withheld assets | ( | ( | ( | ( | ||||
Net realized losses on Fortitude Re funds withheld embedded derivative | ( | ( | ( | ( | ||||
Total net realized losses | ( | ( | ( | ( | ||||
Advisory fee income | ||||||||
Other income | ||||||||
Total revenues | ||||||||
Benefits and expenses: | ||||||||
Policyholder benefits (includes remeasurement (gains) losses of $ months ended June 30, 2026 and 2025, and $ June 30, 2026 and 2025, respectively) | ||||||||
Change in the fair value of market risk benefits, net | ( | |||||||
Interest credited to policyholder account balances | ||||||||
Amortization of deferred policy acquisition costs and value of business acquired | ||||||||
Non-deferrable insurance commissions | ||||||||
Advisory fee expenses | ||||||||
General operating expenses | ||||||||
Interest expense | ||||||||
Net (gain) on divestitures | ( | |||||||
Total benefits and expenses | ||||||||
Income (loss) before income tax expense (benefit) | ( | ( | ||||||
Income tax expense (benefit) | ( | |||||||
Net income (loss) | ( | ( | ( | |||||
Less: Net loss attributable to noncontrolling interests | ( | ( | ( | |||||
Net income (loss) attributable to Corebridge | ( | ( | ( | |||||
Less: Preferred stock dividends | ||||||||
Net loss available to Corebridge common shareholders | $( | $( | $( | $( | ||||
Income (loss) per common share available to Corebridge common shareholders: | ||||||||
Common stock - basic | $( | $( | $( | $( | ||||
Common stock - diluted | $( | $( | $( | $( | ||||
Weighted average shares outstanding: | ||||||||
Common stock - basic | ||||||||
Common stock - diluted | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(in millions) | 2026 | 2025 | 2026 | 2025 | |||
Net income (loss) | $ | $( | $( | $( | |||
Other comprehensive income (loss), net of tax | |||||||
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | ( | ||||||
Change in 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 | ( | ||||||
Change in cash flow hedges | ( | ( | |||||
Change in foreign currency translation adjustments | ( | ( | |||||
Other comprehensive income (loss) | ( | ||||||
Comprehensive income (loss) | ( | ||||||
Less: | |||||||
Comprehensive (loss) attributable to noncontrolling interests | ( | ( | |||||
Comprehensive income (loss) attributable to Corebridge | $ | $ | $( | $ | |||
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 | $ | $ | $( | $ | $ | $( | $ | $ | $ |
Purchase of common stock | — | — | ( | — | — | — | ( | — | ( |
Net income attributable to Corebridge or noncontrolling interests | — | — | — | — | — | — | |||
Dividends on preferred stock | — | — | — | — | ( | — | ( | — | ( |
Dividends on common stock | — | — | — | — | ( | — | ( | — | ( |
Other comprehensive income, net of tax | — | — | — | — | — | — | |||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | ( | ( |
Other | — | — | — | ( | — | ( | |||
Balance, end of period | $ | $ | $( | $ | $ | $( | $ | $ | $ |
Three Months Ended June 30, 2025 | |||||||||
Balance, beginning of period | $ | $ | $( | $ | $ | $( | $ | $ | $ |
Common stock issued under stock plans | — | — | ( | — | — | — | |||
Purchase of common stock | — | — | ( | — | — | — | ( | — | ( |
Net loss attributable to Corebridge or noncontrolling interests | — | — | — | — | ( | — | ( | ( | ( |
Dividends on common stock | — | — | — | — | ( | — | ( | — | ( |
Other comprehensive income, net of tax | — | — | — | — | — | ||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | ||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | ( | ( |
Other | — | — | — | ( | — | — | |||
Balance, end of period | $ | $ | $( | $ | $ | $( | $ | $ | $ |
Six Months Ended June 30, 2026 | |||||||||
Balance, beginning of year | $ | $ | $( | $ | $ | $( | $ | $ | $ |
Common stock issued under stock plans | — | — | ( | — | — | — | |||
Purchase of common stock | — | — | ( | — | — | — | ( | — | ( |
Net loss attributable to Corebridge or noncontrolling interests | — | — | — | — | ( | — | ( | ( | ( |
Dividends on preferred stock | — | — | — | — | ( | — | ( | — | ( |
Dividends on common stock | — | — | — | — | ( | — | ( | — | ( |
Other comprehensive loss, net of tax | — | — | — | — | — | ( | ( | — | ( |
Contributions from noncontrolling interests | — | — | — | — | — | — | — | ||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | ( | ( |
Other | — | — | — | ( | — | ( | |||
Balance, end of period | $ | $ | $( | $ | $ | $( | $ | $ | $ |
Six Months Ended June 30, 2025 | |||||||||
Balance, beginning of year | $ | $ | $( | $ | $ | $( | $ | $ | $ |
Common stock issued under stock plans | — | — | ( | — | — | — | |||
Purchase of common stock | — | — | ( | — | — | — | ( | — | ( |
Net loss attributable to Corebridge or noncontrolling interests | — | — | — | — | ( | — | ( | ( | ( |
Dividends on common stock | — | — | — | — | ( | — | ( | — | ( |
Other comprehensive income, net of tax | — | — | — | — | — | ||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | ||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | ( | ( |
Other | — | — | — | — | — | ( | |||
Balance, end of period | $ | $ | $( | $ | $ | $( | $ | $ | $ |
Six Months Ended June 30, | |||
(in millions) | 2026 | 2025 | |
Cash flows from operating activities: | |||
Net income (loss) | $( | $( | |
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 | |||
Net (gain) loss on divestitures | ( | ||
Unrealized (gains) losses in earnings - net | |||
Change in the fair value of market risk benefits in earnings, net | |||
Equity in income from equity method investments, net of dividends or distributions | |||
Depreciation and other amortization | |||
Impairments of assets | |||
Changes in operating assets and liabilities: | |||
Insurance liabilities | ( | ||
Premiums and other receivables and payables - net | |||
Funds held relating to Fortitude Re Reinsurance contracts | ( | ( | |
Reinsurance assets and funds held under reinsurance treaties | |||
Capitalization of deferred policy acquisition costs | ( | ( | |
Current and deferred income taxes - net | ( | ||
Other, net | ( | ( | |
Total adjustments | |||
Net cash provided (used in) by operating activities | ( | ||
Cash flows from investing activities: | |||
Proceeds from (payments for) | |||
Sales or distributions of: | |||
Available-for-sale securities | |||
Other securities | |||
Other invested assets | |||
Divestitures, net | |||
Maturities of fixed maturity securities available-for-sale | |||
Principal payments received on mortgage and other loans receivable | |||
Purchases of: | |||
Available-for-sale securities | ( | ( | |
Other securities | ( | ( | |
Other invested assets | ( | ( | |
Mortgage and other loans receivable | ( | ( | |
Net change in short-term investments | |||
Net change in derivative assets and liabilities | ( | ||
Other, net | ( | ||
Net cash (used in) investing activities | ( | ( | |
Six Months Ended June 30, | |||
(in millions) | 2026 | 2025 | |
Cash flows from financing activities: | |||
Proceeds from (payments for): | |||
Policyholder contract deposits | $ | $ | |
Policyholder contract withdrawals | ( | ( | |
Issuance of debt of consolidated investment entities | |||
Repayments of short-term debt | ( | ||
Maturities and repayments of debt of consolidated investment entities | ( | ( | |
Dividends paid on common stock | ( | ( | |
Dividends paid on preferred stock | ( | ||
Distributions to noncontrolling interests | ( | ( | |
Contributions from noncontrolling interests | |||
Net change in securities lending and repurchase agreements | ( | ( | |
Repurchase of common stock | ( | ( | |
Other, net* | |||
Net cash provided by (used in) financing activities | |||
Effect of exchange rate changes on cash and restricted cash | ( | ||
Net increase (decrease) in cash and restricted cash | ( | ( | |
Cash and restricted cash at beginning of year | |||
Cash and restricted cash at end of period | $ | $ | |
Supplementary Disclosure of Consolidated Cash Flow Information | |||
Six Months Ended June 30, | |||
(in millions) | 2026 | 2025 | |
Cash | $ | $ | |
Restricted cash included in short-term investments | |||
Restricted cash included in other assets | |||
Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ | $ | |
Cash (received) paid during the period for: | |||
Interest | $ | $ | |
Taxes | $ | $ | |
Non-cash investing activities: | |||
Fixed maturity securities, designated available-for-sale, transferred in connection with reinsurance transactions | $ | $ | |
Non-cash financing activities: | |||
Interest credited to policyholder contract deposits included in financing activities | $ | $ | |
Fee income debited to policyholder contract deposits included in financing activities | $( | $( | |
Non-cash capital contributions | $ | $ | |
(in millions) | Individual Retirement | Group Retirement | Life Insurance | Institutional Markets | Corporate & Other | Total Corebridge | Adjustments | Total Consolidated |
Three Months Ended June 30, 2026 | ||||||||
Premiums | $ | $ | $ | $ | $ | $ | $ | $ |
Policy fees | ||||||||
Net investment income(a) | ( | |||||||
Net realized gains (losses)(a)(b) | ( | ( | ||||||
Advisory fee and other income | ||||||||
Total adjusted revenues | ( | ( | ||||||
Policyholder benefits | ( | |||||||
Change in the fair value of market risk benefits, net | ||||||||
Interest credited to policyholder account balances | ( | ( | ||||||
Amortization of deferred policy acquisition costs | ||||||||
Non-deferrable insurance commissions | ||||||||
Advisory fee expenses | ||||||||
General operating expenses(c) | ||||||||
Interest expense | ||||||||
Total benefits and expenses | ||||||||
Noncontrolling interests | ||||||||
Adjusted pre-tax operating income (loss) | $ | $ | $ | $ | $( | $ | ||
Adjustments to: | ||||||||
Total revenue | ( | |||||||
Total expenses | ||||||||
Noncontrolling interests | ||||||||
Income before income tax expense (benefit) | $ | $ | ||||||
Three Months Ended June 30, 2025 | ||||||||
Premiums | $ | $ | $ | $ | $ | $ | $ | $ |
Policy fees | ||||||||
Net investment income (loss)(a) | ||||||||
Net realized gains (losses)(a)(b) | ( | ( | ( | ( | ||||
Advisory fee and other income | ||||||||
Total adjusted revenues | ( | |||||||
Policyholder benefits | ||||||||
Change in the fair value of market risk benefits, net | ( | ( | ||||||
Interest credited to policyholder account balances | ||||||||
Amortization of deferred policy acquisition costs | ||||||||
Non-deferrable insurance commissions | ||||||||
Advisory fee expenses | ||||||||
General operating expenses(c) | ||||||||
Interest expense | ||||||||
Total benefits and expenses | ||||||||
Noncontrolling interests | ||||||||
Adjusted pre-tax operating income (loss) | $ | $ | $ | $ | $( | $ | ||
Adjustments to: | ||||||||
Total revenue | ( | |||||||
Total expenses | ||||||||
Noncontrolling interests | ( | |||||||
Income before income tax expense (benefit) | $( | $( |
(in millions) | Individual Retirement | Group Retirement | Life Insurance | Institutional Markets | Corporate & Other | Total Corebridge | Adjustments | Total Consolidated |
Six Months Ended June 30, 2026 | ||||||||
Premiums | $ | $ | $ | $ | $ | $ | $ | $ |
Policy fees | ||||||||
Net investment income(a) | ( | |||||||
Net realized gains (losses)(a)(b) | ( | ( | ||||||
Advisory fee and other income | ||||||||
Total adjusted revenues | ( | |||||||
Policyholder benefits | ( | |||||||
Change in the fair value of market risk benefits, net | ||||||||
Interest credited to policyholder account balances | ( | |||||||
Amortization of deferred policy acquisition costs | ||||||||
Non-deferrable insurance commissions | ||||||||
Advisory fee expenses | ||||||||
General operating expenses(c) | ||||||||
Interest expense | ||||||||
Net (gain) on divestitures | ( | ( | ||||||
Total benefits and expenses | ||||||||
Noncontrolling interests | ||||||||
Adjusted pre-tax operating income (loss) | $ | $ | $ | $ | $( | $ | ||
Adjustments to: | ||||||||
Total revenue | ( | |||||||
Total expenses | ||||||||
Noncontrolling interests | ( | |||||||
Income before income tax expense (benefit) | $ | $ | ||||||
Six Months Ended June 30, 2025 | ||||||||
Premiums | $ | $ | $ | $ | $ | $ | $ | $ |
Policy fees | ||||||||
Net investment income(a) | ||||||||
Net realized gains (losses)(a)(b) | ( | ( | ||||||
Advisory fee and other income | ||||||||
Total adjusted revenues | ( | |||||||
Policyholder benefits | ||||||||
Change in the fair value of market risk benefits, net | ||||||||
Interest credited to policyholder account balances | ||||||||
Amortization of deferred policy acquisition costs | ||||||||
Non-deferrable insurance commissions | ||||||||
Advisory fee expenses | ||||||||
General operating expenses (c) | ||||||||
Interest expense | ||||||||
Loss on extinguishment of debt | ||||||||
Net (gain) on divestitures | ||||||||
Total benefits and expenses | ||||||||
Noncontrolling interests | ||||||||
Adjusted pre-tax operating income (loss) | $ | $ | $ | $ | $( | $ | ||
Adjustments to: | ||||||||
Total revenue | ( | |||||||
Total expenses | ||||||||
Noncontrolling interests | ( | |||||||
Income before income tax expense (benefit) | $( | $( |
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 | $ | $ | $ | $— | $— | $ | ||||||
Obligations of states, municipalities and political subdivisions | — | — | ||||||||||
Non-U.S. governments | — | — | ||||||||||
Corporate debt | — | — | ||||||||||
RMBS | — | — | ||||||||||
CMBS | — | — | ||||||||||
CLO | — | — | ||||||||||
ABS | — | — | ||||||||||
Total bonds available-for-sale | — | — | ||||||||||
Other bond securities: | ||||||||||||
U.S. government and government sponsored entities | — | — | ||||||||||
Obligations of states, municipalities and political subdivisions | — | — | ||||||||||
Non-U.S. governments | — | — | ||||||||||
Corporate debt | — | — | ||||||||||
RMBS | — | — | ||||||||||
CMBS | — | — | ||||||||||
CLO | — | — | ||||||||||
ABS | — | — | ||||||||||
Total other bond securities | — | — |
June 30, 2026 | Level 1 | Level 2 | Level 3 | Counterparty Netting(a) | Cash Collateral | Total | ||||||
(in millions) | ||||||||||||
Equity securities | — | — | ||||||||||
Other invested assets(b) | — | — | ||||||||||
Derivative assets: | ||||||||||||
Interest rate contracts | — | — | ||||||||||
Foreign exchange contracts | — | — | ||||||||||
Equity contracts | — | — | ||||||||||
Credit contracts | — | — | ||||||||||
Other contracts | — | — | ||||||||||
Counterparty netting and cash collateral | — | — | — | ( | ( | ( | ||||||
Total derivative assets | ( | ( | ||||||||||
Short-term investments | — | — | ||||||||||
Market risk benefit assets | — | — | ||||||||||
Separate account assets | — | — | ||||||||||
Total | $ | $ | $ | $( | $( | $ | ||||||
Liabilities: | ||||||||||||
Policyholder contract deposits(c) | $ | $ | $ | $— | $— | $ | ||||||
Derivative liabilities: | ||||||||||||
Interest rate contracts | — | — | ||||||||||
Foreign exchange contracts | — | — | ||||||||||
Equity contracts | — | — | ||||||||||
Credit contracts | — | — | ||||||||||
Other contracts | — | — | ||||||||||
Counterparty netting and cash collateral | — | — | — | ( | ( | ( | ||||||
Total derivative liabilities | ( | ( | ||||||||||
Fortitude Re funds withheld payable(d) | — | — | ||||||||||
Other liabilities | ( | — | — | ( | ||||||||
Market risk benefit liabilities | — | — | ||||||||||
Total | $ | $ | $ | $( | $( | $ |
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 | $ | $ | $ | $— | $— | $ | ||||||
Obligations of states, municipalities and political subdivisions | — | — | ||||||||||
Non-U.S. governments | — | — | ||||||||||
Corporate debt | — | — | ||||||||||
RMBS | — | — | ||||||||||
CMBS | — | — | ||||||||||
CLO | — | — | ||||||||||
ABS | — | — | ||||||||||
Total bonds available-for-sale | — | — | ||||||||||
Other bond securities: | ||||||||||||
U.S. government and government sponsored entities | — | — | ||||||||||
Obligations of states, municipalities and political subdivisions | — | — | ||||||||||
Non-U.S. governments | — | — | ||||||||||
Corporate debt | — | — | ||||||||||
RMBS | — | — | ||||||||||
CMBS | — | — | ||||||||||
CLO | — | — | ||||||||||
ABS | — | — | ||||||||||
Total other bond securities | — | — |
December 31, 2025 | Level 1 | Level 2 | Level 3 | Counterparty Netting(a) | Cash Collateral | Total | ||||||
(in millions) | ||||||||||||
Equity securities | — | — | ||||||||||
Other invested assets(b) | — | — | ||||||||||
Derivative assets: | ||||||||||||
Interest rate contracts | — | — | ||||||||||
Foreign exchange contracts | — | — | ||||||||||
Equity contracts | — | — | ||||||||||
Other contracts | — | — | ||||||||||
Counterparty netting and cash collateral | — | — | — | ( | ( | ( | ||||||
Total derivative assets | ( | ( | ||||||||||
Short-term investments | — | — | ||||||||||
Market risk benefit assets | — | — | ||||||||||
Separate account assets | — | — | ||||||||||
Total | $ | $ | $ | $( | $( | $ | ||||||
Liabilities: | ||||||||||||
Policyholder contract deposits(c) | $ | $ | $ | $— | $— | $ | ||||||
Derivative liabilities: | ||||||||||||
Interest rate contracts | — | — | ||||||||||
Foreign exchange contracts | — | — | ||||||||||
Equity contracts | — | — | ||||||||||
Other contracts | — | — | ||||||||||
Counterparty netting and cash collateral | — | — | — | ( | ( | ( | ||||||
Total derivative liabilities | ( | ( | ||||||||||
Fortitude Re funds withheld payable(d) | — | — | ||||||||||
Other liabilities | — | — | ||||||||||
Market risk benefit liabilities | — | — | ||||||||||
Total | $ | $ | $ | $( | $( | $ |
(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 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||
Corporate debt | ( | ( | ( | ( | ||||||||||||||||
RMBS | ( | ( | ||||||||||||||||||
CMBS | ( | ( | ||||||||||||||||||
CLO | ( | |||||||||||||||||||
ABS | ( | ( | ( | ( | ||||||||||||||||
Total bonds available-for- sale | ( | ( | ( | ( | ||||||||||||||||
Other bond securities: | ||||||||||||||||||||
Obligations of states, municipalities and political subdivisions | ||||||||||||||||||||
Corporate debt | ( | ( | ||||||||||||||||||
RMBS | ( | |||||||||||||||||||
CMBS | ||||||||||||||||||||
CLO | ( | ( | ( | |||||||||||||||||
ABS | ( | ( | ( | ( | ||||||||||||||||
Total other bond securities | ( | ( | ( | ( | ||||||||||||||||
Equity securities | ( | ( | ||||||||||||||||||
Other invested assets | ( | ( | ||||||||||||||||||
Total(a) | $ | $ | $( | $ | $ | $( | $( | $ | $( | $( | ||||||||||
(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 | $ | $ | $ | $ | $ | $ | $ | $ | $( | $ | ||||||||||
Derivative liabilities, net: | ||||||||||||||||||||
Interest rate contracts | ( | ( | ||||||||||||||||||
Equity contracts | ( | ( | ( | |||||||||||||||||
Credit contracts | ( | |||||||||||||||||||
Other contracts | ( | ( | ( | |||||||||||||||||
Total derivative liabilities, net(b) | ( | ( | ( | |||||||||||||||||
Fortitude Re funds withheld payable | ( | ( | ||||||||||||||||||
Total(c) | $ | $ | $ | $ | $ | $ | $ | $ | $( | $ |
(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 | $ | $( | $( | $( | $ | $ | $ | $ | $ | $( | ||||||||||
Corporate debt | ( | ( | ( | |||||||||||||||||
RMBS | ( | ( | ( | ( | ||||||||||||||||
CMBS | ( | |||||||||||||||||||
CLO | ( | ( | ||||||||||||||||||
ABS | ( | |||||||||||||||||||
Total bonds available-for- sale | ( | ( | ||||||||||||||||||
Other bond securities: | ||||||||||||||||||||
Obligations of states, municipalities and political subdivisions | ||||||||||||||||||||
Corporate debt | ( | ( | ||||||||||||||||||
RMBS | ( | |||||||||||||||||||
CMBS | ||||||||||||||||||||
CLO | ( | ( | ||||||||||||||||||
ABS | ||||||||||||||||||||
Total other bond securities | ( | |||||||||||||||||||
Equity securities | ||||||||||||||||||||
Other invested assets | ( | |||||||||||||||||||
Total(a) | $ | $ | $ | $( | $ | $( | $ | $ | $ | $ | ||||||||||
(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 | $ | $ | $ | $ | $ | $ | $ | $ | $( | $ | ||||||||||
Derivative liabilities, net: | ||||||||||||||||||||
Interest rate contracts | ( | ( | ( | |||||||||||||||||
Equity contracts | ( | ( | ( | |||||||||||||||||
Other contracts | ( | ( | ( | |||||||||||||||||
Total derivative liabilities, net(b) | ( | ( | ||||||||||||||||||
Fortitude Re funds withheld payable | ( | ( | ||||||||||||||||||
Debt of consolidated investment entities | ||||||||||||||||||||
Total(c) | $ | $ | $ | $ | $ | $ | $( | $ | $( | $ |
(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 | $ | $( | $( | $( | $ | $ | $ | $ | $ | $( | ||||||||||
Corporate debt | ( | ( | ( | ( | ( | |||||||||||||||
RMBS | ( | ( | ( | |||||||||||||||||
CMBS | ( | ( | ||||||||||||||||||
CLO | ( | ( | ( | ( | ||||||||||||||||
ABS | ( | ( | ( | ( | ||||||||||||||||
Total bonds available-for- sale | ( | ( | ( | ( | ||||||||||||||||
Other bond securities: | ||||||||||||||||||||
Obligations of states, municipalities and political subdivisions | ||||||||||||||||||||
Corporate debt | ( | ( | ||||||||||||||||||
RMBS | ( | |||||||||||||||||||
CMBS | ( | |||||||||||||||||||
CLO | ( | ( | ( | |||||||||||||||||
ABS | ( | ( | ( | ( | ||||||||||||||||
Total other bond securities | ( | ( | ( | ( | ||||||||||||||||
Equity securities | ( | ( | ( | |||||||||||||||||
Other invested assets | ( | ( | ( | |||||||||||||||||
Total(a) | $ | $( | $( | $ | $ | $( | $( | $ | $( | $( | ||||||||||
(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 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||
Derivative liabilities, net: | ||||||||||||||||||||
Interest rate contracts | ( | ( | ||||||||||||||||||
Equity contracts | ( | ( | ( | |||||||||||||||||
Credit contracts | ( | |||||||||||||||||||
Other contracts | ( | ( | ( | |||||||||||||||||
Total derivative liabilities, net(b) | ( | ( | ( | |||||||||||||||||
Fortitude Re funds withheld payable | ( | |||||||||||||||||||
Total(c) | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
(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 | $ | $( | $( | $( | $ | $ | $ | $ | $ | $( | ||||||||||
Corporate debt | ( | ( | ||||||||||||||||||
RMBS | ( | ( | ||||||||||||||||||
CMBS | ( | |||||||||||||||||||
CLO | ( | |||||||||||||||||||
ABS | ( | |||||||||||||||||||
Total bonds available-for- sale | ( | |||||||||||||||||||
Other bond securities: | ||||||||||||||||||||
Obligations of states, municipalities and political subdivisions | ||||||||||||||||||||
Corporate debt | ( | ( | ( | ( | ||||||||||||||||
RMBS | ( | ( | ||||||||||||||||||
CMBS | ||||||||||||||||||||
CLO | ( | |||||||||||||||||||
ABS | ( | |||||||||||||||||||
Total other bond securities | ( | ( | ||||||||||||||||||
Equity securities | ||||||||||||||||||||
Other invested assets | ( | ( | ||||||||||||||||||
Total(a) | $ | $ | $ | $ | $ | $( | $ | $ | $ | $ | ||||||||||
(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 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||
Derivative liabilities, net: | ||||||||||||||||||||
Interest rate contracts | ( | ( | ||||||||||||||||||
Equity contracts | ( | ( | ( | ( | ||||||||||||||||
Other contracts | ( | ( | ( | |||||||||||||||||
Total derivative liabilities, net(b) | ( | ( | ||||||||||||||||||
Fortitude Re funds withheld payable | ( | ( | ||||||||||||||||||
Debt of consolidated investment entities | ||||||||||||||||||||
Total(c) | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
(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 | $ | $ | $ | $ | $ | |||||
Other bond securities | ( | ( | ||||||||
Equity securities | ( | ( | ||||||||
Other invested assets | ||||||||||
Three Months Ended June 30, 2025 | ||||||||||
Assets: | ||||||||||
Bonds available-for-sale | $ | $ | $ | $ | $ | |||||
Other bond securities | ||||||||||
Equity securities | ||||||||||
Other invested assets | ( | |||||||||
Six Months Ended June 30, 2026 | ||||||||||
Assets: | ||||||||||
Bonds available-for-sale | $ | $ | $( | $ | $ | |||||
Other bond securities | ( | ( | ||||||||
Equity securities | ( | ( | ||||||||
Other invested assets | ( | |||||||||
Six Months Ended June 30, 2025 | ||||||||||
Assets: | ||||||||||
Bonds available-for-sale | $ | $ | $ | $ | $ | |||||
Other bond securities | ||||||||||
Equity securities | ||||||||||
Other invested assets | ( | |||||||||
Three Months Ended June 30, 2026 | ||||||||||
Liabilities: | ||||||||||
Policyholder contract deposits(b) | $ | $ | $( | $ | $( | |||||
Derivative liabilities, net | ||||||||||
Fortitude Re funds withheld payable | ( | ( | ||||||||
Market risk benefit liabilities, net(c) | ( | ( | ||||||||
Three Months Ended June 30, 2025 | ||||||||||
Liabilities: | ||||||||||
Policyholder contract deposits(b) | $ | $ | $( | $ | $( | |||||
Derivative liabilities, net | ( | ( | ||||||||
Fortitude Re funds withheld payable | ( | ( | ||||||||
Market risk benefit liabilities, net(c) | ( | |||||||||
Six Months Ended June 30, 2026 | ||||||||||
Liabilities: | ||||||||||
Policyholder contract deposits(b) | $ | $ | $( | $ | $( | |||||
Derivative liabilities, net | ( | ( | ||||||||
Fortitude Re funds withheld payable | ( | ( | ||||||||
Market risk benefit liabilities, net(c) | ( | ( | ||||||||
Six Months Ended June 30, 2025 | ||||||||||
Liabilities: | ||||||||||
Policyholder contract deposits(b) | $ | $ | $( | $ | $( | |||||
Derivative liabilities, net | ( | ( | ||||||||
Fortitude Re funds withheld payable | ( | ( | ||||||||
Market risk benefit liabilities, net(c) | ( | ( | ( |
(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 | $ | $ | $( | $ | ||||
Corporate debt | ( | ( | ( | |||||
RMBS | ( | ( | ( | |||||
CMBS | ( | ( | ( | |||||
CLO | ( | ( | ||||||
ABS | ( | ( | ||||||
Total bonds available-for-sale | ( | ( | ||||||
Other bond securities: | ||||||||
Obligations of states, municipalities and political subdivisions | ||||||||
Corporate debt | ( | |||||||
RMBS | ( | |||||||
CMBS | ||||||||
CLO | ||||||||
ABS | ( | ( | ||||||
Total other bond securities | ( | ( | ||||||
Equity securities | ( | ( | ||||||
Other invested assets | ( | ( | ||||||
Total assets* | $ | $( | $( | $ | ||||
Liabilities: | ||||||||
Policyholder contract deposits | $ | $ | $( | $ | ||||
Derivative liabilities, net | ||||||||
Fortitude Re funds withheld payable | ( | ( | ||||||
Total liabilities | $ | $ | $( | $ | ||||
Three Months Ended June 30, 2025 | ||||||||
Assets: | ||||||||
Bonds available-for-sale: | ||||||||
Obligations of states, municipalities and political subdivisions | $ | $( | $ | $( | ||||
Corporate debt | ( | ( | ( | |||||
RMBS | ( | ( | ( | |||||
CMBS | ( | ( | ( | |||||
CLO | ( | ( | ||||||
ABS | ( | ( | ||||||
Total bonds available-for-sale | ( | ( | ( | |||||
Other bond securities: | ||||||||
Obligations of states, municipalities and political subdivisions | ||||||||
Corporate debt | ( | ( | ||||||
RMBS | ( | ( | ( | |||||
CMBS | ( | |||||||
CLO | ||||||||
ABS | ( | |||||||
Total other bond securities | ( | ( | ||||||
Equity securities | ( | |||||||
Other invested assets | ( | ( | ||||||
Total assets* | $ | $( | $( | $( | ||||
Liabilities: | ||||||||
Policyholder contract deposits | $ | $ | $( | $ | ||||
Derivative liabilities, net | ||||||||
Fortitude Re funds withheld payable | ( | ( | ||||||
Total liabilities | $ | $ | $( | $ |
(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 | $ | $( | $( | $( | ||||
Corporate debt | ( | ( | ( | |||||
RMBS | ( | ( | ||||||
CMBS | ( | ( | ( | |||||
CLO | ( | ( | ||||||
ABS | ( | ( | ||||||
Total bonds available-for-sale | ( | ( | ||||||
Other bond securities: | ||||||||
Corporate debt | ( | |||||||
RMBS | ( | |||||||
CMBS | ( | ( | ||||||
CLO | ||||||||
ABS | ( | ( | ( | |||||
Total other bond securities | ( | ( | ( | |||||
Equity securities | ( | ( | ||||||
Other invested assets | ( | ( | ||||||
Total assets* | $ | $( | $( | $ | ||||
Liabilities: | ||||||||
Policyholder contract deposits | $ | $ | $( | $ | ||||
Derivative liabilities, net | ||||||||
Fortitude Re funds withheld payable | ( | ( | ||||||
Total liabilities | $ | $ | $( | $ | ||||
Six Months Ended June 30, 2025 | ||||||||
Assets: | ||||||||
Bonds available-for-sale: | ||||||||
Obligations of states, municipalities and political subdivisions | $ | $( | $( | $( | ||||
Corporate debt | ( | ( | ||||||
RMBS | ( | ( | ( | |||||
CMBS | ( | ( | ( | |||||
CLO | ( | |||||||
ABS | ( | ( | ||||||
Total bonds available-for-sale | ( | ( | ||||||
Other bond securities: | ||||||||
Corporate debt | ( | ( | ( | |||||
RMBS | ( | ( | ( | |||||
CMBS | ( | |||||||
CLO | ( | |||||||
ABS | ( | ( | ( | |||||
Total other bond securities | ( | ( | ( | |||||
Equity securities | ( | |||||||
Other invested assets | ( | ( | ||||||
Total assets* | $ | $( | $( | $ | ||||
Liabilities: | ||||||||
Policyholder contract deposits | $ | $ | $( | $ | ||||
Derivative liabilities, net | ||||||||
Fortitude Re funds withheld payable | ( | ( | ||||||
Total 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 | $ | Discounted cash flow | Yield | |||||
Corporate debt | $ | Discounted cash flow | Yield | |||||
RMBS(c) | $ | Discounted cash flow | Prepayment speed | |||||
Default rate | ||||||||
Yield | ||||||||
Loss severity | ||||||||
CLO(c) | $ | Discounted cash flow | Yield | |||||
ABS(c) | $ | Discounted cash flow | Yield | |||||
CMBS | $ | Discounted cash flow | Yield | |||||
Market risk benefit assets | $ | Discounted cash flow | Equity volatility | |||||
Base lapse rate | ||||||||
Dynamic lapse multiplier(e) | ||||||||
Mortality multiplier(e)(f) | ||||||||
Utilization(g) | ||||||||
Equity / interest-rate correlation | ||||||||
NPA(h) | ||||||||
Liabilities(d): | ||||||||
Market risk benefit liabilities: | ||||||||
Variable annuities guaranteed benefits | $ | Discounted cash flow | Equity volatility | |||||
Base lapse rate | ||||||||
Dynamic lapse multiplier(e) | ||||||||
Mortality multiplier(e)(f) | ||||||||
Utilization(g) | ||||||||
Equity / interest-rate correlation | ||||||||
NPA(h) | ||||||||
Fixed annuities guaranteed benefits | $ | Discounted cash flow | Base lapse rate | |||||
Dynamic lapse multiplier(e) | ||||||||
Mortality multiplier(e)(f) | ||||||||
Utilization(g) | ||||||||
NPA(h) | ||||||||
Fixed index annuities guaranteed benefits | $ | Discounted cash flow | Equity volatility | |||||
Base lapse rate | ||||||||
Dynamic lapse multiplier(e) | ||||||||
Mortality multiplier(e)(f) | ||||||||
Utilization(g) | ||||||||
Option budget | ||||||||
Equity / interest-rate correlation | ||||||||
NPA(h) |
(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) | $ | Discounted cash flow | Equity volatility | |||||
Base lapse rate | ||||||||
Dynamic lapse multiplier(e) | ||||||||
Mortality multiplier(e)(f) | ||||||||
Utilization(g) | ||||||||
Option budget | ||||||||
Equity / interest-rate correlation | ||||||||
NPA(h) | ||||||||
Registered index-linked annuities | $ | Discounted cash flow | Equity volatility | |||||
Base lapse rate | ||||||||
Dynamic lapse multiplier(e) | ||||||||
Mortality multiplier(e)(f) | ||||||||
Utilization(g) | ||||||||
Equity / interest-rate correlation | ||||||||
NPA(h) | ||||||||
Index universal life | $ | Discounted cash flow | Base lapse rate | |||||
Mortality rates | ||||||||
Equity volatility | ||||||||
NPA(h) |
(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 | $ | Discounted cash flow | Yield | ||||||
Corporate debt | $ | Discounted cash flow | Yield | ||||||
RMBS(c) | $ | Discounted cash flow | Prepayment speed | ||||||
Default rate | |||||||||
Yield | |||||||||
Loss severity | |||||||||
CLO(c) | $ | Discounted cash flow | Yield | ||||||
ABS(c) | $ | Discounted cash flow | Yield | ||||||
CMBS | $ | Discounted cash flow | Yield | ||||||
Market risk benefit assets | $ | Discounted cash flow | Equity volatility | ||||||
Base lapse rate | |||||||||
Dynamic lapse multiplier(e) | |||||||||
Mortality multiplier(e)(f) | |||||||||
Utilization(g) | |||||||||
Equity / interest-rate correlation | |||||||||
NPA(h) | |||||||||
Liabilities(d): | |||||||||
Market risk benefit liabilities: | |||||||||
Variable annuities guaranteed benefits | $ | Discounted cash flow | Equity volatility | ||||||
Base lapse rate | |||||||||
Dynamic lapse multiplier(e) | |||||||||
Mortality multiplier(e)(f) | |||||||||
Utilization(g) | |||||||||
Equity / interest-rate correlation | |||||||||
NPA(h) | |||||||||
Fixed annuities guaranteed benefits | $ | Discounted cash flow | Base lapse rate | ||||||
Dynamic lapse multiplier(e) | |||||||||
Mortality multiplier(e)(f) | |||||||||
Utilization(g) | |||||||||
NPA(g) | |||||||||
Fixed index annuities guaranteed benefits | $ | Discounted cash flow | Equity volatility | ||||||
Base lapse rate | |||||||||
Dynamic lapse multiplier(e) | |||||||||
Mortality multiplier(e)(f) | |||||||||
Utilization(g) | |||||||||
Option budget | |||||||||
Equity / interest-rate correlation | |||||||||
NPA(h) | |||||||||
Embedded derivatives within Policyholder contract deposits: | |||||||||
Index credits on fixed index annuities(i) | $ | Discounted cash flow | Equity volatility | ||||||
Base lapse rate | |||||||||
Dynamic lapse multiplier(e) | |||||||||
Mortality multiplier(e)(f) | |||||||||
Utilization(g) | |||||||||
Option budget | |||||||||
Equity / interest-rate correlation | |||||||||
NPA(h) |
(in millions) | Fair Value at December 31, 2025 | Valuation Technique | Unobservable Input(a) | Range (Weighted Average)(b) | |||||
Registered index-linked annuities(i) | $ | Discounted cash flow | Equity volatility | ||||||
Base lapse rate | |||||||||
Dynamic lapse multiplier(e) | |||||||||
Mortality multiplier(e)(f) | |||||||||
Utilization(g) | |||||||||
Equity / interest-rate correlation | |||||||||
NPA(h) | |||||||||
Index universal life | $ | Discounted cash flow | Base lapse rate | ||||||
Mortality rates | |||||||||
Equity volatility | |||||||||
NPA(h) |
Three months Ended June 30, | Six months Ended June 30, | |||||||
(in millions) | 2026 | 2025 | 2026 | 2025 | ||||
Assets: | ||||||||
Other bond securities(a) | $ | $ | $ | $ | ||||
Alternative investments(b) | ( | |||||||
Total assets | ||||||||
Liabilities: | ||||||||
Policyholder contract deposits(c) | ( | |||||||
Total liabilities | ( | |||||||
Total gain (loss) | $ | $ | $ | $ | ||||
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 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||
December 31, 2025 | |||||||||||||||
Other investments | $ | $ | $ | $ | |||||||||||
Total | $ | $ | $ | $ | |||||||||||
Estimated Fair Value | ||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Carrying Value | |||||
June 30, 2026 | ||||||||||
Assets: | ||||||||||
Mortgage and other loans receivable | $ | $ | $ | $ | $ | |||||
Other invested assets | ||||||||||
Short-term investments | ||||||||||
Cash | ||||||||||
Other assets* | ||||||||||
Liabilities: | ||||||||||
Policyholder contract deposits associated with investment-type contracts | ||||||||||
Fortitude Re funds withheld payable | ||||||||||
Other liabilities | ||||||||||
Short-term and long-term debt | ||||||||||
Debt of consolidated investment entities | ||||||||||
Separate account liabilities - investment contracts | ||||||||||
Estimated Fair Value | ||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Carrying Value | |||||
December 31, 2025 | ||||||||||
Assets: | ||||||||||
Mortgage and other loans receivable | $ | $ | $ | $ | $ | |||||
Other invested assets | ||||||||||
Short-term investments | ||||||||||
Cash | ||||||||||
Other assets* | ||||||||||
Liabilities: | ||||||||||
Policyholder contract deposits associated with investment-type contracts | ||||||||||
Fortitude Re funds withheld payable | ||||||||||
Other liabilities | ||||||||||
Short-term and long-term debt | ||||||||||
Debt of consolidated investment entities | ||||||||||
Separate account liabilities - investment contracts | ||||||||||
(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 | $ | $ | $ | $( | $ | |||||
Obligations of states, municipalities and political subdivisions | ( | |||||||||
Non-U.S. governments | ( | |||||||||
Corporate debt | ( | ( | ||||||||
Mortgage-backed, asset-backed and collateralized: | ||||||||||
RMBS | ( | ( | ||||||||
CMBS | ( | ( | ||||||||
CLO | ( | |||||||||
ABS | ( | ( | ||||||||
Total mortgage-backed, asset-backed and collateralized | ( | ( | ||||||||
Total bonds available-for-sale | $ | $( | $ | $( | $ | |||||
December 31, 2025 | ||||||||||
Bonds available-for-sale: | ||||||||||
U.S. government and government sponsored entities | $ | $ | $ | $( | $ | |||||
Obligations of states, municipalities and political subdivisions | ( | |||||||||
Non-U.S. governments | ( | |||||||||
Corporate debt | ( | ( | ||||||||
Mortgage-backed, asset-backed and collateralized: | ||||||||||
RMBS | ( | ( | ||||||||
CMBS | ( | ( | ||||||||
CLO | ( | |||||||||
ABS | ( | ( | ||||||||
Total mortgage-backed, asset-backed and collateralized | ( | ( | ||||||||
Total bonds available-for-sale | $ | $( | $ | $( | $ |
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 | $ | $ | $ | $ | $ | $ | ||||||
Obligations of states, municipalities and political subdivisions | ||||||||||||
Non-U.S. governments | ||||||||||||
Corporate debt | ||||||||||||
RMBS | ||||||||||||
CMBS | ||||||||||||
CLO | ||||||||||||
ABS | ||||||||||||
Total bonds available-for-sale | $ | $ | $ | $ | $ | $ | ||||||
December 31, 2025 | ||||||||||||
Bonds available-for-sale: | ||||||||||||
U.S. government and government sponsored entities | $ | $ | $ | $ | $ | $ | ||||||
Obligations of states, municipalities and political subdivisions | ||||||||||||
Non-U.S. governments | ||||||||||||
Corporate debt | ||||||||||||
RMBS | ||||||||||||
CMBS | ||||||||||||
CLO | ||||||||||||
ABS | ||||||||||||
Total bonds available-for-sale | $ | $ | $ | $ | $ | $ | ||||||
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 | $ | $ | |
Due after one year through five years | |||
Due after five years through ten years | |||
Due after ten years | |||
Mortgage-backed, asset-backed and collateralized | |||
Total | $ | $ | |
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 | $ | $( | $ | $( | $ | $( | $ | $( | ||||||||
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 | $ | $ | ||||||
Obligations of states, municipalities and political subdivisions | ||||||||
Non-U.S. governments | ||||||||
Corporate debt | ||||||||
Mortgage-backed, asset-backed and collateralized: | ||||||||
RMBS | ||||||||
CMBS | ||||||||
CLO | ||||||||
ABS | ||||||||
Total mortgage-backed, asset-backed and collateralized | ||||||||
Total fixed maturity securities | ||||||||
Equity securities | ||||||||
Total | $ | $ | ||||||
(in millions) | June 30, 2026 | December 31, 2025 | |
Alternative investments(a)(b) | $ | $ | |
Investment real estate(c) | |||
All other investments(d) | |||
Total | $ | $ |
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 | $ | $ | $ | $ | $ | $ | ||||||
Other fixed maturity securities | ||||||||||||
Equity securities | ||||||||||||
Interest on mortgage and other loans | ||||||||||||
Alternative investments* | ( | ( | ||||||||||
Real estate | ( | |||||||||||
Other investments | ||||||||||||
Total investment income | ||||||||||||
Investment expenses | ||||||||||||
Net investment income | $ | $ | $ | $ | $ | $ | ||||||
Six Months Ended June 30, | ||||||||||||
Available-for-sale fixed maturity securities, including short-term investments | $ | $ | $ | $ | $ | $ | ||||||
Other fixed maturity securities | ||||||||||||
Equity securities | ||||||||||||
Interest on mortgage and other loans | ||||||||||||
Alternative investments* | ||||||||||||
Real estate | ( | |||||||||||
Other investments | ||||||||||||
Total investment income | ||||||||||||
Investment expenses | ||||||||||||
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, | ||||||||||||
Sales of fixed maturity securities | $( | $ | $( | $( | $( | $( | ||||||
Intent to sell | ( | ( | ||||||||||
Change in allowance for credit losses on fixed maturity securities | ( | ( | ( | ( | ( | ( | ||||||
Change in allowance for credit losses on loans | ( | ( | ( | |||||||||
Foreign exchange transactions, net of related hedges | ( | ( | ( | ( | ( | ( | ||||||
Index-Linked interest credited embedded derivatives, net of related hedges | ( | ( | ( | ( | ||||||||
All other derivatives and hedge accounting* | ( | ( | ( | ( | ||||||||
Sales of alternative investments and real estate investments | ( | ( | ( | ( | ( | ( | ||||||
Other | ( | ( | ( | ( | ||||||||
Net realized losses – excluding Fortitude Re funds withheld embedded derivative | ( | ( | ( | ( | ( | ( | ||||||
Net realized losses on Fortitude Re funds withheld embedded derivative | ( | ( | ( | ( | ||||||||
Net realized losses | $( | $( | $( | $( | $( | $( | ||||||
Six Months Ended June 30, | ||||||||||||
Sales of fixed maturity securities | $( | $( | $( | $( | $( | $( | ||||||
Intent to sell | ( | ( | ( | ( | ||||||||
Change in allowance for credit losses on fixed maturity securities | ( | ( | ( | ( | ( | ( | ||||||
Change in allowance for credit losses on loans | ( | ( | ( | ( | ||||||||
Foreign exchange transactions, net of related hedges | ( | ( | ||||||||||
Index-Linked interest credited embedded derivatives, net of related hedges | ( | ( | ( | ( | ||||||||
All other derivatives and hedge accounting* | ( | ( | ( | |||||||||
Sales of alternative investments and real estate investments | ( | ( | ( | ( | ||||||||
Other | ( | ( | ( | ( | ( | ( | ||||||
Net realized losses – excluding Fortitude Re funds withheld embedded derivative | ( | ( | ( | ( | ( | ( | ||||||
Net realized losses on Fortitude Re funds withheld embedded derivative | ( | ( | ( | ( | ||||||||
Net realized losses | $( | $( | $( | $( | $( | $( | ||||||
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 | $ | $ | $( | $ | ||||
Other investments | ||||||||
Total increase (decrease) in unrealized appreciation (depreciation) of investments | $ | $ | $( | $ | ||||
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 | $ | $( | $ | $ | $ | $ | ||||||
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period | ( | ( | ( | |||||||||
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | $ | $( | $ | $ | $ | $ | ||||||
Six Months Ended June 30, | ||||||||||||
Net gains recognized during the period on equity securities and other investments | $ | $ | $ | $ | $ | $ | ||||||
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period | ( | |||||||||||
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | $( | $ | $ | $( | $ | $ | ||||||
2026 | 2025 | |||||||||||
(in millions) | Structured | Non- Structured | Total | Structured | Non- Structured | Total | ||||||
Three Months Ended June 30, | ||||||||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | ||||||
Additions: | ||||||||||||
Securities for which allowance for credit losses were not previously recorded | ||||||||||||
Reductions: | ||||||||||||
Securities sold during the period | ( | ( | ( | ( | ||||||||
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 | ( | ( | ( | |||||||||
Write-offs charged against the allowance | ( | ( | ( | ( | ( | |||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | ||||||
Six Months Ended June 30, | ||||||||||||
Balance, beginning of year | $ | $ | $ | $ | $ | $ | ||||||
Additions: | ||||||||||||
Securities for which allowance for credit losses were not previously recorded | ||||||||||||
Reductions: | ||||||||||||
Securities sold during the period | ( | ( | ( | ( | ( | |||||||
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 | ( | ( | ( | ( | ||||||||
Write-offs charged against the allowance | ( | ( | ( | ( | ( | |||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | ||||||
(in millions) | June 30, 2026 | December 31, 2025 | |
Fixed maturity securities available-for-sale | $ | $ |
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 | $ | $ | $ | $ | $ | $ | ||||||
Corporate debt | ||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||
December 31, 2025 | ||||||||||||
Bonds available-for-sale: | ||||||||||||
Non-U.S. governments | $ | $ | $ | $ | $ | $ | ||||||
Corporate debt | ||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||
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 | $ | $ | $ | $ | $ | $ | ||||||
Corporate debt | ||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||
December 31, 2025 | ||||||||||||
Bonds available-for-sale: | ||||||||||||
Non-U.S. government | $ | $ | $ | $ | $ | $ | ||||||
Corporate debt | ||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||
(in millions) | June 30, 2026 | December 31, 2025 | |
Commercial mortgages(a) | $ | $ | |
Residential mortgages | |||
Life insurance policy loans | |||
Commercial loans, other loans and notes receivable(b) | |||
Total mortgage and other loans receivable | |||
Allowance for credit losses(c) | ( | ( | |
Mortgage and other loans receivable, net | $ | $ |
June 30, 2026 | ||||||||||||||
(in millions) | 2026 | 2025 | 2024 | 2023 | 2022 | Prior | Total | |||||||
>1.2X | $ | $ | $ | $ | $ | $ | $ | |||||||
1.00 - 1.20X | ||||||||||||||
<1.00X | ||||||||||||||
Total commercial mortgages | $ | $ | $ | $ | $ | $ | $ | |||||||
December 31, 2025 | ||||||||||||||
(in millions) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total | |||||||
>1.2X | $ | $ | $ | $ | $ | $ | $ | |||||||
1.00 - 1.20X | ||||||||||||||
<1.00X | ||||||||||||||
Total commercial mortgages | $ | $ | $ | $ | $ | $ | $ |
June 30, 2026 | ||||||||||||||
(in millions) | 2026 | 2025 | 2024 | 2023 | 2022 | Prior | Total | |||||||
Less than 65% | $ | $ | $ | $ | $ | $ | $ | |||||||
65% to 75% | ||||||||||||||
76% to 80% | ||||||||||||||
Greater than 80% | ||||||||||||||
Total commercial mortgages | $ | $ | $ | $ | $ | $ | $ | |||||||
December 31, 2025 | ||||||||||||||
(in millions) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total | |||||||
Less than 65% | $ | $ | $ | $ | $ | $ | $ | |||||||
65% to 75% | ||||||||||||||
76% to 80% | ||||||||||||||
Greater than 80% | ||||||||||||||
Total 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 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
90 days or less delinquent | ||||||||||||||||||
>90 days delinquent or in process of foreclosure(a) | ||||||||||||||||||
Total(b) | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Allowance for credit losses | $ | $ | $ | $ | $ | $ | $ | |||||||||||
December 31, 2025 | ||||||||||||||||||
Credit Quality Performance Indicator: | ||||||||||||||||||
In good standing | $ | $ | $ | $ | $ | $ | $ | |||||||||||
90 days or less delinquent | ||||||||||||||||||
>90 days delinquent or in process of foreclosure | ||||||||||||||||||
Total(b) | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Allowance for credit losses | $ | $ | $ | $ | $ | $ | $ | |||||||||||
June 30, 2026 | ||||||||||||||
(in millions) | 2026 | 2025 | 2024 | 2023 | 2022 | Prior | Total | |||||||
FICO*: | ||||||||||||||
780 and greater | $ | $ | $ | $ | $ | $ | $ | |||||||
720 - 779 | ||||||||||||||
660 - 719 | ||||||||||||||
600 - 659 | ||||||||||||||
Less than 600 | ||||||||||||||
Total residential mortgages | $ | $ | $ | $ | $ | $ | $ | |||||||
December 31, 2025 | ||||||||||||||
(in millions) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total | |||||||
FICO*: | ||||||||||||||
780 and greater | $ | $ | $ | $ | $ | $ | $ | |||||||
720 - 779 | ||||||||||||||
660 - 719 | ||||||||||||||
600 - 659 | ||||||||||||||
Less than 600 | ||||||||||||||
Total residential mortgages | $ | $ | $ | $ | $ | $ | $ |
2026 | 2025 | |||||||||||
(in millions) | Commercial Mortgages | Other Loans | Total | Commercial Mortgages | Other Loans | Total | ||||||
Three Months Ended June 30, | ||||||||||||
Allowance, beginning of period | $ | $ | $ | $ | $ | $ | ||||||
Loans charged off | ( | ( | ( | ( | ( | ( | ||||||
Net charge-offs | ( | ( | ( | ( | ( | ( | ||||||
Addition to (release of) allowance for loan losses | ( | ( | ( | ( | ||||||||
Allowance, end of period | $ | $ | $ | $ | $ | $ | ||||||
Six Months Ended June 30, | ||||||||||||
Allowance, beginning of period | $ | $ | $ | $ | $ | $ | ||||||
Loans charged off | ( | ( | ( | ( | ( | ( | ||||||
Net charge-offs | ( | ( | ( | ( | ( | ( | ||||||
Addition to (release of) allowance for loan losses | ( | |||||||||||
Allowance, end of period | $ | $ | $ | $ | $ | $ | ||||||
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 | $ | $ | $ | $ | Fair value through other comprehensive income | |||||
Fixed maturity securities - fair value option | Fair value through net investment income | |||||||||
Commercial mortgage loans | Amortized cost | |||||||||
Real estate investments | Amortized cost | |||||||||
Private equity funds/hedge funds | Fair value through net investment income | |||||||||
Policy loans | Amortized cost | |||||||||
Short-term Investments | Fair value through net investment income | |||||||||
Funds withheld investment assets | ||||||||||
Derivative assets, net(a) | Fair value through realized gains (losses) | |||||||||
Other(b) | Amortized cost | |||||||||
Total | $ | $ | $ | $ | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
(in millions) | 2026 | 2025 | 2026 | 2025 | ||||
Net investment income - Fortitude Re funds withheld assets | $ | $ | $ | $ | ||||
Net realized losses on Fortitude Re funds withheld assets: | ||||||||
Net realized losses Fortitude Re funds withheld assets | ( | ( | ( | ( | ||||
Net realized losses Fortitude Re funds withheld embedded derivatives | ( | ( | ( | ( | ||||
Net realized losses - Fortitude Re funds withheld assets | ( | ( | ( | ( | ||||
Income (loss) before income tax expense (benefit) | ( | ( | ||||||
Income tax expense (benefit)* | ( | ( | ||||||
Net income (loss) | ( | ( | ||||||
Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available-for-sale* | ( | ( | ||||||
Comprehensive income (loss) | $( | $ | $ | $( | ||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(in millions) | 2026 | 2025 | 2026 | 2025 | |||
Balance, beginning of period | $ | $ | $ | $ | |||
Current period provision for expected credit losses and disputes | ( | ( | ( | ||||
Balance, end of period | $ | $ | $ | $ | |||
(in millions) | Real Estate and Investment Entities(c) | Securitization and Repackaging Vehicles | Total | |||
June 30, 2026 | ||||||
Assets: | ||||||
Bonds available-for-sale | $ | $ | $ | |||
Other bond securities | ||||||
Mortgage and other loans receivable | ||||||
Other invested assets | ||||||
Alternative investments(a) | ||||||
Investment real estate | ||||||
Short-term investments | ||||||
Cash | ||||||
Accrued investment income | ||||||
Other assets | ||||||
Total assets(b) | $ | $ | $ | |||
Liabilities: | ||||||
Debt of consolidated investment entities | $ | $ | $ | |||
Other liabilities | ||||||
Total liabilities | $ | $ | $ | |||
(in millions) | Real Estate and Investment Entities(c) | Securitization and Repackaging Vehicles | Total | |||
December 31, 2025 | ||||||
Assets: | ||||||
Bonds available-for-sale | $ | $ | $ | |||
Other bond securities | ||||||
Mortgage and other loans receivable | ||||||
Other invested assets | ||||||
Alternative investments(a) | ||||||
Investment real estate | ||||||
Short-term investments | ||||||
Cash | ||||||
Accrued investment income | ||||||
Other assets | ||||||
Total assets(b) | $ | $ | $ | |||
Liabilities: | ||||||
Debt of consolidated investment entities | $ | $ | $ | |||
Other liabilities | ||||||
Total liabilities | $ | $ | $ |
Real Estate and | Securitization | |||||
Investment | and Repackaging | |||||
(in millions) | Entities | Vehicles | Total | |||
Three Months Ended June 30, 2026 | ||||||
Total revenue | $ | $ | $ | |||
Net (loss) attributable to noncontrolling interests | $( | $ | $( | |||
Net income attributable to Corebridge | $ | $ | $ | |||
Three Months Ended June 30, 2025 | ||||||
Total revenue | $ | $ | $ | |||
Net (loss) attributable to noncontrolling interests | $( | $ | $( | |||
Net income attributable to Corebridge | $ | $ | $ | |||
Six Months Ended June 30, 2026 | ||||||
Total revenue | $( | $ | $ | |||
Net (loss) attributable to noncontrolling interests | $( | $ | $( | |||
Net income attributable to Corebridge | $ | $ | $ | |||
Six Months Ended June 30, 2025 | ||||||
Total revenue | $ | $ | $ | |||
Net (loss) attributable to noncontrolling interests | $( | $ | $( | |||
Net income attributable to Corebridge | $ | $ | $ |
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) | $ | $ | $ | $ | ||||
Total | $ | $ | $ | $ | ||||
December 31, 2025 | ||||||||
Real estate and investment entities(a) | $ | $ | $ | $ | ||||
Total | $ | $ | $ | $ | ||||
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 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||
Foreign exchange contracts | ||||||||||||||||
Derivatives not designated as hedging instruments:(a) | ||||||||||||||||
Interest rate contracts | ||||||||||||||||
Foreign exchange contracts | ||||||||||||||||
Equity contracts | ||||||||||||||||
Credit contracts(b) | ||||||||||||||||
Other contracts(c) | ||||||||||||||||
Total derivatives, gross(d) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||
Counterparty netting(e) | ( | ( | ( | ( | ||||||||||||
Cash collateral(f) | ( | ( | ( | ( | ||||||||||||
Total Derivatives on Condensed Consolidated Balance Sheets(g) | $ | $ | $ | $ | ||||||||||||
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) | $ | $( | $ | $( | ||||
Commercial mortgage and other loans(b) | $ | $( | $ | $( | ||||
Policyholder contract deposits(c) | $( | $ | $( | $( | ||||
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 | $( | $ | $ | $( | ||||
Net investment income | ( | |||||||
Foreign exchange contracts: | ||||||||
Realized gains (losses) | $ | $( | $( | $( | ||||
Three Months Ended June 30, 2025 | ||||||||
Interest rate contracts: | ||||||||
Interest credited to policyholder account balances | $ | $ | $( | $( | ||||
Net investment income | ||||||||
Foreign exchange contracts: | ||||||||
Realized gains (losses) | $( | $( | $ | $( | ||||
Six Months Ended June 30, 2026 | ||||||||
Interest rate contracts: | ||||||||
Interest credited to policyholder account balances | $( | $ | $ | $( | ||||
Net investment income | ( | |||||||
Foreign exchange contracts: | ||||||||
Realized gains (losses) | $ | $( | $( | $( | ||||
Six Months Ended June 30, 2025 | ||||||||
Interest rate contracts: | ||||||||
Interest credited to policyholder account balances | $ | $ | $( | $( | ||||
Net investment income | ||||||||
Foreign exchange contracts: | ||||||||
Realized gains (losses) | $( | $ | $ | $ | ||||
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 | $( | $( | $( | $( | ||||
Foreign exchange contracts | ( | ( | ||||||
Equity contracts | ( | |||||||
Credit contracts | ||||||||
Other contracts | ||||||||
Embedded derivatives | ( | ( | ( | ( | ||||
Fortitude Re funds withheld embedded derivative | ( | ( | ( | ( | ||||
Total(a) | $( | $( | $( | $( | ||||
By Classification: | ||||||||
Policy fees | $ | $ | $ | $ | ||||
Net investment income (loss) - Fortitude Re funds withheld assets | ( | ( | ( | |||||
Net realized gains (losses) - excluding Fortitude Re funds withheld assets | ( | ( | ( | |||||
Net realized gains (losses) on Fortitude Re funds withheld assets | ( | ( | ( | |||||
Net realized losses on Fortitude Re funds withheld embedded derivatives | ( | ( | ( | ( | ||||
Policyholder benefits | ||||||||
Change in the Fair value of market risk benefits(b) | ( | ( | ( | ( | ||||
Total(a) | $( | $( | $( | $( | ||||
Individual Retirement | Group Retirement | Life Insurance | Institutional Markets | Corporate and Other | Total | |||||||
(in millions) | ||||||||||||
DAC: | ||||||||||||
Balance at January 1, 2026 | $ | $ | $ | $ | $ | $ | ||||||
Capitalization | ||||||||||||
Amortization expense | ( | ( | ( | ( | ( | |||||||
Other adjustments(a) | ( | ( | ||||||||||
Balance at June 30, 2026(b) | $ | $ | $ | $ | $ | $ | ||||||
Balance at January 1, 2025 | $ | $ | $ | $ | $ | $ | ||||||
Capitalization | ||||||||||||
Amortization expense | ( | ( | ( | ( | ( | ( | ||||||
Other, including foreign exchange | ||||||||||||
Balance at June 30, 2025(b) | $ | $ | $ | $ | $ | $ |
Individual Retirement | Group Retirement | Corporate and Other | Total | |||||
(in millions) | ||||||||
Balance at January 1, 2026 | $ | $ | $ | $ | ||||
Capitalization | ||||||||
Amortization expense | ( | ( | ( | |||||
Other adjustments(a) | ( | ( | ||||||
Balance at June 30, 2026 | $ | $ | $ | $ | ||||
Other reconciling items(b) | ||||||||
Other assets, including restricted cash | $ | |||||||
Balance at January 1, 2025 | $ | $ | $ | $ | ||||
Capitalization | ||||||||
Amortization expense | ( | ( | ( | ( | ||||
Balance at June 30, 2025 | $ | $ | $ | $ | ||||
Other reconciling items(b) | ||||||||
Other assets, including restricted cash | $ |
Group Retirement | Life Insurance | Institutional Markets | Corporate and Other | Total | ||||||
(in millions) | ||||||||||
June 30, 2026 | ||||||||||
Equity funds | $ | $ | $ | $ | $ | |||||
Bond funds | ||||||||||
Balanced funds | ||||||||||
Money market funds | ||||||||||
Total | $ | $ | $ | $ | $ | |||||
December 31, 2025 | ||||||||||
Equity funds | $ | $ | $ | $ | $ | |||||
Bond funds | ||||||||||
Balanced funds | ||||||||||
Money market funds | ||||||||||
Total | $ | $ | $ | $ | $ |
Group Retirement | Life Insurance | Institutional Markets | Corporate and Other | Total | ||||||
(in millions) | ||||||||||
Six Months Ended June 30, 2026 | ||||||||||
Separate accounts balance, beginning of year | $ | $ | $ | $ | $ | |||||
Premiums and deposits | ||||||||||
Policy charges | ( | ( | ( | ( | ( | |||||
Surrenders and withdrawals | ( | ( | ( | ( | ( | |||||
Benefit payments | ( | ( | ( | ( | ( | |||||
Investment performance | ||||||||||
Net transfers from (to) general account and other | ( | ( | ( | |||||||
Separate accounts balance, end of period | $ | $ | $ | $ | $ | |||||
Cash surrender value* | $ | $ | $ | $ | $ | |||||
Group Retirement | Life Insurance | Institutional Markets | Corporate and Other | Total | ||||||
(in millions) | ||||||||||
Six Months Ended June 30, 2025 | ||||||||||
Separate accounts balance, beginning of year | $ | $ | $ | $ | $ | |||||
Premiums and deposits | ||||||||||
Policy charges | ( | ( | ( | ( | ( | |||||
Surrenders and withdrawals | ( | ( | ( | ( | ( | |||||
Benefit payments | ( | ( | ( | ( | ( | |||||
Investment performance | ||||||||||
Net transfers from (to) general account and other | ( | ( | ( | |||||||
Separate accounts balance, end of period | $ | $ | $ | $ | $ | |||||
Cash surrender value* | $ | $ | $ | $ | $ |
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 | $ | $ | $ | $ | $ | $ | |||||
Effect of changes in discount rate assumptions (AOCI) | |||||||||||
Beginning balance at original discount rate | |||||||||||
Effect of actual variances from expected experience | ( | ( | ( | ||||||||
Adjusted beginning of year balance | |||||||||||
Issuances | |||||||||||
Interest accrual | |||||||||||
Net premium collected | ( | ( | ( | ||||||||
Other | |||||||||||
Ending balance at original discount rate | |||||||||||
Effect of changes in discount rate assumptions (AOCI) | ( | ( | ( | ||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | |||||
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 | $ | $ | $ | $ | $ | $ | |||||
Effect of changes in discount rate assumptions (AOCI) | ( | ||||||||||
Beginning balance at original discount rate | |||||||||||
Effect of actual variances from expected experience(a) | ( | ( | ( | ( | |||||||
Adjusted beginning of year balance | |||||||||||
Issuances | |||||||||||
Interest accrual | |||||||||||
Benefit payments | ( | ( | ( | ( | ( | ( | |||||
Foreign exchange impact | ( | ( | |||||||||
Other | |||||||||||
Ending balance at original discount rate | |||||||||||
Effect of changes in discount rate assumptions (AOCI) | ( | ( | ( | ( | ( | ||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | |||||
Net liability for future policy benefits, end of period | |||||||||||
Liability for future policy benefits for certain participating contracts | |||||||||||
Liability for universal life policies(b) | |||||||||||
Deferred profit liability | |||||||||||
Other reconciling items(c) | |||||||||||
Future policy benefits for life and accident and health insurance contracts | |||||||||||
Less: Reinsurance recoverable: | ( | ( | ( | ( | ( | ||||||
Net liability for future policy benefits after reinsurance recoverable | $ | $ | $ | $ | $ | $ | |||||
Weighted average liability duration of the liability for future policy benefits (years)(d) |
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 | $ | $ | $ | $ | $ | $ | |||||
Effect of changes in discount rate assumptions (AOCI) | |||||||||||
Reclassified due to reinsurance recapture | |||||||||||
Beginning balance at original discount rate | |||||||||||
Effect of actual variances from expected experience | ( | ( | |||||||||
Adjusted beginning of year balance | |||||||||||
Issuances | |||||||||||
Interest accrual | |||||||||||
Net premium collected | ( | ( | ( | ||||||||
Other | |||||||||||
Ending balance at original discount rate | |||||||||||
Effect of changes in discount rate assumptions (AOCI) | ( | ( | ( | ||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | |||||
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 | $ | $ | $ | $ | $ | $ | |||||
Effect of changes in discount rate assumptions (AOCI) | |||||||||||
Reclassified due to reinsurance recapture | ( | ||||||||||
Beginning balance at original discount rate | |||||||||||
Effect of actual variances from expected experience(a) | ( | ( | ( | ( | |||||||
Adjusted beginning of year balance | |||||||||||
Issuances | |||||||||||
Interest accrual | |||||||||||
Benefit payments | ( | ( | ( | ( | ( | ( | |||||
Foreign exchange impact | |||||||||||
Other | ( | ( | ( | ( | |||||||
Ending balance at original discount rate | |||||||||||
Effect of changes in discount rate assumptions (AOCI) | ( | ( | ( | ( | ( | ||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | |||||
Net liability for future policy benefits, end of year | |||||||||||
Liability for future policy benefits for certain participating contracts | |||||||||||
Liability for universal life policies(b) | |||||||||||
Deferred profit liability | |||||||||||
Other reconciling items(c) | |||||||||||
Future policy benefits for life and accident and health insurance contracts | |||||||||||
Less: Reinsurance recoverable: | ( | ( | ( | ( | ( | ||||||
Net liability for future policy benefits after reinsurance recoverable | $ | $ | $ | $ | $ | $ | |||||
Weighted average liability duration of the liability for future policy benefits (years)(d) |
Six Months Ended June 30, | |||||
(in millions) | 2026 | 2025 | |||
Individual Retirement | Undiscounted expected future benefits and expense | $ | $ | ||
Undiscounted expected future gross premiums | $ | $ | |||
Group Retirement | Undiscounted expected future benefits and expense | $ | $ | ||
Undiscounted expected future gross premiums | $ | $ | |||
Life Insurance | Undiscounted expected future benefits and expense | $ | $ | ||
Undiscounted expected future gross premiums | $ | $ | |||
Discounted expected future gross premiums (at current discount rate) | $ | $ | |||
Institutional Markets | Undiscounted expected future benefits and expense | $ | $ | ||
Undiscounted expected future gross premiums | $ | $ | |||
Corporate and other | Undiscounted expected future benefits and expense | $ | $ | ||
Undiscounted expected future gross premiums | $ | $ | |||
Discounted expected future gross premiums (at current discount rate) | $ | $ | |||
Gross Premiums | Interest Accretion | ||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||
(in millions) | 2026 | 2025 | 2026 | 2025 | |||
Individual Retirement | $ | $ | $ | $ | |||
Group Retirement | |||||||
Life Insurance | |||||||
Institutional Markets | |||||||
Corporate and Other | |||||||
Total | $ | $ | $ | $ | |||
Individual Retirement | Group Retirement | Life Insurance | Institutional Markets | Corporate and Other | |||||
June 30, 2026 | |||||||||
Weighted-average interest rate, original discount rate | |||||||||
Weighted-average interest rate, current discount rate | |||||||||
June 30, 2025 | |||||||||
Weighted-average interest rate, original discount rate | |||||||||
Weighted-average interest rate, current discount rate |
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 | $ | $ | $ | $ | $ | $ | |||||
Effect of changes in experience | ( | ( | |||||||||
Adjusted beginning balance | $ | $ | $ | $ | $ | $ | |||||
Assessments | |||||||||||
Excess benefits paid | ( | ( | ( | ( | |||||||
Interest accrual | |||||||||||
Other | ( | ( | ( | ( | |||||||
Changes related to unrealized appreciation (depreciation) of investments | ( | ( | |||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | |||||
Less: Reinsurance recoverable | ( | ( | ( | ( | ( | ( | |||||
Balance, end of period, net of Reinsurance recoverable | $ | $ | $ | $ | $ | $ | |||||
Weighted average duration of liability * | |||||||||||
Gross Assessments | Interest Accretion | ||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||
(in millions) | 2026 | 2025 | 2026 | 2025 | |||
Life Insurance | $ | $ | $ | $ | |||
Corporate and Other | |||||||
Total | $ | $ | $ | $ | |||
June 30, | 2026 | 2025 | |||||
Life Insurance | Corporate and Other | Life Insurance | Corporate and Other | ||||
Weighted-average interest rate | |||||||
Six Months Ended June 30, | |||
(in millions, except for attained age of contract holders) | 2026 | 2025 | |
Account value | $ | $ | |
Net amount at risk | $ | $ | |
Average attained age of contract holders | |||
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 | $ | $ | $ | $ | $ | $ | |||||
Deposits | |||||||||||
Policy charges | ( | ( | ( | ( | ( | ( | |||||
Surrenders and withdrawals | ( | ( | ( | ( | ( | ( | |||||
Benefit payments | ( | ( | ( | ( | ( | ( | |||||
Net transfers from (to) separate account | ( | ||||||||||
Interest credited | |||||||||||
Other, including foreign exchange | ( | ( | ( | ||||||||
Policyholder contract deposits account balance, end of period | |||||||||||
Other reconciling items(b) | ( | ( | ( | ||||||||
Policyholder contract deposits | $ | $ | $ | $ | $ | $ | |||||
Weighted average crediting rate | |||||||||||
Cash surrender value(c) | $ | $ | $ | $ | $ | $ | |||||
Six Months Ended June 30, 2025 | |||||||||||
Policyholder contract deposits account balance, beginning of year | $ | $ | $ | $ | $ | $ | |||||
Reclassification due to reinsurance recapture | ( | ||||||||||
Deposits | |||||||||||
Policy charges | ( | ( | ( | ( | ( | ( | |||||
Surrenders and withdrawals | ( | ( | ( | ( | ( | ( | |||||
Benefit payments | ( | ( | ( | ( | ( | ( | |||||
Net transfers from (to) separate account | |||||||||||
Interest credited | |||||||||||
Other, including foreign exchange | ( | ||||||||||
Policyholder contract deposits account balance, end of period | |||||||||||
Other reconciling items(b) | ( | ( | ( | ( | |||||||
Policyholder contract deposits | $ | $ | $ | $ | $ | $ | |||||
Weighted average crediting rate | |||||||||||
Cash surrender value(c) | $ | $ | $ | $ | $ | $ |
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 | |||||||
<= | $ | $ | $ | $ | ||||
> | ||||||||
> | ||||||||
> | ||||||||
> | ||||||||
> | ||||||||
Total | $ | $ | $ | $ | ||||
Group Retirement | Range of Guaranteed Minimum Credited Rate | |||||||
<= | $ | $ | $ | $ | ||||
> | ||||||||
> | ||||||||
> | ||||||||
> | ||||||||
> | ||||||||
Total | $ | $ | $ | $ | ||||
Life Insurance | Range of Guaranteed Minimum Credited Rate | |||||||
<= | $ | $ | $ | $ | ||||
> | ||||||||
> | ||||||||
> | ||||||||
> | ||||||||
> | ||||||||
Total | $ | $ | $ | $ | ||||
Corporate and Other | Range of Guaranteed Minimum Credited Rate | |||||||
<= | $ | $ | $ | $ | ||||
> | ||||||||
> | ||||||||
> | ||||||||
> | ||||||||
> | ||||||||
Total | $ | $ | $ | $ | ||||
Total* | $ | $ | $ | $ | ||||
Percentage of total | ||||||||
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 | |||||||
<= | $ | $ | $ | $ | ||||
> | ||||||||
> | ||||||||
> | ||||||||
> | ||||||||
> | ||||||||
Total | $ | $ | $ | $ | ||||
Group Retirement | Range of Guaranteed Minimum Credited Rate | |||||||
<= | $ | $ | $ | $ | ||||
> | ||||||||
> | ||||||||
> | ||||||||
> | ||||||||
> | ||||||||
Total | $ | $ | $ | $ | ||||
Life Insurance | Range of Guaranteed Minimum Credited Rate | |||||||
<= | $ | $ | $ | $ | ||||
> | ||||||||
> | ||||||||
> | ||||||||
> | ||||||||
> | ||||||||
Total | $ | $ | $ | $ | ||||
Corporate and Other | Range of Guaranteed Minimum Credited Rate | |||||||
<= | $ | $ | $ | $ | ||||
> | ||||||||
> | ||||||||
> | ||||||||
> | ||||||||
> | ||||||||
Total | $ | $ | $ | $ | ||||
Total* | $ | $ | $ | $ | ||||
Percentage of total | ||||||||
Life Insurance | Institutional Markets | Corporate and Other | Total | ||||
(in millions) | |||||||
Six Months Ended June 30, 2026 | |||||||
Balance, beginning of year | $ | $ | $ | $ | |||
Revenue deferred | |||||||
Amortization | ( | ( | ( | ||||
Balance, end of period | $ | $ | $ | $ | |||
Other reconciling items* | |||||||
Other policyholder funds | $ | ||||||
Six Months Ended June 30, 2025 | |||||||
Balance, beginning of year | $ | $ | $ | $ | |||
Revenue deferred | |||||||
Amortization | ( | ( | ( | ||||
Balance, end of period | $ | $ | $ | $ | |||
Other reconciling items* | |||||||
Other policyholder funds | $ |
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 | $ | $ | $ | $ | ||||
Effect of changes in our own credit risk | ( | ( | ( | ( | ||||
Balance, beginning of year, before effect of changes in our own credit risk | $ | $ | $( | $ | ||||
Issuances | ||||||||
Interest accrual | ( | |||||||
Attributed fees | ||||||||
Expected claims | ( | ( | ( | |||||
Effect of changes in interest rates | ( | ( | ( | ( | ||||
Effect of changes in interest rate volatility | ( | |||||||
Effect of changes in equity markets | ( | ( | ( | ( | ||||
Effect of changes in equity index volatility | ( | ( | ||||||
Actual outcome different from model expected outcome | ( | ( | ||||||
Effect of changes in future expected policyholder behavior | ||||||||
Effect of changes in other future expected assumptions | ( | |||||||
Other, including foreign exchange | ( | ( | ||||||
Balance, end of period before effect of changes in our own credit risk | ( | |||||||
Effect of changes in our own credit risk | ||||||||
Balance, end of period | ||||||||
Less: Reinsured MRB, end of period | ( | ( | ||||||
Net Liability Balance after reinsurance recoverable | $ | $ | $( | $ | ||||
Net amount at risk | ||||||||
GMDB only | $ | $ | $ | $ | ||||
GMWB only | $ | $ | $ | $ | ||||
Combined* | $ | $ | $ | $ | ||||
Weighted average attained age of contract holders | ||||||||
Six Months Ended June 30, 2025 | ||||||||
Balance, beginning of year | $ | $ | $ | $ | ||||
Effect of changes in our own credit risk | ( | ( | ( | ( | ||||
Balance, beginning of year, before effect of changes in our own credit risk | $ | $ | $( | $ | ||||
Issuances | ||||||||
Interest accrual | ( | |||||||
Attributed fees | ||||||||
Expected claims | ( | ( | ( | |||||
Effect of changes in interest rates | ||||||||
Effect of changes in interest rate volatility | ( | ( | ( | |||||
Effect of changes in equity markets | ( | ( | ( | ( | ||||
Effect of changes in equity index volatility | ( | ( | ||||||
Actual outcome different from model expected outcome | ( | |||||||
Effect of changes in future expected policyholder behavior | ||||||||
Effect of changes in other future expected assumptions | ||||||||
Other, including foreign exchange | ||||||||
Balance, end of period before effect of changes in our own credit risk | ( | |||||||
Effect of changes in our own credit risk | ||||||||
Balance, end of period | ||||||||
Less: Reinsured MRB, end of period | ( | ( | ||||||
Net liability balance after reinsurance recoverable | $ | $ | $ | $ | ||||
Net amount at risk | ||||||||
GMDB only | $ | $ | $ | $ | ||||
GMWB only | $ | $ | $ | $ | ||||
Combined* | $ | $ | $ | $ | ||||
Weighted average attained age of contract holders |
June 30, 2026 | June 30, 2025 | |||||||||||
(in millions) | Asset* | Liability* | Net | Asset* | Liability* | Net | ||||||
Individual Retirement | $ | $ | $ | $ | $ | $ | ||||||
Group Retirement | ||||||||||||
Corporate and Other | ( | |||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||
Six Months Ended June 30, 2026 | Common Stock Issued | Treasury Stock | Common Stock Outstanding |
Shares, beginning of year | ( | ||
Shares issued under long-term incentive compensation plans | |||
Shares repurchased | ( | ( | |
Shares, end of period | ( |
June 30, 2026 | ||
Announcement date | Authorized amount | Authorization Remaining* |
(in millions) | ||
June 23, 2025 | $ | $ |
February 11, 2025 | $ | $ |
April 30, 2024 | $ | $ |
May 4, 2023 | $ | $ |
Declaration Date | Record Date | Payment Date | Dividend Paid Per Common Share |
May 4, 2026 | June 16, 2026 | June 30, 2026 | $ |
February 9, 2026 | March 17, 2026 | March 31, 2026 | $ |
Declaration Date | Record Date | Payment Date | Dividend Paid Per Common Share |
May 5, 2026 | May 15, 2026 | June 1, 2026 | $ |
(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 | $( | $( | $( | $ | $ | $ | $ | $( | ||||||||
Change in unrealized appreciation (depreciation) of investments | — | — | — | — | — | |||||||||||
Change in fair value of market risk benefits attributable to changes in our own credit risk | — | — | ( | — | — | — | — | ( | ||||||||
Change in discount rates assumptions of certain liabilities | — | — | — | ( | — | — | — | ( | ||||||||
Change in future policy benefits and other | ( | — | — | — | — | — | ( | |||||||||
Change in cash flow hedges | — | — | — | — | ( | — | — | ( | ||||||||
Change in foreign currency translation adjustments | — | — | — | — | — | ( | — | ( | ||||||||
Change in deferred tax asset (liability) | ( | ( | — | ( | ||||||||||||
Total other comprehensive income (loss) | ( | ( | ( | ( | ||||||||||||
Less: Noncontrolling interests | — | — | — | — | — | — | ||||||||||
Balance, June 30, 2026, net of tax | $( | $( | $( | $ | $( | $ | $ | $( | ||||||||
Three Months Ended June 30, 2025 | ||||||||||||||||
Balance, March 31, 2025, net of tax | $( | $( | $( | $ | $ | $( | $ | $( | ||||||||
Change in unrealized appreciation (depreciation) of investments | — | — | — | — | — | |||||||||||
Change in fair value of market risk benefits attributable to changes in our own credit risk | — | — | — | — | — | — | ||||||||||
Change in discount rates assumptions of certain liabilities | — | — | — | — | — | — | ||||||||||
Change in future policy benefits and other | — | ( | — | — | — | — | — | ( | ||||||||
Change in cash flow hedges | — | — | — | — | — | — | ||||||||||
Change in foreign currency translation adjustments | — | — | — | — | — | — | ||||||||||
Change in deferred tax (liability) | ( | ( | ( | ( | ( | ( | — | ( | ||||||||
Total other comprehensive income | ||||||||||||||||
Less: Noncontrolling interests | — | — | — | — | — | — | ||||||||||
Balance, June 30, 2025, net of tax | $( | $( | $( | $ | $ | $ | $ | $( |
(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 | $( | $( | $( | $ | $ | $ | $ | $( | ||||||||
Change in unrealized appreciation (depreciation) of investments | ( | ( | — | — | — | — | — | ( | ||||||||
Change in fair value of market risk benefits attributable to changes in our own credit risk | — | — | — | — | — | — | ||||||||||
Change in discount rates assumptions of certain liabilities | — | — | — | — | — | — | ||||||||||
Change in future policy benefits and other | — | — | — | — | — | |||||||||||
Change in cash flow hedges | — | — | — | — | ( | — | — | ( | ||||||||
Change in foreign currency translation adjustments | — | — | — | — | — | ( | — | ( | ||||||||
Change in deferred tax asset (liability) | ( | ( | — | |||||||||||||
Total other comprehensive income (loss) | ( | ( | ( | ( | ( | |||||||||||
Less: Noncontrolling interests | — | — | — | — | — | — | ||||||||||
Balance, June 30, 2026, net of tax | $( | $( | $( | $ | $( | $ | $ | $( | ||||||||
Six Months Ended June 30, 2025 | ||||||||||||||||
Balance, December 31, 2024, net of tax | $( | $( | $( | $ | $( | $( | $ | $( | ||||||||
Change in unrealized appreciation (depreciation) of investments | — | — | — | — | — | |||||||||||
Change in fair value of market risk benefits attributable to changes in our own credit risk | — | — | ( | — | — | — | — | ( | ||||||||
Change in discount rates assumptions of certain liabilities | — | — | — | — | — | — | ||||||||||
Change in future policy benefits and other | — | ( | — | — | — | — | — | ( | ||||||||
Change in cash flow hedges | — | — | — | — | — | — | ||||||||||
Change in foreign currency translation adjustments | — | — | — | — | — | — | ||||||||||
Change in deferred tax asset (liability) | ( | ( | ( | ( | ( | — | ( | |||||||||
Total other comprehensive income (loss) | ( | |||||||||||||||
Less: Noncontrolling interests | — | — | — | — | — | — | ||||||||||
Balance, June 30, 2025, net of tax | $( | $( | $( | $ | $ | $ | $ | $( | ||||||||
(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 | $ | $ | $( | $( | $( | $( | $ | |||||||
Less: Reclassification adjustments included in net income | ( | ( | ||||||||||||
Total other comprehensive income (loss), before income tax expense (benefit) | ( | ( | ( | ( | ||||||||||
Less: Income tax expense (benefit) | ( | ( | ( | |||||||||||
Total other comprehensive income (loss), net of income tax expense (benefit) | $ | $ | $( | $( | $( | $( | $ | |||||||
Three Months Ended June 30, 2025 | ||||||||||||||
Unrealized change arising during period | $ | $ | $ | $ | $ | $ | $ | |||||||
Less: Reclassification adjustments included in net income | ( | ( | ||||||||||||
Total other comprehensive income (loss), before income tax expense (benefit) | ||||||||||||||
Less: Income tax expense (benefit) | ||||||||||||||
Total other comprehensive income (loss), net of income tax expense (benefit) | $ | $ | $ | $ | $ | $ | $ | |||||||
Six Months Ended June 30, 2026 | ||||||||||||||
Unrealized change arising during period | $( | $( | $ | $ | $( | $( | $( | |||||||
Less: Reclassification adjustments included in net income | ( | ( | ||||||||||||
Total other comprehensive income (loss), before income tax expense (benefit) | ( | ( | ( | ( | ( | |||||||||
Less: Income tax expense (benefit) | ( | ( | ( | ( | ||||||||||
Total other comprehensive income (loss), net of income tax expense (benefit) | $( | $( | $ | $ | $( | $( | $( | |||||||
Six Months Ended June 30, 2025 | ||||||||||||||
Unrealized change arising during period | $ | $ | $( | $ | $ | $ | $ | |||||||
Less: Reclassification adjustments included in net income | ( | ( | ( | |||||||||||
Total other comprehensive income (loss), before income tax expense (benefit) | ( | |||||||||||||
Less: Income tax expense (benefit) | ( | |||||||||||||
Total other comprehensive income (loss), net of income tax expense (benefit) | $ | $ | $( | $ | $ | $ | $ |
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 | $ | $ | $ | $( | Net realized gains (losses) | |||||
Total | $ | $ | $ | $( | ||||||
Unrealized appreciation (depreciation) of all other investments | ||||||||||
Investments | $( | $( | $( | $( | Net realized gains (losses) | |||||
Total | $( | $( | $( | $( | ||||||
Effect of changes in the discount rates used to measure traditional and limited-payment long duration insurance contracts | ||||||||||
Reinsurance recapture | $ | $ | $ | $ | Policyholder benefits | |||||
Total | $ | $ | $ | $ | ||||||
Total reclassifications for the period | $( | $( | $( | $( | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
(in millions) | 2026 | 2025 | 2026 | 2025 | ||||
Beginning balance | $ | $ | $ | $ | ||||
Net (loss) attributable to redeemable noncontrolling interest | ( | ( | ( | |||||
Other comprehensive income, net of tax | ||||||||
Contributions from noncontrolling interests | ||||||||
Distributions to noncontrolling interests | ( | ( | ( | ( | ||||
Other | ( | ( | ( | |||||
Ending balance | $ | $ | $ | $ | ||||
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) | $ | $( | $( | $( | |||
Less: Net loss attributable to noncontrolling interests | ( | ( | ( | ||||
Net income (loss) attributable to Corebridge | ( | ( | ( | ||||
Less: Preferred stock dividends | |||||||
Net loss available to Corebridge common shareholders | $( | $( | $( | $( | |||
Denominator for EPS: | |||||||
Weighted average common shares outstanding - basic | |||||||
Dilutive common shares | |||||||
Weighted average common shares outstanding - diluted | |||||||
Income (loss) per common share available to Corebridge common shareholders | |||||||
Common stock - basic | $( | $( | $( | $( | |||
Common stock - diluted | $( | $( | $( | $( | |||
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 |
(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 |
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 | ||||
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 | ||||
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 | ||
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 | ||
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 |
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% | |||
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 | |||
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 | |||
(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 |
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 | |||
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 | |||
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 | |||
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) | |||
(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 |
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 | |||
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 | |||
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 | |||
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 | |||
(in millions) | June 30, 2026 | December 31, 2025 | |
Total AUMA | $121,607 | $120,419 |
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 | |||
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% | |||
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, | 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 | |||
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 | |||||
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 | |||
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 | |||
(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 |
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 | |||
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% | |||
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) | |||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Surrender rates* | 25.7% | 13.2% | 19.0% | 12.9% | |||
(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 |
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 | |||
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 | |||
(in millions) | June 30, 2026 | December 31, 2025 | |
Total AUMA | $27,737 | $27,752 |
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, | 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, | 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 | |||
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 | |||
(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 |
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 | |||
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 | |||
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) | |||
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) | |||
(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 |
(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 |
(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 |
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 |
(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 |
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 |
(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 |
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 | ||||||
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 | ||||||
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 | ||||||
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 | ||||||
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 | ||||||
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 | ||||||
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 | ||||||
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 | |||||||||||||
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 | |||||||||||||
(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 |
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 | ||||||||||||||||
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 | ||||||||||||||||
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 | |||||||
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 |
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) | ||||||
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) | ||||||
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 | ||||||
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 | ||||||||
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 |
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) | |
(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 |
(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 |
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- |
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 |
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: |
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 |
Exhibit Number | Description |
10.1 | 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. |
Signatures |
COREBRIDGE FINANCIAL, INC. | |
(Registrant) | |
/s/ CHRISTOPHER FILIAGGI | |
Christopher Filiaggi | |
Interim Chief Financial Officer and Chief Accounting Officer | |