v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information 3. Segment Information
We report our results of operations consistent with the manner in which our Chief Executive Officer, who is the chief operating
decision maker (“CODM”), reviews the business to assess performance and allocate resources.
We report our results of operations as five reportable segments:
•Individual Retirement – consists of fixed annuities, fixed index annuities and registered index-linked annuities.
•Group Retirement – consists of recordkeeping, plan administrative and compliance services, financial planning and advisory
solutions offered in-plan, along with proprietary and limited non-proprietary annuities, advisory and brokerage products offered
out-of-plan.
•Life Insurance – consists of traditional and universal life insurance products in the United States.
•Institutional Markets – consists of stable value wrap (“SVW”) products, structured settlement and pension risk transfer (“PRT”)
annuities, guaranteed investment contracts (“GICs”) and Corporate Markets products that include corporate- and bank-owned life
insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuity products.
•Corporate and Other – consists primarily of:
–corporate expenses not attributable to our other segments;
–interest expense on financial debt;
–results of our consolidated investment entities;
–institutional asset management business, which includes managing assets for non-consolidated affiliates;
–results of our legacy insurance lines ceded to Fortitude Re; and
–results of our individual variable annuity business that is reinsured to CSLR.
The closing with respect to the AGL Reinsurance Agreement occurred on August 1, 2025. Accordingly, retrospectively, effective in the
third quarter of 2025, our individual variable annuity business previously reported in the Individual Retirement segment, is now
included within Corporate and Other, consistent with how the CODM assesses its performance and allocates its resources. Prior
periods presented herein have been recast to conform to the new segment presentation. Additionally, the results of operations from
the variable annuity business have been excluded from Adjusted Pre-Tax Operating Income (“APTOI”) as they are not indicative of our
ongoing business operations. 
The CODM assesses segment performance and allocates capital and resources to the segments based on an evaluation of each
segments’ adjusted revenues and APTOI. Adjusted revenues are derived by excluding certain items from total revenues. APTOI is
derived by excluding certain items from income from operations before income tax. These items generally fall into one or more of the
following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to
enhance transparency to the underlying economics of transactions; and adjustments that we believe to be common to the industry.
Legal entities are attributed to each segment based upon the predominance of activity in that legal entity.
APTOI excludes the impact of the following items:
Fortitude Re related adjustments:
The modified coinsurance (“modco”) reinsurance agreements with Fortitude Re transfer the economics of the invested assets
supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets
and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the
Fortitude Re funds withheld embedded derivative are also excluded from APTOI.
The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not
indicative of our ongoing business operations.
Investment-related adjustments:
APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net
realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of
sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods.
In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results,
including those used to economically hedge insurance liabilities, or those recognized as embedded derivatives at fair value, are also
included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and
changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned
income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the
economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).
Market Risk Benefits adjustments:
Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain guaranteed minimum withdrawal benefits
(“GMWBs”) and/or guaranteed minimum death benefits (“GMDBs”) which are accounted for as MRBs. Changes in the fair value of
these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs are excluded from
APTOI. MRBs related to the variable annuity business subject to the reinsurance agreements with CSLR are reported in the
“Businesses exited through reinsurance” line item.
Businesses exited through reinsurance:
Represents the results of businesses that have been or will be economically exited through reinsurance. This includes MRBs, along
with changes in the fair value of derivatives used to hedge MRBs which are recorded through “Change in the fair value of MRBs, net.”
The results of operations from these businesses have been excluded from APTOI as they are not indicative of our ongoing business
operations.
Other adjustments:
Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income
(losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:
•restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our
organization;
•non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to
accounting principles;
•separation costs;
•non-operating litigation reserves and settlements;
•loss (gain) on extinguishment of debt, if any;
•losses from the impairment of goodwill, if any; and
•income and loss from divested or run-off business, if any.
The following table presents Corebridge’s operations by segment:
(in millions)
Individual
Retirement
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate
& Other
Total
Corebridge
Adjustments
Total
Consolidated
Three Months Ended June 30, 2026
Premiums
$26
$4
$382
$129
$—
$541
$1
$542
Policy fees
89
116
356
51
—
612
12
624
Net investment income(a)
1,604
438
324
679
(14)
3,031
159
3,190
Net realized gains (losses)(a)(b)
—
—
—
—
—
—
(554)
(554)
Advisory fee and other income
—
103
—
—
9
112
—
112
Total adjusted revenues
1,719
661
1,062
859
(5)
4,296
(382)
3,914
Policyholder benefits
32
7
652
432
—
1,123
(3)
1,120
Change in the fair value of market risk benefits, net
—
—
—
—
—
—
180
180
Interest credited to policyholder account balances
946
302
79
275
(1)
1,601
(31)
1,570
Amortization of deferred policy acquisition costs
131
28
83
6
—
248
—
248
Non-deferrable insurance commissions
50
31
14
5
1
101
1
102
Advisory fee expenses
6
39
—
—
—
45
—
45
General operating expenses(c)
87
103
122
22
56
390
76
466
Interest expense
—
—
—
—
124
124
7
131
Total benefits and expenses
1,252
510
950
740
180
3,632
230
3,862
Noncontrolling interests
—
—
—
—
—
—
Adjusted pre-tax operating income (loss)
$467
$151
$112
$119
$(185)
$664
Adjustments to:
Total revenue
(382)
Total expenses
230
Noncontrolling interests
—
Income before income tax expense (benefit)
$52
$52
Three Months Ended June 30, 2025
Premiums
$31
$—
$377
$25
$—
$433
$13
$446
Policy fees
76
105
366
51
—
598
123
721
Net investment income (loss)(a)
1,519
469
335
654
7
2,984
354
3,338
Net realized gains (losses)(a)(b)
—
—
—
—
(11)
(11)
(1,964)
(1,975)
Advisory fee and other income
—
85
—
1
6
92
104
196
Total adjusted revenues
1,626
659
1,078
731
2
4,096
(1,370)
2,726
Policyholder benefits
36
2
650
286
—
974
8
982
Change in the fair value of market risk benefits, net
—
—
—
—
—
—
(279)
(279)
Interest credited to policyholder account balances
824
301
84
243
—
1,452
34
1,486
Amortization of deferred policy acquisition costs
112
21
84
4
—
221
54
275
Non-deferrable insurance commissions
41
30
15
5
—
91
61
152
Advisory fee expenses
3
30
1
—
—
34
30
64
General operating expenses(c)
87
93
111
20
50
361
156
517
Interest expense
—
—
—
—
129
129
8
137
Total benefits and expenses
1,103
477
945
558
179
3,262
72
3,334
Noncontrolling interests
—
—
—
—
8
8
Adjusted pre-tax operating income (loss)
$523
$182
$133
$173
$(169)
$842
Adjustments to:
Total revenue
(1,370)
Total expenses
72
Noncontrolling interests
(8)
Income before income tax expense (benefit)
$(608)
$(608)
(in millions)
Individual
Retirement
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate
& Other
Total
Corebridge
Adjustments
Total
Consolidated
Six Months Ended June 30, 2026
Premiums
$42
$5
$743
$138
$—
$928
$1
$929
Policy fees
166
225
712
103
—
1,206
28
1,234
Net investment income(a)
3,139
871
648
1,377
(15)
6,020
367
6,387
Net realized gains (losses)(a)(b)
—
—
—
—
9
9
(899)
(890)
Advisory fee and other income
—
201
1
1
15
218
—
218
Total adjusted revenues
3,347
1,302
2,104
1,619
9
8,381
(503)
7,878
Policyholder benefits
49
10
1,300
746
—
2,105
(11)
2,094
Change in the fair value of market risk benefits, net
—
—
—
—
—
—
558
558
Interest credited to policyholder account balances
1,866
601
157
545
—
3,169
(74)
3,095
Amortization of deferred policy acquisition costs
261
55
166
11
—
493
—
493
Non-deferrable insurance commissions
102
62
27
10
1
202
4
206
Advisory fee expenses
12
76
1
—
—
89
—
89
General operating expenses(c)
175
207
245
45
118
790
144
934
Interest expense
—
—
—
—
248
248
14
262
Net (gain) on divestitures
—
—
—
—
—
—
(2)
(2)
Total benefits and expenses
2,465
1,011
1,896
1,357
367
7,096
633
7,729
Noncontrolling interests
—
—
—
—
8
8
Adjusted pre-tax operating income (loss)
$882
$291
$208
$262
$(350)
$1,293
Adjustments to:
Total revenue
(503)
Total expenses
633
Noncontrolling interests
(8)
Income before income tax expense (benefit)
$149
$149
Six Months Ended June 30, 2025
Premiums
$48
$4
$717
$525
$—
$1,294
$23
$1,317
Policy fees
143
213
730
101
—
1,187
254
1,441
Net investment income(a)
2,938
954
671
1,243
19
5,825
702
6,527
Net realized gains (losses)(a)(b)
—
—
—
—
2
2
(3,391)
(3,389)
Advisory fee and other income
—
172
1
2
13
188
214
402
Total adjusted revenues
3,129
1,343
2,119
1,871
34
8,496
(2,198)
6,298
Policyholder benefits
59
7
1,286
1,028
11
2,391
48
2,439
Change in the fair value of market risk benefits, net
—
—
—
—
—
—
106
106
Interest credited to policyholder account balances
1,599
597
164
473
—
2,833
70
2,903
Amortization of deferred policy acquisition costs
224
43
169
8
—
444
106
550
Non-deferrable insurance commissions
83
60
29
10
1
183
125
308
Advisory fee expenses
9
63
1
—
—
73
61
134
General operating expenses (c)
178
196
229
42
107
752
291
1,043
Interest expense
—
—
—
—
269
269
16
285
Loss on extinguishment of debt
—
—
—
—
—
—
—
—
Net (gain) on divestitures
—
—
—
—
—
—
—
—
Total benefits and expenses
2,152
966
1,878
1,561
388
6,945
823
7,768
Noncontrolling interests
—
—
—
—
1
1
Adjusted pre-tax operating income (loss)
$977
$377
$241
$310
$(353)
$1,552
Adjustments to:
Total revenue
(2,198)
Total expenses
823
Noncontrolling interests
(1)
Income before income tax expense (benefit)
$(1,470)
$(1,470)
(a)Adjustments include Fortitude Re activity of $(108) million and $62 million for the three months ended June 30, 2026 and 2025, respectively, and $145 million and
$(199) million for the six months ended June 30, 2026 and 2025, respectively.
(b)Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments.
(c)Adjustments include restructuring and other costs. For the three and  six months ended June 30, 2026 and 2025, restructuring and other costs primarily include
severance related costs and ongoing modernization initiatives.