Related Parties |
6 Months Ended | ||
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Jun. 30, 2026 | |||
| Related Party Transactions [Abstract] | |||
| Related Parties | 19. Related Parties RELATED PARTY TRANSACTIONSWe may enter into a significant number of transactions with related parties in the normal course of business. Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions, or if a party, directly or indirectly through one or more of its intermediaries, controls, is controlled by or is under common control with an entity. Our material transactions with related parties are described below. Related Party Transactions with AIG On February 12, 2026, we purchased an aggregate of approximately $750 million of shares from AIG in a privately negotiated transaction. Following the decrease in AIG’s ownership interest in the Company from approximately 10% to approximately 6% on February 12, 2026, AIG is no longer considered a related party of the Company. Transactions with AIG continue to be reported as related party transactions for periods prior to the February 12, 2026. From January 1, 2026 through February 11, 2026 there were no material transactions with AIG. On May 5, 2026, AIG sold its remaining interest in Corebridge. Related Party Transactions with Blackstone Inc. (“Blackstone”) On December 30, 2025, funds managed by affiliates of Blackstone acquired AIG’s interests in certain real estate funds and other investments which are managed by the Company. We also receive management and advisory fee income for Investment Services related to these ventures. We also have a long-term asset management relationship with Blackstone to manage a portion of our investment portfolio. The investment expense incurred was $91 million and $176 million for the three and six months ended June 30, 2026, respectively, and $80 million and $156 million for the three and six months ended June 30, 2025, respectively. Related Party Transactions with Variable Interest Entities In the ordinary course of business, we enter into various arrangements with VIEs, and we consolidate the VIE if we are determined to be the primary beneficiary. In certain situations, we may have a variable interest in a VIE that is consolidated by related parties, and in other instances, related parties may have variable interests in a VIE that is consolidated by us. The total debt of consolidated VIEs held by related parties was $0 million and $24 million as of June 30, 2026 and December 31, 2025, respectively. The noncontrolling interest included in the Condensed Consolidated Balance Sheets related to the VIEs held by related parties was $257 million and $334 million as of June 30, 2026 and December 31, 2025, respectively. The gain/(loss) attributable to noncontrolling interest of consolidated VIEs held by related parties were $(20) million and $(14) million three and six months ended June 30, 2026, respectively, and $(12) million and $(8) million for the three and six months ended June 30, 2025, respectively. In addition to transactions with VIEs, Corebridge has entered into other structured financing arrangements supporting real estate properties and other types of assets with other related parties. These financing arrangements are reported in Other invested assets in the Condensed Consolidated Balance Sheets. Certain of these and the VIE structures above also include commitments for funding from related parties of $0.5 billion and $0.6 billion at June 30, 2026 and December 31, 2025, respectively. For additional information related to VIEs and other investments, see Notes 5 and 8.
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