Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Net Realized and Unrealized Gains and Losses Included in Income (Loss) Related to Level 3 Assets and Liabilities

The following table presents information about assets and liabilities measured at fair value on a recurring basis and

indicates the level of the fair value measurement based on the observability of the inputs used:


June 30, 2026	Level 1	Level 2	Level 3	Counterparty Netting(a)	Cash Collateral	Total
(in millions)	Level 1	Level 2	Level 3	Counterparty Netting(a)	Cash Collateral	Total
Assets:
Bonds available-for-sale:
U.S. government and government sponsored entities	$11	$1,334	$—	$—	$—	$1,345
Obligations of states, municipalities and political subdivisions	—	3,242	747	—	—	3,989
Non-U.S. governments	—	3,928	—	—	—	3,928
Corporate debt	—	121,395	818	—	—	122,213
RMBS	—	14,451	2,993	—	—	17,444
CMBS	—	8,569	490	—	—	9,059
CLO	—	6,507	2,239	—	—	8,746
ABS	—	9,372	13,343	—	—	22,715
Total bonds available-for-sale	11	168,798	20,630	—	—	189,439
Other bond securities:
U.S. government and government sponsored entities	—	194	—	—	—	194
Obligations of states, municipalities and political subdivisions	—	32	1	—	—	33
Non-U.S. governments	—	74	—	—	—	74
Corporate debt	—	2,331	607	—	—	2,938
RMBS	—	95	41	—	—	136
CMBS	—	197	7	—	—	204
CLO	—	536	31	—	—	567
ABS	—	422	734	—	—	1,156
Total other bond securities	—	3,881	1,421	—	—	5,302


June 30, 2026	Level 1	Level 2	Level 3	Counterparty Netting(a)	Cash Collateral	Total
(in millions)	Level 1	Level 2	Level 3	Counterparty Netting(a)	Cash Collateral	Total
Equity securities	8	—	42	—	—	50
Other invested assets(b)	—	—	1,472	—	—	1,472
Derivative assets:
Interest rate contracts	—	901	33	—	—	934
Foreign exchange contracts	—	912	—	—	—	912
Equity contracts	4	9,404	634	—	—	10,042
Credit contracts	—	405	13	—	—	418
Other contracts	—	—	15	—	—	15
Counterparty netting and cash collateral	—	—	—	(7,501)	(3,844)	(11,345)
Total derivative assets	4	11,622	695	(7,501)	(3,844)	976
Short-term investments	834	990	—	—	—	1,824
Market risk benefit assets	—	—	2,492	—	—	2,492
Separate account assets	94,713	4,058	—	—	—	98,771
Total	$95,570	$189,349	$26,752	$(7,501)	$(3,844)	$300,326
Liabilities:
Policyholder contract deposits(c)	$—	$144	$13,424	$—	$—	$13,568
Derivative liabilities:
Interest rate contracts	—	1,907	21	—	—	1,928
Foreign exchange contracts	—	464	—	—	—	464
Equity contracts	—	6,017	180	—	—	6,197
Credit contracts	—	—	17	—	—	17
Other contracts	—	—	1	—	—	1
Counterparty netting and cash collateral	—	—	—	(7,501)	(828)	(8,329)
Total derivative liabilities	—	8,388	219	(7,501)	(828)	278
Fortitude Re funds withheld payable(d)	—	—	3,971	—	—	3,971
Other liabilities	—	(55)	—	—	—	(55)
Market risk benefit liabilities	—	—	7,723	—	—	7,723
Total	$—	$8,477	$25,337	$(7,501)	$(828)	$25,485


December 31, 2025	Level 1	Level 2	Level 3	Counterparty Netting(a)	Cash Collateral	Total
(in millions)	Level 1	Level 2	Level 3	Counterparty Netting(a)	Cash Collateral	Total
Assets:
Bonds available-for-sale:
U.S. government and government sponsored entities	$10	$1,327	$—	$—	$—	$1,337
Obligations of states, municipalities and political subdivisions	—	3,725	761	—	—	4,486
Non-U.S. governments	—	4,487	—	—	—	4,487
Corporate debt	—	121,390	681	—	—	122,071
RMBS	—	10,495	5,855	—	—	16,350
CMBS	—	8,563	744	—	—	9,307
CLO	—	7,037	2,055	—	—	9,092
ABS	—	1,814	20,437	—	—	22,251
Total bonds available-for-sale	10	158,838	30,533	—	—	189,381
Other bond securities:
U.S. government and government sponsored entities	—	192	—	—	—	192
Obligations of states, municipalities and political subdivisions	—	33	1	—	—	34
Non-U.S. governments	—	75	—	—	—	75
Corporate debt	—	2,709	205	—	—	2,914
RMBS	—	50	87	—	—	137
CMBS	—	201	16	—	—	217
CLO	—	542	43	—	—	585
ABS	—	65	1,188	—	—	1,253
Total other bond securities	—	3,867	1,540	—	—	5,407


December 31, 2025	Level 1	Level 2	Level 3	Counterparty Netting(a)	Cash Collateral	Total
(in millions)	Level 1	Level 2	Level 3	Counterparty Netting(a)	Cash Collateral	Total
Equity securities	10	—	69	—	—	79
Other invested assets(b)	—	—	1,498	—	—	1,498
Derivative assets:
Interest rate contracts	—	894	22	—	—	916
Foreign exchange contracts	—	711	—	—	—	711
Equity contracts	6	7,519	863	—	—	8,388
Other contracts	—	—	14	—	—	14
Counterparty netting and cash collateral	—	—	—	(6,106)	(3,482)	(9,588)
Total derivative assets	6	9,124	899	(6,106)	(3,482)	441
Short-term investments	661	963	—	—	—	1,624
Market risk benefit assets	—	—	2,392	—	—	2,392
Separate account assets	91,582	4,003	—	—	—	95,585
Total	$92,269	$176,795	$36,931	$(6,106)	$(3,482)	$296,407
Liabilities:
Policyholder contract deposits(c)	$—	$134	$12,022	$—	$—	$12,156
Derivative liabilities:
Interest rate contracts	—	1,611	22	—	—	1,633
Foreign exchange contracts	—	554	—	—	—	554
Equity contracts	7	4,795	98	—	—	4,900
Other contracts	—	—	4	—	—	4
Counterparty netting and cash collateral	—	—	—	(6,106)	(686)	(6,792)
Total derivative liabilities	7	6,960	124	(6,106)	(686)	299
Fortitude Re funds withheld payable(d)	—	—	3,795	—	—	3,795
Other liabilities	—	23	—	—	—	23
Market risk benefit liabilities	—	—	7,309	—	—	7,309
Total	$7	$7,117	$23,250	$(6,106)	$(686)	$23,582

(a)Represents netting of derivative exposures covered by qualifying master netting agreements.

(b)Excludes private equity fund and hedge fund investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent). Total private

equity fund investments measured at NAV were $6.6 billion and $6.5 billion as of June 30, 2026 and December 31, 2025, respectively. Total hedge fund investments

measured at NAV were $96 million and $121 million as of June 30, 2026 and December 31, 2025.

(c)Excludes basis adjustments for fair value hedges.

(d)As discussed in Note 7, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments

supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s Condensed Consolidated Balance Sheets. This embedded derivative

is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge, which are primarily available-for-sale securities.

The following tables present changes during the three and six months ended June 30, 2026 and 2025 in Level 3 assets and

liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3

assets and liabilities in the Condensed Consolidated Balance Sheets at June 30, 2026 and 2025:


(in millions)	Fair Value Beginning of Period	Net Realized and Unrealized Gains (Losses) Included in Income	Other Comprehensive Income (Loss)	Purchases, Sales, Issuances and Settlements, Net	Gross Transfers in	Gross Transfers out	Other	Fair Value End of Period	Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended June 30, 2026
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$745	$—	$2	$—	$—	$—	$—	$747	$—	$1
Corporate debt	699	—	(6)	(43)	387	(219)	—	818	—	(8)
RMBS	5,167	14	19	(192)	62	(2,077)	—	2,993	—	21
CMBS	716	3	7	(24)	1	(213)	—	490	—	5
CLO	1,998	—	11	269	—	(39)	—	2,239	—	11
ABS	20,106	12	(80)	158	823	(7,673)	(3)	13,343	—	(78)
Total bonds available-for- sale	29,431	29	(47)	168	1,273	(10,221)	(3)	20,630	—	(48)
Other bond securities:
Obligations of states, municipalities and political subdivisions	1	—	—	—	—	—	—	1	—	—
Corporate debt	207	(5)	—	2	403	—	—	607	(2)	—
RMBS	66	2	—	2	—	(29)	—	41	3	—
CMBS	7	—	—	—	—	—	—	7	—	—
CLO	33	(1)	—	—	—	(1)	—	31	(2)	—
ABS	1,132	(8)	—	(32)	—	(358)	—	734	(7)	—
Total other bond securities	1,446	(12)	—	(28)	403	(388)	—	1,421	(8)	—
Equity securities	49	(1)	—	(6)	—	—	—	42	—	—
Other invested assets	1,477	6	(4)	(7)	—	—	—	1,472	5	—
Total(a)	$32,403	$22	$(51)	$127	$1,676	$(10,609)	$(3)	$23,565	$(3)	$(48)
(in millions)	Fair Value Beginning of Period	Net Realized and Unrealized (Gains) Losses Included in Income	Other Comprehensive (Income) Loss	Purchases, Sales, Issuances and Settlements, Net	Gross Transfers in	Gross Transfers out	Other	Fair Value End of Period	Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$11,573	$1,809	$—	$42	$—	$—	$—	$13,424	$(392)	$—
Derivative liabilities, net:
Interest rate contracts	—	(12)	—	—	—	—	—	(12)	13	—
Equity contracts	(566)	(41)	—	153	—	—	—	(454)	66	—
Credit contracts	—	4	—	—	—	—	—	4	(3)	—
Other contracts	(16)	(14)	—	16	—	—	—	(14)	15	—
Total derivative liabilities, net(b)	(582)	(63)	—	169	—	—	—	(476)	91	—
Fortitude Re funds withheld payable	3,663	316	—	(8)	—	—	—	3,971	(177)	—
Total(c)	$14,654	$2,062	$—	$203	$—	$—	$—	$16,919	$(478)	$—


(in millions)	Fair Value Beginning of Period	Net Realized and Unrealized Gains (Losses) Included in Income	Other Comprehensive Income (Loss)	Purchases, Sales, Issuances and Settlements, Net	Gross Transfers in	Gross Transfers out	Other(d)	Fair Value End of Period	Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended June 30, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$782	$(1)	$(17)	$(3)	$—	$—	$—	$761	$—	$(22)
Corporate debt	1,084	(1)	10	(35)	4	(629)	—	433	—	5
RMBS	6,204	65	(19)	(203)	22	(81)	—	5,988	—	(9)
CMBS	704	5	4	(12)	91	—	—	792	—	2
CLO	2,159	9	3	(19)	2	(167)	—	1,987	—	3
ABS	18,768	127	90	94	436	(11)	—	19,504	—	82
Total bonds available-for- sale	29,701	204	71	(178)	555	(888)	—	29,465	—	61
Other bond securities:
Obligations of states, municipalities and political subdivisions	1	—	—	—	—	—	—	1	—	—
Corporate debt	14	1	—	(1)	(1)	—	—	13	—	—
RMBS	89	—	—	(1)	—	—	—	88	1	—
CMBS	16	—	—	—	—	—	—	16	—	—
CLO	52	(1)	—	6	—	—	—	57	(1)	—
ABS	1,148	9	—	18	—	—	—	1,175	1	—
Total other bond securities	1,320	9	—	22	(1)	—	—	1,350	1	—
Equity securities	41	—	—	—	—	—	—	41	—	—
Other invested assets	1,633	5	34	(10)	—	—	—	1,662	20	—
Total(a)	$32,695	$218	$105	$(166)	$554	$(888)	$—	$32,518	$21	$61

(in millions)	Fair Value Beginning of Period	Net Realized and Unrealized (Gains) Losses Included in Income	Other Comprehensive (Income) Loss	Purchases, Sales, Issuances and Settlements, Net	Gross Transfers in	Gross Transfers out	Other	Fair Value End of Period	Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$9,341	$1,115	$—	$248	$—	$—	$—	$10,704	$(528)	$—
Derivative liabilities, net:
Interest rate contracts	(283)	36	—	22	—	—	—	(225)	(38)	—
Equity contracts	(547)	80	—	(32)	—	—	—	(499)	32	—
Other contracts	(11)	(18)	—	16	—	—	—	(13)	17	—
Total derivative liabilities, net(b)	(841)	98	—	6	—	—	—	(737)	11	—
Fortitude Re funds withheld payable	2,853	251	—	(51)	—	—	(1)	3,052	30	—
Debt of consolidated investment entities	—	—	—	—	—	—	—	—	—	—
Total(c)	$11,353	$1,464	$—	$203	$—	$—	$(1)	$13,019	$(487)	$—


(in millions)	Fair Value Beginning of Year	Net Realized and Unrealized Gains (Losses) Included in Income	Other Comprehensive Income (Loss)	Purchases, Sales, Issuances and Settlements, Net	Gross Transfers In	Gross Transfers Out	Other	Fair Value End of Period	Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Six Months Ended June 30, 2026
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$761	$(3)	$(1)	$(10)	$—	$—	$—	$747	$—	$(8)
Corporate debt	681	(11)	(14)	(45)	596	(389)	—	818	—	(16)
RMBS	5,855	33	(40)	6	64	(2,925)	—	2,993	—	(38)
CMBS	744	7	12	(77)	17	(213)	—	490	—	7
CLO	2,055	(1)	(31)	365	15	(164)	—	2,239	—	(31)
ABS	20,437	9	(199)	413	868	(8,182)	(3)	13,343	—	(207)
Total bonds available-for- sale	30,533	34	(273)	652	1,560	(11,873)	(3)	20,630	—	(293)
Other bond securities:
Obligations of states, municipalities and political subdivisions	1	—	—	—	—	—	—	1	—	—
Corporate debt	205	(7)	—	6	403	—	—	607	(4)	—
RMBS	87	1	—	1	—	(48)	—	41	3	—
CMBS	16	1	—	(10)	—	—	—	7	—	—
CLO	43	(12)	—	—	1	(1)	—	31	(12)	—
ABS	1,188	(9)	—	(87)	—	(358)	—	734	(10)	—
Total other bond securities	1,540	(26)	—	(90)	404	(407)	—	1,421	(23)	—
Equity securities	69	(21)	—	(6)	—	—	—	42	(19)	—
Other invested assets	1,498	1	(13)	(14)	—	—	—	1,472	(1)	—
Total(a)	$33,640	$(12)	$(286)	$542	$1,964	$(12,280)	$(3)	$23,565	$(43)	$(293)

(in millions)	Fair Value Beginning of Year	Net Realized and Unrealized (Gains) Losses Included in Income	Other Comprehensive (Income) Loss	Purchases, Sales, Issuances and Settlements, Net	Gross Transfers In	Gross Transfers Out	Other	Fair Value End of Period	Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$12,022	$1,160	$—	$242	$—	$—	$—	$13,424	$899	$—
Derivative liabilities, net:
Interest rate contracts	—	(12)	—	—	—	—	—	(12)	13	—
Equity contracts	(765)	215	—	96	—	—	—	(454)	(121)	—
Credit contracts	—	4	—	—	—	—	—	4	(3)	—
Other contracts	(10)	(37)	—	33	—	—	—	(14)	38	—
Total derivative liabilities, net(b)	(775)	170	—	129	—	—	—	(476)	(73)	—
Fortitude Re funds withheld payable	3,795	302	—	(126)	—	—	—	3,971	57	—
Total(c)	$15,042	$1,632	$—	$245	$—	$—	$—	$16,919	$883	$—


(in millions)	Fair Value Beginning of Year	Net Realized and Unrealized Gains (Losses) Included in Income	Other Comprehensive Income (Loss)	Purchases, Sales, Issuances and Settlements, Net	Gross Transfers In	Gross Transfers Out	Other	Fair Value End of Period	Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Six Months Ended June 30, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$745	$(1)	$(3)	$(4)	$24	$—	$—	$761	$—	$(15)
Corporate debt	1,834	(5)	34	70	337	(1,837)	—	433	—	17
RMBS	6,045	123	64	(149)	80	(175)	—	5,988	—	74
CMBS	621	10	22	(20)	159	—	—	792	—	19
CLO	2,162	16	5	62	2	(260)	—	1,987	—	6
ABS	17,566	229	272	926	560	(49)	—	19,504	—	222
Total bonds available-for- sale	28,973	372	394	885	1,162	(2,321)	—	29,465	—	323
Other bond securities:
Obligations of states, municipalities and political subdivisions	1	—	—	—	—	—	—	1	—	—
Corporate debt	209	(2)	—	(14)	7	(187)	—	13	(2)	—
RMBS	98	3	—	(5)	—	(8)	—	88	3	—
CMBS	14	2	—	—	—	—	—	16	1	—
CLO	59	—	—	4	—	(6)	—	57	—	—
ABS	1,160	25	—	(10)	—	—	—	1,175	8	—
Total other bond securities	1,541	28	—	(25)	7	(201)	—	1,350	10	—
Equity securities	41	—	—	—	—	—	—	41	—	—
Other invested assets	1,647	9	53	(7)	—	(40)	—	1,662	25	—
Total(a)	$32,202	$409	$447	$853	$1,169	$(2,562)	$—	$32,518	$35	$323
(in millions)	Fair Value Beginning of Year	Net Realized and Unrealized (Gains) Losses Included in Income	Other Comprehensive (Income) Loss	Purchases, Sales, Issuances and Settlements, Net	Gross Transfers In	Gross Transfers Out	Other	Fair Value End of Period	Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$9,415	$893	$—	$396	$—	$—	$—	$10,704	$256	$—
Derivative liabilities, net:
Interest rate contracts	(364)	90	—	49	—	—	—	(225)	61	—
Equity contracts	(645)	187	—	(41)	—	—	—	(499)	(80)	—
Other contracts	(11)	(34)	—	32	—	—	—	(13)	33	—
Total derivative liabilities, net(b)	(1,020)	243	—	40	—	—	—	(737)	14	—
Fortitude Re funds withheld payable	2,223	847	—	(68)	—	—	50	3,052	(243)	—
Debt of consolidated investment entities	—	—	—	—	—	—	—	—	—	—
Total(c)	$10,618	$1,983	$—	$368	$—	$—	$50	$13,019	$27	$—

(a)Excludes MRB assets of $2.5 billion at June 30, 2026 and $1.3 billion at June 30, 2025. See Note 14 for additional information.

(b)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

(c)Excludes MRB liabilities of $7.7 billion at June 30, 2026 and $6.3 billion at June 30, 2025. See Note 14 for additional information.

Change in the fair value of market risk benefits, net and net realized and unrealized gains and losses included in income

related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income

(Loss) as follows:


(in millions)	Policy Fees	Net Investment Income (Loss)	Net Realized and Unrealized Gains (Losses)	Change in the Fair Value of Market Risk Benefits, net(a)	Total
Three Months Ended June 30, 2026
Assets:
Bonds available-for-sale	$—	$27	$2	$—	$29
Other bond securities	—	(12)	—	—	(12)
Equity securities	—	(1)	—	—	(1)
Other invested assets	—	5	1	—	6
Three Months Ended June 30, 2025
Assets:
Bonds available-for-sale	$—	$151	$53	$—	$204
Other bond securities	—	9	—	—	9
Equity securities	—	—	—	—	—
Other invested assets	—	17	(12)	—	5
Six Months Ended June 30, 2026
Assets:
Bonds available-for-sale	$—	$56	$(22)	$—	$34
Other bond securities	—	(26)	—	—	(26)
Equity securities	—	(21)	—	—	(21)
Other invested assets	—	(1)	2	—	1
Six Months Ended June 30, 2025
Assets:
Bonds available-for-sale	$—	$297	$75	$—	$372
Other bond securities	—	28	—	—	28
Equity securities	—	—	—	—	—
Other invested assets	—	21	(12)	—	9
Three Months Ended June 30, 2026
Liabilities:
Policyholder contract deposits(b)	$—	$—	$(1,809)	$—	$(1,809)
Derivative liabilities, net	17	—	46	—	63
Fortitude Re funds withheld payable	—	—	(316)	—	(316)
Market risk benefit liabilities, net(c)	—	—	1	(165)	(164)
Three Months Ended June 30, 2025
Liabilities:
Policyholder contract deposits(b)	$—	$—	$(1,115)	$—	$(1,115)
Derivative liabilities, net	17	—	(115)	—	(98)
Fortitude Re funds withheld payable	—	—	(251)	—	(251)
Market risk benefit liabilities, net(c)	—	—	(1)	530	529
Six Months Ended June 30, 2026
Liabilities:
Policyholder contract deposits(b)	$—	$—	$(1,160)	$—	$(1,160)
Derivative liabilities, net	33	—	(203)	—	(170)
Fortitude Re funds withheld payable	—	—	(302)	—	(302)
Market risk benefit liabilities, net(c)	—	—	1	(543)	(542)
Six Months Ended June 30, 2025
Liabilities:
Policyholder contract deposits(b)	$—	$—	$(893)	$—	$(893)
Derivative liabilities, net	32	—	(275)	—	(243)
Fortitude Re funds withheld payable	—	—	(847)	—	(847)
Market risk benefit liabilities, net(c)	—	—	(3)	(45)	(48)

(a)The portion of the fair value change attributable to our own credit risk is recognized in Other comprehensive income (loss) (“OCI”).

(b)Primarily embedded derivatives.

(c)Market risk benefit assets and liabilities have been netted in these tables for presentation purposes only.

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for

the three and six months ended June 30, 2026 and 2025 related to Level 3 assets and liabilities in the Condensed

Consolidated Balance Sheets:


(in millions)	Purchases	Sales	Issuances and Settlements	Purchases, Sales, Issuances and Settlements, Net
Three Months Ended June 30, 2026
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$2	$—	$(2)	$—
Corporate debt	137	(2)	(178)	(43)
RMBS	24	(12)	(204)	(192)
CMBS	32	(35)	(21)	(24)
CLO	418	(3)	(146)	269
ABS	1,114	(85)	(871)	158
Total bonds available-for-sale	1,727	(137)	(1,422)	168
Other bond securities:
Obligations of states, municipalities and political subdivisions	—	—	—	—
Corporate debt	4	—	(2)	2
RMBS	3	—	(1)	2
CMBS	—	—	—	—
CLO	—	—	—	—
ABS	10	—	(42)	(32)
Total other bond securities	17	—	(45)	(28)
Equity securities	—	—	(6)	(6)
Other invested assets	15	—	(22)	(7)
Total assets*	$1,759	$(137)	$(1,495)	$127
Liabilities:
Policyholder contract deposits	$—	$419	$(377)	$42
Derivative liabilities, net	—	—	169	169
Fortitude Re funds withheld payable	—	—	(8)	(8)
Total liabilities	$—	$419	$(216)	$203
Three Months Ended June 30, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$10	$(13)	$—	$(3)
Corporate debt	34	(20)	(49)	(35)
RMBS	13	(17)	(199)	(203)
CMBS	5	(12)	(5)	(12)
CLO	143	—	(162)	(19)
ABS	992	(65)	(833)	94
Total bonds available-for-sale	1,197	(127)	(1,248)	(178)
Other bond securities:
Obligations of states, municipalities and political subdivisions	—	—	—	—
Corporate debt	5	1	(7)	(1)
RMBS	11	(11)	(1)	(1)
CMBS	1	(1)	—	—
CLO	6	—	—	6
ABS	38	—	(20)	18
Total other bond securities	61	(11)	(28)	22
Equity securities	6	(6)	—	—
Other invested assets	30	—	(40)	(10)
Total assets*	$1,294	$(144)	$(1,316)	$(166)
Liabilities:
Policyholder contract deposits	$—	$549	$(301)	$248
Derivative liabilities, net	—	—	6	6
Fortitude Re funds withheld payable	—	—	(51)	(51)
Total liabilities	$—	$549	$(346)	$203


(in millions)	Purchases	Sales	Issuances and Settlements	Purchases, Sales, Issuances and Settlements, Net

Six Months Ended June 30, 2026
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$15	$(23)	$(2)	$(10)
Corporate debt	327	(2)	(370)	(45)
RMBS	477	(91)	(380)	6
CMBS	49	(40)	(86)	(77)
CLO	516	(3)	(148)	365
ABS	2,536	(427)	(1,696)	413
Total bonds available-for-sale	3,920	(586)	(2,682)	652
Other bond securities:
Corporate debt	16	—	(10)	6
RMBS	3	—	(2)	1
CMBS	—	—	(10)	(10)
CLO	—	—	—	—
ABS	50	(37)	(100)	(87)
Total other bond securities	69	(37)	(122)	(90)
Equity securities	—	—	(6)	(6)
Other invested assets	22	—	(36)	(14)
Total assets*	$4,011	$(623)	$(2,846)	$542
Liabilities:
Policyholder contract deposits	$—	$849	$(607)	$242
Derivative liabilities, net	—	—	129	129
Fortitude Re funds withheld payable	—	—	(126)	(126)
Total liabilities	$—	$849	$(604)	$245

Six Months Ended June 30, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$35	$(38)	$(1)	$(4)
Corporate debt	374	(106)	(198)	70
RMBS	279	(60)	(368)	(149)
CMBS	12	(19)	(13)	(20)
CLO	326	—	(264)	62
ABS	2,872	(604)	(1,342)	926
Total bonds available-for-sale	3,898	(827)	(2,186)	885
Other bond securities:
Corporate debt	10	(12)	(12)	(14)
RMBS	25	(25)	(5)	(5)
CMBS	1	(1)	—	—
CLO	6	—	(2)	4
ABS	76	(17)	(69)	(10)
Total other bond securities	118	(55)	(88)	(25)
Equity securities	6	(6)	—	—
Other invested assets	160	—	(167)	(7)
Total assets*	$4,182	$(888)	$(2,441)	$853
Liabilities:
Policyholder contract deposits	$—	$858	$(462)	$396
Derivative liabilities, net	—	—	40	40
Fortitude Re funds withheld payable	—	—	(68)	(68)
Total liabilities	$—	$858	$(490)	$368

*There were no issuances during the three and six months ended June 30, 2026 and 2025 for invested assets

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain

Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as

data from independent third-party valuation service providers and from internal valuation models. Because input information from third

parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below

may not equal total amounts reported for such Level 3 assets and liabilities:


(in millions)	Fair Value at June 30, 2026	Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$723	Discounted cash flow	Yield	5.61% - 5.95% (5.78%)
Corporate debt	$1,368	Discounted cash flow	Yield	4.96% - 7.96% (6.46%)
RMBS(c)	$2,278	Discounted cash flow	Prepayment speed	3.67% - 8.51% (6.09%)
			Default rate	0.31% - 1.72% (1.01%)
			Yield	5.36% - 6.34% (5.85%)
			Loss severity	35.84% - 63.48% (49.66%)
CLO(c)	$2,138	Discounted cash flow	Yield	5.29% - 6.77% (6.03%)
ABS(c)	$11,955	Discounted cash flow	Yield	5.22% - 7.75% (6.48%)
CMBS	$455	Discounted cash flow	Yield	4.17% - 17.29% (10.73%)
Market risk benefit assets	$2,492	Discounted cash flow	Equity volatility	6.45% - 51.35%
			Base lapse rate	0.16% - 28.80%
			Dynamic lapse multiplier(e)	20.00% - 186.18%
			Mortality multiplier(e)(f)	38.25% - 160.01%
			Utilization(g)	80.00% - 100.00%
			Equity / interest-rate correlation	0.00% - 6.30%
			NPA(h)	0.15% - 2.30%
Liabilities(d):
Market risk benefit liabilities:
Variable annuities guaranteed benefits	$1,672	Discounted cash flow	Equity volatility	6.45% - 51.35%
			Base lapse rate	0.16% - 28.80%
			Dynamic lapse multiplier(e)	20.00% - 186.18%
			Mortality multiplier(e)(f)	38.25% - 160.01%
			Utilization(g)	80.00% - 100.00%
			Equity / interest-rate correlation	0.00% - 6.30%
			NPA(h)	0.15% - 2.30%
Fixed annuities guaranteed benefits	$1,960	Discounted cash flow	Base lapse rate	0.20% - 15.75%
			Dynamic lapse multiplier(e)	20.00% - 186.18%
			Mortality multiplier(e)(f)	40.26% - 168.43%
			Utilization(g)	90.00% - 97.50%
			NPA(h)	0.32% - 2.30%
Fixed index annuities guaranteed benefits	$4,091	Discounted cash flow	Equity volatility	6.45% - 51.35%
			Base lapse rate	0.20% - 60.00%
			Dynamic lapse multiplier(e)	20.00% - 186.18%
			Mortality multiplier(e)(f)	24.13% - 130.80%
			Utilization(g)	60.00% - 97.50%
			Option budget	0.00% - 6.00%
			Equity / interest-rate correlation	0.00% - 6.30%
			NPA(h)	0.32% - 2.30%


(in millions)	Fair Value at June 30, 2026	Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)	$10,676	Discounted cash flow	Equity volatility	6.45% - 51.35%
			Base lapse rate	0.20% - 60.00%
			Dynamic lapse multiplier(e)	20.00% - 186.18%
			Mortality multiplier(e)(f)	24.13% - 130.80%
			Utilization(g)	60.00% - 97.50%
			Option budget	0.00% - 6.00%
			Equity / interest-rate correlation	0.00% - 6.30%
			NPA(h)	0.32% - 2.30%
Registered index-linked annuities	$1,271	Discounted cash flow	Equity volatility	6.45% - 51.35%
			Base lapse rate	1.00% - 50.00%
			Dynamic lapse multiplier(e)	95.00% - 220.00%
			Mortality multiplier(e)(f)	96.65% - 147.29%
			Utilization(g)	1.70% - 18.09%
			Equity / interest-rate correlation	0.00% - 6.30%
			NPA(h)	0.32% - 2.30%

Index universal life	$1,477	Discounted cash flow	Base lapse rate	0.00% - 37.97%
			Mortality rates	0.00% - 100.00%
			Equity volatility	5.88% - 21.20%
			NPA(h)	0.32% - 2.30%


(in millions)	Fair Value at December 31, 2025	Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$723	Discounted cash flow	Yield	5.62% - 5.87% (5.74%)
Corporate debt	$701	Discounted cash flow	Yield	4.92% - 7.62% (5.80%)
RMBS(c)	$2,847	Discounted cash flow	Prepayment speed	4.11% - 7.62% (5.87%)
			Default rate	0.39% - 1.98% (1.18%)
			Yield	5.17% - 6.39% (5.78%)
			Loss severity	38.09% - 84.11% (61.10%)
CLO(c)	$1,939	Discounted cash flow	Yield	5.02% - 6.32% (5.67%)
ABS(c)	$18,129	Discounted cash flow	Yield	4.64% - 7.24% (5.94%)
CMBS	$696	Discounted cash flow	Yield	3.80% - 19.92% (11.58%)
Market risk benefit assets	$2,392	Discounted cash flow	Equity volatility	5.85% - 45.85%
			Base lapse rate	0.16% - 28.80%
			Dynamic lapse multiplier(e)	20.00% - 186.18%
			Mortality multiplier(e)(f)	38.25% - 160.01%
			Utilization(g)	80.00% - 100.00%
			Equity / interest-rate correlation	0.00% - 6.30%
			NPA(h)	0.15% - 2.13%
Liabilities(d):
Market risk benefit liabilities:
Variable annuities guaranteed benefits	$1,651	Discounted cash flow	Equity volatility	5.85% - 45.85%
			Base lapse rate	0.16% - 28.80%
			Dynamic lapse multiplier(e)	20.00% - 186.18%
			Mortality multiplier(e)(f)	38.25% - 160.01%
			Utilization(g)	80.00% - 100.00%
			Equity / interest-rate correlation	0.00% - 6.30%
			NPA(h)	0.15% - 2.13%
Fixed annuities guaranteed benefits	$1,817	Discounted cash flow	Base lapse rate	0.20% - 15.75%
			Dynamic lapse multiplier(e)	20.00% - 186.18%
			Mortality multiplier(e)(f)	40.26% - 168.43%
			Utilization(g)	90.00% - 97.50%
			NPA(g)	0.16% - 2.13%
Fixed index annuities guaranteed benefits	$3,841	Discounted cash flow	Equity volatility	5.85% - 45.85%
			Base lapse rate	0.20% - 60.00%
			Dynamic lapse multiplier(e)	20.00% - 186.18%
			Mortality multiplier(e)(f)	24.13% - 130.80%
			Utilization(g)	60.00% - 97.50%
			Option budget	0.00% - 6.00%
			Equity / interest-rate correlation	0.00% - 6.30%
			NPA(h)	0.16% - 2.13%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)	$9,996	Discounted cash flow	Equity volatility	5.85% - 45.85%
			Base lapse rate	0.20% - 60.00%
			Dynamic lapse multiplier(e)	20.00% - 186.18%
			Mortality multiplier(e)(f)	24.13% - 130.80%
			Utilization(g)	60.00% - 97.50%
			Option budget	0.00% - 6.00%
			Equity / interest-rate correlation	0.00% - 6.30%
			NPA(h)	0.16% - 2.13%


(in millions)	Fair Value at December 31, 2025	Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Registered index-linked annuities(i)	$765	Discounted cash flow	Equity volatility	5.85% - 45.85%
			Base lapse rate	1.00% - 50.00%
			Dynamic lapse multiplier(e)	95.00% - 220.00%
			Mortality multiplier(e)(f)	96.65% - 147.29%
			Utilization(g)	1.70% - 18.09%
			Equity / interest-rate correlation	0.00% - 6.30%
			NPA(h)	0.16% - 2.13%
Index universal life	$1,261	Discounted cash flow	Base lapse rate	0.00% - 37.97%
			Mortality rates	0.00% - 100.00%
			Equity volatility	5.88% - 20.17%
			NPA(h)	0.16% - 2.13%

(a)Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.

(b)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives

within policyholder contract deposits and MRBs uses a range of inputs that vary at the contract level over the cash flow projection period, management believes that

presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(c)Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default

rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not

necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the

tranches purchased by us because there are other factors relevant to the fair values of specific tranches owned by us, including, but not limited to, purchase price,

position in the waterfall, senior versus subordinated position and attachment points.

(d)The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 7, the Fortitude Re funds withheld payable is created through

modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on

Corebridge’s Condensed Consolidated Balance Sheets. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets

held by Corebridge. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the

reinsurance agreements that are held on Corebridge’s Condensed Consolidated Balance Sheets.

(e)The ranges for these inputs vary due to the different GMWB product specification and policyholder characteristics across in-force policies. Policyholder characteristics

that affect these ranges include age, policy duration, and gender.

(f)Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table.

(g)The partial withdrawal utilization unobservable input range shown applies only to policies with GMWB riders.

(h)The non-performance risk adjustment (“NPA”) applied as a spread over risk-free curve for discounting.

(i)The fixed index annuities embedded derivative associated with index credits related to the contracts with guaranteed product features included in policyholder contract

deposits was $2.4 billion and $2.0 billion at June 30, 2026 and December 31, 2025, respectively.

Schedule of Fair Value Option

The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair

value option:


	Three months Ended June 30,		Six months Ended June 30,
(in millions)	2026	2025	2026	2025
Assets:
Other bond securities(a)	$77	$101	$88	$240
Alternative investments(b)	(4)	182	84	231
Total assets	73	283	172	471
Liabilities:
Policyholder contract deposits(c)	1	—	1	(2)
Total liabilities	1	—	1	(2)
Total gain (loss)	$74	$283	$173	$469

(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond

securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.

(b)Includes certain hedge funds, private equity funds and other investment partnerships.

(c)Represents GICs.

Schedule of Fair Value Measurements on a Non-Recurring Basis

The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the

related impairment charges recorded during the periods presented:


	Assets at Fair Value				Impairment Charges
	Non-Recurring Basis				Three Months Ended June 30,		Six Months Ended June 30,
(in millions)	Level 1	Level 2	Level 3	Total	2026	2025	2026	2025
June 30, 2026
Other investments	$—	$—	$43	$43	$—	$30	$23	$30
Total	$—	$—	$43	$43	$—	$30	$23	$30
December 31, 2025
Other investments	$—	$—	$164	$164
Total	$—	$—	$164	$164

Schedule of Fair Value Information about Financial Instruments not Measured a Fair Value

The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at

fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the

observability of the inputs used:


	Estimated Fair Value
(in millions)	Level 1	Level 2	Level 3	Total	Carrying Value
June 30, 2026
Assets:
Mortgage and other loans receivable	$—	$25	$51,442	$51,467	$53,861
Other invested assets	—	291	—	291	291
Short-term investments	—	2,763	—	2,763	2,763
Cash	353	—	—	353	353
Other assets*	—	1	2,229	2,230	2,633
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—	42	162,905	162,947	166,710
Fortitude Re funds withheld payable	—	—	18,994	18,994	18,994
Other liabilities	—	3,559	10	3,569	3,559
Short-term and long-term debt	—	9,015	—	9,015	9,362
Debt of consolidated investment entities	—	25	1,334	1,359	1,508
Separate account liabilities - investment contracts	—	93,400	—	93,400	93,400


	Estimated Fair Value
(in millions)	Level 1	Level 2	Level 3	Total	Carrying Value
December 31, 2025
Assets:
Mortgage and other loans receivable	$—	$26	$52,705	$52,731	$54,481
Other invested assets	—	—	306	306	306
Short-term investments	—	4,051	—	4,051	4,051
Cash	447	—	—	447	447
Other assets*	—	1	2,189	2,190	2,470
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—	49	159,937	159,986	163,638
Fortitude Re funds withheld payable	—	—	19,853	19,853	19,853
Other liabilities	—	4,493	2	4,495	4,493
Short-term and long-term debt	—	9,119	—	9,119	9,359
Debt of consolidated investment entities	—	27	1,367	1,394	1,547
Separate account liabilities - investment contracts	—	90,864	—	90,864	90,864

*Primarily includes balances related to reinsurance deposit assets.