v3.26.3
Segment Information
 9 Months Ended
Sep. 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 September 30, 2026
Premiums
$22
$2
$358
$156
$—
$538
$1
$539
Policy fees
94
99
350
52
—
595
12
607
Net investment income(a)
1,648
465
338
775
—
3,226
44
3,270
Net realized gains (losses)(a)(b)
—
—
—
—
16
16
1,609
1,625
Advisory fee and other income
—
113
1
1
8
123
—
123
Total adjusted revenues
1,764
679
1,047
984
24
4,498
1,666
6,164
Policyholder benefits
23
7
730
466
—
1,226
(8)
1,218
Change in the fair value of market risk benefits, net
—
—
—
—
—
—
(10)
(10)
Interest credited to policyholder account balances
983
306
80
285
1
1,655
(17)
1,638
Amortization of deferred policy acquisition costs
152
29
81
5
—
267
—
267
Non-deferrable insurance commissions
47
31
14
5
—
97
3
100
Advisory fee expenses
4
38
1
—
—
43
—
43
General operating expenses(c)
89
104
124
25
59
401
49
450
Interest expense
—
—
—
—
128
128
6
134
Total benefits and expenses
1,298
515
1,030
786
188
3,817
23
3,840
Noncontrolling interests
—
—
—
—
(4)
(4)
Adjusted pre-tax operating income (loss)
$466
$164
$17
$198
$(168)
$677
Adjustments to:
Total revenue
1,666
Total expenses
23
Noncontrolling interests
4
Income before income tax expense (benefit)
$2,324
$2,324
Three Months Ended September 30, 2025
Premiums
$23
$3
$366
$1,547
$—
$1,939
$5
$1,944
Policy fees
80
114
357
52
—
603
56
659
Net investment income (loss)(a)
1,520
467
323
644
26
2,980
340
3,320
Net realized gains (losses)(a)(b)
—
—
—
—
(5)
(5)
(676)
(681)
Advisory fee and other income
—
96
1
—
12
109
65
174
Total adjusted revenues
1,623
680
1,047
2,243
33
5,626
(210)
5,416
Policyholder benefits
31
3
726
1,821
—
2,581
13
2,594
Change in the fair value of market risk benefits, net
—
—
—
—
—
—
299
299
Interest credited to policyholder account balances
881
304
79
257
—
1,521
(27)
1,494
Amortization of deferred policy acquisition costs
123
22
84
4
—
233
20
253
Non-deferrable insurance commissions
42
32
15
5
1
95
36
131
Advisory fee expenses
5
34
—
—
—
39
32
71
General operating expenses(c)
90
100
118
22
53
383
98
481
Interest expense
—
—
—
—
127
127
8
135
Total benefits and expenses
1,172
495
1,022
2,109
181
4,979
479
5,458
Noncontrolling interests
—
—
—
—
7
7
Adjusted pre-tax operating income (loss)
$451
$185
$25
$134
$(141)
$654
Adjustments to:
Total revenue
(210)
Total expenses
479
Noncontrolling interests
(7)
Income before income tax expense (benefit)
$(42)
$(42)
(in millions)
Individual
Retirement
Group
Retirement
Life
Insurance
Institutional
Markets
Corporate
& Other
Total
Corebridge
Adjustments
Total
Consolidated
Nine Months Ended September 30, 2026
Premiums
$64
$7
$1,101
$294
$—
$1,466
$2
$1,468
Policy fees
260
324
1,062
155
—
1,801
40
1,841
Net investment income(a)
4,787
1,336
986
2,152
(15)
9,246
411
9,657
Net realized gains (losses)(a)(b)
—
—
—
—
25
25
710
735
Advisory fee and other income
—
314
2
2
23
341
—
341
Total adjusted revenues
5,111
1,981
3,151
2,603
33
12,879
1,163
14,042
Policyholder benefits
72
17
2,030
1,212
—
3,331
(19)
3,312
Change in the fair value of market risk benefits, net
—
—
—
—
—
—
548
548
Interest credited to policyholder account balances
2,849
907
237
830
1
4,824
(91)
4,733
Amortization of deferred policy acquisition costs
413
84
247
16
—
760
—
760
Non-deferrable insurance commissions
149
93
41
15
1
299
7
306
Advisory fee expenses
16
114
2
—
—
132
—
132
General operating expenses(c)
264
311
369
70
177
1,191
193
1,384
Interest expense
—
—
—
—
376
376
20
396
Net (gain) on divestitures
—
—
—
—
—
—
(2)
(2)
Total benefits and expenses
3,763
1,526
2,926
2,143
555
10,913
656
11,569
Noncontrolling interests
—
—
—
—
4
4
Adjusted pre-tax operating income (loss)
$1,348
$455
$225
$460
$(518)
$1,970
Adjustments to:
Total revenue
1,163
Total expenses
656
Noncontrolling interests
(4)
Income before income tax expense (benefit)
$2,473
$2,473
Nine Months Ended September 30, 2025
Premiums
$71
$7
$1,083
$2,072
$—
$3,233
$28
$3,261
Policy fees
223
327
1,087
153
—
1,790
310
2,100
Net investment income(a)
4,458
1,421
994
1,887
45
8,805
1,042
9,847
Net realized gains (losses)(a)(b)
—
—
—
—
(3)
(3)
(4,067)
(4,070)
Advisory fee and other income
—
268
2
2
25
297
279
576
Total adjusted revenues
4,752
2,023
3,166
4,114
67
14,122
(2,408)
11,714
Policyholder benefits
90
10
2,012
2,849
11
4,972
61
5,033
Change in the fair value of market risk benefits, net
—
—
—
—
—
—
405
405
Interest credited to policyholder account balances
2,480
901
243
730
—
4,354
43
4,397
Amortization of deferred policy acquisition costs
347
65
253
12
—
677
126
803
Non-deferrable insurance commissions
125
92
44
15
2
278
161
439
Advisory fee expenses
14
97
1
—
—
112
93
205
General operating expenses (c)
268
296
347
64
160
1,135
389
1,524
Interest expense
—
—
—
—
396
396
24
420
Total benefits and expenses
3,324
1,461
2,900
3,670
569
11,924
1,302
13,226
Noncontrolling interests
—
—
—
—
8
8
Adjusted pre-tax operating income (loss)
$1,428
$562
$266
$444
$(494)
$2,206
Adjustments to:
Total revenue
(2,408)
Total expenses
1,302
Noncontrolling interests
(8)
Income before income tax expense (benefit)
$(1,512)
$(1,512)
(a)Adjustments include Fortitude Re activity of $944 million and $(312) million for the three months ended September 30, 2026 and 2025, respectively, and $1,089 million
and $(511) million for the nine months ended September 30, 2026 and 2025, respectively.
(b)Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments.
(c)Adjustments for the three and nine months ended September 30, 2026 primarily include costs associated with the merger and ongoing modernization initiatives.
Adjustments for the three and nine months ended September 30, 2025 include restructuring and other costs, primarily severance related costs and ongoing
modernization initiatives.