Fair Value Measurements

9 Months Ended

Sep. 30, 2026

4. Fair Value Measurements

FAIR VALUE MEASUREMENTS ON A RECURRING BASIS

Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in

accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

•Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for

identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted

price for such instruments.

•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset

or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted

prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are

observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both

observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances

for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we

must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level

in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input

that is significant to the fair value measurement in its entirety.

ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

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:


September 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	$5	$1,253	$—	$—	$—	$1,258
Obligations of states, municipalities and political subdivisions	—	2,977	677	—	—	3,654
Non-U.S. governments	—	3,624	—	—	—	3,624
Corporate debt	—	116,130	887	—	—	117,017
RMBS	—	14,201	3,189	—	—	17,390
CMBS	—	8,323	623	—	—	8,946
CLO	—	6,449	2,069	—	—	8,518
ABS	—	7,991	14,359	—	—	22,350
Total bonds available-for-sale	5	160,948	21,804	—	—	182,757
Other bond securities:
U.S. government and government sponsored entities	—	170	—	—	—	170
Obligations of states, municipalities and political subdivisions	—	30	1	—	—	31
Non-U.S. governments	—	68	—	—	—	68
Corporate debt	—	2,203	577	—	—	2,780
RMBS	—	86	44	—	—	130
CMBS	—	193	7	—	—	200
CLO	—	547	38	—	—	585
ABS	—	370	853	—	—	1,223
Total other bond securities	—	3,667	1,520	—	—	5,187


September 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)	—	—	1,374	—	—	1,374
Derivative assets:
Interest rate contracts	—	1,388	25	—	—	1,413
Foreign exchange contracts	—	756	—	—	—	756
Equity contracts	—	8,825	369	—	—	9,194
Credit contracts	—	359	42	—	—	401
Other contracts	—	—	20	—	—	20
Counterparty netting and cash collateral	—	—	—	(7,351)	(3,961)	(11,312)
Total derivative assets	—	11,328	456	(7,351)	(3,961)	472
Short-term investments	1,177	714	—	—	—	1,891
Market risk benefit assets	—	—	2,348	—	—	2,348
Separate account assets	90,691	4,016	—	—	—	94,707
Total	$91,881	$180,673	$27,544	$(7,351)	$(3,961)	$288,786
Liabilities:
Policyholder contract deposits(c)	$—	$206	$12,549	$—	$—	$12,755
Derivative liabilities:
Interest rate contracts	—	3,378	124	—	—	3,502
Foreign exchange contracts	—	420	—	—	—	420
Equity contracts	2	5,087	94	—	—	5,183
Credit contracts	—	—	23	—	—	23
Other contracts	—	—	1	—	—	1
Counterparty netting and cash collateral	—	—	—	(7,351)	(1,369)	(8,720)
Total derivative liabilities	2	8,885	242	(7,351)	(1,369)	409
Fortitude Re funds withheld payable(d)	—	—	2,988	—	—	2,988
Other liabilities	—	(7)	—	—	—	(7)
Market risk benefit liabilities	—	—	7,223	—	—	7,223
Total	$2	$9,084	$23,002	$(7,351)	$(1,369)	$23,368


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 $7.1 billion and $6.5 billion as of September 30, 2026 and December 31, 2025, respectively. Total hedge fund

investments measured at NAV were $90 million and $121 million as of September 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.

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

The following tables present changes during the three and nine months ended September 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 September 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 September 30, 2026
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$747	$—	$(68)	$—	$—	$(2)	$—	$677	$—	$(68)
Corporate debt	818	1	(13)	49	154	(96)	(26)	887	—	(16)
RMBS	2,993	42	(182)	240	457	(361)	—	3,189	—	(147)
CMBS	490	5	(27)	(10)	191	(26)	—	623	—	(26)
CLO	2,239	—	(2)	25	—	(193)	—	2,069	—	(1)
ABS	13,343	(12)	(217)	209	1,369	(359)	26	14,359	—	(196)
Total bonds available-for- sale	20,630	36	(509)	513	2,171	(1,037)	—	21,804	—	(454)
Other bond securities:
Obligations of states, municipalities and political subdivisions	1	—	—	—	—	—	—	1	—	—
Corporate debt	607	(8)	—	(13)	—	—	(9)	577	(7)	—
RMBS	41	(2)	—	—	7	(2)	—	44	(2)	—
CMBS	7	—	—	—	—	—	—	7	(1)	—
CLO	31	(2)	—	9	—	—	—	38	(4)	—
ABS	734	(25)	—	108	70	(43)	9	853	(26)	—
Total other bond securities	1,421	(37)	—	104	77	(45)	—	1,520	(40)	—
Equity securities	42	—	—	—	—	—	—	42	—	—
Other invested assets	1,472	5	(3)	(100)	—	—	—	1,374	—	—
Total(a)	$23,565	$4	$(512)	$517	$2,248	$(1,082)	$—	$24,740	$(40)	$(454)
(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	$13,424	$(788)	$—	$(87)	$—	$—	$—	$12,549	$1,849	$—
Derivative liabilities, net:
Interest rate contracts	(12)	96	—	15	—	—	—	99	(98)	—
Equity contracts	(454)	174	—	5	—	—	—	(275)	(26)	—
Credit contracts	4	(23)	—	—	—	—	—	(19)	22	—
Other contracts	(14)	(22)	—	17	—	—	—	(19)	21	—
Total derivative liabilities, net(b)	(476)	225	—	37	—	—	—	(214)	(81)	—
Fortitude Re funds withheld payable	3,971	(1,032)	—	49	—	—	—	2,988	934	—
Total(c)	$16,919	$(1,595)	$—	$(1)	$—	$—	$—	$15,323	$2,702	$—


(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 September 30, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$761	$(2)	$18	$—	$1	$—	$—	$778	$—	$8
Corporate debt	433	(31)	(15)	59	147	(173)	—	420	—	(16)
RMBS	5,988	26	22	(80)	—	(2)	—	5,954	—	22
CMBS	792	9	11	(114)	64	—	—	762	—	16
CLO	1,987	4	(13)	228	5	(100)	—	2,111	—	(14)
ABS	19,504	(28)	155	(142)	595	(469)	—	19,615	—	130
Total bonds available-for- sale	29,465	(22)	178	(49)	812	(744)	—	29,640	—	146
Other bond securities:
Obligations of states, municipalities and political subdivisions	1	—	—	—	—	—	—	1	—	—
Corporate debt	13	—	—	—	192	—	—	205	—	—
RMBS	88	2	—	(2)	—	—	—	88	2	—
CMBS	16	—	—	—	—	—	—	16	—	—
CLO	57	(1)	—	3	—	(7)	—	52	(5)	—
ABS	1,175	12	—	(26)	2	—	—	1,163	11	—
Total other bond securities	1,350	13	—	(25)	194	(7)	—	1,525	8	—
Equity securities	41	11	—	1	8	—	—	61	11	—
Other invested assets	1,662	(20)	(7)	(107)	—	—	—	1,528	(20)	—
Total(a)	$32,518	$(18)	$171	$(180)	$1,014	$(751)	$—	$32,754	$(1)	$146

(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	$10,704	$948	$—	$153	$—	$—	$—	$11,805	$(170)	$—
Derivative liabilities, net:
Interest rate contracts	(225)	15	—	210	—	—	—	—	(61)	—
Equity contracts	(499)	(145)	—	(131)	—	—	—	(775)	253	—
Other contracts	(13)	(15)	—	15	—	—	—	(13)	15	—
Total derivative liabilities, net(b)	(737)	(145)	—	94	—	—	—	(788)	207	—
Fortitude Re funds withheld payable	3,052	670	—	(36)	—	—	1	3,687	(266)	—
Debt of consolidated investment entities	—	—	—	—	—	—	—	—	—	—
Total(c)	$13,019	$1,473	$—	$211	$—	$—	$1	$14,704	$(229)	$—


(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
Nine Months Ended September 30, 2026
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$761	$(3)	$(69)	$(10)	$—	$(2)	$—	$677	$—	$(76)
Corporate debt	681	(10)	(27)	4	750	(485)	(26)	887	—	(32)
RMBS	5,855	75	(222)	246	521	(3,286)	—	3,189	—	(185)
CMBS	744	12	(15)	(87)	208	(239)	—	623	—	(19)
CLO	2,055	(1)	(33)	390	15	(357)	—	2,069	—	(32)
ABS	20,437	(3)	(416)	622	2,237	(8,541)	23	14,359	—	(403)
Total bonds available-for- sale	30,533	70	(782)	1,165	3,731	(12,910)	(3)	21,804	—	(747)
Other bond securities:
Obligations of states, municipalities and political subdivisions	1	—	—	—	—	—	—	1	—	—
Corporate debt	205	(15)	—	(7)	403	—	(9)	577	(11)	—
RMBS	87	(1)	—	1	7	(50)	—	44	1	—
CMBS	16	1	—	(10)	—	—	—	7	(1)	—
CLO	43	(14)	—	9	1	(1)	—	38	(16)	—
ABS	1,188	(34)	—	21	70	(401)	9	853	(36)	—
Total other bond securities	1,540	(63)	—	14	481	(452)	—	1,520	(63)	—
Equity securities	69	(21)	—	(6)	—	—	—	42	(19)	—
Other invested assets	1,498	6	(16)	(114)	—	—	—	1,374	(1)	—
Total(a)	$33,640	$(8)	$(798)	$1,059	$4,212	$(13,362)	$(3)	$24,740	$(83)	$(747)

(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	$372	$—	$155	$—	$—	$—	$12,549	$2,748	$—
Derivative liabilities, net:
Interest rate contracts	—	84	—	15	—	—	—	99	(85)	—
Equity contracts	(765)	389	—	101	—	—	—	(275)	(147)	—
Credit contracts	—	(19)	—	—	—	—	—	(19)	19	—
Other contracts	(10)	(59)	—	50	—	—	—	(19)	59	—
Total derivative liabilities, net(b)	(775)	395	—	166	—	—	—	(214)	(154)	—
Fortitude Re funds withheld payable	3,795	(730)	—	(77)	—	—	—	2,988	991	—
Total(c)	$15,042	$37	$—	$244	$—	$—	$—	$15,323	$3,585	$—


(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
Nine Months Ended September 30, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$745	$(3)	$15	$(4)	$25	$—	$—	$778	$—	$(3)
Corporate debt	1,834	(36)	19	129	484	(2,010)	—	420	—	(7)
RMBS	6,045	149	86	(229)	80	(177)	—	5,954	—	94
CMBS	621	19	33	(134)	223	—	—	762	—	35
CLO	2,162	20	(8)	290	7	(360)	—	2,111	—	(8)
ABS	17,566	201	427	784	1,155	(518)	—	19,615	—	331
Total bonds available-for- sale	28,973	350	572	836	1,974	(3,065)	—	29,640	—	442
Other bond securities:
Obligations of states, municipalities and political subdivisions	1	—	—	—	—	—	—	1	—	—
Corporate debt	209	(2)	—	(14)	199	(187)	—	205	(2)	—
RMBS	98	5	—	(7)	—	(8)	—	88	5	—
CMBS	14	2	—	—	—	—	—	16	2	—
CLO	59	(1)	—	7	—	(13)	—	52	(5)	—
ABS	1,160	37	—	(36)	2	—	—	1,163	20	—
Total other bond securities	1,541	41	—	(50)	201	(208)	—	1,525	20	—
Equity securities	41	11	—	1	8	—	—	61	11	—
Other invested assets	1,647	(11)	46	(114)	—	(40)	—	1,528	5	—
Total(a)	$32,202	$391	$618	$673	$2,183	$(3,313)	$—	$32,754	$36	$442
(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	$1,841	$—	$549	$—	$—	$—	$11,805	$86	$—
Derivative liabilities, net:
Interest rate contracts	(364)	105	—	259	—	—	—	—	—	—
Equity contracts	(645)	42	—	(172)	—	—	—	(775)	173	—
Other contracts	(11)	(49)	—	47	—	—	—	(13)	48	—
Total derivative liabilities, net(b)	(1,020)	98	—	134	—	—	—	(788)	221	—
Fortitude Re funds withheld payable	2,223	1,517	—	(104)	—	—	51	3,687	(509)	—
Debt of consolidated investment entities	—	—	—	—	—	—	—	—	—	—
Total(c)	$10,618	$3,456	$—	$579	$—	$—	$51	$14,704	$(202)	$—

(a)Excludes MRB assets of $2.3 billion at September 30, 2026 and $2.5 billion at September 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 $7.2 billion at September 30, 2026 and $7.0 billion at September 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 September 30, 2026
Assets:
Bonds available-for-sale	$—	$19	$17	$—	$36
Other bond securities	—	(37)	—	—	(37)
Equity securities	—	—	—	—	—
Other invested assets	—	3	2	—	5
Three Months Ended September 30, 2025
Assets:
Bonds available-for-sale	$—	$35	$(57)	$—	$(22)
Other bond securities	—	13	—	—	13
Equity securities	—	11	—	—	11
Other invested assets	—	(20)	—	—	(20)
Nine Months Ended September 30, 2026
Assets:
Bonds available-for-sale	$—	$75	$(5)	$—	$70
Other bond securities	—	(63)	—	—	(63)
Equity securities	—	(21)	—	—	(21)
Other invested assets	—	2	4	—	6
Nine Months Ended September 30, 2025
Assets:
Bonds available-for-sale	$—	$332	$18	$—	$350
Other bond securities	—	41	—	—	41
Equity securities	—	11	—	—	11
Other invested assets	—	1	(12)	—	(11)
Three Months Ended September 30, 2026
Liabilities:
Policyholder contract deposits(b)	$—	$—	$788	$—	$788
Derivative liabilities, net	16	—	(241)	—	(225)
Fortitude Re funds withheld payable	—	—	1,032	—	1,032
Market risk benefit liabilities, net(c)	—	—	(1)	16	15
Three Months Ended September 30, 2025
Liabilities:
Policyholder contract deposits(b)	$—	$—	$(948)	$—	$(948)
Derivative liabilities, net	15	—	130	—	145
Fortitude Re funds withheld payable	—	—	(670)	—	(670)
Market risk benefit liabilities, net(c)	—	—	1	(58)	(57)
Nine Months Ended September 30, 2026
Liabilities:
Policyholder contract deposits(b)	$—	$—	$(372)	$—	$(372)
Derivative liabilities, net	49	—	(444)	—	(395)
Fortitude Re funds withheld payable	—	—	730	—	730
Market risk benefit liabilities, net(c)	—	—	—	(527)	(527)
Nine Months Ended September 30, 2025
Liabilities:
Policyholder contract deposits(b)	$—	$—	$(1,841)	$—	$(1,841)
Derivative liabilities, net	47	—	(145)	—	(98)
Fortitude Re funds withheld payable	—	—	(1,517)	—	(1,517)
Market risk benefit liabilities, net(c)	—	—	(2)	(103)	(105)

(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 nine months ended September 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 September 30, 2026
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$—	$—	$—	$—
Corporate debt	131	(39)	(43)	49
RMBS	509	(193)	(76)	240
CMBS	—	(10)	—	(10)
CLO	83	(4)	(54)	25
ABS	993	(406)	(378)	209
Total bonds available-for-sale	1,716	(652)	(551)	513
Other bond securities:
Obligations of states, municipalities and political subdivisions	—	—	—	—
Corporate debt	1	—	(14)	(13)
RMBS	—	—	—	—
CMBS	—	—	—	—
CLO	9	—	—	9
ABS	118	—	(10)	108
Total other bond securities	128	—	(24)	104
Equity securities	—	—	—	—
Other invested assets	5	—	(105)	(100)
Total assets*	$1,849	$(652)	$(680)	$517
Liabilities:
Policyholder contract deposits	$—	$489	$(576)	$(87)
Derivative liabilities, net	—	—	37	37
Fortitude Re funds withheld payable	—	—	49	49
Total liabilities	$—	$489	$(490)	$(1)
Three Months Ended September 30, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$29	$(29)	$—	$—
Corporate debt	92	(1)	(32)	59
RMBS	105	(2)	(183)	(80)
CMBS	—	(11)	(103)	(114)
CLO	292	—	(64)	228
ABS	2,184	(856)	(1,470)	(142)
Total bonds available-for-sale	2,702	(899)	(1,852)	(49)
Other bond securities:
Obligations of states, municipalities and political subdivisions	—	—	—	—
Corporate debt	—	—	—	—
RMBS	1	(1)	(2)	(2)
CMBS	—	—	—	—
CLO	5	—	(2)	3
ABS	6	—	(32)	(26)
Total other bond securities	12	(1)	(36)	(25)
Equity securities	1	—	—	1
Other invested assets	52	—	(159)	(107)
Total assets*	$2,767	$(900)	$(2,047)	$(180)
Liabilities:
Policyholder contract deposits	$—	$625	$(472)	$153
Derivative liabilities, net	—	—	94	94
Fortitude Re funds withheld payable	—	—	(36)	(36)
Total liabilities	$—	$625	$(414)	$211


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

Nine Months Ended September 30, 2026
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$15	$(23)	$(2)	$(10)
Corporate debt	458	(41)	(413)	4
RMBS	986	(284)	(456)	246
CMBS	49	(50)	(86)	(87)
CLO	599	(7)	(202)	390
ABS	3,529	(833)	(2,074)	622
Total bonds available-for-sale	5,636	(1,238)	(3,233)	1,165
Other bond securities:
Corporate debt	17	—	(24)	(7)
RMBS	3	—	(2)	1
CMBS	—	—	(10)	(10)
CLO	9	—	—	9
ABS	168	(37)	(110)	21
Total other bond securities	197	(37)	(146)	14
Equity securities	—	—	(6)	(6)
Other invested assets	27	—	(141)	(114)
Total assets*	$5,860	$(1,275)	$(3,526)	$1,059
Liabilities:
Policyholder contract deposits	$—	$1,338	$(1,183)	$155
Derivative liabilities, net	—	—	166	166
Fortitude Re funds withheld payable	—	—	(77)	(77)
Total liabilities	$—	$1,338	$(1,094)	$244

Nine Months Ended September 30, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$64	$(67)	$(1)	$(4)
Corporate debt	466	(107)	(230)	129
RMBS	384	(62)	(551)	(229)
CMBS	12	(30)	(116)	(134)
CLO	618	—	(328)	290
ABS	5,056	(1,460)	(2,812)	784
Total bonds available-for-sale	6,600	(1,726)	(4,038)	836
Other bond securities:
Corporate debt	10	(12)	(12)	(14)
RMBS	26	(26)	(7)	(7)
CMBS	1	(1)	—	—
CLO	11	—	(4)	7
ABS	82	(17)	(101)	(36)
Total other bond securities	130	(56)	(124)	(50)
Equity securities	1	—	—	1
Other invested assets	212	—	(326)	(114)
Total assets*	$6,943	$(1,782)	$(4,488)	$673
Liabilities:
Policyholder contract deposits	$—	$1,483	$(934)	$549
Derivative liabilities, net	—	—	134	134
Fortitude Re funds withheld payable	—	—	(104)	(104)
Total liabilities	$—	$1,483	$(904)	$579

*There were no issuances during the three and nine months ended September 30, 2026 and 2025 for invested assets.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables

above. As a result, the unrealized gains (losses) on instruments held at September 30, 2026 and 2025 may include changes in fair

value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in

unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

We record transfers of assets and liabilities into or out of Level 3 at their fair values as of the end of each reporting period, consistent

with the date of the determination of fair value. The Net realized and unrealized gains (losses) included in net income (loss) or OCI as

shown in the table above excludes $(61) million and $15 million of net gains (losses) related to assets transferred into Level 3 during

the three months ended September 30, 2026 and 2025, respectively, and $(65) million and $(15) million of net gains (losses) related

to assets transferred into Level 3 during the nine months ended September 30, 2026 and 2025, respectively, and includes $(28)

million and $(25) million of net gains (losses) related to assets transferred out of Level 3 during the three months ended September

30, 2026 and 2025, respectively, and $(47) million and $(9) million of net gains (losses) related to assets transferred out of Level 3

during the nine months ended September 30, 2026 and 2025, respectively.

Transfers of Level 3 Assets

During the three and nine months ended September 30, 2026 and 2025, transfers into Level 3 assets primarily included certain

investments in private placement corporate debt, commercial mortgage backed securities (“CMBS”), collateralized loan obligations

(“CLOs”), other asset-backed securities (“ABS”). Transfers of private placement corporate debt and certain ABS into Level 3 assets

were primarily the result of limited market pricing information that required us to determine fair value for these securities based on

inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market

liquidity. The transfers of investments in CMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency

and liquidity for individual security types.

During the three and nine months ended September 30, 2026, transfers out of Level 3 assets into Level 2 assets totaled $1.1 billion

and $13.4 billion respectively and primarily included certain investments in ABS and residential mortgage backed securities (“RMBS”).

We determined that there are less unobservable inputs due to increased trade volume of comparable securities as evidenced by

converging valuations from multiple price vendors which resulted in moving these securities into Level 2 assets.

During the three and nine months ended September 30, 2025, transfers out of Level 3 assets primarily included private placement

and other corporate debt, CMBS, RMBS, CLO and ABS. Transfers of corporate debt, RMBS, CMBS and CLO and ABS out of Level 3

assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for

these investments. Transfers of certain investments in private placement corporate debt and certain ABS out of Level 3 assets were

primarily the result of using observable pricing information that reflects the fair value of those securities without the need for

adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

Transfers of Level 3 Liabilities

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three and nine months ended

September 30, 2026 and 2025.

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

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 September 30, 2026	Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$653	Discounted cash flow	Yield	6.29% - 6.58% (6.43%)
Corporate debt	$1,382	Discounted cash flow	Yield	5.20% - 7.60% (6.40%)
RMBS(c)	$2,478	Discounted cash flow	Prepayment speed	3.48% - 7.18% (5.33%)
			Default rate	0.13% - 1.56% (0.85%)
			Yield	6.26% - 7.04% (6.65%)
			Loss severity	31.08% - 61.59% (46.34%)
CLO(c)	$1,975	Discounted cash flow	Yield	5.98% - 7.49% (6.73%)
ABS(c)	$13,182	Discounted cash flow	Yield	5.81% - 8.15% (6.98%)
CMBS	$445	Discounted cash flow	Yield	4.31% - 17.89% (11.10%)
Market risk benefit assets	$2,348	Discounted cash flow	Equity volatility	6.35% - 50.45%
			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	(4.20)% - 6.30%
			NPA(h)	0.19% - 2.58%
Liabilities(d):
Market risk benefit liabilities:
Variable annuities guaranteed benefits	$1,722	Discounted cash flow	Equity volatility	6.35% - 50.45%
			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	(4.20)% - 6.30%
			NPA(h)	0.19% - 2.58%
Fixed annuities guaranteed benefits	$1,618	Discounted cash flow	Base lapse rate	0.20% - 22.05%
			Dynamic lapse multiplier(e)	20.00% - 186.18%
			Mortality multiplier(e)(f)	40.26% - 168.43%
			Utilization(g)	90.00% - 97.50%
			NPA(h)	0.52% - 2.58%
Fixed index annuities guaranteed benefits	$3,883	Discounted cash flow	Equity volatility	6.35% - 50.45%
			Base lapse rate	0.20% - 66.00%
			Dynamic lapse multiplier(e)	20.00% - 186.18%
			Mortality multiplier(e)(f)	24.13% - 130.80%
			Utilization(g)	60.00% - 97.52%
			Option budget	0.00% - 6.00%
			Equity / interest-rate correlation	(4.20)% - 6.30%
			NPA(h)	0.52% - 2.58%


(in millions)	Fair Value at September 30, 2026	Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)	$9,670	Discounted cash flow	Equity volatility	6.35% - 50.45%
			Base lapse rate	0.20% - 66.00%
			Dynamic lapse multiplier(e)	20.00% - 186.18%
			Mortality multiplier(e)(f)	24.13% - 130.80%
			Utilization(g)	60.00% - 97.52%
			Option budget	0.00% - 6.00%
			Equity / interest-rate correlation	(4.20)% - 6.30%
			NPA(h)	0.52% - 2.58%
Registered index-linked annuities	$1,608	Discounted cash flow	Equity volatility	6.35% - 50.45%
			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	(4.20)% - 6.30%
			NPA(h)	0.52% - 2.58%

Index universal life	$1,271	Discounted cash flow	Base lapse rate	0.00% - 37.97%
			Mortality rates	0.00% - 100.00%
			Equity volatility	5.88% - 23.06%
			NPA(h)	0.52% - 2.58%


(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(h)	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”) is applied as a spread over risk-free curve for discounting. This spread includes direct and ceded NPA spreads, where

applicable.

(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 $1.8 billion and $2.0 billion at September 30, 2026 and December 31, 2025, respectively.

The ranges of reported inputs for obligations of states, municipalities and political subdivisions, corporate debt, RMBS, CLO/ABS and

CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value-weighted

average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3

assets and liabilities.

Interrelationships Between Unobservable Inputs

We consider unobservable inputs to be those for which market data is not available and that are developed using the best information

available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary

depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of

significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact

on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs

discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been

included in the discussion below. For each of the individual relationships described below, the inverse relationship would also

generally apply.

Fixed Maturity Securities

The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the

market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors, including constant

prepayment rates, loss severity and constant default rates. In general, increases in the yield would decrease the fair value of

investments, and conversely, decreases in the yield would increase the fair value of investments.

MRBs and Embedded Derivatives within Policyholder Contract Deposits

For MRBs (including ceded MRBs) and embedded derivatives, the assumptions for unobservable inputs vary throughout the period

over which cash flows are projected for valuation purposes. The following are applicable unobservable inputs:

•Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available.

Increases in assumed volatility will generally increase the fair value of both the projected cash flows from rider fees as well as the

projected cash flows related to benefit payments. Therefore, the net change in the fair value of the liability may be either a

decrease or an increase, depending on the relative changes in projected rider fees and projected benefit payments.

•Equity and interest rate correlation estimates the relationship between changes in equity returns and interest rates in the

economic scenario generator used to value our MRBs. In general, a higher positive correlation assumes that equity markets and

interest rates move in a more correlated fashion, which generally increases the fair value of the liability. Only our fixed index

annuities with a GMWB rider are subject to the equity and interest correlation assumption. Other policies such as accumulation

fixed index annuity and index universal life products do not use a correlation assumption.

•Base lapse rate assumptions are determined by company experience and judgment and are adjusted at the contract level using a

dynamic lapse function, which reduces the base lapse rate when the contract is in-the-money (when the contract holder’s

guaranteed value, as estimated by the company, is worth more than their underlying account value). Lapse rates are also

generally assumed to be lower in periods when a surrender charge applies. Increases in assumed lapse rates will generally

decrease the fair value of the liability as fewer policyholders would persist to collect guaranteed benefit amounts.

•Mortality rate assumptions, which vary by age and gender, are based on company experience and include a mortality

improvement assumption. Increases in assumed mortality rates will decrease the fair value of the GMWB liability, while lower

mortality rate assumptions will generally increase the fair value of the liability because guaranteed withdrawal payments will be

made for a longer period of time and generally exceed any decrease in guaranteed death benefits.

•Utilization assumptions estimate the timing when policyholders with a GMWB will elect to utilize their benefit and begin taking

withdrawals. The assumptions may vary by the type of guarantee, tax-qualified status, the contract’s withdrawal history and the

age of the policyholder. Utilization assumptions are based on company experience, which includes partial withdrawal behavior.

Increases in assumed utilization rates will generally increase the fair value of the liability.

•Non-performance or “own credit” risk adjustment used in the valuation of MRBs and embedded derivatives, which reflects a

market participant’s view of our claims-paying ability by incorporating a different spread (the “NPA spread”) to the curve used to

discount projected cash flows. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair

value of the MRBs and embedded derivatives, resulting in a gain in Accumulated other comprehensive income (“AOCI”) or Net

realized gains (losses), respectively, and when corporate credit spreads narrow or tighten, the change in the NPA spread

generally increases the fair value of the MRBs and embedded derivatives, resulting in a loss in AOCI or Net realized gains

(losses), respectively. Additionally, the nonperformance risk assumption includes the counterparty credit risk used in the fair value

measurement of ceded market risk benefits associated with reinsurance arrangements for certain individual variable annuities,

which is determined using the current market credit spreads based on the counterparty credit rating.

•Policyholder behavior assumptions including lapses, withdrawals, benefit utilization and mortality incorporate a risk margin that a

market participant would require to accept the risk and uncertainty of the projected cash flows.

•For embedded derivatives, option budgets estimate the expected long-term cost of options used to hedge exposures associated

with index price changes. The level of option budgets determines future costs of the options, which impacts the growth in account

value and the valuation of embedded derivatives.

Embedded Derivatives within Reinsurance Contracts

The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return

swap technique with reference to the fair value of the investments held by Corebridge related to Corebridge’s funds withheld payable.

The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques.

The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered

Level 3 in the fair value hierarchy.

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 September 30,		Nine Months Ended September 30,
(in millions)	2026	2025	2026	2025
Assets:
Other bond securities(a)	$(122)	$157	$(34)	$397
Alternative investments(b)	197	64	281	295
Total assets	75	221	247	692
Liabilities:
Policyholder contract deposits(c)	5	—	6	(2)
Total liabilities	5	—	6	(2)
Total gain (loss)	$80	$221	$253	$690

(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.

We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest

rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of non-performance such as cash

collateral posted.

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 September 30,		Nine Months Ended September 30,
(in millions)	Level 1	Level 2	Level 3	Total	2026	2025	2026	2025
September 30, 2026
Other investments	$—	$—	$88	$88	$5	$12	$28	$42
Total	$—	$—	$88	$88	$5	$12	$28	$42
December 31, 2025
Other investments	$—	$—	$164	$164
Total	$—	$—	$164	$164

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT 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
September 30, 2026
Assets:
Mortgage and other loans receivable	$—	$23	$50,894	$50,917	$54,383
Other invested assets	—	293	—	293	293
Short-term investments	—	2,602	—	2,602	2,602
Cash	453	—	—	453	453
Other assets*	—	1	2,157	2,158	2,639
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—	37	164,306	164,343	168,866
Fortitude Re funds withheld payable	—	—	18,601	18,601	18,601
Other liabilities	—	3,450	2	3,452	3,450
Short-term and long-term debt	—	9,345	—	9,345	10,107
Debt of consolidated investment entities	—	23	1,275	1,298	1,472
Separate account liabilities - investment contracts	—	89,458	—	89,458	89,458
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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details