v3.26.3
Investments
 9 Months Ended
Sep. 30, 2026
Equity Method Investments, Joint Ventures, Investments, Debt And Equity Securities [Abstract]  
Investments
5. Investments
SECURITIES AVAILABLE-FOR-SALE
The following table presents the amortized cost or cost and fair value of our available-for-sale securities:
(in millions)
Amortized
Cost or
Costs
Allowance
for Credit
Losses(a)
Gross
Unrealized
Gains(b)
Gross
Unrealized
Losses(b)
Fair
Value
September 30, 2026
Bonds available-for-sale:
U.S. government and government sponsored entities
$1,687
$—
$8
$(437)
$1,258
Obligations of states, municipalities and political subdivisions
4,585
—
6
(937)
3,654
Non-U.S. governments
4,485
—
13
(874)
3,624
Corporate debt
137,108
(97)
606
(20,600)
117,017
Mortgage-backed, asset-backed and collateralized:
RMBS
18,238
(6)
342
(1,184)
17,390
CMBS
9,568
(31)
57
(648)
8,946
CLO
8,526
—
58
(66)
8,518
ABS
23,239
(11)
43
(921)
22,350
Total mortgage-backed, asset-backed and collateralized
59,571
(48)
500
(2,819)
57,204
Total bonds available-for-sale
$207,436
$(145)
$1,133
$(25,667)
$182,757
December 31, 2025
Bonds available-for-sale:
U.S. government and government sponsored entities
$1,655
$—
$11
$(329)
$1,337
Obligations of states, municipalities and political subdivisions
5,146
—
30
(690)
4,486
Non-U.S. governments
5,021
—
83
(617)
4,487
Corporate debt
134,444
(94)
2,099
(14,378)
122,071
Mortgage-backed, asset-backed and collateralized:
RMBS
16,297
(8)
658
(597)
16,350
CMBS
9,749
(23)
78
(497)
9,307
CLO
9,036
—
104
(48)
9,092
ABS
22,500
(5)
259
(503)
22,251
Total mortgage-backed, asset-backed and collateralized
57,582
(36)
1,099
(1,645)
57,000
Total bonds available-for-sale
$203,848
$(130)
$3,322
$(17,659)
$189,381
(a)Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI.
(b)Includes mark-to-market movement (“MTM”) relating to embedded derivatives and fair value hedge basis adjustment.
Securities Available-for-Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded
The following table summarizes the fair value and gross unrealized losses on our available-for-sale securities, aggregated
by major investment category and length of time that individual securities have been in a continuous unrealized loss
position for which no allowance for credit loss has been recorded:
Less Than 12 Months
12 Months or More
Total
(in millions)
Fair
Value
Gross
Unrealized
Losses*
Fair
Value
Gross
Unrealized
Losses*
Fair
Value
Gross
Unrealized
Losses*
September 30, 2026
Bonds available-for-sale:
U.S. government and government sponsored entities
$429
$13
$790
$424
$1,219
$437
Obligations of states, municipalities and political subdivisions
904
80
2,582
857
3,486
937
Non-U.S. governments
1,589
192
1,705
682
3,294
874
Corporate debt
54,166
3,579
48,056
17,000
102,222
20,579
RMBS
9,820
412
4,336
765
14,156
1,177
CMBS
2,495
51
4,195
587
6,690
638
CLO
1,733
24
2,072
42
3,805
66
ABS
12,931
366
5,208
554
18,139
920
Total bonds available-for-sale
$84,067
$4,717
$68,944
$20,911
$153,011
$25,628
December 31, 2025
Bonds available-for-sale:
U.S. government and government sponsored entities
$54
$1
$875
$328
$929
$329
Obligations of states, municipalities and political subdivisions
407
46
3,303
644
3,710
690
Non-U.S. governments
360
32
2,515
585
2,875
617
Corporate debt
16,178
1,351
55,136
13,002
71,314
14,353
RMBS
1,949
139
4,146
446
6,095
585
CMBS
1,023
14
4,785
478
5,808
492
CLO
2,826
36
658
12
3,484
48
ABS
3,231
66
5,697
437
8,928
503
Total bonds available-for-sale
$26,028
$1,685
$77,115
$15,932
$103,143
$17,617
*Includes mark-to-market movement relating to embedded derivatives and fair value hedge basis adjustment.
At September 30, 2026, we held 15,918 individual fixed maturity securities that were in an unrealized loss position and for which no
allowance for credit losses has been recorded (including 8,372 individual fixed maturity securities that were in a continuous unrealized
loss position for 12 months or more). At December 31, 2025, we held 11,154 individual fixed maturity securities that were in an
unrealized loss position and for which no allowance for credit losses has been recorded (including 8,986 individual fixed maturity
securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in
earnings on these fixed maturity securities at September 30, 2026 because it was determined that such losses were due to non-credit
factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to
sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed
fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position,
expected defaults, industry and sector analysis, forecasts and available market data.
Contractual Maturities of Fixed Maturity Securities Available-for-Sale
The following table presents the amortized cost and fair value of fixed maturity securities available-for-sale by contractual
maturity:
Total Fixed Maturity Securities
Available-for-sale
(in millions)
Amortized Cost,
Net of Allowance
Fair Value
September 30, 2026
Due in one year or less
$3,391
$3,371
Due after one year through five years
28,142
27,319
Due after five years through ten years
31,288
29,562
Due after ten years
84,947
65,301
Mortgage-backed, asset-backed and collateralized
59,523
57,204
Total
$207,291
$182,757
Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations
with or without call or prepayment penalties.
The following table presents the gross realized gains and gross realized losses from sales or maturities of our available-for-
sale securities:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
September 30,
Nine Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
September 30,
2026
2025
2026
2025
(in millions)
Gross
Realized
Gains
Gross
Realized
Losses
Gross
Realized
Gains
Gross
Realized
Losses
Gross
Realized
Gains
Gross
Realized
Losses
Gross
Realized
Gains
Gross
Realized
Losses
Fixed maturity securities
$79
$(56)
$37
$(66)
$148
$(383)
$68
$(771)
For the three and nine months ended September 30, 2026, the aggregate fair value of available-for-sale securities sold was $0.7
billion and $6.3 billion, respectively, which resulted in Net realized gains (losses) of $23 million and $(235) million, respectively.
Included within the Net realized gains (losses) are $(16) million and $(29) million of realized gains (losses) for the three and nine
months ended September 30, 2026, respectively, which relate to the Fortitude Re funds withheld assets held by Corebridge in support
of Fortitude Re’s reinsurance obligations to Corebridge (Fortitude Re funds withheld assets). These realized gains (losses) are
included in Net realized gains (losses) on Fortitude Re funds withheld assets.
For the three and nine months ended September 30, 2025, the aggregate fair value of available-for-sale securities sold was $4.1
billion and $11.0 billion, respectively, which resulted in Net realized gains (losses) of $(29) million and $(703) million, respectively.
Included within the Net realized gains (losses) are $0 million and $(20) million of realized gains (losses) for the three and nine months
ended September 30, 2025, respectively, which relate to the Fortitude Re funds withheld assets held by Corebridge in support of
Fortitude Re’s reinsurance obligations to Corebridge (Fortitude Re funds withheld assets). These realized gains (losses) are included
in Net realized gains (losses) on Fortitude Re funds withheld assets.
OTHER SECURITIES MEASURED AT FAIR VALUE
The following table presents the fair value of fixed maturity securities measured at fair value, including securities in the
modco agreement with Fortitude Re, based on our election of the fair value option and equity securities measured at fair
value:
September 30, 2026
December 31, 2025
(in millions)
Fair
Value
Percent
of Total
Fair
Value
Percent
of Total
Fixed maturity securities:
U.S. government and government sponsored entities
$170
3%
$192
4%
Obligations of states, municipalities and political subdivisions
31
1
34
1
Non-U.S. governments
68
1
75
1
Corporate debt
2,780
53
2,914
53
Mortgage-backed, asset-backed and collateralized:
RMBS
130
2
137
2
CMBS
200
4
217
4
CLO
585
11
585
11
ABS
1,223
24
1,253
23
Total mortgage-backed, asset-backed and collateralized
2,138
41
2,192
40
Total fixed maturity securities
5,187
99
5,407
99
Equity securities
50
1
79
1
Total
$5,237
100%
$5,486
100%
OTHER INVESTED ASSETS
The following table summarizes the carrying amounts of other invested assets:
(in millions)
September 30, 2026
December 31, 2025
Alternative investments(a)(b)
$8,316
$8,123
Investment real estate(c)
971
985
All other investments(d)
2,368
1,127
Total
$11,655
$10,235
(a)At September 30, 2026, included hedge funds of $90 million and private equity funds of $8.2 billion. At December 31, 2025, included hedge funds of $121 million and
private equity funds of $8.0 billion.
(b)All liquid hedge fund investments have been redeemed. The remaining investments, excluding those in the modco agreement with Fortitude Re, are in illiquid and/or
side pocket vehicles whose liquidation horizons are uncertain and likely to extend over the coming quarters and/or years.
(c)Net of accumulated depreciation of $468 million and $406 million as of September 30, 2026 and December 31, 2025, respectively.
(d)Includes Corebridge’s ownership interest in Fortitude Re Bermuda, which is recorded using the measurement alternative for equity securities. Our investment in
Fortitude Re Bermuda totaled $156 million and $156 million at September 30, 2026 and December 31, 2025, respectively.
Other Invested Assets – Equity Method Investments
The carrying amount of equity method investments totaled $3.2 billion and $2.8 billion as of September 30, 2026 and December 31,
2025, respectively, representing various ownership percentages each period.
NET INVESTMENT INCOME
The following table presents the components of Net investment income:
2026
2025
(in millions)
Excluding
Fortitude
Re Funds
Withheld
Assets
Fortitude
Re Funds
Withheld
Assets
Total
Excluding
Fortitude
Re Funds
Withheld
Assets
Fortitude
Re Funds
Withheld
Assets
Total
Three Months Ended September 30,
Available-for-sale fixed maturity securities, including short-term
investments
$2,467
$161
$2,628
$2,316
$165
$2,481
Other fixed maturity securities
(1)
(121)
(122)
15
142
157
Equity securities
1
—
1
38
—
38
Interest on mortgage and other loans
670
33
703
682
42
724
Alternative investments*
159
52
211
47
25
72
Real estate
9
—
9
12
—
12
Other investments
49
—
49
22
—
22
Total investment income
3,354
125
3,479
3,132
374
3,506
Investment expenses
204
5
209
180
6
186
Net investment income
$3,150
$120
$3,270
$2,952
$368
$3,320
Nine Months Ended September 30,
Available-for-sale fixed maturity securities, including short-term
investments
$7,305
$499
$7,804
$6,830
$509
$7,339
Other fixed maturity securities
1
(35)
(34)
55
342
397
Equity securities
4
—
4
66
—
66
Interest on mortgage and other loans
2,009
104
2,113
2,041
128
2,169
Alternative investments*
218
64
282
296
84
380
Real estate
25
(2)
23
24
—
24
Other investments
104
—
104
27
—
27
Total investment income
9,666
630
10,296
9,339
1,063
10,402
Investment expenses
622
17
639
534
21
555
Net investment income
$9,044
$613
$9,657
$8,805
$1,042
$9,847
*Included income from hedge funds and private equity funds. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a
one-quarter lag.
NET REALIZED GAINS AND LOSSES
The following table presents the components of Net realized gains (losses):
2026
2025
(in millions)
Excluding
Fortitude
Re Funds
Withheld
Assets
Fortitude
Re Funds
Withheld
Assets
Total
Excluding
Fortitude
Re Funds
Withheld
Assets
Fortitude
Re Funds
Withheld
Assets
Total
Three Months Ended September 30,
Sales of fixed maturity securities
$39
$(16)
$23
$(29)
$—
$(29)
Intent to sell(a)
—
—
—
—
—
—
Change in allowance for credit losses on fixed maturity securities
(34)
1
(33)
(36)
(10)
(46)
Change in allowance for credit losses on loans
(29)
(3)
(32)
(22)
—
(22)
Foreign exchange transactions, net of related hedges
22
(3)
19
227
6
233
Index-Linked interest credited embedded derivatives, net of related
hedges
925
—
925
(75)
—
(75)
All other derivatives and hedge accounting(b)
(121)
(185)
(306)
(36)
(13)
(49)
Sales of alternative investments and real estate investments
15
(1)
14
14
8
22
Other
(16)
(1)
(17)
(44)
(1)
(45)
Net realized gains (losses) – excluding Fortitude Re funds
withheld embedded derivative
801
(208)
593
(1)
(10)
(11)
Net realized gains (losses) on Fortitude Re funds withheld embedded
derivative
—
1,032
1,032
—
(670)
(670)
Net realized gains (losses)
$801
$824
$1,625
$(1)
$(680)
$(681)
Nine Months Ended September 30,
Sales of fixed maturity securities
$(206)
$(29)
$(235)
$(683)
$(20)
$(703)
Intent to sell(a)
(60)
—
(60)
(250)
—
(250)
Change in allowance for credit losses on fixed maturity securities
(170)
—
(170)
(97)
(22)
(119)
Change in allowance for credit losses on loans
(81)
(21)
(102)
(24)
3
(21)
Foreign exchange transactions, net of related hedges
142
3
145
(339)
16
(323)
Index-Linked interest credited embedded derivatives, net of related
hedges
730
—
730
(611)
—
(611)
All other derivatives and hedge accounting(b)
(95)
(189)
(284)
(452)
3
(449)
Sales of alternative investments and real estate investments
19
(9)
10
17
4
21
Other
(20)
(9)
(29)
(78)
(20)
(98)
Net realized gains (losses) – excluding Fortitude Re funds
withheld embedded derivative
259
(254)
5
(2,517)
(36)
(2,553)
Net realized gains (losses) on Fortitude Re funds withheld embedded
derivative
—
730
730
—
(1,517)
(1,517)
Net realized gains (losses)
$259
$476
$735
$(2,517)
$(1,553)
$(4,070)
(a)Includes the impairment of fixed maturity securities in second quarter 2025 that Corebridge intended to transfer or sell in conjunction with the Reinsurance Agreements
discussed in Note 1.
(b)Derivative activity related to hedging certain MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 14.
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available-for-sale
securities:
Three Months Ended                                                                                                                                                                                                                                                                                                                                                                     
September 30,
Nine Months Ended                                                                                                                                                                                                                                                                                                                                                                                     
September 30,
(in millions)
2026
2025
2026
2025
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities
$(8,546)
$2,405
$(10,063)
$6,009
Other investments
—
—
—
—
Total increase (decrease) in unrealized appreciation (depreciation) of
investments
$(8,546)
$2,405
$(10,063)
$6,009
The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting
period on equity securities and other invested assets still held at the reporting date:
2026
2025
(in millions)
Equities
Other
Invested
Assets
Total
Equities
Other
Invested
Assets
Total
Three Months Ended September 30,
Net gains recognized during the period on equity securities and other
investments
$1
$227
$228
$38
$81
$119
Less: Net gains recognized during the period on equity securities and other
investments sold during the period
1
20
21
19
5
24
Unrealized gains recognized during the reporting period on equity
securities and other investments still held at the reporting date
$—
$207
$207
$19
$76
$95
Nine Months Ended September 30,
Net gains recognized during the period on equity securities and other
investments
$4
$333
$337
$66
$366
$432
Less: Net gains recognized during the period on equity securities and other
investments sold during the period
25
24
49
51
1
52
Unrealized gains (losses) recognized during the reporting period on
equity securities and other investments still held at the reporting
date
$(21)
$309
$288
$15
$365
$380
EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS
Credit Impairments
The following table presents a rollforward of the changes in allowance for credit losses on available-for-sale fixed maturity
securities by major investment category:
2026
2025
(in millions)
Structured
Non-
Structured
Total
Structured
Non-
Structured
Total
Three Months Ended September 30,
Balance, beginning of period
$37
$123
$160
$18
$73
$91
Additions:
Securities for which allowance for credit losses were not previously recorded
26
(2)
24
17
29
46
Reductions:
Securities sold during the period
(2)
(26)
(28)
—
(3)
(3)
Additional net increases or decreases to the allowance for credit losses on
securities that had an allowance recorded in a previous period, for
which there was no intent to sell before recovery, amortized cost basis
12
(3)
9
—
—
—
Write-offs charged against the allowance
(25)
5
(20)
—
(25)
(25)
Other
—
—
—
2
2
4
Balance, end of period
$48
$97
$145
$37
$76
$113
Nine Months Ended September 30,
Balance, beginning of year
$36
$94
$130
$33
$86
$119
Additions:
Securities for which allowance for credit losses were not previously recorded
33
115
148
18
111
129
Reductions:
Securities sold during the period
(5)
(28)
(33)
—
(14)
(14)
Additional net increases or decreases to the allowance for credit losses on
securities that had an allowance recorded in a previous period, for
which there was no intent to sell before recovery, amortized cost basis
9
13
22
(9)
(1)
(10)
Write-offs charged against the allowance
(25)
(97)
(122)
(7)
(108)
(115)
Other
—
—
—
2
2
4
Balance, end of period
$48
$97
$145
$37
$76
$113
PLEDGED INVESTMENTS
Secured Financing and Similar Arrangements
We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase
agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially
similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in
exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us
(pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus
accrued interest, other than those that are accounted for at fair value.
Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the
amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these
secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these
agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the
securities transferred, respectively.
The following table presents the fair value of securities pledged to counterparties under secured financing transactions,
including repurchase and securities lending agreements:
(in millions)
September 30, 2026
December 31, 2025
Fixed maturity securities available-for-sale
$3,330
$4,405
At September 30, 2026 and December 31, 2025, amounts borrowed under repurchase and securities lending agreements totaled
$3.4 billion and $4.5 billion, respectively.
The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by
remaining contractual maturity:
Remaining Contractual Maturity of the Repurchase Agreements
(in millions)
Overnight
and
Continuous
Up to 30
Days
31 - 90   
Days
91 - 364
Days
365 Days   
or Greater
Total
September 30, 2026
Bonds available-for-sale:
Non-U.S. governments
$—
$—
$27
$—
$—
$27
Corporate debt
4
455
816
—
—
1,275
Total
$4
$455
$843
$—
$—
$1,302
December 31, 2025
Bonds available-for-sale:
Non-U.S. governments
$—
$25
$34
$—
$—
$59
Corporate debt
6
598
486
—
—
1,090
Total
$6
$623
$520
$—
$—
$1,149
The following table presents the fair value of securities pledged under our securities lending agreements by collateral type
and by remaining contractual maturity:
Remaining Contractual Maturity of the Securities Lending Agreements
(in millions)
Overnight
and
Continuous
Up to 30
Days
31 - 90   
Days
91 - 364
Days
365 Days   
or Greater
Total
September 30, 2026
Bonds available for sale:
Non-U.S. government
$—
$50
$—
$—
$—
$50
Corporate debt
—
1,685
293
—
—
1,978
Total
$—
$1,735
$293
$—
$—
$2,028
December 31, 2025
Bonds available-for-sale:
Non-U.S. government
$—
$57
$—
$—
$—
$57
Corporate debt
—
3,199
—
—
—
3,199
Total
$—
$3,256
$—
$—
$—
$3,256
There were no reverse repurchase agreements at September 30, 2026 and December 31, 2025.
We do not currently offset any secured financing transactions. All such transactions are collateralized and margined daily consistent
with market standards and subject to enforceable master netting arrangements with rights of set off.
Insurance – Statutory and Other Deposits
The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or
other insurance-related arrangements, including certain annuity-related obligations and certain reinsurance treaties, was $10.7 billion
and $12.1 billion at September 30, 2026 and December 31, 2025, respectively.
Other Pledges and Restrictions
Certain of our subsidiaries are members of Federal Home Loan Banks (“FHLBs”) and such membership requires the members to own
stock in these FHLBs. We owned an aggregate of $293 million and $306 million of stock in FHLBs at September 30, 2026 and
December 31, 2025, respectively. In addition, our subsidiaries have pledged securities available-for-sale and residential loans
associated with borrowings and funding agreements from FHLBs, with a fair value of $4.0 billion and $7.6 billion, respectively, at
September 30, 2026 and $2.9 billion and $8.5 billion, respectively, at December 31, 2025.
Certain GICs recorded in policyholder contract deposits with a carrying value of $107 million and $48 million at September 30, 2026
and December 31, 2025, respectively, have provisions that require collateral to be posted or payments to be made by us upon a
downgrade of our Insurer Financial Strength (“IFS”) ratings. The actual amount of collateral required to be posted to the
counterparties in the event of such downgrades and the aggregate amount of payments that we could be required to make depend on
market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the
downgrade. The fair value of securities pledged as collateral with respect to these obligations was approximately $118 million and
$121 million at September 30, 2026 and December 31, 2025, respectively. This collateral primarily consists of securities of the U.S.
government and government-sponsored entities and generally cannot be repledged or resold by the counterparties.
As part of our collateralized reinsurance transactions, we pledge collateral to cedants as contractually required. The fair value of
securities pledged as excess collateral with respect to these obligations was approximately $567 million and $650 million at
September 30, 2026 and December 31, 2025, respectively. Additionally, assets supporting these transactions are held solely for the
benefit of the cedants and insulated from obligations owed to our other policyholders and general creditors.
Reinsurance transactions between Corebridge and Fortitude Re were structured as modified coinsurance.