Future Policy Benefits

9 Months Ended

Sep. 30, 2026

12. Future Policy Benefits

Future policy benefits primarily include reserves for traditional life and annuity payout contracts, which represent an estimate of the

present value of future benefits less the present value of future net premiums. Included in Future policy benefits are liabilities for

annuities issued in structured settlement arrangements whereby a claimant receives life contingent payments over their lifetime. Also

included are pension risk transfer arrangements whereby an upfront premium is received in exchange for guaranteed retirement

benefits. All payments under these arrangements are fixed and determinable with respect to their amounts and dates. Structured

settlement or other annuitization elections (e.g., certain single premium immediate annuities) that do not involve life contingent

payments, but rather payments for a stated period are included in Policyholder contract deposits.

For traditional and limited pay long-duration products, benefit reserves are accrued and benefit expense is recognized using a net

premium ratio (“NPR”) methodology for each annual cohort of business.

The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the

net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets:


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions, except for liability durations)	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
Nine Months Ended September 30, 2026
Present value of expected net premiums
Balance, beginning of year	$—	$—	$8,365	$—	$825	$9,190
Effect of changes in discount rate assumptions (AOCI)	—	—	504	—	34	538
Beginning balance at original discount rate	—	—	8,869	—	859	9,728
Effect of changes in cash flow assumptions	—	—	(250)	—	—	(250)
Effect of actual variances from expected experience	—	—	(25)	—	(10)	(35)
Adjusted beginning of year balance	—	—	8,594	—	849	9,443
Issuances	—	—	543	—	17	560
Interest accrual	—	—	248	—	26	274
Net premium collected	—	—	(793)	—	(90)	(883)
Other	—	—	3	—	—	3
Ending balance at original discount rate	—	—	8,595	—	802	9,397
Effect of changes in discount rate assumptions (AOCI)	—	—	(947)	—	(78)	(1,025)
Balance, end of period	$—	$—	$7,648	$—	$724	$8,372


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions, except for liability durations)	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
Nine Months Ended September 30, 2026
Present value of expected future policy benefits
Balance, beginning of year	$1,173	$291	$17,209	$24,147	$18,772	$61,592
Effect of changes in discount rate assumptions (AOCI)	110	(5)	1,261	3,290	1,180	5,836
Beginning balance at original discount rate	1,283	286	18,470	27,437	19,952	67,428
Effect of changes in cash flow assumptions(a)	—	—	(322)	—	—	(322)
Effect of actual variances from expected experience(a)	(23)	(2)	(12)	11	(22)	(48)
Adjusted beginning of year balance	1,260	284	18,136	27,448	19,930	67,058
Issuances	49	9	537	333	27	955
Interest accrual	38	11	579	895	706	2,229
Benefit payments	(90)	(29)	(1,214)	(1,291)	(1,104)	(3,728)
Foreign exchange impact	—	—	—	(156)	—	(156)
Other	—	—	6	—	—	6
Ending balance at original discount rate	1,257	275	18,044	27,229	19,559	66,364
Effect of changes in discount rate assumptions (AOCI)	(178)	(12)	(2,454)	(5,153)	(2,708)	(10,505)
Balance, end of period	$1,079	$263	$15,590	$22,076	$16,851	$55,859
Net liability for future policy benefits, end of period	1,079	263	7,942	22,076	16,127	47,487
Liability for future policy benefits for certain participating contracts	—	—	11	—	1,194	1,205
Liability for universal life policies(b)	—	—	4,287	—	52	4,339
Deferred profit liability	30	19	28	1,613	749	2,439
Other reconciling items(c)	13	—	368	—	107	488
Future policy benefits for life and accident and health insurance contracts	1,122	282	12,636	23,689	18,229	55,958
Less: Reinsurance recoverable:	(5)	—	(644)	(64)	(18,229)	(18,942)
Net liability for future policy benefits after reinsurance recoverable	$1,117	$282	$11,992	$23,625	$—	$37,016
Weighted average liability duration of the liability for future policy benefits (years)(d)	6.9	5.6	10.2	10.4	9.6


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions, except for liability durations)	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
Nine Months Ended September 30, 2025
Present value of expected net premiums
Balance, beginning of year	$—	$—	$8,287	$—	$871	$9,158
Effect of changes in discount rate assumptions (AOCI)	—	—	797	—	61	858
Beginning balance at original discount rate	—	—	9,084	—	932	10,016
Effect of changes in cash flow assumptions	—	—	(169)	—	(8)	(177)
Effect of actual variances from expected experience	—	—	(24)	—	—	(24)
Adjusted beginning of year balance	—	—	8,891	—	924	9,815
Issuances	—	—	501	—	27	528
Interest accrual	—	—	262	—	29	291
Net premium collected	—	—	(786)	—	(106)	(892)
Other	—	—	3	—	—	3
Ending balance at original discount rate	—	—	8,871	—	874	9,745
Effect of changes in discount rate assumptions (AOCI)	—	—	(483)	—	(33)	(516)
Balance, end of period	$—	$—	$8,388	$—	$841	$9,229


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions, except for liability durations)	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
Nine Months Ended September 30, 2025
Present value of expected future policy benefits
Balance, beginning of year	$1,130	$202	$16,947	$19,487	$19,243	$57,009
Effect of changes in discount rate assumptions (AOCI)	145	3	1,720	3,206	1,556	6,630
Reclassification due to reinsurance recapture	—	102	—	259	(361)	—
Beginning balance at original discount rate	1,275	307	18,667	22,952	20,438	63,639
Effect of changes in cash flow assumptions(a)	—	—	(129)	9	(4)	(124)
Effect of actual variances from expected experience(a)	(18)	—	(32)	13	(17)	(54)
Adjusted beginning of year balance	1,257	307	18,506	22,974	20,417	63,461
Issuances	69	6	494	2,058	30	2,657
Interest accrual	38	12	598	743	726	2,117
Benefit payments	(88)	(33)	(1,124)	(1,085)	(1,113)	(3,443)
Foreign exchange impact	—	—	—	707	—	707
Other	5	(2)	2	—	(11)	(6)
Ending balance at original discount rate	1,281	290	18,476	25,397	20,049	65,493
Effect of changes in discount rate assumptions (AOCI)	(105)	6	(1,118)	(3,448)	(917)	(5,582)
Balance, end of period	$1,176	$296	$17,358	$21,949	$19,132	$59,911
Net liability for future policy benefits, end of period	1,176	296	8,970	21,949	18,291	50,682
Liability for future policy benefits for certain participating contracts	—	—	11	—	1,231	1,242
Liability for universal life policies(b)	—	—	4,269	—	54	4,323
Deferred profit liability	33	21	25	1,643	790	2,512
Other reconciling items(c)	15	—	402	—	103	520
Future policy benefits for life and accident and health insurance contracts	1,224	317	13,677	23,592	20,469	59,279
Less: Reinsurance recoverable:	(5)	—	(665)	(46)	(20,469)	(21,185)
Net liability for future policy benefits after reinsurance recoverable	$1,219	$317	$13,012	$23,546	$—	$38,094
Weighted average liability duration of the liability for future policy benefits (years)(d)	7.4	6.0	10.6	11.2	10.6

Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability.

(b)Additional details can be found in the table that presents the balances and changes in the liability for universal life policies.

(c)Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts.

(d)The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level,

utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.

For the nine months ended September 30, 2026 and 2025 in the traditional and term life insurance block, capping of net premium

ratios at 100% caused a (credit)/charge to net income of $0 million and $0 million, respectively. The discount rate was updated based

on market observable information.

The following table presents the amount of undiscounted expected future benefit payments and undiscounted and

discounted expected gross premiums for future policy benefits for nonparticipating contracts:


		Nine Months Ended September 30,
(in millions)		2026	2025
Individual Retirement	Undiscounted expected future benefits and expense	$1,833	$1,856
Individual Retirement	Undiscounted expected future gross premiums	$—	$—
Group Retirement	Undiscounted expected future benefits and expense	$390	$418
Group Retirement	Undiscounted expected future gross premiums	$—	$—
Life Insurance	Undiscounted expected future benefits and expense	$30,316	$29,720
	Undiscounted expected future gross premiums	$20,391	$19,679
	Discounted expected future gross premiums (at current discount rate)	$13,057	$13,474
Institutional Markets	Undiscounted expected future benefits and expense	$53,794	$51,382
Institutional Markets	Undiscounted expected future gross premiums	$—	$—
Corporate and other	Undiscounted expected future benefits and expense	$38,800	$40,316
	Undiscounted expected future gross premiums	$1,691	$1,838
	Discounted expected future gross premiums (at current discount rate)	$1,096	$1,263

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of

Income (Loss) for future policy benefits for nonparticipating contracts:


	Gross Premiums		Interest Accretion
	Nine Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2026	2025	2026	2025
Individual Retirement	$60	$69	$38	$38
Group Retirement	7	7	11	12
Life Insurance	1,389	1,385	331	336
Institutional Markets	344	2,102	895	743
Corporate and Other	160	177	680	697
Total	$1,960	$3,740	$1,955	$1,826

The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other
	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other
September 30, 2026
Weighted-average interest rate, original discount rate	4.03%	5.17%	4.79%	4.61%	4.90%
Weighted-average interest rate, current discount rate	6.24%	6.11%	6.43%	6.51%	6.39%
September 30, 2025
Weighted-average interest rate, original discount rate	3.91%	5.31%	4.70%	4.55%	4.88%
Weighted-average interest rate, current discount rate	5.13%	4.97%	5.34%	5.74%	5.33%

The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment

level, and are represented as an annual rate.

Actuarial Assumption Updates for Liability for Future Policy Benefits

In 2026, Corebridge recognized a favorable impact to net income, primarily driven by favorable mortality assumption updates related

to traditional life products. In 2025, Corebridge recognized an unfavorable impact to net income primarily driven by updates to

policyholder assumptions, including lapse and mortality updates related to traditional life products.

Additional Liabilities: For universal-life type products, insurance benefits in excess of the account balance are generally recognized

as expenses in the period incurred unless the design of the product is such that future charges are insufficient to cover the benefits, in

which case an “additional liability” is accrued over the life of the contract. These additional liabilities are included in Future policy

benefits for life and accident and health insurance contracts in the Condensed Consolidated Balance Sheets.

The following table presents the balances and changes in the liability for universal life policies:


	Nine Months Ended September 30,
	2026			2025
	Life Insurance	Corporate and Other	Total	Life Insurance	Corporate and Other	Total
(in millions, except duration of liability)	Life Insurance	Corporate and Other	Total	Life Insurance	Corporate and Other	Total
Balance, beginning of year	$4,241	$54	$4,295	$4,034	$54	$4,088
Effect of changes in assumptions	138	—	138	54	—	54
Effect of changes in experience	267	(4)	263	315	(2)	313
Adjusted beginning balance	$4,646	$50	$4,696	$4,403	$52	$4,455
Assessments	496	—	496	494	—	494
Excess benefits paid	(743)	—	(743)	(843)	—	(843)
Interest accrual	128	2	130	121	2	123
Other	(7)	—	(7)	(9)	—	(9)
Changes related to unrealized appreciation (depreciation) of investments	(233)	—	(233)	103	—	103
Balance, end of period	$4,287	$52	$4,339	$4,269	$54	$4,323
Less: Reinsurance recoverable	(205)	(52)	(257)	(164)	(54)	(218)
Balance, end of period, net of Reinsurance recoverable	$4,082	$—	$4,082	$4,105	$—	$4,105
Weighted average duration of liability *	23.4	8.5		25.6	8.7

*The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment

level, utilizing the segment level weighted average interest rates, which can be found in the table below.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of

Income (Loss) for the liability for universal life policies:


	Gross Assessments		Interest Accretion
	Nine Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2026	2025	2026	2025
Life Insurance	$773	$813	$128	$121
Corporate and Other	30	27	2	2
Total	$803	$840	$130	$123

The following table presents the calculation of weighted average interest rate for the liability for universal life policies:


September 30,	2026		2025
	Life Insurance	Corporate and Other	Life Insurance	Corporate and Other
	Life Insurance	Corporate and Other	Life Insurance	Corporate and Other
Weighted-average interest rate	4.15%	4.20%	4.01%	4.20%

The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment

level, and are represented as an annual rate.

The following table presents details concerning our universal life policies:


	Nine Months Ended September 30,
(in millions, except for attained age of contract holders)	2026	2025
Account value	$4,493	$4,159
Net amount at risk	$79,764	$77,673
Average attained age of contract holders	54	54

Actuarial Assumption Updates for Liability for Universal Life Policies

In 2026, Corebridge recognized an unfavorable impact to net income primarily due to lapse and mortality assumption updates for

certain blocks of universal life products. In 2025, Corebridge recognized an unfavorable impact to net income primarily due to lapse

updates for certain universal life products.