Corebridge Financial, Inc. (CRBG)

CIK: 0001889539. SIC: 6311 Life Insurance. Latest 10-K as of: 2026-02-11.

SIC breadcrumb: Finance, Insurance, And Real Estate > Insurance Carriers > SIC 6311 Life Insurance

SEC company page: https://www.sec.gov/edgar/browse/?CIK=1889539. Latest filing source: 0001889539-26-000022.

Selected Fundamentals

Metric	Value	Unit	FY	Filed
Revenue	18,481,000,000	USD	2025	2026-02-11
Net income	-366,000,000	USD	2025	2026-02-11
Assets	413,547,000,000	USD	2025	2026-02-11

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001889539.json. Derived margins are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Missing metrics are omitted rather than fabricated.

Metric	2020	2021	2022	2023	2024	2025
Revenue	15,062,000,000	23,257,000,000	24,697,000,000	18,800,000,000	18,707,000,000	18,481,000,000
Net income	642,000,000	8,243,000,000	8,159,000,000	1,104,000,000	2,230,000,000	-366,000,000
Diluted EPS			12.60	1.71	3.72	-0.68
Assets		422,435,000,000	360,322,000,000	379,270,000,000	389,397,000,000	413,547,000,000
Liabilities		383,760,000,000	350,003,000,000	366,635,000,000	377,071,000,000	399,587,000,000
Stockholders' equity		36,075,000,000	9,380,000,000	11,766,000,000	11,462,000,000	13,201,000,000
Net margin	4.26%	35.44%	33.04%	5.87%	11.92%	-1.98%

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001889539.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarter	End Date	Revenue	Net Income	Diluted EPS	Method
2022-Q3	2022-09-30			3.63	reported discrete quarter
2023-Q1	2023-03-31			-0.70	reported discrete quarter
2023-Q2	2023-06-30	5,757,000,000	771,000,000	1.18	reported discrete quarter
2023-Q3	2023-09-30	5,505,000,000	2,101,000,000	3.28	reported discrete quarter
2023-Q4	2023-12-31	3,354,000,000	-1,309,000,000		derived Q4 = FY annual - nine-month YTD
2024-Q1	2024-03-31	5,836,000,000	878,000,000	1.41	reported discrete quarter
2024-Q2	2024-06-30	3,710,000,000	365,000,000	0.59	reported discrete quarter
2024-Q3	2024-09-30	2,616,000,000	-1,184,000,000	-2.02	reported discrete quarter
2024-Q4	2024-12-31	6,619,000,000	2,171,000,000		derived Q4 = FY annual - nine-month YTD
2025-Q1	2025-03-31	3,590,000,000	-664,000,000	-1.19	reported discrete quarter
2025-Q2	2025-06-30	2,744,000,000	-660,000,000	-1.20	reported discrete quarter
2025-Q3	2025-09-30	5,416,000,000	144,000,000	0.27	reported discrete quarter
2025-Q4	2025-12-31	6,767,000,000	814,000,000		derived Q4 = FY annual - nine-month YTD
2026-Q1	2026-03-31	3,964,000,000	-53,000,000	-0.11	reported discrete quarter

Quarterly Charts

Macro Cross-References

CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
UNRATE - Unemployment Rate
FEDFUNDS - Federal Funds Effective Rate
CES0500000003 - Average Hourly Earnings of All Employees, Total Private
DFEDTARU - Federal Funds Target Range - Upper Limit
DFEDTARL - Federal Funds Target Range - Lower Limit
DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
PCEPI - Personal Consumption Expenditures: Chain-type Price Index
PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
PPIACO - Producer Price Index by Commodity: All Commodities
T10YIE - 10-Year Breakeven Inflation Rate
U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
PAYEMS - All Employees, Total Nonfarm
CIVPART - Labor Force Participation Rate
EMRATIO - Employment-Population Ratio
UNEMPLOY - Unemployed
CE16OV - Employment Level
ICSA - Initial Claims
JTSJOL - Job Openings: Total Nonfarm
JTSQUR - Quits: Total Nonfarm
GDPC1 - Real Gross Domestic Product
A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
INDPRO - Industrial Production: Total Index
TCU - Capacity Utilization: Total Index
HOUST - New Privately-Owned Housing Units Started: Total Units
PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
RSAFS - Advance Retail Sales: Retail Trade
PCE - Personal Consumption Expenditures
DSPIC96 - Real Disposable Personal Income
PSAVERT - Personal Saving Rate
M2SL - M2
BOPGSTB - U.S. International Trade in Goods and Services: Balance
MSPUS - Median Sales Price of Houses Sold for the United States
HSN1F - New One Family Houses Sold: United States
RHORUSQ156N - Homeownership Rate in the United States
TTLCONS - Total Construction Spending: Total Construction in the United States
RRVRUSQ156N - Rental Vacancy Rate in the United States
TOTALSL - Total Consumer Credit Owned and Securitized
REVOLSL - Revolving Consumer Credit Owned and Securitized
DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
GDP - Gross Domestic Product
GPDI - Gross Private Domestic Investment
GCE - Government Consumption Expenditures and Gross Investment
PCEC - Personal Consumption Expenditures
NETEXP - Net Exports of Goods and Services
GFDEBTN - Federal Debt: Total Public Debt
GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
FYFSD - Federal Surplus or Deficit
FGRECPT - Federal Government Current Receipts
FGEXPND - Federal Government: Current Expenditures
MANEMP - All Employees, Manufacturing
USCONS - All Employees, Construction
USTRADE - All Employees, Retail Trade
USFIRE - All Employees, Financial Activities
USGOVT - All Employees, Government
AWHAETP - Average Weekly Hours of All Employees, Total Private
DGORDER - Manufacturers' New Orders: Durable Goods
NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
BUSINV - Total Business Inventories
EXPGS - Exports of Goods and Services
IMPGS - Imports of Goods and Services
IR - Import Price Index (End Use): All Commodities
PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0001889539-26-000116.

Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization. Confidence: high. Filing date: 2026-05-06. Report date: 2026-03-31.

Item 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations

Glossary and Acronyms of Selected Insurance Terms and References

Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), we use certain terms and abbreviations, which are summarized in the Glossary and Acronyms in the 2025 Form 10-K.

Corebridge has incorporated into this discussion a number of cross-references to additional information included throughout this Quarterly Report to assist readers seeking additional information related to a particular subject.

In this Quarterly Report, unless otherwise mentioned or unless the context indicates otherwise, we use the terms “Corebridge,” “we,” “us” and “our” to refer to Corebridge Financial, Inc., a Delaware corporation, and its consolidated subsidiaries. We use the term “Corebridge Parent” to refer solely to Corebridge Financial, Inc., and not to any of its consolidated subsidiaries.

This MD&A addresses the consolidated financial condition of Corebridge as of March 31, 2026, compared with December 31, 2025, and its consolidated results of operations for the three months ended March 31, 2026 and 2025. In addition to historical data, this discussion contains forward-looking statements about our business operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. You should read the following analysis of our consolidated financial condition and results of operations in conjunction with the (unaudited)Condensed Consolidated Financial Statements and the statements under “Cautionary Statements Regarding Forward-Looking Information,” included elsewhere in this Quarterly Report and the “Management’s Discussion and Analysis of Results of Operations and Financial Condition,” and the “Risk Factors” section in the 2025 Form 10-K.

Corebridge | First Quarter 2026 Form 10-Q 67

TABLE OF CONTENTS

Index to Item 2

Page

Executive Summary

69

Overview

69

Revenues

69

Benefits and Expenses

69

Significant Factors Impacting our Results

70

Corebridge’s Outlook - Macroeconomic, Industry and Regulatory Trends

72

Use of Non-GAAP Measures

75

Key Operating Metrics

80

Consolidated Results of Operations

83

Business Segment Operations

85

Individual Retirement

86

Group Retirement

89

Life Insurance

92

Institutional Markets

93

Corporate and Other

96

Investments

97

Overview

97

Key Investment Strategies

97

Credit Ratings

101

Liquidity and Capital Resources

115

Overview

115

Liquidity and Capital Resources of Corebridge Parent and Intermediate Holding Companies

115

Liquidity and Capital Resources of Corebridge Insurance Subsidiaries

116

Short-Term and Long-Term Debt

118

Credit Ratings

119

Off-Balance Sheet Arrangements and Commercial Commitments

119

Accounting Policies and Pronouncements

120

Critical Accounting Estimates

120

Adoption of Accounting Pronouncements

120

Glossary

120

Certain Important Terms

120

Acronyms

120

Corebridge | First Quarter 2026 Form 10-Q 68

TABLE OF CONTENTS

ITEM 2 | Executive Summary

Executive Summary

OVERVIEW

We are one of the largest providers of retirement solutions and insurance products in the United States, committed to helping individuals plan, save for and achieve secure financial futures. We offer a broad set of products and services through our market leading Individual Retirement, Group Retirement, Life Insurance and Institutional Markets businesses, each of which features capabilities and industry experience we believe are difficult to replicate. These four businesses collectively seek to enhance stockholder returns while maintaining our attractive risk profile, which has historically resulted in consistent and strong cash flow generation.

Corebridge Financial and Equitable Holdings Merger

On March 26, 2026, we and Equitable Holdings, Inc. (“Equitable”) announced the entering into of a definitive agreement to combine in an all-stock merger.

Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of both companies, we and Equitable will form a new parent company and each outstanding share of our common stock will be exchanged for the right to receive 1.0000 shares of the new parent company’s common stock, and each outstanding share of Equitable common stock will be exchanged for the right to receive 1.55516 shares of the new parent company’s common stock.

Following the closing of the transaction, Corebridge shareholders will own approximately 51% of the combined company and Equitable shareholders will own approximately 49% of the combined company.

The transaction is expected to close by year-end 2026, subject to customary closing conditions, including the receipt of required regulatory approvals and approval of shareholders of both companies.

REVENUES

Our revenues come from five principal sources:

•Premiums are principally derived from our traditional life insurance and certain annuity products including PRT transactions and structured settlements with life contingencies. Our premium income is driven by growth in new policies and contracts written and persistency of our in-force policies, both of which are influenced by a combination of factors including our efforts to attract and retain customers and market conditions that influence demand for our products;

•Policy fees are principally derived from our universal life insurance, group retirement, individual retirement, Corporate Markets and SVW products. Our policy fees typically vary directly with the underlying assets under administration, account value or benefit base of our annuities. Account value and benefit base are influenced by changes in economic conditions, including changes in levels of equity prices, and changes in levels of interest rates and credit spreads, as well as net flows;

•Net investment income from our investment portfolio varies as a result of the yield, allocation and size of our investment portfolio, which are, in turn, a function of capital market conditions and net flows into our total investments, as well as the expenses associated with managing our investment portfolio;

•Net realized gains (losses), net include changes in the Fortitude Re funds withheld embedded derivative, risk management related derivative activities (excluding hedges of certain MRBs), changes in the fair value of embedded derivatives in certain of our insurance products and trading activity within our investment portfolio, including trading activity related to the Fortitude Re modco arrangement. Net realized gains (losses) vary due to the timing of sales of investments as well as changes in the fair value of embedded derivatives in certain of our insurance products and derivatives utilized to hedge certain embedded derivatives; and

•Advisory fee income and other income includes fees from registered investment advisory services, 12b-1 fees (marketing and distribution fees paid by mutual funds), other asset management fee income and commission-based broker-dealer services.

BENEFITS AND EXPENSES

Our benefits and expenses come from six principal sources:

•Policyholder benefits are driven primarily by customer withdrawals and surrenders from traditional products which change in response to changes in capital market conditions and changes in policy reserves, as well as life contingent benefit payments on life and annuity contracts and updates to assumptions related to future policyholder behavior, mortality and longevity;

Corebridge | First Quarter 2026 Form 10-Q 69

TABLE OF CONTENTS

ITEM 2 | Executive Summary

•Interest credited to policyholder account balances varies in relation to the amount of the underlying account value or benefit base and also includes changes in the fair value of certain embedded derivatives related to our insurance products and amortization of deferred sales inducement assets;

•Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) for all applicable contracts is amortized, on a constant level basis over the expected term of the related contracts, using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding contracts, as applicable. VOBA is determined at the time of acquisition and is reported with DAC. This value is based on the present value of future pre-tax profits discounted at yields applicable at the time of purchase;

•General operating expenses include expenses associated with conducting our business, including salaries, other employee-related compensation and other operating expenses such as professional services or travel;

•Change in the fair value of market risk benefits, net represents the changes in fair value of MRBs contained within certain insurance contracts (excluding the impact of changes in our own credit risk), including attributed fees, along with the changes in the fair value of derivatives that economically hedge MRBs. Changes in our own credit risk are included in OCI; and

•Interest expense represents the charges associated with our external debt obligations, including debt of consolidated investment entities. This expense varies based on the amount of debt on our balance sheet, as well as the rates of interest associated with those obligations. Interest expense related to consolidated investment entities principally relates to variable interest entities (“VIEs”) for which we are the primary beneficiary; however, creditors or beneficial interest holders of VIEs generally only have recourse to the assets and cash flows of the VIEs and do not have recourse to us except in limited circumstances when we have provided a guarantee to the VIE’s interest holders.

SIGNIFICANT FACTORS IMPACTING OUR RESULTS

The following significant factors have impacted, and may in the future impact, our business, results of operations, financial condition and liquidity.

Impact of Variable Annuity Reinsurance Transaction

On August 1, 2025 and January 2, 2026, respectively, AGL and USL entered into a coinsurance and modco reinsurance agreement with CSLR to reinsure 100% of their individual variable annuity contracts. Under these agreements, AGL and USL transferred to the reinsurer $2.1 billion of assets primarily consisting of fixed maturity securities supporting the general account liabilities net of a ceding commission. Additionally, $48.7 billion of separate account liabilities were ceded under the modco portion of the agreement. In addition, the closing of the sale to Venerable of all outstanding membership interests of SAAMCo held by AGL occurred on January 1, 2026.

Impact of Fortitude Re

In February 2018, AGL, VALIC and USL entered into modco agreements with Fortitude Re, a wholly-owned subsidiary of Fortitude Group Holdings, LLC (“Fortitude Holdings”), a registered Class 4 and Class E reinsurer in Bermuda.

In the modco arrangement, the investments supporting the reinsurance agreements are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AGL and USL) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. We have established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing liabilities for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of this derivative are recognized in Net realized gains (losses) on Fortitude Re funds withheld embedded derivative.

Our net income experiences ongoing volatility as a result of the reinsurance agreements and gives rise to a funds withheld payable that co

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high. Filing date: 2026-02-11. Report date: 2025-12-31.

Item 7 | Management’s Discussion and Analysis of Financial Condition and Results of Operations

Glossary and Acronyms of Selected Insurance Terms and References

Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), we use certain terms and abbreviations, which are summarized in the Glossary, Certain Important Terms and Acronyms.

Corebridge has incorporated into this discussion a number of cross-references to additional information included throughout this Annual Report on Form 10-K to assist readers seeking additional information related to a particular subject.

In this Annual Report on Form 10-K, unless otherwise mentioned or unless the context indicates otherwise, we use the terms “Corebridge,” “we,” “us” and “our” to refer to Corebridge Financial, Inc., a Delaware corporation, and its consolidated subsidiaries. We use the term “Corebridge Parent” to refer solely to Corebridge Financial, Inc., and not to any of its consolidated subsidiaries.

This MD&A addresses the consolidated financial condition of Corebridge as of December 31, 2025, compared with December 31, 2024, and its consolidated results of operations for the years ended December 31, 2025, 2024 and 2023. In addition to historical data, this discussion contains forward-looking statements about our business operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. You should read the following analysis of our consolidated financial condition and results of operations in conjunction with the Consolidated Financial Statements and the statements under “Cautionary Statements Regarding Forward-Looking Information,” included elsewhere in this Annual Report on Form 10-K , “Financial Statements and Supplementary Data” and the “Risk Factors” section.

Corebridge | 2025 Form 10-K 69

TABLE OF CONTENTS

Index to Item 7

Page

Executive Summary

71

Overview

71

Revenues

71

Benefits and Expenses

71

Significant Factors Impacting our Results

72

Corebridge’s Outlook - Macroeconomic, Industry and Regulatory Trends

74

Use of Non-GAAP Measures

77

Key Operating Metrics

83

Consolidated Results of Operations

86

Business Segment Operations

88

Individual Retirement

89

Group Retirement

92

Life Insurance

95

Institutional Markets

97

Corporate and Other

99

Investments

101

Overview

101

Key Investment Strategies

101

Credit Ratings

104

Significant Reinsurance Agreements and Update of Actuarial Assumptions and Models

121

Liquidity and Capital Resources

123

Overview

123

Liquidity and Capital Resources of Corebridge Parent and Intermediate Holding Companies

123

Liquidity and Capital Resources of Corebridge Insurance Subsidiaries

124

Short-Term and Long-Term Debt

127

Credit Ratings

128

Off-Balance Sheet Arrangements and Commercial Commitments

129

Accounting Policies and Pronouncements

130

Critical Accounting Estimates

130

Adoption of Accounting Pronouncements

135

Glossary

136

Certain Important Terms

138

Acronyms

139

Corebridge | 2025 Form 10-K 70

TABLE OF CONTENTS

ITEM 7 | Executive Summary

Executive Summary

OVERVIEW

We are one of the largest providers of retirement solutions and insurance products in the United States, committed to helping individuals plan, save for and achieve secure financial futures. We offer a broad set of products and services through our market leading Individual Retirement, Group Retirement, Life Insurance and Institutional Markets businesses, each of which features capabilities and industry experience we believe are difficult to replicate. These four businesses collectively seek to enhance stockholder returns while maintaining our attractive risk profile, which has historically resulted in consistent and strong cash flow generation.

REVENUES

Our revenues come from five principal sources:

•Premiums are principally derived from our traditional life insurance and certain annuity products including PRT transactions and structured settlements with life contingencies. Our premium income is driven by growth in new policies and contracts written and persistency of our in-force policies, both of which are influenced by a combination of factors including our efforts to attract and retain customers and market conditions that influence demand for our products;

•Policy fees are principally derived from our universal life insurance, group retirement, individual retirement, Corporate Markets and SVW products. Our policy fees typically vary directly with the underlying assets under administration, account value or benefit base of our annuities. Account value and benefit base are influenced by changes in economic conditions, including changes in levels of equity prices, and changes in levels of interest rates and credit spreads, as well as net flows;

•Net investment income from our investment portfolio varies as a result of the yield, allocation and size of our investment portfolio, which are, in turn, a function of capital market conditions and net flows into our total investments, as well as the expenses associated with managing our investment portfolio;

•Net realized gains (losses), net include changes in the Fortitude Re funds withheld embedded derivative, risk management related derivative activities (excluding hedges of certain MRBs), changes in the fair value of embedded derivatives in certain of our insurance products and trading activity within our investment portfolio, including trading activity related to the Fortitude Re modco arrangement. Net realized gains (losses) vary due to the timing of sales of investments as well as changes in the fair value of embedded derivatives in certain of our insurance products and derivatives utilized to hedge certain embedded derivatives; and

•Advisory fee income and other income includes fees from registered investment advisory services, 12b-1 fees (marketing and distribution fees paid by mutual funds), other asset management fee income and commission-based broker-dealer services.

BENEFITS AND EXPENSES

Our benefits and expenses come from six principal sources:

•Policyholder benefits are driven primarily by customer withdrawals and surrenders from traditional products which change in response to changes in capital market conditions and changes in policy reserves, as well as life contingent benefit payments on life and annuity contracts and updates to assumptions related to future policyholder behavior, mortality and longevity;

•Interest credited to policyholder account balances varies in relation to the amount of the underlying account value or benefit base and also includes changes in the fair value of certain embedded derivatives related to our insurance products and amortization of deferred sales inducement assets;

•Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) for all applicable contracts is amortized, on a constant level basis over the expected term of the related contracts, using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding contracts, as applicable. VOBA is determined at the time of acquisition and is reported with DAC. This value is based on the present value of future pre-tax profits discounted at yields applicable at the time of purchase;

•General operating expenses include expenses associated with conducting our business, including salaries, other employee-related compensation and other operating expenses such as professional services or travel;

•Change in the fair value of market risk benefits, net represents the changes in fair value of MRBs contained within certain insurance contracts (excluding the impact of changes in our own credit risk), including attributed fees, along with the changes in the fair value of derivatives that economically hedge MRBs. Changes in our own credit risk are included in OCI; and

Corebridge | 2025 Form 10-K 71

TABLE OF CONTENTS

ITEM 7 | Executive Summary

•Interest expense represents the charges associated with our external debt obligations, including debt of consolidated investment entities. This expense varies based on the amount of debt on our balance sheet, as well as the rates of interest associated with those obligations. Interest expense related to consolidated investment entities principally relates to variable interest entities (“VIEs”) for which we are the primary beneficiary; however, creditors or beneficial interest holders of VIEs generally only have recourse to the assets and cash flows of the VIEs and do not have recourse to us except in limited circumstances when we have provided a guarantee to the VIE’s interest holders.

SIGNIFICANT FACTORS IMPACTING OUR RESULTS

The following significant factors have impacted, and may in the future impact, our business, results of operations, financial condition and liquidity.

Impact of Variable Annuity Reinsurance Transaction

On August 1, 2025, AGL entered into a coinsurance and modco reinsurance agreement with CSLR to reinsure 100% of its in-force and newly issued individual variable annuity contracts. Under this agreement, AGL transferred to the reinsurer $1.9 billion of assets primarily consisting of fixed maturity securities supporting the general account liabilities net of a ceding commission. Additionally, $45.1 billion of separate account liabilities were ceded under the modco portion of the agreement.

On January 2, 2026, USL and CSLR entered into a coinsurance and modco reinsurance agreement pursuant to which USL ceded 100% of its in-force individual retirement variable annuity contracts to CSLR. In addition, the closing of the sale to Venerable of all outstanding membership interests of SAAMCo held by AGL occurred on January 1, 2026.

Impact of Fortitude Re

In February 2018, AGL, VALIC and USL entered into modco agreements with Fortitude Re, a wholly-owned subsidiary of Fortitude Group Holdings, LLC (“Fortitude Holdings”), a registered Class 4 and Class E reinsurer in Bermuda.

In the modco arrangement, the investments supporting the reinsurance agreements are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AGL and USL) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. We have established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing liabilities for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of this derivative are recognized in Net realized gains (losses) on Fortitude Re funds withheld embedded derivative.

Our net income experiences ongoing volatility as a result of the reinsurance agreements and gives rise to a funds withheld payable that contains an embedded derivative. However, this net income volatility is almost entirely offset with a corresponding change in OCI, which reflects the fair value change from the investment portfolio supporting the funds withheld payable, which is primarily available-for-sale securities, resulting in minimal impact to our comprehensive income (loss) and equity attributable to Corebridge. The Company has also elected the fair value option on the acquisition of certain new fixed maturity securities, helping reduce the mismatch over time. VALIC’s modco agreement with Fortitude Re was recaptured effective January 1, 2025, resulting in a $45 million charge to pre-tax earnings. As of December 31, 2025, $24.1 billion of reserves had been ceded to Fortitude Re.

For additional information on our reinsurance agreements with Fortitude Re, see Note 7 to the Consolidated Financial Statements.

Embedded Derivatives for Fixed Index Annuity, Registered Index-Linked Annuity and Index Universal Life Products

Fixed index annuity and registered index-linked annuity contracts contain index interest credits which are accounted for as embedded derivatives and our index universal life insurance products also contain embedded derivatives. In contrast to fixed index annuity contracts, registered index-linked annuity contract owners also accept limited exposure to negative index interest credits in return for higher potential positive index credits. Policyholders may elect to rebalance among the various crediting strategies within the product at specified renewal dates. At the end of each index term, we generally have the opportunity to re-price the index component by establishing different participation rates or caps on index credited rates. The index-linked interest credited features of these products results in the recognition of an embedded derivative that is required to be bifurcated from the host contract and carried at fair value with changes in the fair value of the liabilities recorded in Net realized gains (losses). Option pricing models are used to estimate fair value, taking into account assumptions for future index growth rates, volatility of the index, future interest rates and our ability to adjust the participation rates and caps on index-linked interest credited features.

Corebridge | 2025 Form 10-K 72

TABLE OF CONTENTS

ITEM 7 | Executive Summary

The following table summarizes the fair values of the embedded derivatives for fixed index annuity, registered index-linked annuity and index universal life products:

(in millions)

December 31, 2025

December 31, 2024

December 31, 2023

Fixed index annuities

$

9,996 

$

8,390 

$

6,953 

Registered index-linked annuities

$

765 

$

17 

$

— 

Index universal life

$

1,261 

$

1,008 

$

989 

Our Strategic Partnership with Blackstone

In 2021, we entered into a long-term asset management relationship with Blackstone. As of December 31, 2025, Blackstone managed approximately $71.2 billion in book value of assets in our investment portfolio.

For additional information on our Strategic Partnership with Blackstone, see “Investments” below.

Our Investment Management Agreements with BlackRock

Since April 2022, we entered into investment management agreements with BlackRock and its investment advisory affiliates. As of December 31, 2025, BlackRock managed approximately $91.9 billion in book value of assets in our investment portfolio, consisting of liquid fixed income and certain private placement assets.

For additional information on our Investment Management Agreements with BlackRock, see “Investments” below.

See “Business—Investment Management—Our Investment Management Agreements with BlackRock.”

Fair Value Option Bond Securities

We elect the fair value option on certain bond securities. When the fair value option is elected, the realized and unrealized gains and losses on these securities are reported in net investment income.

The following table shows the net investment income reported on fair value option bond securities:

Years Ended December 31,

(in millions)

2025

2024

2023

Net investment income - excluding Fortitude Re funds withheld assets

$

56 

$

43 

$

49 

Net investment income - Fortitude Re funds withheld assets

407 

326 

291 

Total

$

463 

$

369 

$

340 

Actuarial Assumption Changes

Most of the fixed annuities, fixed index annuities, registered index-linked annuities, variable annuities and universal life insurance products we offer maintain policyholder deposits that are reported as liabilities and classified within either separate account liabilities or policyholder contract deposits. Our products and riders also impact liabilities for future policyholder benefits and unearned revenues and assets for DAC and DSI. The valuation of these assets and liabilities (other than deposits) is based on differing accounting methods depending on the product, each of which requires numerous assumptions and considerable judgment. The accounting guidance applied in the valuation of these assets and liabilities includes, but is not limited to, the following: (i) traditional life and limited pay insurance products for which actual experience is reflected in the liability and assumptions are reviewed and updated at least annually, if necessary, with the recognition and parenthetical presentation of any resulting re-measurement gain or loss in policyholder benefits (except for discount rate changes) in the income statement; (ii) certain product guarantees for which benefit liabilities are accrued over the life of the contract in proportion to actual and future expected policy assessments; (iii) certain product guarantees reported as market risk benefits or index-linked interest credited features accounted for as embedded derivatives which are carried at fair value; and (iv) unearned revenue and assets for DAC, VOBA and DSI which are amortized on a constant level basis over the expected term of the related contracts using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding contracts, as applicable.

At least annually, typically in the third quarter, we conduct a comprehensive review of the underlying assumptions within our actuarially determined assets and liabilities. These assumptions include, but are not limited to, policyholder behavior, mortality, expenses, investment returns and policy crediting rates. Changes in assumptions can result in a significant change to the carrying value of product liabilities and assets and, consequently, the impact could be material to earnings in the period of the change.

For further details of our accounting policies and related judgments pertaining to assumption updates, see “Significant Reinsurance Agreements and Update of Actuarial Assumptions and Models”, herein and “Accounting Policies and Pronouncements—Critical Accounting Estimates—Market Risk Benefits, Valuation of Embedded Derivatives for Fixed Index Annuity, Registered Index-Linked Annuity and Index Universal Life Products, Guaranteed Benefit Features of Variable Annuity, Fixed Annuity and Fixed Index Annuity Products, and Future Policy Benefits for Life, Accident and Health Insurance Contracts.”

Corebridge | 2025 Form 10-K 73

TABLE OF CONTENTS

ITEM 7 | Executive Summary

COREBRIDGE’S MACROECONOMIC, INDUSTRY AND REGULATORY TRENDS

Our business is affected by industry and economic factors such as changes in interest rates and credit spreads; geopolitical tensions; credit and equity market conditions; currency exchange rates; regulation; tax policy; competition; trade disputes with other countries, including the effect of sanctions and trade restrictions, such as tariffs and trade barriers imposed by the U.S. government and any countermeasures by other governments in response to such tariffs; and general economic, market and political conditions. We continued to operate under market conditions in 2025 and 2024 characterized by factors such as higher interest rates, inflationary pressures, an uneven global economic recovery and global trade tensions. Responses by central banks and monetary authorities with respect to inflation, growth concerns and other macroeconomic factors have also affected global exchange rates and volatility.

Below is a discussion of certain industry and economic factors impacting our business:

Equity Markets

Our financial results are impacted by the performance of equity markets, which impacts the performance of our alternative investment portfolio, fee income, MRBs and embedded derivatives. For instance, in our Group Retirement variable annuity separate accounts, mutual fund assets and brokerage and advisory assets, we generally earn fee income based on the account value, which fluctuates with the equity markets as a significant amount of these assets are invested in equity funds. The impact of equity market returns, both increases and decreases, is reflected in our results due to the impact on the account value and the fair values of equity-exposed securities in our investment portfolio.

Our hedging costs could also be significantly impacted by changes in the level of equity markets as rebalancing and option costs are tied to the equity market volatility.

For additional information see “Risk Factors—Risks Relating to Market Conditions—We are exposed to risk from equity market declines or volatility.”

Market and other economic factors may result in increased credit impairments, downgrades and losses across single or numerous asset classes due to lower collateral values or deteriorating cash flow and profitability by borrowers could lead to higher defaults on our investment portfolio, especially in geographic, industry or investment sectors where we have higher concentrations of exposure, such as real estate related borrowings. These factors can also cause widening of credit spreads which could reduce investment asset valuations, decrease fee income and increase statutory capital requirements, as well as reduce the availability of investments that are attractive from a risk-adjusted perspective.

For additional information see “Risk Factors—Risks Relating to Market Conditions—Our business is highly dependent on economic and capital market conditions.”

Alternative investments include private equity funds which are generally reported on a one-quarter lag. Accordingly, changes in valuations driven by equity market conditions during the fourth quarter of 2025 may impact the private equity investments in the alternative investments portfolio in the first quarter of 2026.

Impact of Changes in the Interest Rate Environment

A rising interest rate environment benefits our spread income as we reinvest cash flows from existing business at higher rates and should have a positive impact on sales of spread-based products.

As of December 31, 2025, new investments continue to have higher yields than the yield on maturities and redemptions that we are experiencing in our existing portfolios. We actively manage our exposure to the interest rate environment through portfolio construction and asset-liability management, including spread management strategies for our investment-oriented products and economic hedging of interest rate risk from guarantee features in our variable annuities, but we may not be able to fully mitigate our interest rate risk by matching exposure of our assets relative to our liabilities.

Fluctuations in interest rates may result in changes to certain statutory reserve or capital requirements that are based on formulas or models that consider interest rates or prescribed interest rates, such as asset adequacy testing. Rising interest rates can have a mixed impact on statutory financials due to higher surrender activity, particularly for fixed annuities, offset by potentially lower reserves for other products under various statutory reserving frameworks.

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TABLE OF CONTENTS

ITEM 7 | Executive Summary

Annuity Sales and Surrenders

Rising interest rates could create the potential for increased sales but could also drive higher surrenders relative to what we have historically experienced. Fixed annuities have surrender charge periods, generally in the three-to-seven-year range. Fixed index annuities have surrender charge periods, generally in the five-to-ten-year range, and within our Group Retirement segment, certain of our fixed investment options are subject to other withdrawal restrictions, which may help mitigate increased early surrenders in a rising rate environment. In addition, older contracts that have higher minimum interest rates and continue to be attractive to contract holders have driven better than expected persistency in fixed annuities, although the liabilities for such contracts have continued to decrease over time in amount and as a percentage of the total annuity portfolio. We closely monitor surrenders of fixed annuities as contracts with lower minimum interest rates come out of the surrender charge period.

Reinvestment and Spread Management

We actively monitor fixed income markets, including the level of interest rates, credit spreads and the shape of the yield curve. We also frequently review our interest rate assumptions and actively manage the crediting rates used for new and in-force business. Business strategies continue to evolve and we attempt to maintain profitability of the overall business in light of the interest rate environment. A rising interest rate environment results in improved yields on new investments and improves margins for our business while also making certain products, such as fixed annuities, more attractive to potential customers. However, the rising rate environment has resulted in lower values on general and separate account assets, mutual fund assets and brokerage and advisory assets that hold investments in fixed income assets.

For investment-oriented products, including universal life insurance, and variable, fixed, fixed index and registered index-linked annuities in each of our operating and reportable segments, our spread management strategies include disciplined pricing and product design for new business, modifying or limiting the sale of products that do not achieve targeted spreads, using asset-liability management to match assets to liabilities to the extent practicable and actively managing crediting rates to help mitigate some of the pressure on investment spreads. Renewal crediting rate management is guided by specific contract provisions designed to allow crediting rates to be reset at pre-established intervals and subject to minimum crediting rate guarantees. We expect to continue to adjust crediting rates on in-force business, as appropriate, to be responsive to changing rate environments. As interest rates rise, we may need to raise crediting rates on in-force business for competitive and other reasons, potentially offsetting a portion of the additional investment income resulting from investing in a higher interest rate environment.

Of the aggregate fixed account values of our Individual Retirement and Group Retirement annuity products, 40% and 47% were crediting at the contractual minimum guaranteed interest rate at December 31, 2025 and December 31, 2024, respectively. In the universal life insurance products in our Life Insurance business, 59% and 59% of the account values were crediting at the contractual minimum guaranteed interest rate at December 31, 2025 and December 31, 2024, respectively. These businesses continue to focus on pricing discipline and strategies to manage the minimum guaranteed interest crediting rates offered on new sales in the context of regulatory requirements and competitive positioning.

For additional information on our investment and asset-liability management strategies, see “Investments” below.

Regulatory Environment

The insurance and financial services industries are generally subject to close regulatory scrutiny and supervision. Our operations are subject to regulation by a number of different types of domestic and international regulatory authorities, including securities, derivatives and investment advisory regulators. Our insurance subsidiaries are subject to regulation and supervision by the states and jurisdictions in which they do business.

We expect that the domestic and international regulations applicable to us and our regulated entities will continue to evolve for the foreseeable future.

For example, on April 25, 2024, the Department of Labor (“DOL”) published a final rule in the Federal Register updating the definition for when a person is an “investment advice fiduciary” for purposes of transactions with ERISA qualified plans, related plan participants and IRAs. The DOL also published changes with respect to existing prohibited transactions exemptions (“PTEs”) relating to such advice, including PTE 84-24 and PTE 2020-02. Orders staying the rule’s September 23, 2024 effective date were issued by the U.S. District Courts for the Eastern District of Texas and the Northern District of Texas on July 25, 2024 and July 26, 2024, respectively, in connection with separate lawsuits challenging the rule. On December 20, 2024, DOL filed a consolidated opening brief, appealing these two orders to the United States Court of Appeals for the Fifth Circuit. Since filing this appeal, DOL has asked the Fifth Circuit to hold the case in abeyance on multiple occasions. The matter is currently stayed and we are actively monitoring the progress of the litigation while continuing to evaluate potential impact of the DOL rule to our business.

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ITEM 7 | Executive Summary

In February 2025, the NAIC announced the creation of a new Risk-Based Capital Model Governance (EX) Task Force as part of its efforts to update and strengthen the governance framework around risk-based capital requirements. The task force will consider changes to risk-based capital formulas used by insurance companies as a measure of solvency and conduct a gap-analysis to identify areas for improvement. In an interim meeting, the task force exposed a set of risk-based capital guiding principles and is seeking feedback. The work of the task force is ongoing and could result in changes to risk-based capital requirements and calculations in the future, which could affect our capital planning, investment strategies, reporting obligations and permitted disclosures. We are actively monitoring developments associated with this NAIC initiative and its potential impacts on our life insurance subsidiaries.

In June 2025, the Life Actuarial Task Force adopted updates to actuarial guidelines intended to enhance asset adequacy analysis for asset-intensive, life insurance and annuity reinsurance treaties above certain thresholds, and on August 13, 2025, the NAIC Executive and Plenary adopted such guidelines, referred to as Actuarial Guideline LV (“AG 55”). The updated guidelines are designed as a testing and disclosure regime with the first AG 55 reports due in April 2026. The NAIC plans to review the disclosures to identify any concerns with insurers’ approaches to asset adequacy testing, with the possibility of making additional changes that could lead to higher reserves for certain reinsurance agreements. We are actively monitoring developments associated with this NAIC initiative, which may be applicable to certain transactions that involve our life insurance subsidiaries acting as cedants. In July 2025, the NAIC also determined to reorganize a task force, the Invested Assets (E) Task Force, for the purpose of better understanding investment products with characteristics that pose unique risks to insurers and developing investment-related solvency policy changes. The task force became effective in January 2026. The task force’s work covered results in changes to accounting policies and risk-based capital requirements, and we will continue to monitor developments that may be relevant to our life insurance subsidiaries.

For information regarding our regulation and supervision by different regulatory authorities in the United States and abroad, see “Business—Regulation—U.S. Regulation” and “Business—Regulation—International Regulation.”

Corebridge | 2025 Form 10-K 76

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ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Use of Non-GAAP Financial Measures and Key Operating Metrics

NON-GAAP FINANCIAL MEASURES

Throughout this MD&A, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are “non-GAAP financial measures” under SEC rules and regulations. We believe presentation of these non-GAAP financial measures allows for a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. These measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with GAAP and should not be viewed as a substitute for GAAP measures. The non-GAAP financial measures we present may not be comparable to similarly named measures reported by other companies. Reconciliations of non-GAAP financial measures for future periods are not provided as we do not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliations.

Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments, revenues from businesses exited through reinsurance, and income from non-operating litigation settlements (included in Other income for GAAP purposes).

The following table presents a reconciliation of Total revenues to Adjusted revenues:

Years Ended December 31,

(in millions)

2025

2024

2023

Total revenues

$

18,481 

$

18,707 

$

18,800 

Fortitude Re related items:

Net investment (income) on Fortitude Re funds withheld assets

(1,332)

(1,370)

(1,368)

Net realized losses on Fortitude Re funds withheld assets

100 

248 

224 

Net realized losses on Fortitude Re funds withheld embedded derivatives

1,673 

518 

1,734 

Subtotal - Fortitude Re related items

441 

(604)

590 

Businesses exited through reinsurance items:

Premiums

(28)

(30)

(34)

Policy charges

(333)

(531)

(498)

Net investment income - excluding Fortitude Re funds withheld assets

(214)

(324)

(358)

Advisory fee and other income

(322)

(453)

(426)

Subtotal - Businesses exited through reinsurance items

(897)

(1,338)

(1,316)

Other reconciling items:

Non-operating litigation reserves and settlements

— 

(1)

— 

Other (income) - net

(31)

(30)

(28)

Net realized losses*

2,469 

1,490 

1,827 

Subtotal - Other reconciling items

2,438 

1,459 

1,799 

Total adjustments

1,982 

(483)

1,073 

Adjusted revenues

$

20,463 

$

18,224 

$

19,873 

*Represents all Net realized gains and losses except gains (losses) related to the disposition of real estate investments and earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Earned income for non-qualifying (economic) hedging or for asset replication is reclassified from Net realized gains and losses to specific APTOI line items (e.g., net investment income and interest credited to policyholder account balances) based on the economic risk being hedged.

Adjusted pre-tax operating income (“APTOI”) is derived by excluding the items set forth below from income (loss) before income tax expense (benefit). These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and recording adjustments to APTOI that we believe to be common in our industry. We believe the adjustments to pre-tax income are useful for gaining an understanding of our overall results of operations.

APTOI excludes the impact of the following items:

FORTITUDE RE RELATED ADJUSTMENTS:

The modified coinsurance (“modco”) reinsurance agreements with Fortitude Re transfer the economics of the invested assets supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the Fortitude Re funds withheld embedded derivative are also excluded from APTOI.

The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not indicative of our ongoing business operations.

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TABLE OF CONTENTS

ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

INVESTMENT RELATED ADJUSTMENTS:

APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods. In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results, including those used to economically hedge insurance liabilities, or those recognized as embedded derivatives at fair value, are also included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).

MARKET RISK BENEFIT ADJUSTMENTS:

Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain GMWBs and/or GMDBs which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs are excluded from APTOI. MRBs related to the variable annuity business subject to the reinsurance agreements with CSLR are reported in the “Businesses exited through reinsurance” line item.

BUSINESSES EXITED THROUGH REINSURANCE:

Represents the results of businesses that have been or will be economically exited through reinsurance. This includes MRBs, along with changes in the fair value of derivatives used to hedge MRBs which are recorded through “Change in the fair value of MRBs, net.” The results of operations from these businesses have been excluded from APTOI as they are not indicative of our ongoing business operations.

OTHER ADJUSTMENTS:

Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:

•restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;

•non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles;

•separation costs;

•non-operating litigation reserves and settlements;

•loss (gain) on extinguishment of debt, if any;

•losses from the impairment of goodwill, if any; and

•income and loss from divested or run-off business, if any.

Adjusted after-tax operating income available to common shareholders (“Adjusted After-tax Operating Income” or “AATOI”) is derived by excluding the tax effected APTOI adjustments described above and preferred stock dividends, as well as the following tax items from net income attributable to us:

•reclassifications of disproportionate tax effects from AOCI, changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance; and

•deferred income tax valuation allowance releases and charges.

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TABLE OF CONTENTS

ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

The following tables present a reconciliation of pre-tax income (loss)/net income (loss) available to Corebridge common shareholders to adjusted pre-tax operating income (loss)/adjusted after-tax operating income (loss) available to Corebridge common shareholders:

Years Ended December 31,

2025

2024

2023

(in millions)

Pre-tax

Total Tax

(Benefit)

Charge

Non-

controlling

Interests

After Tax

Pre-tax

Total Tax

(Benefit)

Charge

Non-

controlling

Interests

After Tax

Pre-tax

Total Tax

(Benefit)

Charge

Non-

controlling

Interests

After Tax

Pre-tax income (loss)/net income (loss), including noncontrolling interests

$

(541)

$

(151)

$

—

$

(390)

$

2,803

$

600

$

—

$

2,203

$

940

$

(96)

$

—

$

1,036

Noncontrolling interests

—

—

24

24

—

—

27

27

—

—

68

68

Less: Preferred stock dividends

—

—

—

—

—

—

—

—

—

—

—

—

Pre-tax income (loss)/net income (loss) available to Corebridge common shareholders

(541)

(151)

24 

(366)

2,803 

600 

27 

2,230 

940 

(96)

68 

1,104 

Fortitude Re related items

Net investment (income) on Fortitude Re funds withheld assets

(1,332)

(285)

—

(1,047)

(1,370)

(293)

—

(1,077)

(1,368)

(291)

—

(1,077)

Net realized losses on Fortitude Re funds withheld assets

100

21

—

79

248

53

—

195

224

48

—

176

Net realized losses on Fortitude Re funds withheld embedded derivative

1,673

358

—

1,315

518

111

—

407

1,734

369

—

1,365

Subtotal Fortitude Re related items

441

94

—

347

(604)

(129)

—

(475)

590

126

—

464

Other reconciling items

Reclassification of disproportionate tax effects from AOCI and other tax adjustments

—

80

—

(80)

—

49

—

(49)

—

89

—

(89)

Deferred income tax valuation allowance (releases) charges

—

(84)

—

84

—

(97)

—

97

—

(11)

—

11

Changes in fair value of market risk benefits, net

580

122

—

458

32

7

—

25

202

42

—

160

Changes in benefit reserves related to net realized gains (losses)

24

5

—

19

(8)

(1)

—

(7)

(6)

(1)

—

(5)

Net realized losses*

2,476

520

—

1,956

1,459

312

7

1,154

1,792

381

—

1,411

Non-operating litigation reserves and settlements

—

—

—

—

(1)

—

—

(1)

—

—

—

—

Separation costs

—

—

—

—

94

20

—

74

245

51

—

194

Restructuring and other costs

381

80

—

301

287

60

—

227

197

41

—

156

Non-recurring costs related to regulatory or accounting changes

2

—

—

2

3

1

—

2

18

4

—

14

Net (gain) on divestiture

—

—

—

—

(245)

(55)

—

(190)

(676)

(43)

—

(633)

Pension expense - non operating

—

—

—

—

—

—

—

—

15

3

—

12

Businesses exited through reinsurance

(421)

(88)

—

(333)

(687)

(147)

—

(540)

(609)

(130)

—

(479)

Noncontrolling interests

24

—

(24)

—

34

—

(34)

—

68

—

(68)

—

Subtotal Other non-Fortitude Re reconciling items

3,066

635

(24)

2,407

968

149

(27)

792

1,246

426

(68)

752

Total adjustments

3,507

729

(24)

2,754

364

20

(27)

317

1,836

552

(68)

1,216

Adjusted pre-tax operating income/Adjusted after-tax operating income available to Corebridge common shareholders

$

2,966

$

578

$

—

$

2,388

$

3,167

$

620

$

—

$

2,547

$

2,776

$

456

$

—

$

2,320

*Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Additionally, gains (losses) related to the disposition of real estate investments are also excluded from this adjustment.

Corebridge | 2025 Form 10-K 79

TABLE OF CONTENTS

ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

The following table presents a reconciliation of the GAAP tax rate to the adjusted tax rate:

Years Ended December 31,

GAAP

Non-GAAP

Adjustments

Adjusted

Pre-tax

Pre-tax

(in millions)

Income

Tax

Rate

Adjustments

Tax

APTOI

Tax

Rate

2025

U.S. federal income tax at statutory rate

$

(541)

$

(114)

21.0 

%

$

3,507 

$

737 

$

2,966 

$

623 

21.0 

%

Rate Adjustments

Reclassifications from accumulated other comprehensive income

(29)

5.4 

29 

— 

0.0 

Noncontrolling Interest

5 

(0.9)

(5)

— 

0.0 

Dividends received deduction

(43)

7.9 

— 

(43)

(1.4)

State and local income taxes

(9)

1.7 

28 

19 

0.6 

Adjustments to prior year tax returns

(37)

6.8 

28 

(9)

(0.3)

Share based compensation payments excess tax deduction

(2)

0.4 

— 

(2)

(0.1)

Valuation allowance

88 

(16.3)

(88)

— 

0.0 

Other

(10)

1.9 

— 

(10)

(0.3)

Amount Attributable to Corebridge

$

(541)

$

(151)

27.9 

%

$

3,507 

$

729 

$

2,966 

$

578 

19.5 

%

2024

U.S. federal income tax at statutory rate

$

2,803 

$

589 

21.0 

%

$

364 

$

76 

$

3,167 

$

665 

21.0 

%

Rate Adjustments

Uncertain Tax Positions

(17)

(0.6)

— 

(17)

(0.5)

Dispositions of Subsidiaries

4 

0.1 

(4)

— 

0.0 

Reclassifications from accumulated other comprehensive income

(31)

(1.1)

31 

— 

0.0 

Noncontrolling Interest

6 

0.2 

(6)

— 

0.0 

Dividends received deduction

(48)

(1.7)

— 

(48)

(1.5)

State and local income taxes

14 

0.5 

(5)

9 

0.3 

Adjustments to prior year tax returns

(11)

(0.4)

39 

28 

0.9 

Share based compensation payments excess tax deduction

(4)

(0.1)

— 

(4)

(0.1)

Valuation allowance

94 

3.4 

(94)

— 

0.0 

Other

4 

0.1 

(17)

(13)

(0.5)

Amount Attributable to Corebridge

$

2,803 

$

600 

21.4 

%

$

364 

$

20 

$

3,167 

$

620 

19.6 

%

2023

U.S. federal income tax at statutory rate

$

940 

$

197 

21.0 

%

$

1,836 

$

386 

$

2,776 

$

583 

21.0 

%

Rate Adjustments

Dispositions of Subsidiaries

(99)

(10.5)

99 

— 

0.0 

Reclassifications from accumulated other comprehensive income

(50)

(5.3)

50 

— 

0.0 

Noncontrolling Interest

14 

1.5 

(14)

— 

0.0 

Dividends received deduction

(59)

(6.3)

— 

(59)

(2.1)

State and local income taxes

10 

1.1 

7 

17 

0.6 

Adjustments to deferred tax assets

(40)

(4.3)

— 

(40)

(1.4)

Adjustments to prior year tax returns

(67)

(7.1)

37 

(30)

(1.1)

Share based compensation payments excess tax deduction

(10)

(1.1)

— 

(10)

(0.4)

Valuation allowance

11 

1.2 

(11)

— 

0.0 

Other

(3)

(0.4)

(2)

(5)

(0.2)

Amount Attributable to Corebridge

$

940 

$

(96)

(10.2)

%

$

1,836 

$

552 

$

2,776 

$

456 

16.4 

%

Corebridge | 2025 Form 10-K 80

TABLE OF CONTENTS

ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Adjusted Book Value Available to Corebridge Common Shareholders is derived by excluding preferred stock as well as AOCI, adjusted for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re.

The following table presents the reconciliation of Book value per common share to Adjusted book value per common share:

Years Ended December 31,

(in millions, except per common share data)

2025

2024

2023

Total Corebridge shareholders' equity

$

13,201 

$

11,462 

$

11,766 

Less: Preferred stock and additional paid-in capital

493 

— 

— 

Total Corebridge shareholders' equity available to common shareholders (a)

12,708 

11,462 

11,766 

Less: Accumulated other comprehensive income (loss)

(9,452)

(13,681)

(13,458)

Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets

(2,391)

(2,798)

(2,332)

Adjusted Book Value (b)

$

19,769 

$

22,345 

$

22,892 

Total common shares outstanding (c)

496.4 

561.5 

621.7 

Book value per common share (a/c)

$

25.60 

$

20.41 

$

18.93 

Adjusted book value per common share (b/c)

$

39.83 

$

39.80 

$

36.82 

Adjusted Return on Average Equity Available to Common Shareholders (“Adjusted ROAE”) is derived by dividing AATOI by average Adjusted Book Value available to Common Shareholders and is used by management to evaluate our recurring profitability and evaluate trends in our business. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re.

The following table presents the reconciliation of Adjusted ROAE available to common shareholder’s:

Years Ended December 31,

(in millions, unless otherwise noted)

2025

2024

2023

Actual or annualized net income (loss) available to Corebridge common shareholders (a)

$

(366)

$

2,230 

$

1,104 

Actual or annualized adjusted after-tax operating income available to Corebridge common shareholders (b)

2,388 

2,547 

2,320 

Average Corebridge shareholders’ equity

12,497 

11,882 

10,326 

Less: Average preferred stock

99 

— 

— 

Total Average equity available to Corebridge common shareholders

12,398 

11,882 

10,326 

Less: Average AOCI

(10,969)

(13,134)

(15,773)

Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets

(2,533)

(2,481)

(2,702)

Average Adjusted Book Value available to Corebridge Common Shareholders (d)

$

20,834 

$

22,535 

$

23,397 

Return on Average Equity available to Corebridge common shareholders (a/c)

(2.9)

%

18.8 

%

10.7 

%

Adjusted ROAE available to Corebridge common shareholders (b/d)

11.5 

%

11.3 

%

9.9 

%

Corebridge | 2025 Form 10-K 81

TABLE OF CONTENTS

ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Premiums and deposits is a non-GAAP financial measure that includes direct and assumed premiums received and earned on traditional life insurance policies and life-contingent payout annuities, as well as deposits received on universal life insurance, investment-type annuity contracts and GICs. We believe the measure of premiums and deposits is useful in understanding customer demand for our products, evolving product trends and our sales performance period over period.

The following table presents the premiums and deposits:

Years Ended December 31,

(in millions)

2025

2024

2023

Individual Retirement

Premiums

$

100 

$

107 

$

179 

Deposits

20,536 

20,383 

16,216 

Other(a)

(7)

(7)

(10)

Premiums and deposits

20,629 

20,483 

16,385 

Group Retirement

Premiums

10 

12 

20 

Deposits

7,383 

7,619 

8,063 

Premiums and deposits(b)(c)

7,393 

7,631 

8,083 

Life Insurance

Premiums

1,466 

1,483 

1,776 

Deposits

1,570 

1,579 

1,583 

Other(a)

404 

613 

941 

Premiums and deposits

3,440 

3,675 

4,300 

Institutional Markets

Premiums

4,260 

2,894 

5,607 

Deposits

5,968 

5,332 

3,695 

Other(a)

41 

36 

31 

Premiums and deposits

10,269 

8,262 

9,333 

Total

Premiums

5,836 

4,496 

7,582 

Deposits

35,457 

34,913 

29,557 

Other(a)

438 

642 

962 

Premiums and deposits

$

41,731 

$

40,051 

$

38,101 

(a)Other principally consists of ceded premiums, in order to reflect gross premiums and deposits.

(b)Excludes client deposits into advisory and brokerage accounts of $3.1 billion, $3.1 billion and $2.4 billion for the years ended December 31, 2025, 2024 and 2023, respectively.

(c)Includes inflows related to in-plan mutual funds of $3.1 billion, $3.1 billion and $3.2 billion for the years ended December 31, 2025, 2024 and 2023, respectively.

Net investment income (APTOI basis) is the sum of base portfolio income and variable investment income. We believe that presenting net investment income on an APTOI basis is useful for gaining an understanding of the main drivers of investment income.

The following table presents a reconciliation of net investment income (net income basis) to net investment income (APTOI basis):

Years Ended December 31,

(in millions)

2025

2024

2023

Net investment income (net income basis)

$

13,124 

$

12,228 

$

11,078 

Net investment (income) on Fortitude Re funds withheld assets

(1,332)

(1,370)

(1,368)

Net investment (income) related to businesses exited through reinsurance

(214)

(324)

(358)

Other adjustments

(42)

(30)

(28)

Derivative income recorded in net realized gains (losses)

296 

288 

212 

Total adjustments

(1,292)

(1,436)

(1,542)

Net investment income (APTOI basis)

$

11,832 

$

10,792 

$

9,536 

Corebridge | 2025 Form 10-K 82

TABLE OF CONTENTS

ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

KEY OPERATING METRICS

Assets Under Management and Administration

Assets Under Management (“AUM”) include assets in the general and separate accounts of our subsidiaries that support liabilities and surplus related to our life and annuity insurance products.

Assets Under Administration (“AUA”) include Group Retirement mutual fund assets and other third-party assets that we sell or administer and the notional value of SVW contracts.    

Assets Under Management and Administration (“AUMA”) is the cumulative amount of AUM and AUA.

The following table presents a summary of our AUMA:

Years Ended December 31,

(in millions)

2025

2024

2023

Individual Retirement

AUM

$

120,419

$

105,743

$

94,860

AUA

—

—

—

Total Individual Retirement AUMA

120,419

105,743

94,860

Group Retirement

AUM

80,220

78,669

79,910

AUA

50,063

45,630

42,271

Total Group Retirement AUMA

130,283

124,299

122,181

Life Insurance

AUM

27,752

26,466

26,691

AUA

—

—

—

Total Life Insurance AUMA

27,752

26,466

26,691

Institutional Markets

AUM

59,390

48,112

40,678

AUA

48,507

45,000

44,607

Total Institutional Markets AUMA

107,897

93,112

85,285

Total AUMA

$

386,351

$

349,620

$

329,017

* The December 31, 2023 AUMA excludes $181 million of assets that were reclassified to Assets held-for-sale in the Consolidated Balance Sheets.

Fee and Spread income and Underwriting Margin

Fee income is defined as policy fees plus advisory fees plus other fee income. For our Institutional Markets segment, its SVW products generate fee income.

Spread income is defined as net investment income less interest credited to policyholder account balances, exclusive of amortization of deferred sales inducement assets. Spread income is comprised of both base spread income and variable investment income. For our Institutional Markets segment, its structured settlements, PRT and GIC products generate spread income, which includes premiums, net investment income, less interest credited and policyholder benefits and excludes the annual assumption update.

Underwriting margin for our Life Insurance segment includes premiums, policy fees, other income, net investment income, less interest credited to policyholder account balances and policyholder benefits and excludes the annual assumption update. For our Institutional Markets segment, its Corporate Markets products generate underwriting margin, which includes premiums, net investment income, policy and advisory fee income, less interest credited and policyholder benefits and excludes the annual assumption update.

Base portfolio income includes interest, dividends and foreclosed real estate income, net of investment expenses and non-qualifying (economic) hedges.

Variable investment income includes call and tender income from make-whole payments on commercial mortgage loan prepayments, changes in market value of investments accounted for under the fair value option, interest received on defaulted investments (other than foreclosed real estate), income from alternative investments and other miscellaneous investment income, including income of certain partnership entities that are required to be consolidated. Alternative investments include private equity funds which are generally reported on a one-quarter lag.

Base spread income means base portfolio income less interest credited to policyholder account balances, excluding the amortization of deferred sales inducement assets.

Corebridge | 2025 Form 10-K 83

TABLE OF CONTENTS

ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Base net investment spread means base yield less cost of funds, excluding the amortization of deferred sales inducement assets.

Base yield means the returns from base portfolio income including accretion and impacts from holding cash and short-term investments.

The following table presents a summary of our spread income, fee income and underwriting margin:

Years Ended December 31,

(in millions)

2025

2024

2023

Individual Retirement

Spread income

$

2,665 

$

2,693 

$

2,483 

Fee income

310 

267 

210 

Total Individual Retirement

2,975 

2,960 

2,693 

Group Retirement

Spread income

683 

727 

828 

Fee income

802 

785 

715 

Total Group Retirement

1,485 

1,512 

1,543 

Life Insurance

Underwriting margin

1,364 

1,368 

1,442 

Total Life Insurance

1,364 

1,368 

1,442 

Institutional Markets

Spread income

587 

454 

355 

Fee income

65 

62 

64 

Underwriting margin

65 

81 

71 

Total Institutional Markets

717 

597 

490 

Total

Spread income

3,935 

3,874 

3,666 

Fee income

1,177 

1,114 

989 

Underwriting margin

1,429 

1,449 

1,513 

Total

$

6,541 

$

6,437 

$

6,168 

Net Investment Income (APTOI Basis)

The following table presents a summary of our four insurance operating businesses’ net investment income on an APTOI basis:

Years Ended December 31,

(in millions)

2025

2024

2023

Individual Retirement

Base portfolio income

$

5,883 

$

5,308 

$

4,554 

Variable investment income

129 

105 

51 

Net investment income

6,012 

5,413 

4,605 

Group Retirement

Base portfolio income

1,787 

1,864 

1,946 

Variable investment income

91 

56 

50 

Net investment income

1,878 

1,920 

1,996 

Life Insurance

Base portfolio income

1,309 

1,302 

1,275 

Variable investment income

14 

19 

7 

Net investment income

1,323 

1,321 

1,282 

Institutional Markets

Base portfolio income

2,365 

2,041 

1,534 

Variable investment income

200 

86 

52 

Net investment income

2,565 

2,127 

1,586 

Total

Base portfolio income

11,344 

10,515 

9,309 

Variable investment income

434 

266 

160 

Net investment income (APTOI basis) - Insurance operations

$

11,778 

$

10,781 

$

9,469 

Corebridge | 2025 Form 10-K 84

TABLE OF CONTENTS

ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Net Flows

Net flows for annuity products in Individual Retirement and Group Retirement represent premiums and deposits less death, surrender and other withdrawal benefits. Net flows for mutual funds represent deposits less withdrawals. For Group Retirement, client deposits into advisory and brokerage accounts less total client withdrawals from advisory and brokerage accounts are not included in net flows.

The following table presents a summary of our Net Flows:

Years Ended December 31,

(in millions)

2025

2024

2023

Individual Retirement

Fixed Annuities

$

835 

$

2,618 

$

(1,769)

Fixed Index Annuities

4,442 

4,641 

5,632 

Registered Index-Linked Annuities

1,874 

90 

— 

Total Individual Retirement

7,151 

7,349 

3,863 

Group Retirement

(8,629)

(9,086)

(6,302)

Total Net Flows

$

(1,478)

$

(1,737)

$

(2,439)

Corebridge | 2025 Form 10-K 85

TABLE OF CONTENTS

ITEM 7 Consolidated Results of Operations

Consolidated Results of Operations

The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the years ended December 31, 2025, 2024 and 2023. For factors that relate primarily to a specific business, see “— Business Segment Operations.”

For a comparative discussion regarding Corebridge’s results of operations for the year ended December 31, 2024 and the year ended December 31, 2023 see the Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K ”).

Years Ended December 31,

(in millions)

2025

2024

2023

Revenues:

Premiums

$

5,864 

$

4,526 

$

7,613 

Policy fees

2,733 

2,901 

2,797 

Net investment income

13,124 

12,228 

11,078 

Net realized (losses)

(3,958)

(1,883)

(3,572)

Advisory fee and other income

718 

935 

884 

Total revenues

18,481 

18,707 

18,800 

Benefits and expenses:

Policyholder benefits

8,173 

6,632 

9,362 

Change in the fair value of market risk benefits, net

484 

(227)

(6)

Interest credited to policyholder account balances

5,933 

5,240 

4,427 

Amortization of deferred policy acquisition costs and value of business acquired

1,050 

1,060 

1,042 

Non-deferrable insurance commissions

553 

588 

588 

Advisory fee expenses

275 

286 

261 

General operating expenses

2,002 

2,016 

2,282 

Interest expense

552 

554 

580 

Net (gain) on divestitures

— 

(245)

(676)

Total benefits and expenses

19,022 

15,904 

17,860 

Income (loss) before income tax expense (benefit)

(541)

2,803 

940 

Income tax expense (benefit)

(151)

600 

(96)

Net income (loss)

(390)

2,203 

1,036 

Less: Net (loss) attributable to noncontrolling interests

(24)

(27)

(68)

Net income (loss) attributable to Corebridge

$

(366)

$

2,230 

$

1,104 

The following table presents certain balance sheet data:

(in millions, except per common share data)

December 31, 2025

December 31, 2024

Balance sheet data:

Total assets

$

413,547 

$

389,397 

Short-term and long-term debt

$

9,359 

$

10,454 

Debt of consolidated investment entities

$

1,547 

$

1,938 

Total Corebridge shareholders’ equity

$

13,201 

$

11,462 

Book value per common share

$

25.60 

$

20.41 

Adjusted book value per common share

$

39.83 

$

39.80 

Financial Highlights

2025 to 2024 Net Income Comparison

Income (loss) before income tax expense (benefit)

We recorded pre-tax loss of $541 million in the year ended December 31, 2025 compared to pre-tax income of $2.8 billion in the year ended December 31, 2024. The change in pre-tax income was primarily due to:

•higher net realized losses of $2.1 billion primarily driven by higher losses from Fortitude Re related balances and higher losses from derivatives and index-linked interest credited embedded derivatives, net of related hedges;

•higher policyholder benefits of $1.5 billion primarily on new pension risk transfer business;

Corebridge | 2025 Form 10-K 86

TABLE OF CONTENTS

ITEM 7 Consolidated Results of Operations

•higher interest credited to policyholder account balances of $693 million primarily due to higher crediting rates and higher sales activity in fixed and fixed index annuities and registered index-linked annuities and growing GIC business;

•higher unfavorable change in the fair value of market risk benefits, net of $711 million primarily driven by impacts of lower interest rates and higher equity markets compared to the prior year, partially offset by the impact of the reinsurance agreement with CSLR; and

•lower net gain on divestitures of $245 million primarily from the gain on the sale of AIG Life U.K. in 2024.

Partially offset by:

•higher premiums of $1.3 billion primarily on new pension risk transfer business; and

•higher net investment income of $896 million primarily driven by higher base portfolio and variable investment income.

Income tax expense (benefit)

For the year ended December 31, 2025, there was an income tax benefit of $151 million on loss from operations, resulting in an effective tax rate on loss from operations of 27.9%.

Adjusted pre-tax operating income

The following table presents total Corebridge’s adjusted pre-tax operating income:

Years Ended December 31,

(in millions)

2025

2024

2023

Premiums

$

5,836 

$

4,496 

$

7,582 

Policy fees

2,400 

2,370 

2,299 

Net investment income

11,832 

10,792 

9,536 

Net realized gains (losses)*

(1)

85 

(2)

Advisory fee and other income

396 

481 

458 

Total adjusted revenues

20,463 

18,224

19,873

Policyholder benefits

8,108 

6,614 

9,336 

Interest credited to policyholder account balances

5,915 

5,102 

4,289 

Amortization of deferred policy acquisition costs

918 

847 

826 

Non-deferrable insurance commissions

381 

332 

344 

Advisory fee expenses

151 

154 

139 

General operating expenses

1,527 

1,518 

1,679 

Interest expense

521 

524 

552 

Total benefits and expenses

17,521 

15,091

17,165

Noncontrolling interests

24 

34 

68 

Adjusted pre-tax operating income

$

2,966 

$

3,167

$

2,776

*Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments.

2025 to 2024 APTOI Comparison

APTOI decreased $201 million, primarily due to:

•higher policyholder benefits of $1.5 billion primarily on new pension risk transfer business; and

•higher interest credited to policyholder account balances of $813 million primarily due to higher crediting rates and higher sales activity in fixed and fixed index annuities and registered index-linked annuities and continued growth in our GIC business.

Partially offset by:

•higher premiums of $1.3 billion primarily on new pension risk transfer business; and

•higher net investment income of $1.0 billion primarily driven by higher base portfolio income and higher variable investment income.

Corebridge | 2025 Form 10-K 87

TABLE OF CONTENTS

ITEM 7 | Business Segment Operations

Business Segment Operations

Our business operations consist of five reportable segments:

•Individual Retirement – consists of fixed annuities, fixed index annuities and registered index-linked annuities.

•Group Retirement – consists of recordkeeping, plan administrative and compliance services, financial planning and advisory solutions offered in-plan, along with proprietary and limited non-proprietary annuities, advisory and brokerage products offered out-of-plan.

•Life Insurance – consists of term and universal life insurance products in the United States. The International Life business issued individual and group life insurance in the United Kingdom. On October 31, 2023 Corebridge completed the sale of Laya and on April 8, 2024, Corebridge completed the sale of AIG Life U.K.

•Institutional Markets – consists of SVW products, structured settlement and PRT annuities, GICs and Corporate Markets products that include corporate- and bank-owned life insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuities products.

•Corporate and Other – consists primarily of:

–corporate expenses not attributable to our other segments;

–interest expense on financial debt;

–results of our consolidated investment entities;

–institutional asset management business, which includes managing assets for non-consolidated affiliates;

–results of our legacy insurance lines ceded to Fortitude Re; and

–results of our individual variable annuity business that is reinsured to CSLR.

The closing with respect to the AGL Reinsurance Agreement occurred on August 1, 2025. Accordingly, retrospectively, effective in the third quarter of 2025, our individual variable annuity business previously reported in the Individual Retirement segment, is now included within Corporate and Other, consistent with how the chief operating decision maker (“CODM”) assesses its performance and allocates its resources. Prior periods presented herein have been recast to conform to the new segment presentation. Additionally, the results of operations from the variable annuity business have been excluded from Adjusted Pre-Tax Operating Income (“APTOI”) as they are not indicative of our ongoing business operations.

The following tables summarize adjusted pre-tax operating income (loss) from our segments:

See Note 3 to the Consolidated Financial Statements.

Years Ended December 31,

(in millions)

2025

2024

2023

Individual Retirement

$

1,883

$

2,040

$

1,895

Group Retirement

724

744

754

Life Insurance

413

461

373

Institutional Markets

587

495

379

Corporate and Other

(641)

(573)

(625)

Adjusted pre-tax operating income

$

2,966

$

3,167

$

2,776

Corebridge | 2025 Form 10-K 88

TABLE OF CONTENTS

ITEM 7 | Business Segment Operations

DISCUSSION OF SEGMENT RESULTS

Individual Retirement

Individual Retirement Results

Years Ended December 31,

(in millions)

2025

2024

2023

Adjusted Revenues:

Premiums

$

100

$

107

$

179

Policy fees

310

266

210

Net investment income:

Base portfolio income

5,883

5,308

4,554

Variable investment income

129

105

51

Net investment income

6,012

5,413

4,605

Advisory fee and other income*

—

1

—

Total adjusted revenues

6,422

5,787

4,994

Benefits and expenses:

Policyholder benefits

129

99

172

Interest credited to policyholder account balances

3,384

2,761

2,167

Amortization of deferred policy acquisition costs

475

405

356

Non-deferrable insurance commissions

172

132

111

Advisory fee expenses

22

18

19

General operating expenses

357

332

274

Total benefits and expenses

4,539

3,747

3,099

Adjusted pre-tax operating income

$

1,883

$

2,040

$

1,895

*Includes advisory fee income from registered investment services, 12b-1 fees (i.e., marketing and distribution fee income), and other asset management fee income.

Individual Retirement Sources of Earnings

The following table presents the sources of earnings of the Individual Retirement segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:

Years Ended December 31,

(in millions)

2025

2024

2023

Spread income(a)

$

2,665

$

2,693

$

2,483 

Fee income

310

267

210 

Policyholder benefits, net of premiums

(29)

8 

7 

Non-deferrable insurance commissions

(172)

(132)

(111)

Amortization of DAC and DSI

(512)

(446)

(401)

General operating expenses

(357)

(332)

(274)

Other(b)

(22)

(18)

(19)

Adjusted pre-tax operating income

$

1,883

$

2,040

$

1,895

(a)Excludes amortization of DSI of $37 million, $41 million and $45 million for the years ended December 31, 2025, 2024 and 2023 respectively.

(b)Other represents advisory fee expenses.

Financial Highlights

2025 to 2024 APTOI Comparison

APTOI decreased $157 million, primarily due to:

•higher amortization of DAC and DSI of $66 million driven by growth in the business;

•higher non-deferrable insurance commissions of $40 million primarily due to continued growth in the fixed and fixed index annuity business;

•higher policyholder benefits, net of premiums, of $37 million due to prior year benefit from model refinements related to immediate annuities; and

•lower spread income of $28 million primarily driven by lower base spread income of $52 million, primarily due to the negative impact of 2024 Federal Reserve rate actions partially offset by general account growth and asset optimization, partially offset by higher variable investment income of $24 million to higher alternative and yield enhancement income.

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ITEM 7 | Business Segment Operations

Partially offset by:

•higher fee income of $43 million, primarily due to higher GMWB fees from fixed and fixed index annuity growth.

2024 to 2023 APTOI Comparison

APTOI increased $145 million, primarily due to:

•higher spread income of $210 million primarily driven by higher base spread income of $156 million due to improved base yields and growth in invested assets driven by higher sales and higher variable investment income of $54 million due to higher alternative income; and

•higher fee income of $57 million, primarily due to higher GMWB fees from fixed and fixed index annuity growth and higher surrender charge fee income mostly from an increase in fixed index annuity surrenders.

Partially offset by:

•higher amortization of DAC and DSI of $45 million due to growth in fixed and fixed index annuity business; and

•higher non-deferrable insurance commissions of $21 million primarily due to continued growth in the fixed index annuity business.

AUMA

The following table presents Individual Retirement AUMA:

December 31,

(in millions)

2025

2024

2023

Total AUMA

$

120,419 

$

105,743

$

94,860 

2025 to 2024 AUMA Comparison

AUMA increased $14.7 billion primarily due to positive net flows and lower interest rates resulting in unrealized gains from fixed maturities securities.

2024 to 2023 AUMA Comparison

AUMA increased $10.9 billion primarily due to positive general account net flows.

Spread and Fee Income

The following table presents Individual Retirement spread and fee income:

Years Ended December 31,

(in millions)

2025

2024

2023

Spread income:

Base portfolio income

$

5,883 

$

5,308 

$

4,554 

Interest credited to policyholder account balances

(3,347)

(2,720)

(2,122)

Base spread income

2,536 

2,588 

2,432 

Variable investment income

129 

105 

51 

Total spread income*

$

2,665 

$

2,693 

$

2,483 

Fee income:

Policy fees

$

310 

$

266 

$

210 

Advisory fees and other income

— 

1 

— 

Total fee income

$

310 

$

267 

$

210 

*Excludes amortization of DSI assets of $37 million, $41 million and $45 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The following table presents Individual Retirement net investment spread:

Years Ended December 31,

2025

2024

2023

Individual Retirement base net investment spread:

Base yield*

5.17 

%

5.22 

%

4.97 

%

Cost of funds

(3.23)

(2.95)

(2.54)

Individual Retirement base net investment spread

1.94 

%

2.27 

%

2.43 

%

*Includes returns from base portfolio including accretion and income (loss) from certain other invested assets.

2025 to 2024 Comparison

See “Financial Highlights.”

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ITEM 7 | Business Segment Operations

2024 to 2023 Comparison

See “Financial Highlights.”

Premiums and Deposits and Net Flows

For Individual Retirement, premiums primarily represent amounts received on life-contingent payout annuities, while deposits represent sales on investment-oriented products.

Net flows for annuity products in Individual Retirement represent premiums and deposits less death, surrender and other withdrawal benefits.

Premiums and Deposits

Years Ended December 31,

(in millions)

2025

2024

2023

Fixed annuities

$

8,881 

$

11,380 

$

7,880 

Fixed index annuities

9,869 

9,013 

8,505 

Registered index-linked annuities

1,879 

90 

— 

Total

$

20,629 

$

20,483 

$

16,385 

Net Flows

Years Ended December 31,

(in millions)

2025

2024

2023

Fixed annuities

$

835 

$

2,618 

$

(1,769)

Fixed index annuities

4,442 

4,641 

5,632 

Registered index-linked annuities

1,874 

90 

— 

Total

$

7,151 

$

7,349 

$

3,863 

2025 to 2024 Comparison

Fixed Annuities Net inflows decreased by $1.8 billion over the prior year, primarily due to lower premiums and deposits of $2.5 billion and higher death benefits of $598 million, partially offset by lower surrenders and withdrawals of $1.3 billion.

Fixed Index Annuities Net inflows decreased by $199 million primarily due to higher surrenders and withdrawals of $1.0 billion and higher death benefits of $33 million, partially offset by higher premiums and deposits of $856 million.

Registered Index-Linked Annuities Net inflows increased $1.8 billion due to the launch of the registered index-linked annuity in the fourth quarter of 2024.

2024 to 2023 Comparison

Fixed Annuities Net inflows increased by $4.4 billion over the prior year, primarily due to higher premiums and deposits of $3.5 billion due to higher sales and strong customer demand, lower death benefits of $340 million and lower surrenders and withdrawals of $546 million.

Fixed Index Annuities: Net inflows decreased by $991 million primarily due to higher surrenders and withdrawals of $1.4 billion and higher death benefits of $80 million, partially offset by higher premiums and deposits of $508 million.

Registered Index-Linked Annuities Net inflows of $90 million due to the launch of the registered index-linked annuity in the fourth quarter of 2024.

Surrenders

The following table presents Individual Retirement surrender rates:

Years Ended December 31,

2025

2024

2023

Fixed annuities

11.3 

%

14.7 

%

16.5 

%

Fixed index annuities

9.6 

8.8 

6.7 

Registered index-linked annuities

0.3 

— 

— 

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ITEM 7 | Business Segment Operations

The following table presents account values for fixed annuities, fixed index annuities and registered index-linked annuities by surrender charge category:

Years Ended December 31,

2025

2024

2023

(in millions)

Fixed

Annuities

Fixed Index

Annuities

Registered Index-Linked Annuities

Fixed

Annuities

Fixed Index

Annuities

Registered Index-Linked Annuities

Fixed

Annuities

Fixed Index

Annuities

Registered Index-Linked Annuities

No surrender charge

$

16,798 

$

3,570 

$

— 

$

18,503 

$

2,297 

$

— 

$

21,861 

$

1,727 

$

— 

Greater than 0% - 2%

1,509 

4,299 

— 

1,098 

4,271 

— 

1,019 

3,326 

— 

Greater than 2% - 4%

2,163 

8,033 

— 

2,579 

6,958 

— 

2,843 

6,413 

— 

Greater than 4%

34,266 

37,002 

2,144 

29,700 

32,719 

89 

21,766 

28,128 

— 

Non-surrenderable

3,002 

— 

— 

2,955 

— 

— 

2,982 

— 

— 

Total account value*

$

57,738 

$

52,904 

$

2,144 

$

54,835 

$

46,245 

$

89 

$

50,471 

$

39,594 

$

— 

*    Includes payout Immediate Annuities and funding agreements.

Individual Retirement annuities are typically subject to a three- to ten-year surrender charge period, depending on the product. For fixed annuities, the proportion of account value subject to surrender charge at December 31, 2025 increased compared to December 31, 2024 primarily due to growth in the business. For fixed index annuities, the proportion of account value subject to surrender charge at December 31, 2025 was lower compared to December 31, 2024 due to the aging of the business.

For fixed annuities, the proportion of account value subject to surrender charge at December 31, 2024 increased compared to December 31, 2023 primarily due to growth in the business. For fixed index annuities, the proportion of account value subject to surrender charge at December 31, 2024 was slightly lower compared to December 31, 2023 due to the aging of the business.

Group Retirement

Group Retirement Results

Years Ended December 31,

(in millions)

2025

2024

2023

Adjusted Revenues:

Premiums

$

10

$

12

$

20 

Policy fees

441

442

406

Net investment income:

Base portfolio income

1,787

1,864

1,946

Variable investment income

91

56

50

Net investment income

1,878

1,920

1,996

Advisory fee and other income*

361

343

309

Total adjusted revenues

2,690

2,717

2,731

Benefits and expenses:

Policyholder benefits

13

13

31

Interest credited to policyholder account balances

1,208

1,206

1,182

Amortization of deferred policy acquisition costs

91

85

82

Non-deferrable insurance commissions

127

120

124

Advisory fee expenses

127

134

118

General operating expenses

400

415

440

Total benefits and expenses

1,966

1,973

1,977

Adjusted pre-tax operating income

$

724

$

744

$

754

*    Includes advisory fee income from registered investment services, 12b-1 fees (i.e., marketing and distribution fee income), other asset management fee income, and commission-based broker-dealer services.

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ITEM 7 | Business Segment Operations

Group Retirement Sources of Earnings

The following table presents the sources of earnings of the Group Retirement segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:

Years Ended December 31,

(in millions)

2025

2024

2023

Spread income(a)

$

683 

$

727 

$

828 

Fee income(b)

802 

785 

715 

Policyholder benefits, net of premiums

(3)

(1)

(11)

Non-deferrable insurance commissions

(127)

(120)

(124)

Amortization of DAC and DSI

(104)

(98)

(96)

General operating expenses

(400)

(415)

(440)

Other(c)

(127)

(134)

(118)

Adjusted pre-tax operating income

$

724 

$

744 

$

754 

(a)Excludes amortization of DSI assets of $13 million, $13 million and $14 million for the years ended December 31, 2025, 2024 and 2023, respectively.

(b)Fee income represents policy fee and advisory fee and other income.

(c)Other consists of advisory fee expenses.

Financial Highlights

2025 to 2024 APTOI Comparison

APTOI decreased $20 million, primarily due to:

•lower spread income of $44 million due to lower base spread income of $79 million reflecting lower base portfolio income, primarily due to negative general account flows and higher crediting rates partially offset by an increase in variable investment income of $35 million primarily due to higher call and tender income and alternative investment income.

Partially offset by:

•higher fee income, net of advisory fee expenses of $24 million due to higher average separate accounts, advisory, and mutual fund assets driven by improved equity market performance; and

•lower general operating expenses of $15 million.

AUMA

The following table presents Group Retirement AUMA by product:

December 31,

(in millions)

2025

2024

2023

AUMA by asset type:

In-plan spread based

$

21,947 

$

22,330 

$

25,160 

In-plan fee based

61,505 

57,961 

54,807 

Total in-plan AUMA(a)

83,452 

80,291 

79,967 

Out-of-plan proprietary - General Account

17,666 

16,765 

16,664 

Out-of-plan proprietary - Separate Accounts

11,030 

11,116 

11,075 

Total out-of-plan proprietary annuities

28,696 

27,881 

27,739 

Advisory and brokerage assets

18,135 

16,127 

14,475 

Total out-of-plan AUMA(b)

46,831 

44,008 

42,214 

Total AUMA

$

130,283 

$

124,299 

$

122,181 

(a)Includes $14.1 billion of AUMA at December 31, 2025, $13.1 billion of AUMA at December 31, 2024 and $12.7 billion of AUMA at December 31, 2023 that is associated with our in-plan investment advisory service that we offer to participants at an additional fee.

(b)    Includes $15.1 billion of AUMA at December 31, 2025, $13.4 billion of AUMA at December 31, 2024 and $12.0 billion of AUMA at December 31, 2023 that is associated with our out-of-plan investment advisory service that we offer to participants at an additional fee.

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ITEM 7 | Business Segment Operations

2025 to 2024 AUMA Comparison

In-plan assets increased by $3.2 billion driven by an increase in fee earning assets, primarily due to higher equity markets partially offset by negative net flows. Out-of-plan proprietary annuity assets increased by $815 million, primarily due to improved equity markets and lower interest rates. The increase of advisory and brokerage assets of $2.0 billion was driven by improved equity markets.

Spread and Fee Income

The following table presents Group Retirement spread and fee income:

Years Ended December 31,

(in millions)

2025

2024

2023

Spread income:

Base portfolio income

$

1,787 

$

1,864 

$

1,946 

Interest credited to policyholder account balances

(1,195)

(1,193)

(1,168)

Base spread income

592 

671 

778 

Variable investment income

91 

56 

50 

Total spread income*

$

683 

$

727 

$

828 

Fee income:

Policy fees

$

441 

$

442 

$

406 

Advisory fees and other income

361 

343 

309 

Total fee income

$

802 

$

785 

$

715 

*Excludes amortization of DSI assets of $13 million, $13 million and $14 million for the years ended December 31, 2025, 2024 and 2023, respectively

Years Ended December 31,

2025

2024

2023

Base net investment spread:

Base yield*

4.30 

%

4.25 

%

4.27 

%

Cost of funds

(3.10)

(2.96)

(2.76)

Base net investment spread

1.20 

%

1.29 

%

1.51 

%

*Includes returns from base portfolio, including accretion and income (loss) from certain other invested assets.

2025 to 2024 Comparison

See “Financial Highlights.”

Premiums and Deposits and Net Flows

For Group Retirement, premiums primarily represent amounts received on life-contingent payout annuities while deposits represent sales on investment-oriented products.

Net flows for annuity products included in Group Retirement represent premiums and deposits less death, surrender and other withdrawal benefits. Net flows for mutual funds represent deposits less withdrawals. For Group Retirement, client deposits into advisory and brokerage accounts less total client withdrawals from advisory and brokerage accounts are not included in net flows. Net new assets into these products contribute to growth in AUA rather than AUM.

Premiums and Deposits and Net Flows

Years Ended December 31,

(in millions)

2025

2024

2023

In-plan(a)(b)

$

4,814 

$

4,901 

$

5,165 

Out-of-plan proprietary variable annuity

679 

741 

712 

Out-of-plan proprietary fixed, index annuities and registered index-linked annuities

1,900 

1,989 

2,206 

Premiums and deposits(c)

$

7,393 

$

7,631 

$

8,083 

Net Flows

$

(8,629)

$

(9,086)

$

(6,302)

(a)In-plan premium and deposits include sales of variable and fixed annuities as well as mutual funds for 403(b), 401(a), 457(b) and 401(k) plans.

(b)Includes inflows related to in-plan mutual funds of $3.1 billion, $3.1 billion and $3.2 billion for the years ended December 31, 2025, 2024 and 2023, respectively.    

(c)Excludes client deposits into advisory and brokerage accounts of $3.1 billion, $3.1 billion and $2.4 billion for the years ended December 31, 2025, 2024 and 2023, respectively.

2025 to 2024 Comparison

Net flows remained negative but improved by $457 million primarily due to a decrease in surrenders, withdrawals and death benefits of $695 million, driven by a decrease in in-plan annuity surrenders, partially offset by a decrease in deposits of $238 million. Large plan acquisitions and surrenders resulted in lower negative net flows of $143 million compared to the prior year.

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ITEM 7 | Business Segment Operations

Surrenders

The following table presents Group Retirement surrender rates:

Years Ended December 31,

2025

2024

2023

Surrender rates

13.8 

%

14.3 

%

12.9 

%

The following table presents account value for Group Retirement annuities by surrender charge category:

December 31,

(in millions)

2025

2024

2023

No surrender charge(a)

$

69,257 

$

69,208 

$

70,500 

Greater than 0% - 2%

1,532 

1,421 

1,251 

Greater than 2% - 4%

1,238 

1,472 

1,698 

Greater than 4%

7,030 

6,748 

5,757 

Non-surrenderable

364 

263 

490 

Total account value(b)(c)

$

79,421 

$

79,112 

$

79,696 

(a)Group Retirement amounts in this category include account values in the general account of approximately $3.6 billion, $3.7 billion and $4.1 billion for the years ended December 31, 2025 2024 and 2023, respectively, which are subject to 20% annual withdrawal limitations at the participant level and account values in the general account of $4.6 billion, $4.9 billion and $5.3 billion for the years ended December 31, 2025, 2024 and 2023, respectively, which are subject to 20 percent annual withdrawal limitations at the plan level.

(b)Excludes mutual fund assets under administration of $31.9 billion, $29.5 billion and $27.8 billion at December 31, 2025, 2024 and 2023, respectively.

(c)Includes payout Immediate Annuities and funding agreements.

2025 to 2024 Comparison

Group Retirement annuity deposits are typically subject to a four- to seven-year surrender charge period, depending on the product. In addition, for annuity assets held within an employer defined contribution plan, participants can only withdraw funds in certain circumstances without incurring tax penalties (for example, separation from service), regardless of surrender charges.

Life Insurance

Life Insurance Results

Years Ended December 31,

(in millions)

2025

2024

2023

Adjusted Revenues:

Premiums

$

1,466 

$

1,483 

$

1,776 

Policy fees

1,443 

1,465 

1,488 

Net investment income:

Base portfolio income

1,309 

1,302 

1,275 

Variable investment income

14 

19 

7 

Net investment income

1,323 

1,321 

1,282 

Other income

2 

82 

93 

Total adjusted revenues

4,234 

4,351 

4,639 

Benefits and expenses:

Policyholder benefits

2,630 

2,681 

2,838 

Interest credited to policyholder account balances

325 

336 

340 

Amortization of deferred policy acquisition costs

335 

344 

379 

Non-deferrable insurance commissions

60 

58 

88 

Advisory fee expenses

2 

2 

2 

General operating expenses

469 

469 

619 

Total benefits and expenses

3,821 

3,890 

4,266 

Adjusted pre-tax operating income

$

413 

$

461 

$

373 

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ITEM 7 | Business Segment Operations

Life Insurance Sources of Earnings

The following table presents the sources of earnings of the Life Insurance segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:

Years Ended December 31,

(in millions)

2025

2024

2023

Underwriting margin(a)(b)

$

1,364 

$

1,368 

$

1,442 

General operating expenses

(469)

(469)

(619)

Non-deferrable insurance commissions(c)

(60)

(58)

(88)

Amortization of DAC

(335)

(344)

(379)

Impact of annual actuarial assumption update excluded from Underwriting margin

(85)

(34)

19 

Other(d)

(2)

(2)

(2)

Adjusted pre-tax operating income

$

413 

$

461 

$

373 

(a)Underwriting margin represents premiums, policy fees, net investment income and other income, less policyholder benefits and interest credited to policyholder account balances.

(b)    Includes International life underwriting margin of $33 million and $226 million for the years ended December 31, 2024 and 2023, respectively.

(c)    2024 includes a $5 million favorable impact from the annual actuarial assumption update.

(d)    Other primarily represents advisory fee expenses.

Financial Highlights

2025 to 2024 APTOI Comparison

Reported APTOI reflects the results of AIG Life U.K. until April 2024.

APTOI decreased $48 million, primarily due to:

•higher unfavorable impact of $85 million from the annual review and update of actuarial assumptions in 2025 compared to a unfavorable impact of $29 million from the annual review and update of actuarial assumptions in 2024.

Partially offset by:

•favorable domestic underwriting margin of $29 million, driven by favorable mortality and one-time reinsurance adjustments.

AUMA

The following table presents Life Insurance AUMA:

December 31,

(in millions)

2025

2024

2023

Total AUMA*

$

27,752 

$

26,466 

$

26,691 

*The December 31, 2023 AUMA excludes $181 million, of assets that were reclassified to Assets held-for-sale in the Consolidated Balance Sheets.

December 31, 2025 to December 31, 2024 AUMA Comparison

AUMA increased $1.3 billion in the year ended December 31, 2025 compared to the prior year-end primarily due to interest rate movements.

Underwriting Margin

The following table presents Life Insurance underwriting margin:

Years Ended December 31,

(in millions)

2025

2024

2023

Premiums

$

1,466 

$

1,483 

$

1,776 

Policy fees

1,443 

1,465 

1,488 

Net investment income

1,323 

1,321 

1,282 

Other income

2 

82 

93 

Policyholder benefits

(2,630)

(2,681)

(2,838)

Interest credited to policyholder account balances

(325)

(336)

(340)

Less: Impact of annual actuarial assumption update

85 

34 

(19)

Underwriting margin*

$

1,364 

$

1,368 

$

1,442 

*Includes International life underwriting margin of $33 million and $226 million for the years ended December 31, 2024 and 2023, respectively.

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TABLE OF CONTENTS

ITEM 7 | Business Segment Operations

2025 to 2024 Comparison

See “Financial Highlights.”

Premiums and Deposits

Premiums and Deposits for Life Insurance represent amounts received on life and health policies. Premiums generally represent amounts received on traditional life products, while deposits represent amounts received on universal life products.

Years Ended December 31,

(in millions)

2025

2024

2023

Traditional Life

$

1,870 

$

1,856 

$

1,811 

Universal Life

1,570 

1,579 

1,583 

Total U.S.

3,440 

3,435 

3,394 

International

— 

240 

906 

Premiums and deposits

$

3,440 

$

3,675 

$

4,300 

2025 to 2024 Comparison

Premiums and deposits decreased $235 million for the year ended December 31, 2025 compared to the prior year, reflecting the sale of AIG Life U.K. on April 8, 2024. Total U.S. life premiums and deposits increased primarily due to higher Term Life premiums.

Institutional Markets

Institutional Markets Results

Years Ended December 31,

(in millions)

2025

2024

2023

Adjusted Revenues:

Premiums

$

4,260 

$

2,894 

$

5,607 

Policy fees

206 

197 

195 

Net investment income:

Base portfolio income

2,365 

2,041 

1,534 

Variable investment income

200 

86 

52 

Net investment income

2,565 

2,127 

1,586 

Other income

3 

8 

2 

Total adjusted revenues

7,034 

5,226 

7,390 

Benefits and expenses:

Policyholder benefits

5,325 

3,821 

6,298 

Interest credited to policyholder account balances

998 

799 

600 

Amortization of deferred policy acquisition costs

17 

13 

9 

Non-deferrable insurance commissions

20 

20 

19 

General operating expenses

87 

78 

85 

Total benefits and expenses

6,447 

4,731 

7,011 

Adjusted pre-tax operating income

$

587 

$

495 

$

379 

Institutional Markets Sources of Earnings

The following table presents the sources of earnings of the Institutional Markets segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:

Years Ended December 31,

(in millions)

2025

2024

2023

Spread income(a)

$

587 

$

454 

$

355 

Fee income(b)

65 

62 

64 

Underwriting margin(c)

65 

81 

71 

Non-deferrable insurance commissions

(20)

(20)

(19)

General operating expenses

(87)

(78)

(85)

Other

(23)

(4)

(7)

Adjusted pre-tax operating income

$

587 

$

495 

$

379 

(a)Represents spread income on GIC, PRT and structured settlement products.

(b)Represents fee income on SVW products.

(c)Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products.

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ITEM 7 | Business Segment Operations

Financial Highlights

2025 to 2024 APTOI Comparison

APTOI increased $92 million, primarily due to:

•higher spread income of $133 million driven by $113 million higher variable investment income from private equity investments and higher base spread income, reflecting growth in the business.

Partially offset by:

•lower other of $19 million driven by annual actuarial assumption updates; and

•lower underwriting margin of $16 million driven by $17 million lower policyholder benefits and other activity and $5 million prior year impact from a reinsurance recapture, partially offset by $6 million higher policy fees.

AUMA

The following table presents Institutional Markets AUMA:

December 31,

(in millions)

2025

2024

2023

SVW (AUA)

$

48,507 

$

45,000 

$

44,607 

GIC, PRT/assumed reinsurance and Structured settlements (AUM)

51,511 

40,722 

33,579 

All other (AUM)

7,879 

7,390 

7,099 

Total AUMA

$

107,897 

$

93,112 

$

85,285 

2025 to 2024 AUMA Comparison

AUMA increased $14.8 billion, primarily due to premiums and deposits of PRT and GIC products of $10.3 billion, investment performance and other activity of $5.8 billion and net inflows of $1.8 billion from SVW products, partially offset by benefit payments on the GIC, PRT and structured settlement products of $3.1 billion.

Spread Income, Fee Income and Underwriting Margin

The following table presents Institutional Markets spread income, fee income and underwriting margin:

Years Ended December 31,

(in millions)

2025

2024

2023

Premiums

$

4,295 

$

2,929 

$

5,642 

Net investment income

2,420 

1,978 

1,446 

Policyholder benefits

(5,251)

(3,754)

(6,243)

Interest credited to policyholder account balances

(887)

(689)

(490)

Less: impact of annual actuarial assumption update

10 

(10)

— 

Total spread income(a)

$

587 

$

454 

$

355 

SVW fees

$

65 

$

62 

$

64 

Total fee income

$

65 

$

62 

$

64 

Premiums

$

(35)

$

(35)

$

(35)

Policy fees (excluding SVW)

141 

135 

131 

Net investment income

145 

149 

140 

Other income

3 

8 

2 

Policyholder benefits

(74)

(67)

(55)

Interest credited to policyholder account balances

(111)

(110)

(110)

Less: impact of annual actuarial assumption update

(4)

1 

(2)

Total underwriting margin(b)

$

65 

$

81 

$

71 

(a)Represents spread income from GIC, PRT and structured settlement products.

(b)Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products.

2025 to 2024 Comparison

See “Financial Highlights.”

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TABLE OF CONTENTS

ITEM 7 | Business Segment Operations

Premiums and Deposits

The following table presents the Institutional Markets premiums and deposits:

Years Ended December 31,

(in millions)

2025

2024

2023

PRT/assumed reinsurance

$

4,161 

$

2,765 

$

5,401 

GICs

5,181 

4,958 

3,344 

Other*

927 

539 

588 

Premiums and deposits

$

10,269 

$

8,262 

$

9,333 

*Other principally consists of structured settlements and Corporate Markets products.

2025 to 2024 Comparison

Premiums and deposits increased compared to the prior year period by $2.0 billion, primarily due to higher premiums on new PRT business of $1.4 billion, higher deposits on new Corporate Markets business of $536 million and higher deposits on new GICs of $223 million.

Corporate and Other

Corporate and Other primarily consists of interest expense on financial debt, parent expenses not attributable to other segments, institutional asset management business, which includes managing assets for non-consolidated affiliates, results of our consolidated investment entities, results of our legacy insurance lines ceded to Fortitude Re and intercompany eliminations.

Corporate and Other Results

Years Ended December 31,

(in millions)

2025

2024

2023

Adjusted Revenues:

Net investment income

$

54 

$

11 

$

67 

Net realized income (losses) on real estate investments

(1)

85 

(2)

Other income

30 

47 

54 

Total adjusted revenues

83 

143 

119 

Benefits and expenses:

Policyholder benefits

11 

— 

(3)

Non-deferrable insurance commissions

2 

2 

2 

General operating expenses:

Corporate and other

164 

157 

192 

Asset management(a)

50 

67 

69 

Total general operating expenses

214 

224 

261 

Interest expense:

Corporate

466 

443 

431 

Asset management and other

55 

81 

121 

Total interest expense

521 

524 

552 

Total benefits and expenses

748 

750 

812 

Noncontrolling interest(b)

24 

34 

68 

Adjusted pre-tax operating (loss)

$

(641)

$

(573)

$

(625)

(a)General operating expenses – Asset management primarily represent the costs to manage the investment portfolio for affiliates that are not included in the consolidated financial statements of Corebridge.

(b)Noncontrolling interests represent the third-party or Corebridge affiliated interest in internally managed consolidated investment vehicles and are almost entirely offset within net investment income, net realized gains (losses) and interest expense.

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ITEM 7 | Business Segment Operations

Corporate and Other Sources of Earnings

The following table presents the sources of earnings of the Corporate and Other segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:

Years Ended December 31,

(in millions)

2025

2024

2023

Corporate expenses

$

(131)

$

(137)

$

(175)

Interest expense on financial debt

(466)

(443)

(431)

Asset management

19 

60 

16 

Consolidated investment entities

4 

(4)

2 

Other

(67)

(49)

(37)

Adjusted pre-tax operating (loss)

$

(641)

$

(573)

$

(625)

Financial Highlights

2025 to 2024 APTOI Comparison

Adjusted pre-tax operating loss increased $68 million primarily due to:

•lower asset management income of $41 million primarily driven by one-time gain associated with the sale from a legacy investment in the prior year; and

•higher interest expense on financial debt of $23 million primarily driven by new debt issuances in the fourth quarter of 2024 in anticipation of debt maturities in 2025.

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TABLE OF CONTENTS

ITEM 7 | Investments

Investments

OVERVIEW

We regularly run strategic asset allocations (“SAA”) both at the specific business level portfolio as well as the overall portfolio. This SAA informs our investment strategies for each business operating unit. The SAA provides an asset mix that supports estimated cash flows of our outstanding liabilities and provides diversification from asset class, sector issuer and geographic perspectives.

The primary objectives of our portfolio optimization are generation of investment income, preservation of capital, liquidity management and growth of surplus. The majority of assets backing our insurance liabilities consist of fixed maturity securities, RMBS, CMBS, CLOs, other ABS and fixed maturity securities issued by government-sponsored entities and corporate entities. At December 31, 2025, of $239.3 billion of invested assets supporting our insurance operating companies, approximately 47% were in corporate debt securities. Mortgage-backed securities (“MBS”), ABS and CLOs represent 32% of our fixed income securities, of which 99% were investment grade. At December 31, 2024, of $216.4 billion of invested assets supporting our insurance operating companies, approximately 45% were in corporate debt securities. MBS, ABS and CLOs represent 34% of our fixed income securities and 99% were investment grade.

See “Business - Investment Management” for further information, including current and future management of our investment portfolio.

Key Investment Strategies

Investment strategies are assessed at the segment level and the insurance subsidiary level and involve considerations that include local and general market and economic conditions, duration and cash flow management, risk appetite and volatility constraints, rating agency and regulatory capital considerations, tax, regulatory and legal investment limitations, and, as applicable, environmental, social and governance considerations.

Some of our key investment strategies are as follows:

•we adhere to a strong asset-liability management discipline;

•we perform portfolio optimizations to determine strategic asset allocations. This informs portfolio construction that seeks investments with similar characteristics to the associated liabilities to the extent practicable;

•we seek to purchase investments that offer enhanced yield through illiquidity premiums, such as private placements and commercial mortgage and residential loans, which also add portfolio diversification. These assets typically afford credit protections through covenants, ability to customize structures that meet our insurance liability needs and deeper due diligence and borrower transparency;

•we seek investments that provide diversification from assets available in local markets. To the extent we purchase these investments, we generally hedge any currency risk using derivatives, which could provide opportunities to earn higher risk-adjusted returns compared to investments in the functional currency;

•we have a highly functioning, hybrid-origination model. We are able to originate attractive assets from both our deeply experienced internal teams as well as from our two major partners, Blackstone and BlackRock. This supports the growth of our business segments;

•we actively manage our assets and liabilities, counterparties and duration. Our liquidity sources are held primarily in the form of cash, short-term investments and publicly traded, investment grade rated fixed maturity securities that can be readily monetized through sales or repurchase agreements. Certain of our subsidiaries are members of the FHLBs in their respective districts, and we borrow from the FHLB utilizing its funding agreement program. Borrowings from FHLBs are used to supplement liquidity or for other uses deemed appropriate by management. This strategy allows us to both diversify our sources of liquidity and reduce the cost of maintaining sufficient liquidity;

•investments are generally split between reserve-backing and surplus portfolios:

–insurance liabilities are backed mainly by investment grade fixed maturity securities that meet our duration, risk-return, tax liquidity, credit quality and diversification objectives. We assess asset classes based on their fundamental underlying risk factors, including credit (public and private), commercial real estate and residential real estate, regardless of whether such investments are bonds, loans or structured products; and

–surplus investments seek to enhance portfolio returns and are generally comprised of a mix of fixed maturity investment grade and below investment grade securities and various alternative asset classes, including private equity, real estate equity and hedge funds. Over the past few years, hedge fund investments have been reduced; and

•we also utilize interest rate, credit and currency derivatives to manage our asset and liability duration as well as credit and currency exposure.

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ITEM 7 | Investments

Asset-Liability Management

Our investment strategy is to invest in assets that generate net investment income to back policyholder benefit and deposit liabilities that result in stable distributable earnings and enhance portfolio value, subject to asset-liability management, capital, liquidity and regulatory constraints.

We use asset-liability management as a primary tool to monitor and manage interest rate and duration risk in our businesses. We maintain a diversified, high quality portfolio of fixed maturity securities issued by corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential and commercial real estate; and commercial mortgage loans that, to the extent practicable, match the duration characteristics of the liabilities. We seek to diversify the portfolio across asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks. The investment portfolio of each product line is tailored to the specific characteristics of its insurance liabilities, and as a result, duration varies between distinct portfolios. The interest rate environment has a direct impact on the asset liability management profile of the businesses, and changes in the interest rate environment may result in the need to lengthen or shorten the duration of the portfolio. In a rising rate environment, we may shorten the duration of the investment portfolio.

In addition, we seek to enhance surplus portfolio returns through investments in a diversified portfolio of alternative investments. Although these alternative investments are subject to earnings fluctuations, they have historically achieved accumulative returns over time in excess of the fixed maturity portfolio returns.

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ITEM 7 | Investments

Investment Portfolio

The following table presents carrying amounts of our total investments:

(in millions)

Excluding Fortitude Re Funds Withheld Assets

Fortitude Re Funds Withheld Assets

Total

December 31, 2025

Bonds available-for-sale:

U.S. government and government-sponsored entities

$

1,090

$

247

$

1,337

Obligations of states, municipalities and political subdivisions

3,915

571

4,486

Non-U.S. governments

4,270

217

4,487

Corporate debt

111,739

10,332

122,071

Mortgage-backed, asset-backed and collateralized:

RMBS

15,891

459

16,350

CMBS

8,959

348

9,307

CLO

9,038

54

9,092

ABS

21,740

511

22,251

Total mortgage-backed, asset-backed and collateralized

55,628

1,372

57,000

Total bonds available-for-sale

176,642

12,739

189,381

Other bond securities

425

4,982

5,407

Total fixed maturities

177,067

17,721

194,788

Equity securities

79

—

79

Mortgage and other loans receivable:

Residential mortgages

13,767

—

13,767

Commercial mortgages

33,733

2,682

36,415

Life insurance policy loans

1,392

302

1,694

Commercial loans, other loans and notes receivable

2,542

63

2,605

Total mortgage and other loans receivable(a)

51,434

3,047

54,481

Other invested assets(b)

8,317

1,918

10,235

Short-term investments

5,276

399

5,675

Total(c)

$

242,173

$

23,085

$

265,258

December 31, 2024

Bonds available-for-sale:

U.S. government and government-sponsored entities

$

1,127 

$

241 

$

1,368 

Obligations of states, municipalities and political subdivisions

4,085 

576 

4,661 

Non-U.S. governments

3,670 

234 

3,904 

Corporate debt

95,943 

10,535 

106,478 

Mortgage-backed, asset-backed and collateralized:

RMBS

15,274 

510 

15,784 

CMBS

9,127 

450 

9,577 

CLO

9,985 

133 

10,118 

ABS

18,375 

575 

18,950 

Total mortgage-backed, asset-backed and collateralized

52,761 

1,668 

54,429 

Total bonds available-for-sale

157,586 

13,254 

170,840 

Other bond securities

348 

4,914 

5,262 

Total fixed maturities

157,934 

18,168 

176,102 

Equity securities

56 

— 

56 

Mortgage and other loans receivable:

Residential mortgages

12,671 

— 

12,671 

Commercial mortgages

32,094 

3,075 

35,169 

Life insurance policy loans

1,411 

315 

1,726 

Commercial loans, other loans and notes receivable

3,053 

149 

3,202 

Total mortgage and other loans receivable(a)

49,229 

3,539 

52,768 

Other invested assets(b)

7,800 

2,051 

9,851 

Short-term investments

4,707 

274 

4,981 

Total(c)

$

219,726 

$

24,032 

$

243,758 

(a)Net of total allowance for credit losses for $727 million and $771 million at December 31, 2025 and December 31, 2024, respectively.

(b)Other invested assets, excluding Fortitude Re funds withheld assets, include $6.3 billion and $5.8 billion of private equity funds as of December 31, 2025 and December 31, 2024, respectively, which are generally reported on a one-quarter lag.

(c)Includes the consolidation of approximately $5.1 billion and $4.9 billion of consolidated investment entities at December 31, 2025 and December 31, 2024, respectively.

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ITEM 7 | Investments

The following table presents carrying amounts of our total investments for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

(in millions)

December 31, 2025

December 31, 2024

Bonds available-for-sale:

U.S. government and government-sponsored entities

$

1,089

$

1,127 

Obligations of states, municipalities and political subdivisions

3,915

4,085 

Non-U.S. governments

4,270

3,669 

Corporate debt

112,537

96,293 

Mortgage-backed, asset-backed and collateralized:

RMBS

16,406

15,754 

CMBS

8,959

9,127 

CLO

8,995

9,933 

ABS

21,740

18,374 

Total mortgage-backed, asset-backed and collateralized

56,100

53,188 

Total bonds available-for-sale

177,911

158,362 

Other bond securities

394

312 

Total fixed maturities

178,305

158,674 

Equity securities

78

53 

Mortgage and other loans receivable:

Residential mortgages

12,305

11,128 

Commercial mortgages

34,295

32,660 

Commercial loans, other loans and notes receivable

2,600

3,133 

Total mortgage and other loans receivable(a)(b)

49,200

46,921 

Other invested assets

Hedge funds

68

132 

Private equity(c)

5,725

5,540 

Real estate investments

11

313 

Other invested assets - All other

848

308 

Total other invested assets

6,652

6,293 

Short-term investments

5,043

4,428 

Total(d)

$

239,278

$

216,369 

(a)Does not reflect allowance for credit loss on mortgage loans of $692 million and $710 million at December 31, 2025 and December 31, 2024, respectively.

(b)Does not reflect policy loans of $1.4 billion and $1.4 billion at December 31, 2025 and December 31, 2024, respectively.

(c)Private equity funds are generally reported on a one-quarter lag.

(d)Excludes approximately $5.1 billion and $4.9 billion of consolidated investment entities as well as $2.9 billion and $2.3 billion of eliminations primarily between the consolidated investment entities and the insurance operating companies at December 31, 2025 and December 31, 2024, respectively.

Credit Ratings

At December 31, 2025, nearly all our fixed maturity securities were held by our U.S. entities and 94% of these securities were rated investment grade by one or more of the principal rating agencies.

Moody’s, Standard & Poor’s Financial Services LLC (“S&P”), Fitch or similar foreign rating services rate a significant portion of our foreign entities’ fixed maturity securities portfolio. Rating services are not available for some foreign-issued securities. Our Investments team, with oversight from credit risk management, closely reviews the credit quality of the foreign portfolio’s non-rated fixed maturity securities.

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ITEM 7 | Investments

NAIC Designations of Fixed Maturity Securities    

The Securities Valuation Office (“SVO”) of the NAIC evaluates the investments of U.S. insurers for statutory reporting purposes and assigns fixed maturity securities to one of six categories called ‘NAIC Designations.’ In general, NAIC Designations of ‘1,’ highest quality, or ‘2,’ high quality, include fixed maturity securities considered investment grade, while NAIC Designations of ‘3’ through ‘6’ generally include fixed maturity securities referred to as below investment grade. NAIC Designations for non-agency RMBS and CMBS are calculated using third-party modeling results provided through the NAIC. These methodologies result in an improved NAIC Designation for such securities compared to the rating typically assigned by the three major rating agencies. The following tables summarize the ratings distribution of our subsidiaries’ fixed maturity security portfolio by NAIC Designation, and the distribution by composite our credit rating, which is generally based on ratings of the three major rating agencies. As of December 31, 2025 and December 31, 2024, 95% and 95%, respectively, of our fixed maturity security portfolio, excluding Fortitude Re funds withheld assets, were investment grade. The fixed maturity security portfolio of our insurance operating subsidiaries, excluding the Fortitude Re funds withheld assets, was 96% and 95% investment grade as of December 31, 2025 and December 31, 2024, respectively. The remaining below investment grade securities that are not included in consolidated investment entities relate to middle market and high yield bank loans securities.

The following tables present the fixed maturity security portfolio categorized by NAIC Designation, at fair value:

NAIC Designation Excluding Fortitude Re Funds Withheld Assets

(in millions)

1

2

Total Investment

Grade

3

4(a)

5(a)

6

Total Below Investment Grade

Total

December 31, 2025

Other fixed maturity securities

$

52,407

$

60,804

$

113,211

$

5,107

$

2,279

$

428

$

81

$

7,895

$

121,106

Mortgage-backed, asset-backed

and collateralized

45,535

9,734

55,269

270

203

76

63

612

55,881

Total(b)

$

97,942

$

70,538

$

168,480

$

5,377

$

2,482

$

504

$

144

$

8,507

$

176,987

Fortitude Re funds withheld assets

$

17,721

Total fixed maturities

$

194,708

December 31, 2024

Other fixed maturity securities

$

46,274

$

51,348

$

97,622

$

4,151

$

2,499

$

524

$

73

$

7,247

$

104,869

Mortgage-backed, asset-backed

and collateralized

44,725

7,617

52,342

371

172

69

17

629

52,971

Total(b)

$

90,999

$

58,965

$

149,964

$

4,522

$

2,671

$

593

$

90

$

7,876

$

157,840

Fortitude Re funds withheld assets

$

18,168

Total fixed maturities

$

176,008

(a)Includes $0 million and $1 million of consolidated CLOs that are rated NAIC 4 and 5, respectively, as of December 31, 2025 and $2 million and $1 million of NAIC 4 and 5 securities, respectively, as of December 31, 2024. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(b)Excludes $80 million and $94 million of fixed maturity securities for which no NAIC Designation is available at December 31, 2025 and December 31, 2024, respectively.

The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value, for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

(in millions)

December 31, 2025

December 31, 2024

NAIC 1

$

98,454

$

91,475

NAIC 2

71,341

59,320

NAIC 3

5,380

4,525

NAIC 4

2,484

2,671

NAIC 5 and 6

646

683

Total*

$

178,305

$

158,674

*    Excludes approximately $53 million and $61 million of consolidated investment entities and $1.3 billion and $800 million of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at December 31, 2025 and December 31, 2024, respectively.

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ITEM 7 | Investments

Composite Corebridge Credit Ratings

With respect to our fixed maturity securities, the credit ratings in the table below and in subsequent tables reflect: (i) a composite of the ratings of the three major rating agencies, or when agency ratings are not available, the rating assigned by the NAIC SVO (100% of total fixed maturity securities), or (ii) our equivalent internal ratings when these investments have not been rated by any of the major rating agencies or the NAIC. The “Non-rated” category in those tables consists of fixed maturity securities that have not been rated by any of the major rating agencies, the NAIC or us.

The following tables present the fixed maturity security portfolio categorized by composite Corebridge credit rating (as described below), at fair value:

Composite Corebridge Credit Rating Excluding Fortitude Re Funds Withheld Assets

(in millions)

AAA/AA/A

BBB

Total Investment Grade

BB

B

CCC and Lower

Total Below Investment Grade (a)(b)

Total

December 31, 2025

Other fixed maturity securities

$

53,742

$

59,819

$

113,561

$

4,758

$

2,292

$

495

$

7,545

$

121,106

Mortgage-backed, asset-backed

and collateralized

42,517

10,330

52,847

524

280

2,230

3,034

55,881

Total(c)

$

96,259

$

70,149

$

166,408

$

5,282

$

2,572

$

2,725

$

10,579

$

176,987

Fortitude Re funds withheld assets

$

17,721

Total fixed maturities

$

194,708

December 31, 2024

Other fixed maturity securities

$

46,770

$

50,941

$

97,711

$

4,058

$

2,538

$

562

$

7,158

$

104,869

Mortgage-backed, asset-backed

and collateralized

41,521

8,358

49,879

427

371

2,294

3,092

52,971

Total(c)

$

88,291

$

59,299

$

147,590

$

4,485

$

2,909

$

2,856

$

10,250

$

157,840

Fortitude Re funds withheld assets

$

18,168

Total fixed maturities

$

176,008

(a)Includes $2.2 billion and $1.5 billion at December 31, 2025 and December 31, 2024, respectively, of certain RMBS that had experienced deterioration in credit quality since its origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

(b)Includes $1 million of consolidated CLOs as of December 31, 2025 and $3 million as of December 31, 2024. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(c)Excludes $80 million and $94 million of fixed maturity securities for which no NAIC Designation is available at December 31, 2025 and December 31, 2024, respectively.

The following table presents the fixed maturity security portfolio categorized by composite Corebridge credit rating (as described below), at fair value for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

(in millions)

AAA/AA/A

BBB

Total Investment Grade

BB

B

CCC and Lower

Total Below Investment Grade

Total

December 31, 2025

Other fixed maturity securities

$

53,740

$

60,617

$

114,357

$

4,758

$

2,291

$

495

$

7,544

$

121,901

Mortgage-backed, asset-backed

and collateralized

43,026

10,340

53,366

527

281

2,230

3,038

56,404

Total fixed maturities*

$

96,766

$

70,957

$

167,723

$

5,285

$

2,572

$

2,725

$

10,582

$

178,305

December 31, 2024

Other fixed maturity securities

$

46,770

$

51,291

$

98,061

$

4,055

$

2,537

$

561

$

7,153

$

105,214

Mortgage-backed, asset-backed

and collateralized

41,985

8,375

50,360

433

373

2,294

3,100

53,460

Total fixed maturities*

$

88,755

$

59,666

$

148,421

$

4,488

$

2,910

$

2,855

$

10,253

$

158,674

*    Excludes approximately $53 million and $61 million of consolidated investment entities and $1.3 billion and $800 million of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at December 31, 2025 and December 31, 2024, respectively.

For a discussion of credit risks associated with investments, see “Business—Investment Management—Credit Risk.”

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TABLE OF CONTENTS

ITEM 7 | Investments

The following tables present the composite Corebridge credit ratings of our fixed maturity securities calculated based on their fair value:

Available-for-Sale

Other Fixed Maturity Securities,

at Fair Value

Total

Excluding Fortitude Funds

Withheld Assets

(in millions)

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

Rating:

Other fixed maturity securities*

AAA

$

1,288

$

1,472

$

—

$

—

$

1,288

$

1,472

AA

22,019

21,297

31

16

22,050

21,313

A

30,403

23,985

1

—

30,404

23,985

BBB

59,768

50,924

51

17

59,819

50,941

Below investment grade

7,532

7,143

9

9

7,541

7,152

Non-rated

4

4

—

2

4

6

Total

$

121,014

$

104,825

$

92

$

44

$

121,106

$

104,869

Mortgage-backed, asset-backed and collateralized

AAA

$

10,723

$

10,679

$

10

$

12

$

10,733

$

10,691

AA

22,963

23,053

67

74

23,030

23,127

A

8,642

7,599

112

104

8,754

7,703

BBB

10,268

8,306

62

52

10,330

8,358

Below investment grade

2,982

3,070

46

21

3,028

3,091

Non-rated

50

54

36

41

86

95

Total

$

55,628

$

52,761

$

333

$

304

$

55,961

$

53,065

Total

AAA

$

12,011

$

12,151

$

10

$

12

$

12,021

$

12,163

AA

44,982

44,350

98

90

45,080

44,440

A

39,045

31,584

113

104

39,158

31,688

BBB

70,036

59,230

113

69

70,149

59,299

Below investment grade

10,514

10,213

55

30

10,569

10,243

Non-rated

54

58

36

43

90

101

Total

$

176,642

$

157,586

$

425

$

348

$

177,067

$

157,934

Corebridge | 2025 Form 10-K 107

TABLE OF CONTENTS

ITEM 7 | Investments

Available-for-Sale

Other Fixed Maturity Securities,

at Fair Value

Total

Fortitude Re Funds

Withheld Assets (in millions)

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

Rating:

Other fixed maturity securities*

AAA

$

337

$

342

$

20

$

21

$

357

$

363

AA

2,799

3,128

1,038

1,092

3,837

4,220

A

3,660

3,217

232

142

3,892

3,359

BBB

4,269

4,513

1,524

1,461

5,793

5,974

Below investment grade

302

386

300

421

602

807

Non-rated

—

—

9

4

9

4

Total

$

11,367

$

11,586

$

3,123

$

3,141

$

14,490

$

14,727

Mortgage-backed, asset-backed and collateralized

AAA

$

89

$

117

$

86

$

80

$

175

$

197

AA

583

740

571

691

1,154

1,431

A

122

171

375

217

497

388

BBB

268

326

769

718

1,037

1,044

Below investment grade

309

314

57

66

366

380

Non-rated

1

—

1

1

2

1

Total

$

1,372

$

1,668

$

1,859

$

1,773

$

3,231

$

3,441

Total

AAA

$

426

$

459

$

106

$

101

$

532

$

560

AA

3,382

3,868

1,609

1,783

4,991

5,651

A

3,782

3,388

607

359

4,389

3,747

BBB

4,537

4,839

2,293

2,179

6,830

7,018

Below investment grade

611

700

357

487

968

1,187

Non-rated

1

—

10

5

11

5

Total

$

12,739

$

13,254

$

4,982

$

4,914

$

17,721

$

18,168

Corebridge | 2025 Form 10-K 108

TABLE OF CONTENTS

ITEM 7 | Investments

Available-for-Sale

Other Fixed Maturity Securities,

at Fair Value

Total

Total

(in millions)

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

Rating:

Other fixed maturity securities*

AAA

$

1,625

$

1,814

$

20

$

21 

$

1,645

$

1,835

AA

24,818

24,425

1,069

1,108

25,887

25,533

A

34,063

27,202

233

142

34,296

27,344

BBB

64,037

55,437

1,575

1,478

65,612

56,915

Below investment grade

7,834

7,529

309

430

8,143

7,959

Non-rated

4

4

9

6

13

10

Total

$

132,381

$

116,411

$

3,215

$

3,185

$

135,596

$

119,596

Mortgage-backed, asset-backed and collateralized

AAA

$

10,812

$

10,796

$

96

$

92

$

10,908

$

10,888

AA

23,546

23,793

638

765

24,184

24,558

A

8,764

7,770

487

321

9,251

8,091

BBB

10,536

8,632

831

770

11,367

9,402

Below investment grade

3,291

3,384

103

87

3,394

3,471

Non-rated

51

54

37

42

88

96

Total

$

57,000

$

54,429

$

2,192

$

2,077

$

59,192

$

56,506

Total

AAA

$

12,437

$

12,610

$

116

$

113

$

12,553

$

12,723

AA

48,364

48,218

1,707

1,873

50,071

50,091

A

42,827

34,972

720

463

43,547

35,435

BBB

74,573

64,069

2,406

2,248

76,979

66,317

Below investment grade

11,125

10,913

412

517

11,537

11,430

Non-rated

55

58

46

48

101

106

Total

$

189,381

$

170,840

$

5,407

$

5,262

$

194,788

$

176,102

*Consists of assets including U.S. government and government sponsored entities, obligations of states, municipalities and political subdivisions, non-U.S. governments, and corporate debt.

The following table presents the fair value of our aggregate credit exposures to non-U.S. governments for our fixed maturity securities:

December 31, 2025

December 31, 2024

(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

Chile

$

481

$

23

$

504

$

425

$

13

$

438

France

471

19

490

262

18

280

Mexico

369

28

397

268

17

285

Indonesia

295

32

327

322

30

352

United Arab Emirates

199

1

200

205

1

206

Saudi Arabia

195

19

214

189

18

207

Qatar

179

28

207

191

41

232

Colombia

173

27

200

148

25

173

Panama

150

20

170

132

18

150

Peru

129

13

142

140

4

144

Other

1,629

82

1,711

1,389

75

1,464

Total*

$

4,270

$

292

$

4,562

$

3,671

$

260

$

3,931

*Includes bonds available-for-sale and other bond securities.

Corebridge | 2025 Form 10-K 109

TABLE OF CONTENTS

ITEM 7 | Investments

Investments in Corporate Debt Securities

The following table presents the industry categories of our available-for-sale corporate debt securities:

December 31, 2025

December 31, 2024

Fair Value

Fair Value

(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

Industry Category:

Financial institutions

$

33,605

$

2,151

$

35,756

$

27,043

$

2,199

$

29,242

Utilities

18,556

2,248

20,804

14,815

2,327

17,142

Communications

5,987

591

6,578

5,757

593

6,350

Consumer noncyclical

11,723

1,233

12,956

11,553

1,247

12,800

Capital goods

3,969

364

4,333

3,767

360

4,127

Energy

10,056

913

10,969

9,238

929

10,167

Consumer cyclical

6,404

410

6,814

5,464

440

5,904

Basic materials

4,170

250

4,420

3,568

279

3,847

Other

17,269

2,172

19,441

14,738

2,161

16,899

Total*

$

111,739

$

10,332

$

122,071

$

95,943

$

10,535

$

106,478

*    94% and 93% of investments were rated investment grade at December 31, 2025 and December 31, 2024, respectively.

Corebridge | 2025 Form 10-K 110

TABLE OF CONTENTS

ITEM 7 | Investments

Investments in RMBS

The following table presents our RMBS available-for-sale securities:

December 31, 2025

December 31, 2024

(in millions)

Fair Value

Percent of Total

Fair Value

Percent of Total

Agency RMBS

$

4,097

25 

%

$

3,683

25 

%

AAA

—

5

AA

4,097

3,678

A

—

—

BBB

—

—

Below investment grade

—

—

Non-rated

—

—

Alt-A RMBS

3,113

20 

%

3,349

22 

%

AAA

976

975

AA

652

707

A

51

72

BBB

34

59

Below investment grade

1,400

1,536

Non-rated

—

—

Sub-prime RMBS

981

6 

%

1,042

7 

%

AAA

32

7

AA

87

74

A

60

87

BBB

24

28

Below investment grade

778

846

Non-rated

—

—

Prime non-agency

3,621

23 

%

3,272

21 

%

AAA

2,249

1,784

AA

856

823

A

327

299

BBB

86

258

Below investment grade

100

107

Non-rated

3

1

Other housing related

4,079

26 

%

3,928

25 

%

AAA

2,614

2,694

AA

886

628

A

461

397

BBB

106

197

Below investment grade

12

12

Non-rated

—

—

Total RMBS excluding Fortitude Re funds withheld assets

15,891

100 

%

15,274

100 

%

Total RMBS Fortitude Re funds withheld assets

459

510

Total RMBS*

$

16,350

$

15,784

*    Includes $2.2 billion and $1.5 billion at December 31, 2025 and December 31, 2024, respectively, of certain RMBS that had experienced deterioration in credit quality since their origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

Our underwriting principles for investing in RMBS, other ABS and CLOs take into consideration the quality of the originator, the manager, the servicer, security credit ratings, underlying characteristics of the mortgages, borrower characteristics and the level of credit enhancement in the transaction.

Corebridge | 2025 Form 10-K 111

TABLE OF CONTENTS

ITEM 7 | Investments

Investments in CMBS

The following table presents our CMBS available-for-sale securities:

December 31, 2025

December 31, 2024

(in millions)

Fair Value

Percent of Total

Fair Value

Percent of Total

CMBS (traditional)

$

7,923

88 

%

$

8,098

88 

%

AAA

2,993

3,143

AA

2,634

3,087

A

939

774

BBB

914

740

Below investment grade

443

354

Non-rated

—

—

Agency

878

10 

%

871

10 

%

AAA

—

3

AA

878

868

A

—

—

BBB

—

—

Below investment grade

—

—

Non-rated

—

—

Other

158

2 

%

158

2 

%

AAA

35

42

AA

4

4

A

18

15

BBB

101

97

Below investment grade

—

—

Non-rated

—

—

Total excluding Fortitude Re funds withheld assets

8,959

100 

%

9,127

100 

%

Total Fortitude Re funds withheld assets

348

450

Total

$

9,307

$

9,577

The fair value of CMBS holdings increased slightly during the year ended December 31, 2025. The majority of our investments in CMBS are in tranches that contain substantial protection features through collateral subordination.

Corebridge | 2025 Form 10-K 112

TABLE OF CONTENTS

ITEM 7 | Investments

Investments in ABS/CLOs

The following table presents our ABS/CLO available-for-sale securities by collateral type:

December 31, 2025

December 31, 2024

(dollars in millions)

Fair Value

Percent of Total

Fair Value

Percent of Total

CDO - bank loan (CLO)

$

8,967

29 

%

$

9,983

35 

%

AAA

992

1,435

AA

3,820

4,929

A

2,512

2,548

BBB

1,598

1,008

Below investment grade

—

10

Non-rated

45

53

CDO - other

71

— 

%

2

— 

%

AAA

20

—

AA

49

—

A

— 

—

BBB

— 

—

Below investment grade

— 

2

Non-rated

2

—

ABS

21,740

71 

%

18,375

65 

%

AAA

812

593

AA

9,000

8,252

A

4,274

3,407

BBB

7,405

5,919

Below investment grade

249

204

Non-rated

—

—

Total excluding Fortitude Re funds withheld assets

30,778

100 

%

28,360

100 

%

Total Fortitude Re funds withheld assets

565

708

Total

$

31,343

$

29,068

Unrealized Losses of Fixed Maturity Securities

The following tables show the aging of the unrealized losses on available-for-sale fixed maturity securities, the extent to which the fair value is less than amortized cost or cost, and the number of respective items in each category:

December 31, 2025

Less Than or Equal to

20% of Cost(b)

Greater Than 20% to

50% of Cost(b)

Greater Than

50% of Cost(b)

Total

Aging(a)

(dollars in millions)

Cost(c)

Unrealized Loss(e)

Items(d)

Cost(c)

Unrealized Loss(e)

Items(d)

Cost(c)

Unrealized Loss(e)

Items(d)

Cost(c)

Unrealized Loss(e)

Items(d)

Investment grade bonds

0-6 months

$

15,680 

$

340 

1,413 

$

2,066 

$

645 

125 

$

32 

$

30 

2 

$

17,778 

$

1,015 

1,540 

7-11 months

7,442 

360 

566 

765 

220 

73 

16 

8 

— 

8,223 

588 

639 

12 months or more

49,278 

4,129 

5,240 

26,792 

8,428 

2,352 

248 

133 

16 

76,318 

12,690 

7,608 

Total

72,400 

4,829 

7,219 

29,623 

9,293 

2,550 

296 

171 

18 

102,319 

14,293 

9,787 

Below investment grade bonds

0-6 months

934 

19 

207 

60 

19 

15 

1 

1 

3 

995 

39 

225 

7-11 months

386 

13 

76 

1 

— 

2 

— 

— 

2 

387 

13 

80 

12 months or more

2,673 

174 

550 

364 

118 

66 

9 

6 

7 

3,046 

298 

623 

Total

3,993 

206 

833 

425 

137 

83 

10 

7 

12 

4,428 

350 

928 

Total bonds

0-6 months

16,614 

359 

1,620 

2,126 

664 

140 

33 

31 

5 

18,773 

1,054 

1,765 

7-11 months

7,828 

373 

642 

766 

220 

75 

16 

8 

2 

8,610 

601 

719 

12 months or more

51,951 

4,303 

5,790 

27,156 

8,546 

2,418 

257 

139 

23 

79,364 

12,988 

8,231 

Total excluding Fortitude Re funds withheld assets

$

76,393 

$

5,035 

8,052 

$

30,048 

$

9,430 

2,633 

$

306 

$

178 

30 

$

106,747 

$

14,643 

10,715 

Total Fortitude Re funds withheld assets

$

14,498 

$

3,016 

524 

Total

$

121,245 

$

17,659 

11,239 

Corebridge | 2025 Form 10-K 113

TABLE OF CONTENTS

ITEM 7 | Investments

December 31, 2024

Less Than or Equal to

20% of Cost(b)

Greater than 20% to

50% of Cost(b)

Greater than

50% of Cost(b)

Total

Aging(a)

(dollars in millions)

Cost(c)

Unrealized Loss(e)

Items(d)

Cost(c)

Unrealized Loss(e)

Items(d)

Cost(c)

Unrealized Loss(e)

Items(d)

Cost(c)

Unrealized Loss(e)

Items(d)

Investment grade bonds

0-6 months

$

27,114 

$

916 

2,457 

$

1,829 

$

590 

130 

$

— 

$

— 

— 

$

28,943 

$

1,506 

2,587 

7-11 months

4,479 

361 

329 

1,718 

557 

143 

1 

— 

— 

6,198 

918 

472 

12 months or more

55,089 

5,370 

6,141 

32,251 

10,002 

2,838 

522 

286 

29 

87,862 

15,658 

9,008 

Total

86,682 

6,647 

8,927 

35,798 

11,149 

3,111 

523 

286 

29 

123,003 

18,082 

12,067 

Below investment grade bonds

0-6 months

2,204 

71 

398 

89 

27 

19 

3 

3 

3 

2,296 

101 

420 

7-11 months

321 

21 

53 

1 

— 

1 

— 

— 

2 

322 

21 

56 

12 months or more

3,038 

210 

691 

581 

173 

103 

18 

13 

8 

3,637 

396 

802 

Total

5,563 

302 

1,142 

671 

200 

123 

21 

16 

13 

6,255 

518 

1,278 

Total bonds

0-6 months

29,318 

987 

2,855 

1,918 

617 

149 

3 

3 

3 

31,239 

1,607 

3,007 

7-11 months

4,800 

382 

382 

1,719 

557 

144 

1 

— 

2 

6,520 

939 

528 

12 months or more

58,127 

5,580 

6,832 

32,832 

10,175 

2,941 

540 

299 

37 

91,499 

16,054 

9,810 

Total excluding Fortitude Re funds withheld assets

$

92,245 

$

6,949 

10,069 

$

36,469 

$

11,349 

3,234 

$

544 

$

302 

42 

$

129,258 

$

18,600 

13,345 

Total Fortitude Re funds withheld assets

$

15,499 

$

3,416 

702 

Total

$

144,757 

$

22,016 

14,047 

(a)Represents the number of consecutive months that fair value has been less than amortized cost or cost by any amount.

(b)Represents the percentage by which fair value is less than amortized cost or cost at December 31, 2025 and December 31, 2024.

(c)For bonds, represents amortized cost net of allowance.

(d)Item count is by CUSIP by subsidiary.

(e)Includes MTM movement relating to embedded derivatives and fair value hedge basis adjustment.

The allowance for credit losses was $3 million and $5 million for investment grade bonds, and $127 million and $114 million for below investment grade bonds as of December 31, 2025 and December 31, 2024, respectively.

Change in Unrealized Gains and Losses on Investments

The change in net unrealized gains and losses on investments for the year ended December 31, 2025, was primarily attributable to a change in the fair value of fixed maturity securities. For the year ended December 31, 2025, net unrealized gains related to fixed maturity securities were $5.8 billion due to a decrease in interest rates.

The change in net unrealized gains and losses on investments for the year ended December 31, 2024 was primarily attributable to increase in the fair value of fixed maturity securities. For the year ended December 31, 2024, net unrealized losses were $1.7 billion primarily due to an increase in interest rates.

For further discussion of our investment portfolio, see Notes 4 and 5 to the Consolidated Financial Statements.    

Corebridge | 2025 Form 10-K 114

TABLE OF CONTENTS

ITEM 7 | Investments

Commercial Mortgage Loans

At December 31, 2025 and December 31, 2024, we had direct commercial mortgage loan exposure of $37.0 billion and $35.8 billion, respectively. At December 31, 2025 and December 31, 2024, we had an allowance for credit losses of $594 million and $626 million, respectively.

The following tables present the commercial mortgage loan exposure by location and class of loan based on amortized cost:

Number of Loans

Class

Total

Percent of Total

Excluding Fortitude Re Funds Withheld Assets

(dollars in millions)

Apartments

Offices

Retail

Industrial

Hotel

Others

December 31, 2025

State:

New York

74

$

1,797

$

3,163

$

283

$

561

$

63

$

— 

$

5,867

17 

%

California

59

628

851

138

1,170

560

52

3,399

10 

%

New Jersey

55

1,590

5

268

737

—

20

2,620

8 

%

Florida

51

827

104

447

602

490

58

2,528

7 

%

Texas

42

807

394

453

195

17

178

2,044

6 

%

Massachusetts

19

351

1,021

517

30

—

—

1,919

6 

%

Colorado

15

418

41

87

251

111

—

908

3 

%

Illinois

20

325

321

2

184

—

57

889

2 

%

Pennsylvania

20

179

157

163

380

—

—

879

2 

%

Virginia

15

125

—

72

472

—

—

669

2 

%

Other States

117

2,631

122

548

1,793

320

81

5,495

16 

%

Foreign

61

2,985

1,052

983

1,297

429

332

7,078

21 

%

Total*

548

$

12,663

$

7,231

$

3,961

$

7,672

$

1,990

$

778

$

34,295

100 

%

Fortitude Re funds withheld assets

$

2,714

Total Commercial Mortgages

$

37,009

December 31, 2024

State:

New York

70

$

1,417

$

3,467

$

280

$

512

$

67

$

— 

$

5,743

18 

%

California

57

740

823

96

1,118

570

12

3,359

10 

%

New Jersey

71

1,770

5

267

1,128

—

21

3,191

10 

%

Florida

46

738

105

356

298

454

—

1,951

6 

%

Texas

40

806

461

454

227

17

156

2,121

6 

%

Massachusetts

20

544

888

527

14

—

—

1,973

6 

%

Colorado

16

369

42

87

242

155

—

895

3 

%

Illinois

21

427

351

2

117

—

19

916

3 

%

Pennsylvania

20

145

136

189

233

21

—

724

2 

%

Virginia

12

126

—

110

201

—

—

437

1 

%

Other States

110

2,531

179

433

1,100

324

27

4,594

13 

%

Foreign

64

3,450

965

792

1,059

272

218

6,756

21 

%

Total*

547

$

13,063

$

7,422

$

3,593

$

6,249

$

1,880

$

453

$

32,660

99 

%

Fortitude Re funds withheld assets

$

3,135

Total Commercial Mortgages

$

35,795

*Does not reflect allowance for credit losses.

Corebridge | 2025 Form 10-K 115

TABLE OF CONTENTS

ITEM 7 | Investments

The following tables present debt service coverage ratios and loan-to-value ratios for commercial mortgages:

Debt Service Coverage Ratios(a)

(in millions)

1.20X

1.00X - 1.20X

1.00X

Total

December 31, 2025

Loan-to-value ratios(b)

Less than 65%

$

22,122

$

1,509

$

126

$

23,757

65% to 75%

7,202

953

—

8,155

76% to 80%

104

481

—

585

Greater than 80%

886

165

747

1,798

Total commercial mortgages excluding Fortitude Re(c)

$

30,314

$

3,108

$

873

$

34,295

Total commercial mortgages including Fortitude Re

$

2,714

Total commercial mortgages

$

37,009

December 31, 2024

Loan-to-value ratios(b)

Less than 65%

$

20,375

$

2,049

$

209

$

22,633

65% to 75%

6,539

593

32

7,164

76% to 80%

552

158

—

710

Greater than 80%

1,036

311

806

2,153

Total commercial mortgages excluding Fortitude Re(c)

$

28,502

$

3,111

$

1,047

$

32,660

Total commercial mortgages including Fortitude Re

$

3,135

Total commercial mortgages

$

35,795

(a)The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X at both periods ended December 31, 2025 and December 31, 2024, respectively. The debt service coverage ratios are updated when additional relevant information becomes available.

(b)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 60% at both periods ended December 31, 2025 and December 31, 2024. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

(c)Does not reflect allowance for credit losses.

Corebridge | 2025 Form 10-K 116

TABLE OF CONTENTS

ITEM 7 | Investments

Residential Mortgage Loans

At December 31, 2025 and December 31, 2024, we had direct residential mortgage loan exposure of $13.8 billion and $12.7 billion, respectively.

The following tables present credit quality performance indicators for residential mortgages by year of vintage:

December 31, 2025

(in millions)

2025

2024

2023

2022

2021

Prior

Total

FICO:(a)

780 and greater

$

595

$

974

$

570

$

616

$

2,129

$

1,384

$

6,268

720 - 779

1,044

1,740

926

529

509

543

5,291

660 - 719

287

578

292

180

125

349

1,811

600 - 659

107

54

17

28

15

158

379

Less than 600

—

—

5

12

7

66

90

Total residential mortgages(b)(c)

$

2,033

$

3,346

$

1,810

$

1,365

$

2,785

$

2,500

$

13,839

December 31, 2024

(in millions)

2024

2023

2022

2021

2020

Prior

Total

FICO:(a)

780 and greater

$

1,075

$

667

$

690

$

2,258

$

617

$

863

$

6,170

720 - 779

1,647

1,095

579

582

149

440

4,492

660 - 719

609

355

235

150

38

336

1,723

600 - 659

15

12

34

25

10

146

242

Less than 600

3

2

19

12

5

67

108

Total residential mortgages(b)(c)

$

3,349

$

2,131

$

1,557

$

3,027

$

819

$

1,852

$

12,735

(a)Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On December 31, 2025 and December 31, 2024 residential loans direct to consumers totaled $7.8 billion and $8.4 billion, respectively.

(b)There are no residential mortgage loans under Fortitude Re funds withheld assets.

(c)Does not include allowance for credit losses.

For additional discussion on credit losses, see Note 5 and for additional discussion on commercial mortgage loans, see Note 6 to the Consolidated Financial Statements.

Corebridge | 2025 Form 10-K 117

TABLE OF CONTENTS

ITEM 7 | Investments

Net Realized Gains and Losses

Years Ended December 31,

2025

2024

2023

(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

Excluding

Fortitude

Re Funds

Withheld

Assets

Fortitude

Re Funds

Withheld

Assets

Total

Sales of fixed maturity securities

$

(789)

$

(20)

$

(809)

$

(1,141)

$

(53)

$

(1,194)

$

(278)

$

(73)

$

(351)

Intent to Sell(a)

(275)

—

(275)

(15)

(32)

(47)

—

—

—

Change in allowance for credit losses on fixed maturity securities

(131)

(21)

(152)

(237)

(7)

(244)

(162)

(9)

(171)

Change in allowance for credit losses on loans

(24)

2

(22)

(66)

18

(48)

(138)

(66)

(204)

Foreign exchange transactions, net of related hedges

(145)

9

(136)

134

7

141

(195)

(10)

(205)

Index-linked interest credited embedded derivatives, net of related hedges

(400)

—

(400)

(19)

—

(19)

(776)

—

(776)

All other derivatives and hedge accounting(b)

(334)

(54)

(388)

128

(202)

(74)

(53)

(66)

(119)

Sales of alternative investments and real estate

33 

3 

36 

159

21

180

50

(2)

48

Other

(120)

(19)

(139)

(60)

—

(60)

(62)

2

(60)

Net realized losses – excluding Fortitude Re funds withheld embedded derivative

(2,185)

(100)

(2,285)

(1,117)

(248)

(1,365)

(1,614)

(224)

(1,838)

Net realized losses on Fortitude Re funds withheld embedded derivative

—

(1,673)

(1,673)

—

(518)

(518)

—

(1,734)

(1,734)

Net realized losses

$

(2,185)

$

(1,773)

$

(3,958)

$

(1,117)

$

(766)

$

(1,883)

$

(1,614)

$

(1,958)

$

(3,572)

(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 to the Consolidated Financial Statements.

(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 to the Consolidated Financial Statements.

Higher net realized losses excluding Fortitude Re funds withheld assets in the year ended December 31, 2025 compared to the year ended December 31, 2024 were primarily due to higher losses on index-linked interest credited embedded derivatives, net of related hedges partially offset by lower losses on sales of fixed maturity securities. Lower net realized losses excluding Fortitude Re funds withheld assets in the year ended December 31, 2024 compared to the year ended December 31, 2023 were primarily due to lower losses on index-linked interest credited embedded derivatives, net of related hedges and gain on foreign exchange transactions compared to loss on foreign exchange transactions in the same period in 2023.

Fair value gains or losses in the hedging portfolio are typically not fully offset by increases or decreases in liabilities due to the non-performance or ‘‘own credit’’ risk adjustment used in the valuation of the index-linked interest credited embedded derivatives, which are not hedged as part of our economic hedging program and other risk margins used for valuation that caused the embedded derivatives to be less sensitive to changes in market rates than hedge portfolio.

Net realized gains (losses) on Fortitude Re funds withheld assets primarily reflect changes in the valuation of the modified coinsurance and funds withheld assets. Increases in the valuation of these assets result in losses to Corebridge as the appreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. Decreases in valuation of the assets result in gains to Corebridge as the depreciation on the assets under those reinsurance agreements must be transferred to Fortitude Re.

For further discussion of our investment portfolio, see Note 5 to the Consolidated Financial Statements.

Corebridge | 2025 Form 10-K 118

TABLE OF CONTENTS

ITEM 7 | Investments

Other Invested Assets

We seek to enhance returns through investment in a diversified portfolio of alternative asset classes, including private equity, real estate equity and hedge funds.

The following table presents the carrying value of our other invested assets by type:

December 31, 2025

December 31, 2024

(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

Alternative investments(a)

$

6,323

$

1,800

$

8,123

$

5,936

$

1,893

$

7,829

Investment real estate(b)

867

118

985

1,268

158

1,426

All other investments(c)

1,127

—

1,127

596

—

596

Total

$

8,317

$

1,918

$

10,235

$

7,800

$

2,051

$

9,851

(a)At December 31, 2025, included hedge funds of $121 million and private equity funds of $8.0 billion. At December 31, 2024, included hedge funds of $210 million and private equity funds of $7.6 billion.

(b)Net of accumulated depreciation of $406 million and $528 million as of December 31, 2025 and December 31, 2024, respectively.

(c)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 December 31, 2025 and December 31, 2024, respectively.

Derivatives and Hedge Accounting

We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate swaps and bond forwards) are used to manage interest rate risk associated with both embedded derivatives and MRBs contained in insurance contract liabilities and fixed maturity securities as well as other interest rate sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with foreign denominated investments, net capital exposures and foreign currency transactions. Equity derivatives (such as equity futures, swaps and options) are used to mitigate financial risk embedded in certain insurance liabilities and economically hedge certain investments. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative instruments with respect to investment operations, which may include, among other things, credit default swaps (“CDS”) and purchases of investments with embedded derivatives, such as equity linked notes and convertible bonds.

We designated certain derivatives entered into with related parties as fair value hedges of available-for-sale investment securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross-currency swaps designated as hedges of the change in fair value of foreign currency denominated available-for-sale securities attributable to changes in foreign exchange rates. We also designated certain interest rate swaps entered into with both third parties and related parties as fair value hedges of fixed rate GICs and commercial mortgage loans attributable to changes in benchmark interest rates.

Credit risk associated with derivative counterparties exists for a derivative contract when that contract has a positive fair value to us. The maximum potential exposure may increase or decrease during the life of the derivative commitments as a function of maturity and market conditions. All derivative transactions must be transacted within counterparty limits.

We utilize various credit enhancements, including guarantees, collateral, credit triggers and margin agreements, to reduce the credit risk related to outstanding financial derivative transactions. We require credit enhancements in connection with specific transactions based on, among other things, the creditworthiness of the counterparties and the transaction size and maturity. Furthermore, we enter into certain agreements that have the benefit of set-off and close-out netting provisions, such as ISDA Master Agreements. These provisions provide that, in the case of an early termination of a transaction, we can set off receivables from a counterparty against payables to the same counterparty arising out of all covered transactions. As a result, where a legally enforceable netting agreement exists, the fair value of the transaction with the counterparty represents the net sum of estimated fair values.

For additional information on embedded derivatives, see Notes 4 and 9 to the Consolidated Financial Statements.

Corebridge | 2025 Form 10-K 119

TABLE OF CONTENTS

ITEM 7 | Investments

The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Consolidated Balance Sheets:

December 31, 2025

December 31, 2024

Gross Derivative Assets

Gross Derivative Liabilities

Gross Derivative Assets

Gross Derivative Liabilities

(in millions)

Notional Amount

Fair Value

Notional Amount

Fair Value

Notional Amount

Fair Value

Notional Amount

Fair Value

Derivatives designated as hedging instruments(a)

Interest rate contracts

$

11,987

$

364

$

9,734

$

234

$

2,378

$

217

$

11,853

$

414

Foreign exchange contracts

3,855

252

8,128

236

7,062

558

978

46

Derivatives not designated as hedging instruments(a)

Interest rate contracts

19,672

552

25,397

1,399

46,448

2,703

36,575

3,038

Foreign exchange contracts

6,139

459

6,847

318

10,360

713

2,857

222

Equity contracts

66,780

8,388

64,855

4,900

41,040

3,046

24,117

1,546

Credit contracts(b)

—

—

—

—

—

—

5

—

Other contracts(c)

49,020

14

212

4

45,016

13

45

2

Total derivatives, excluding Fortitude Re funds withheld

$

157,453

$

10,029

$

115,173

$

7,091

$

152,304

$

7,250

$

76,430

$

5,268

Total derivatives, Fortitude Re funds withheld

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Total derivatives, gross(d)

$

157,453

$

10,029

$

115,173

$

7,091

$

152,304

$

7,250

$

76,430

$

5,268

Counterparty netting(e)

(6,106)

(6,106)

(4,494)

(4,494)

Cash collateral(f)

(3,482)

(686)

(2,563)

(664)

Total derivatives on Consolidated Balance Sheets(g)

$

441

$

299

$

193

$

110

(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.

(b)Includes written credit default swaps linked to certain actively traded indices. In the case of a credit event, the maximum future payment is limited to the constituent’s representation within the index.

(c)Consists primarily of SVWs and contracts with multiple underlying exposures.

(d)Includes $20.5 billion and $9.4 billion of notional amounts associated with reinsurance agreements at December 31, 2025 and December 31, 2024.

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

(f)Represents cash collateral posted and received that is eligible for netting.

(g)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was zero at both December 31, 2025 and December 31, 2024. Fair value of liabilities related to bifurcated embedded derivatives was $16.0 billion and $11.8 billion, respectively, at December 31, 2025 and December 31, 2024. A bifurcated embedded derivative is generally presented with the host contract in the Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities and index universal life contracts, which include equity and interest rate components, bonds available-for-sale and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7 to the Consolidated Financial Statements.

For additional information, see Note 9 to the Consolidated Financial Statements.

Corebridge | 2025 Form 10-K 120

TABLE OF CONTENTS

ITEM 7 | Update of Actuarial Assumptions and Models

Significant Reinsurance Agreements and Update of Actuarial Assumptions and Models

Significant Reinsurance Agreements

As of December 31, 2025, approximately $5.0 billion of General Account liabilities and $45.2 billion of Separate Accounts liabilities from our individual variable annuity business had been ceded to CSLR under a coinsurance and modco reinsurance agreement.

As of December 31, 2025 and December 31, 2024, approximately $24.1 billion and $24.9 billion, respectively, of liabilities from our run-off lines (i.e., certain annuities written prior to April 2013, along with exposures to whole life, long-term care (“LTC”) and exited accident and health product lines) had been ceded to Fortitude Re under modco reinsurance agreements.

Refer to “Significant Factors Impacting our Results” for additional information on the CSLR and Fortitude Re reinsurance agreements.

From July 1, 2016 through September 30, 2023, AGL has entered into and amended a reinsurance agreement to cede approximately $23.0 billion of statutory reserves for certain whole life, term and universal life policies subject to the NAIC’s Model Regulation “Valuation of Life Insurance Policies” (“Regulation XXX”) and NAIC Actuarial Guideline 38 (“Guideline AXXX”) to an unaffiliated reinsurer.

For a summary of significant reinsurers, see “Accounting Policies and Pronouncements—Critical Accounting Estimates—Reinsurance Recoverable.”

For a summary of statutory permitted practices, see Note 19 to the Consolidated Financial Statements.

Update of Actuarial Assumptions and Models

For information regarding Corebridge’s Update of Actuarial Assumptions and Models for the years ended December 31, 2024 and 2023, see the 2024 Form 10-K.

We review and update actuarial assumptions at least annually, generally in the third quarter.

Investment-oriented products

We review and update assumptions used to value our universal life policies at least annually. These benefit reserves are also adjusted to reflect the changes in the fair value of available-for-sale securities with an offset to OCI. DAC and related items (which may include VOBA, DSI and unearned revenue reserves) are amortized on a constant level basis.

We also review assumptions related to variable annuities, fixed annuities, and fixed index annuities and registered index-linked annuities guaranteed benefits that are accounted for as MRBs or embedded derivatives and measured at fair value. The fair value of these MRBs or embedded derivatives is based on actuarial assumptions, including policyholder behavior, as well as capital market assumptions.

Traditional long-duration products

For traditional long-duration products discussed below, which includes whole life insurance, term life insurance, accident and health insurance, PRT, life-contingent single premium immediate annuities and structured settlements, cash flow assumptions are reviewed at least annually to determine any changes in the liability for future policy benefits. DAC and related items (which may include VOBA) are amortized on a constant level basis.

The net impacts to pre-tax income and APTOI because of the update of actuarial assumptions for the years ended December 31, 2025, 2024 and 2023 are shown in the following tables.

The following table presents the increase (decrease) in pre-tax income resulting from the annual update of actuarial assumptions, by line item as reported in Results of Operations:

Years Ended December 31,

(in millions)

2025

2024

2023

Premiums

$

— 

$

13 

$

— 

Policyholder benefits

(98)

(21)

22

Non-deferrable insurance commissions

— 

5 

—

Increase (decrease) in adjusted pre-tax operating income

(98)

(3)

22

Change in the fair value of market risk benefits, net

(58)

(84)

7

Net realized gains (losses)

(11)

8 

(7)

Increase (decrease) in pre-tax income

$

(167)

$

(79)

$

22 

Corebridge | 2025 Form 10-K 121

TABLE OF CONTENTS

ITEM 7 | Update of Actuarial Assumptions and Models

The following table presents the increase (decrease) in adjusted pre-tax operating income resulting from the annual update of actuarial assumptions by segment:

Years Ended December 31,

(in millions)

2025

2024

2023

Individual Retirement

$

(7)

$

18 

$

1 

Group Retirement

— 

(1)

—

Life Insurance

(85)

(29)

19

Institutional Markets

(6)

9 

2

Total increase (decrease) in adjusted pre-tax operating income from the update of assumptions*

$

(98)

$

(3)

$

22 

*Liabilities ceded to Fortitude Re are reported in Corporate and Other. There is no impact to adjusted pre-tax operating income due to the annual update of actuarial assumptions as these liabilities are 100% ceded. In addition, as a result of the reinsurance agreement between AGL and CSLR, effective in the third quarter of 2025, our individual variable annuity business previously reported in the Individual Retirement segment, is now included within Corporate and Other. The results of operations from the variable annuity business have been excluded from APTOI.

Update of Actuarial Assumptions Impact to Consolidated pre-tax income (loss)

Corebridge recognized a $167 million unfavorable impact to pre-tax income, for the year ended December 31, 2025, attributable to the annual actuarial assumption review. For 2025, the impacts were primarily driven by updates to policyholder assumptions, including lapse and mortality updates related to traditional and universal life products in Life Insurance, and utilization updates for fixed annuities with living benefits and certain model refinements.

Update of Actuarial Assumptions Impact to Consolidated APTOI

Corebridge recognized a $98 million unfavorable impact to adjusted pre-tax operating income, for the year ended December 31, 2025, respectively, attributable to the annual actuarial assumption review. For 2025, the assumption update impacts were primarily driven by updates to policyholder assumptions, including lapse and mortality updates related to traditional and universal life products in Life Insurance.

Corebridge | 2025 Form 10-K 122

TABLE OF CONTENTS

ITEM 7 | Liquidity and Capital Resources

Liquidity and Capital Resources

OVERVIEW

Liquidity is defined as cash and unencumbered assets that can be monetized in a short period of time at a reasonable cost. In addition to the on-balance-sheet liquid assets, liquidity resources include availability under committed bank credit facilities.

Capital refers to the long-term financial resources available to support the operation of our businesses, fund business growth, and cover financial and operational needs that arise from adverse circumstances.

We aim to manage our liquidity and capital resources prudently through a well-defined risk management framework that involves various target operating thresholds, as well as minimum requirements during periods of stress.

We believe that we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations to policyholders, customers, creditors and debt-holders, including those arising from reasonably foreseeable contingencies or events.

For a discussion regarding risks associated with liquidity and capital, see “Risk Factors—Risks Relating to Our Investment Portfolio, Liquidity, Capital and Credit.”

LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE PARENT AND INTERMEDIATE HOLDING COMPANIES

As of December 31, 2025 and December 31, 2024, Corebridge Parent and its non-regulated intermediate holding companies (“Corebridge Hold Cos.”) had $5.3 billion and $4.7 billion, respectively, in liquidity sources. These liquidity sources were primarily held in the form of cash and short-term investments and included a $3.0 billion and $2.5 billion committed revolving credit facility as of December 31, 2025 and December 31, 2024, respectively. Corebridge Hold Cos.’ primary sources of liquidity are dividends, loans and other payments from subsidiaries, sales of businesses and credit facilities. Corebridge Hold Cos.’ primary uses of liquidity are for debt service, capital and liability management, and operating expenses.

Corebridge Parent expects to maintain liquidity that is sufficient to at least cover one year of its expenses. We expect that the Corebridge Hold Cos. may access the debt and equity markets from time to time to meet funding requirements as needed.

We utilize our capital resources to support our businesses, with the majority of capital held by our insurance businesses. Corebridge Hold Cos. intend to manage capital between Corebridge Hold Cos. and our insurance companies through internal, Board-approved policies as well as management standards. Nevertheless, regulatory and other legal restrictions could limit our ability to transfer capital freely, either to or from our subsidiaries.

As of December 31, 2025, Corebridge Parent and certain of our subsidiaries were parties to several letter of credit agreements with various financial institutions which issue letters of credit from time to time in support of our subsidiaries (primarily, insurance companies) totaled $276 million and $226 million at December 31, 2025 and December 31, 2024, respectively.

The following table presents Corebridge Hold Cos.’ liquidity sources:

Years Ended December 31,

(in millions)

2025

2024

2023

Cash and short-term investments

$

2,319 

$

2,218 

$

1,591 

Total Corebridge Hold Cos. liquidity

2,319 

2,218 

1,591 

   Available capacity under committed, revolving credit facility

3,000 

2,500 

2,500 

Total Corebridge Hold Cos. liquidity sources

$

5,319 

$

4,718 

$

4,091 

COREBRIDGE HOLD COS. LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS

SOURCES

Liquidity to Corebridge Parent from Subsidiaries

During the year ended December 31, 2025, Corebridge Hold Cos. received $3.8 billion in dividends from subsidiaries, including dividends sourced from a portion of the proceeds received from the reinsurance agreement with CSLR.

In March and October 2025, CRBGLH issued a $250 million and $200 million promissory note to AGL, respectively.

Issuance of Preferred Stock

On November 18, 2025, Corebridge Parent closed the public offering of 500,000 shares of its Series A Preferred Stock and received net cash proceeds of $493 million ($500 million gross).

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ITEM 7 | Liquidity and Capital Resources

USES

Interest Payments

We made interest payments on our debt instruments totaling $501 million during the year ended December 31, 2025.

Debt Maturity

At maturity, in July 2025 CRBGLH repaid the aggregate principal and accrued interest of the $101 million 7.50% notes.

At maturity, in April 2025 Corebridge Parent repaid the aggregate principal and accrued interest of the $1.0 billion 3.50% Senior Notes.

Dividends    

During the year ended December 31, 2025, we paid cash dividends totaling $511 million, respectively, consisting of quarterly dividends of $0.24 per share of Corebridge Parent common stock.

Repurchase of Common Stock

During the year ended December 31, 2025, we repurchased approximately 67 million of shares of Corebridge Parent common stock, for an aggregate purchase price of approximately $2.1 billion.

For additional information, see Note 17 to the Consolidated Financial Statements.

Contributions

During the year ended December 31, 2025, Corebridge Hold Cos. made capital contributions totaling $350 million to CRBG Bermuda.

LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE INSURANCE SUBSIDIARIES

Insurance Companies

We believe that our insurance companies have sufficient liquidity and capital resources to satisfy reasonably foreseeable future liquidity requirements and meet their obligations, including those arising from reasonably foreseeable contingencies or events, through cash from operations and, to the extent necessary, monetization of invested assets. Our insurance companies’ liquidity resources are primarily held in the form of cash, short-term investments and publicly traded, investment grade-rated fixed maturity securities.

The liquidity of each of our material insurance companies is monitored through various internal liquidity risk measures. The primary sources of liquidity are premiums, deposits, fees, reinsurance recoverables, investment income and maturities. The primary uses of liquidity are paid losses, reinsurance payments, benefit claims, surrenders, withdrawals, interest payments, dividends, expenses, investment purchases and collateral requirements.

Certain of our U.S. insurance companies are members of the FHLBs in their respective districts. Our borrowings from FHLBs are non-puttable and are used to supplement liquidity or for other uses deemed appropriate by management. Our U.S. insurance companies had $5.9 billion which were due to FHLBs in their respective districts at December 31, 2025, under funding agreements which were reported in policyholder contract deposits. These investment contracts do not have mortality or morbidity risk. Proceeds from funding agreements are generally invested in investments intended to generate spread income. In addition, our U.S. insurance companies had no outstanding borrowings in the form of cash advances from FHLBs at December 31, 2025.

Certain of our U.S. insurance companies have securities lending programs that lend securities from their investment portfolios to supplement liquidity or for other uses deemed appropriate by management. Under these programs, these U.S. insurance companies lend securities to financial institutions and receive cash as collateral equal to 102% of the fair value of the loaned securities. Cash collateral received is kept in cash or invested in short-term investments or used for short-term liquidity purposes.

The aggregate amount of securities that a U.S. insurance company can lend under its program at any time is limited to 5% of its general account statutory-basis admitted assets. Our U.S. insurance companies had $3.4 billion and $2.4 billion of securities subject to these agreements at December 31, 2025 and December 31, 2024 and $3.3 billion and $2.2 billion liabilities to borrowers for collateral received at December 31, 2025 and December 31, 2024.

We manage the capital of our Life Fleet Risk-Based Capital (“RBC”) ratio targeting above 400%. AGC serves as an affiliate reinsurance company. The surplus of AGC is comprised predominantly of the statutory surplus of the Life Fleet. Given that AGC has no primary operations outside of this internal reinsurance, we believe that excluding AGC from the Life Fleet RBC ratio calculation presents a more accurate view of the overall capital position of our U.S. operating entities. Although not yet filed, our Life Fleet RBC ratio is expected to be above our target Life Fleet RBC ratio of 400% as of December 31, 2025.

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ITEM 7 | Liquidity and Capital Resources

Dividend Restrictions

Payments of dividends to Corebridge Hold Cos. by our U.S. insurance subsidiaries are subject to certain restrictions imposed by laws and regulations of their respective states of domicile. With respect to our domestic insurance subsidiaries, the payment of a dividend may require formal notice to the insurance department of the state in which the particular insurance subsidiary is domiciled, and prior approval of such insurance regulator is required when the amount of the dividend is above certain regulatory thresholds. See “Business — Regulation — U.S. Regulation — State Insurance Regulation.” Bermuda law also restricts the ability of CRBG Bermuda to pay dividends.

To our knowledge, no Corebridge insurance company is currently on any regulatory or similar “watch list” with regard to solvency.

ANALYSIS OF SOURCES AND USES OF CASH

Our primary sources and uses of liquidity are summarized as follows:

Years Ended December 31,

(in millions)

2025

2024

2023

Sources:

Operating activities, net

$

2,021 

$

2,151 

$

3,357

Net changes in policyholder account balances

13,803 

11,416 

5,058

Issuance of long-term debt

— 

1,329 

1,240

Issuance of debt of consolidated investment entities

153 

231 

221

Contributions from noncontrolling interests

51 

70 

96

Financing other, net

— 

— 

139

Issuance of common stock

— 

1 

—

Issuance of preferred stock

493 

— 

—

Net change in securities lending and repurchase agreements

1,466 

567 

—

Effect of exchange rate changes on cash and restricted cash

1 

1 

3

Total Sources

17,988 

15,766 

10,114

Uses:

Investing activities, net

(13,332)

(11,536)

(5,476)

Repayments of debt of consolidated investment entities

(566)

(982)

(535)

Repayments of short-term debt

(1,101)

(250)

(1,250)

Distributions to noncontrolling interests

(132)

(199)

(91)

Dividends paid on common stock

(511)

(544)

(1,722)

Net change in securities lending and repurchase agreements

— 

— 

(544)

Repurchase of common stock

(2,118)

(1,792)

(498)

Financing other, net

(599)

(267)

—

Total Uses

(18,359)

(15,570)

(10,116)

Net increase (decrease) in cash and cash equivalents

$

(371)

$

196 

$

(2)

Operating Activities

Cash inflows from operating activities primarily include insurance premiums, fees and investment income. Cash outflows from operating activities primarily include benefit payments, general operating expenses and servicing of debt. Operating cash flow will fluctuate based on the timing of premiums received and benefit payments to policyholders, as well as other core business activities.

Investing Activities

Cash inflows from investing activities primarily include sales and maturities of underlying assets, mainly fixed maturities available-for-sale and principal payments on mortgage and other loans. The primary cash outflows for investing activities relate to the purchases of new securities, mainly fixed maturities available-for-sale.

Financing Activities

Cash inflows from financing activities primarily include policyholder deposits on investment-type contracts, issuances of debt and inflows from the settlement of securities lending and repurchase agreements. Cash outflows primarily relate to policyholder withdrawal activity on investment-type contracts, repayments of debt of consolidated investment entities, repayments of short and long-term debt, repurchases of common stock, issuance of preferred stock, shareholder dividends, distributions to noncontrolling interests and outflows for the settlement of securities lending and repurchase agreements.

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ITEM 7 | Liquidity and Capital Resources

CONTRACTUAL OBLIGATIONS

The following tables summarize contractual obligations in total, and by remaining maturity:

December 31, 2025

Payments due by Period

(in millions)

Total Payments

2026

2027 - 2028

Thereafter

Long-term debt

$

9,426 

$

— 

$

1,250 

$

8,176 

Interest payments on Long-term debt

8,083 

473 

877 

6,733 

Insurance and investment contract liabilities

381,445 

28,783 

62,217 

290,445 

Total

$

398,954 

$

29,256 

$

64,344 

$

305,354 

Insurance and Investment Contract Liabilities

We expect liquidity needs related to insurance and investment contract liabilities to be funded through cash flows generated from maturities and sales of invested assets, including various investment-type products with contractually scheduled maturities, including periodic payments. These liabilities also include benefit and claim liabilities, of which a significant portion represents policies and contracts that do not have stated contractual maturity dates and may not result in any future payment obligations. For these policies and contracts (i) we are not currently making payments until the occurrence of an insurable event, such as death or disability, (ii) payments are conditional on survivorship or (iii) payment may occur due to a surrender or other non-scheduled event beyond our control.

We have made significant assumptions to determine the estimated undiscounted cash flows of these contractual policy benefits. These assumptions include mortality, morbidity, future lapse rates, expenses, investment returns and interest crediting rates, offset by expected future deposits and premiums on in-force policies. Due to the significance of the assumptions, the periodic amounts presented could be materially different from actual required payments. The amounts presented in the table above are undiscounted and exceed the future policy benefits and policyholder contract deposits included in the Consolidated Financial Statements.

We believe that our insurance companies have adequate financial resources to meet the payments required under these obligations. These subsidiaries have substantial liquidity in the form of cash and short-term investments. In addition, our insurance companies maintain significant levels of investment grade-rated fixed maturity securities, including substantial holdings in government and corporate bonds, and could seek to monetize those holdings in the event operating cash flows are insufficient.

Indemnification Arrangements

We are subject to indemnity arrangements which may be triggered by declines in asset values; specified business contingencies; the realization of contingent liabilities; litigation developments; or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to time limitations, defined by contract or by operation of law, such as by prevailing statutes of limitations. Depending on the specific terms of the arrangements, the maximum potential obligation may or may not be subject to contractual limitations. We have recorded liabilities for certain of these arrangements where it is possible to estimate them. These liabilities are not material in the aggregate. We are unable to develop a reasonable estimate of the maximum potential payout under some of these arrangements. Overall, we believe the likelihood that we will have to make any material payments under these arrangements is remote.

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ITEM 7 | Liquidity and Capital Resources

SHORT-TERM AND LONG-TERM DEBT

We expect to repay the short-term and long-term debt maturities and interest accrued on these borrowings through cash flows generated from invested assets, future cash flows from operations, and future debt and other financing arrangements.

The following tables provide the rollforward of our total debt outstanding:

(in millions)

Maturity

Date(s)

Balance at December 31, 2024

Issuances

Maturities

and Repayments

Other Changes

Balance at December 31, 2025

Current portion of long-term debt:

Senior unsecured notes

2025

$

1,000 

$

— 

$

(1,000)

$

— 

$

— 

CRBGLH notes

2025

101 

— 

(101)

— 

— 

Total short-term debt

1,101 

— 

(1,101)

— 

— 

Long-term debt issued by Corebridge:

Senior unsecured notes

2027 - 2052

6,750 

— 

— 

— 

6,750 

Hybrid junior subordinated notes

2052 - 2064

2,350 

— 

— 

— 

2,350 

Long-term debt issued by Corebridge subsidiaries:

CRBGLH notes

2029

99 

— 

— 

— 

99 

CRBGLH junior subordinated debentures

2030 - 2046

227 

— 

— 

— 

227 

Total long-term debt

9,426 

— 

— 

— 

9,426 

Debt issuance costs

(73)

— 

— 

6 

(67)

Total long-term debt, net of debt issuance costs

9,353 

— 

— 

6 

9,359 

Total debt, net of issuance costs

$

10,454 

$

— 

$

(1,101)

$

6 

$

9,359 

CRBGLH NOTES

At maturity, in July 2025 CRBGLH repaid the aggregate principal and accrued interest of the $101 million 7.50% notes.

SENIOR UNSECURED NOTES    

At maturity, in April 2025 Corebridge Parent repaid the aggregate principal and accrued interest of the $1.0 billion 3.50% Senior Notes.

REVOLVING CREDIT AGREEMENT

On May 12, 2022, Corebridge Parent entered into the Revolving Credit Agreement (the “2022 Revolving Credit Agreement”). At December 31, 2024 there were no loans outstanding under the 2022 Revolving Credit Agreement.

On March 26, 2025, Corebridge Parent entered into the Revolving Credit Agreement (the “2025 Revolving Credit Agreement”). The 2025 Revolving Credit Agreement replaces the 2022 Revolving Credit Agreement which was scheduled to mature in 2027. The 2025 Revolving Credit Agreement provides for a five-year total commitment of $3.0 billion revolving credit facility (the “2025 Credit Facility”). Under circumstances described in the 2025 Revolving Credit Agreement, the aggregate commitments may be increased by up to $500 million, for a total commitment under the 2025 Revolving Credit Agreement of $3.5 billion. Loans under the 2025 Revolving Credit Agreement will mature on March 26, 2030. Under the 2025 Revolving Credit Agreement, the applicable rate, commitment fee and letter of credit fee were determined by reference to the credit ratings of Corebridge Parent’s senior, unsecured, long-term indebtedness. Borrowings bear interest at a rate per annum equal to (i) with respect to loans in US Dollars, an alternative base rate plus an applicable margin or the adjusted Term SOFR Rate plus an applicable margin, (ii) with respect to loans in Euros, the adjusted European Union interbank Offer Rate (“EURIBOR”) plus an applicable margin, (iii) with respect to loans in Pounds Sterling, the adjusted Daily Simple Sterling Overnight Index Average (“SONIA”) Rate plus an applicable margin and (iv) with respect to loans in Japanese Yen, the adjusted Tokyo Interbank Offered Rate (“TIBOR”) plus an applicable margin. There are no borrowings outstanding under the 2025 Credit Facility.

For additional information on debt outstanding and revolving credit facilities, see Note 15 to the Consolidated Financial Statements.

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ITEM 7 | Liquidity and Capital Resources

DEBT OF CONSOLIDATED INVESTMENT ENTITIES

Our non-financial debt includes debt of consolidated investment entities and such debt does not represent our contractual obligation and is non-recourse to Corebridge. This non-financial debt includes notes and bonds payables supported by cash and investments held by us and certain of our non-insurance subsidiaries for the repayment of those obligations.

(in millions)

Balance at December 31, 2024

Issuances

Maturities

and Repayments

Effect of Foreign Exchange

Other Changes

Balance at December 31, 2025

Debt of consolidated investment entities –

not guaranteed by Corebridge(a)(b)

$

1,938 

$

153 

$

(566)

$

24 

$

(2)

$

1,547 

(a)At December 31, 2025, includes debt of consolidated investment entities related to real estate investments of $409 million and other securitization vehicles of $883 million.

(b)In relation to the debt of consolidated investment entities not guaranteed by Corebridge, creditors or beneficial interest holders of VIEs generally only have recourse to the assets and cash flows of the VIEs and do not have recourse to us.

CREDIT RATINGS

Credit ratings estimate a company’s ability to meet its obligations and may directly affect the cost and availability of financing to that company.

The following table presents the credit ratings of Corebridge Parent as of the date of this filing:

Senior Unsecured Long-Term Debt

Hybrid Junior Subordinated Long-Term Debt

Moody’s(a)

S&P(b)

Fitch(c)

Moody’s(a)

S&P(b)

Fitch(c)

Baa2 (Stable)

BBB+ (Stable)

BBB+ (Stable)

Baa3 (Stable)

BBB- (Stable)

BBB- (Stable)

(a)Moody’s appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories.

(b)S&P ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

(c)Fitch ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

These credit ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies because of changes in, or unavailability of, information or based on other circumstances. Ratings may also be withdrawn at our request.

We are party to some agreements that contain “ratings triggers.” Depending on the ratings maintained by one or more rating agencies, these triggers could result in (i) the termination or limitation of credit availability or a requirement for accelerated repayment, (ii) the termination of business contracts or (iii) a requirement to post collateral for the benefit of counterparties.

In the event of a downgrade of our long-term debt ratings or our insurance subsidiaries’ Insurer Financial Strength (“IFS”) ratings, we would be required to post additional collateral under some derivative and other transactions, or certain of the counterparties of such other of our subsidiaries would be permitted to terminate such transactions early.

The actual amount of collateral that we or certain of our subsidiaries would be required to post to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at the time of the downgrade.

INSURER FINANCIAL STRENGTH RATINGS

IFS ratings estimate an insurance company’s ability to pay its obligations under an insurance policy.

The following table presents the ratings of our primary insurance subsidiaries as of the date of this filing:

A.M. Best

S&P

Fitch

Moody’s

American General Life Insurance Company

A

A+

A+

A2

The Variable Annuity Life Insurance Company

A

A+

A+

A2

The United States Life Insurance Company in the City of New York

A

A+

A+

A2

These IFS ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances.

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ITEM 7 | Liquidity and Capital Resources

OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS

The following tables summarize Off-Balance Sheet Arrangements and Commercial Commitments in total, and by remaining maturity:

December 31, 2025

Amount of Commitment Expiring

(in millions)

Total Amounts

Committed

2026

2027-2028

Thereafter

Commitments:

Investment commitments*

$

4,821 

$

2,456 

$

1,531 

$

834 

Commitments to extend credit

2,431 

1,209 

909 

313 

Total

$

7,252 

$

3,665 

$

2,440 

$

1,147 

*    Includes commitments to invest in private equity funds, hedge funds and other funds and commitments to purchase and develop real estate in the United States and abroad. The commitments to invest in private equity funds, hedge funds and other funds are called at the discretion of each fund, as needed for funding new investments or expenses of the fund. The expiration of these commitments is estimated in the table above based on the expected life cycle of the related fund, consistent with past trends of requirements for funding. Investors under these commitments are primarily insurance and real estate subsidiaries.

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ITEM 7 | Accounting Policies and Pronouncements

Accounting Policies and Pronouncements

CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. On a regular basis, we review estimates and assumptions used in the preparation of financial statements. Actual results may differ from these estimates under different assumptions or conditions. For a detailed discussion of our significant accounting policies and accounting pronouncements, see Note 2 to the Consolidated Financial Statements.

The accounting policies that we believe are most dependent on the application of estimates and assumptions, which are critical accounting estimates, are related to the determination of:

•fair value measurements of certain financial assets and liabilities;

•valuation of MRBs, including ceded MRBs, related to guaranteed benefit features (collectively known as “GMxBs”), of variable annuity, fixed annuity and fixed index annuity products;

•valuation of embedded derivative liabilities for fixed index annuity, registered index-linked annuity and index universal life products;

•valuation of future policy benefit liabilities and recognition of remeasurement gains and losses;

•reinsurance assets, including the allowance for credit losses;

•allowance for credit losses primarily on loans and available-for-sale fixed maturity securities; and

•income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our business, results of operations, financial condition and liquidity could be materially affected.

FAIR VALUE MEASUREMENTS OF CERTAIN FINANCIAL ASSETS AND FINANCIAL LIABILITIES

Assets and liabilities recorded at fair value in the Consolidated Balance Sheets are measured and classified in a hierarchy for disclosure purposes consisting of three levels based on the observability of inputs available in the marketplace used to measure the fair value. We classify fair value measurements for certain assets and liabilities as Level 3 when they require significant unobservable inputs in their valuation. We consider unobservable inputs to be those for which market data is not available. Our assessment of the significance of a particular input to the fair value measurement of an asset or liability requires judgment.

For a discussion of the valuation methodologies for assets and liabilities measured at fair value, and a discussion of transfers of Level 3 assets and liabilities, see Note 4 to the Consolidated Financial Statements.

MARKET RISK BENEFITS

Annuity products within our Individual Retirement, Group Retirement and Corporate and Other segments offer guaranteed benefit features, referred to as GMxBs. These guaranteed features include GMDBs that are payable in the event of death and GMWBs that guarantee lifetime withdrawals regardless of fixed account and separate account value performance. Living benefit features primarily include GMWB.

For additional information on these features, see Note 14 to the Consolidated Financial Statements.

GMxBs are recognized as MRBs and can be assets or liabilities and represent the expected value of benefits in excess of the projected account value. These MRBs also reflect ceded MRBs resulting from reinsurance of certain of our individual variable annuities. The changes in the fair value of MRBs are recognized in the Consolidated Statements of Income (Loss), except for the portion of the fair value change attributable to our own credit risk recognized in OCI. The change in the fair value of ceded MRBs, including the change in our counterparties’ credit risk, is recorded in net income, while the change in our credit risk, is recorded in OCI.

For sensitivity analysis which includes the sensitivity of liabilities for guaranteed benefit features to changes in the assumptions for interest rates, equity returns, volatility, and mortality, see “Guaranteed Benefit Features of Variable Annuity, Fixed Annuity and Fixed Index Annuity Products.”

For additional discussion of market risk management related to these product features, see “Quantitative and Qualitative Disclosures about Market Risk” included herein.

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ITEM 7 | Accounting Policies and Pronouncements

The valuation methodology and assumptions used to measure our GMxBs is presented in the following table:

Fair Value Methodology

Guaranteed minimum benefits on annuity products are MRBs that are required to be measured at fair value with changes recorded in Change in the fair value of market risk benefits, net, except for changes related to the Company’s own credit risk which are recorded in OCI. The change in the fair value of ceded MRBs, including the changes in our counterparties’ credit risk, is recorded in net income, while the change in our credit risk, is recorded in OCI. The fair value of these benefits is based on assumptions that a market participant would use in valuing these MRBs.

The Company applies a non-option-based approach for variable products, and an option-based approach for fixed index and fixed products.

Under the non-option-based approach, a portion of actual fees (i.e., attributed fees) is determined such that the present value of expected benefits less attributed fees is zero at issue unless the fees in the contract are insufficient to fund the benefits. This calculated ratio is locked in and utilized in each policy valuation going forward and results in an MRB value of zero at policy issue. We also apply the non-option approach for our ceded MRBs, however the ceded MRBs will not equal our direct MRBs as the calculation and determination of attributed fees occurs at different points in time.

Under the option-based approach, the MRB value at issue represents the present value of expected benefits after account value exhaustion. There is no calculated attributed fee ratio under this approach; as such, the calculated MRB liability at inception requires an equal and offsetting adjustment to the underlying host contract. Consistent with the non-option-based approach, this results in no gains or losses recognized upon policy issuance.

The fair value of the MRBs, which are Level 3 assets and liabilities, is based on a risk-neutral framework and incorporates policyholder behavior and capital market assumptions related to projected cash flows over the expected lives of the contracts.

For additional information on how we value for MRBs, see Note 14 to the Consolidated Financial Statements, and for information on fair value measurement of these MRBs, including how we incorporate our own non-performance risk, see Note 4 to the Consolidated Financial Statements.

Key Assumptions

Key assumptions include:

•    policyholder behavior, including lapses, withdrawals, benefit utilization and mortality use best estimate assumptions based primarily on our historical experience;

•    interest rates; • equity market returns;

•    market volatility;

•    credit spreads;

•    equity / interest rate correlation; and

•    in applying asset growth assumptions for the valuation of MRBs, we use market-consistent assumptions calibrated to observable interest rate and equity option prices.

For the fixed index annuity GMxB liability, policyholder funds are projected assuming growth equal to current option values for the current crediting period followed by option budgets for all subsequent crediting periods. Policyholder fund growth projected assuming credited rates are expected to be maintained at a target pricing spread, subject to guaranteed minimums.

VALUATION OF EMBEDDED DERIVATIVES FOR FIXED INDEX ANNUITY, REGISTERED INDEX-LINKED ANNUITY AND INDEX UNIVERSAL LIFE PRODUCTS

Fixed index annuity and registered index-linked annuity contracts contain index interest credits which are accounted for as embedded derivatives and our index universal life products also contain embedded derivatives. In contrast to fixed index annuity contracts, registered index-linked annuity contract owners also accept limited exposure to negative index interest credits in return for higher potential positive index credits. Policyholders may elect to rebalance among the various crediting strategies within the product at specified renewal dates. At the end of each index term, we generally have the opportunity to re-price the index component by establishing different participation rates or caps on index credited rates. The index-linked interest credited features of these products results in the recognition of an embedded derivative that is required to be bifurcated from the host contract and carried at fair value with changes in the fair value of the liabilities recorded in Net realized gains (losses). Option pricing models are used to estimate fair value, taking into account assumptions for future index growth rates, volatility of the index, future interest rates, and our ability to adjust the participation rates and caps on index-linked interest credited features.

For additional discussion of market risk management related to these product features, see “Quantitative and Qualitative Disclosures about Market Risk” included herein.

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ITEM 7 | Accounting Policies and Pronouncements

The following table summarizes the sensitivity of changes in certain assumptions for MRBs, Liability for future policyholder benefits, net of reinsurance and embedded derivatives related to index-linked interest credited features, measured as the related hypothetical impact for the December 31, 2025 balances and the resulting hypothetical impact on pre-tax income and OCI, before hedging:

Increase (Decrease) due to changes in MRBs, Liability for future policyholder benefits, and Embedded derivatives related to index-linked interest credited features

December 31, 2025

Pre-Tax Income

OCI

(in millions)

Assumptions:

Equity Return(a)

Effect of an increase by 20%

$

(1,846)

$

120 

Effect of a decrease by 20%

$

2,397 

$

(114)

Interest Rate(b)

Effect of an increase by 1%

$

1,690 

$

3,474 

Effect of a decrease by 1%

$

(2,261)

$

(4,245)

(a)Represents the net impact of a 20% increase or decrease in the S&P 500 index.

(b)Represents the net impact of a 1% parallel shift in the yield curve.

The sensitivities of 20% and 1% are included for illustrative purposes only and do not reflect the changes in net investment spreads, equity return, volatility, interest rate, mortality or lapse used by us in our fair value analyses to value other applicable liabilities. Changes different from those illustrated may occur in any period and by different products.

The change in pre-tax income due to variances in equity returns or interest rates reflects the impact to MRBs using the at-issue NPA and the change in embedded derivatives related to index-linked interest credit features. The change in OCI due to equity returns solely reflects the impact on MRBs due to changes in the NPA, while the change in OCI due to interest rates also reflects the impact to the Liability for future policyholder benefits, net of reinsurance.

The analysis of MRBs and embedded derivatives is a dynamic process that considers all relevant factors and assumptions described above. We estimate each of the above factors individually, without incorporating the effect of any other key assumption. An assessment of sensitivity associated with changes in any single assumption would not necessarily be an indicator of future results. The effects on pre-tax income in the sensitivity analysis table above do not reflect the related effects from our economic hedging program, which utilizes derivative and other financial instruments and is designed so that changes in value of those instruments move in the opposite direction of changes in the guaranteed benefit MRBs and embedded derivative liabilities.

For a further discussion on guaranteed benefit product features and the related hedging program, see “Quantitative and Qualitative Disclosures about Market Risk” included herein and Notes 4, 9, 13 and 14 to the Consolidated Financial Statements.

FUTURE POLICY BENEFITS FOR LIFE, ACCIDENT AND HEALTH INSURANCE CONTRACTS

Long-duration traditional products: primarily include whole life insurance, term life insurance, and certain payout annuities for which the payment period is life-contingent, which include certain of our single premium immediate annuities, including PRT business and structured settlements. In addition, these products also include accident and health, and long-term care (“LTC”) insurance. The LTC block is in run-off and has been fully reinsured with Fortitude Re.

Updating Net Premium Ratio (“NPR”) - Remeasurement gains and losses: Generally, future policy benefits are payable over an extended period of time and related liabilities are calculated as the present value of future benefits less the present value of future net premiums (portion of the gross premium required to provide for all benefits and expenses). The assumptions used to calculate the benefit liabilities are initially set when a policy is issued and an NPR is established. Benefit liabilities are subsequently remeasured periodically to reflect changes in policy assumptions and actual versus expected experience and are recognized as remeasurement gains and losses, a component of policyholder benefits. The assumptions include mortality, morbidity and persistency. These assumptions are typically consistent with pricing inputs at policy issuance. Liabilities are accreted using an upper-medium grade (low credit risk) fixed income instrument yield that is locked-in at policy issuance. The liabilities are remeasured at the balance sheet date using a current upper-medium grade yield with changes in the liabilities reported in OCI.

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ITEM 7 | Accounting Policies and Pronouncements

For universal life policies with secondary guarantees: We recognize certain liabilities in addition to policyholder account balances. For universal life policies with secondary guarantees, as well as other universal life policies for which profits followed by losses are expected at contract inception, a liability is recognized based on a benefit ratio of (a) the present value of total expected payments, in excess of the account value, over the life of the contract, divided by (b) the present value of total expected assessments over the life of the contract. Universal life account balances are reported in Policyholder contract deposits, while these additional liabilities related to universal life products are reported within Future policy benefits in the Consolidated Balance Sheets. These additional liabilities are also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available-for-sale on accumulated assessments, with related changes recognized through OCI. The policyholder behavior assumptions for these liabilities include mortality, lapses and premium persistency. The capital market assumptions used for the liability for universal life secondary guarantees include discount rates and net earned rates.

REINSURANCE RECOVERABLE

The estimation of reinsurance recoverable involves a significant amount of judgment. Reinsurance assets include reinsurance recoverables on future policy benefits and policyholder contract deposits that are estimated as part of our insurance liability valuation process and, consequently, are subject to significant judgments and uncertainties.

We assess the collectability of reinsurance recoverable balances on a regular basis, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectable reinsurance that reduces the carrying amount of reinsurance. This estimate requires significant judgment for which key considerations include:

•paid and unpaid amounts recoverable;

•whether the balance is in dispute or subject to legal collection;

•the relative financial health of the reinsurer as determined by the Obligor Risk Ratings (“ORRs”) we assign to each reinsurer based upon our financial reviews; reinsurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that are expected to generate significant allowance; and

•whether collateral and collateral arrangements exist.

An estimate of the reinsurance recoverables’ lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR rating. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies.

At December 31, 2025 and December 31, 2024, the allowance for credit losses and disputes on reinsurance recoverable was $6 million and $12 million, respectively, or less than 1% of the reinsurance recoverable.

Fortitude Re

AGL and USL have modco reinsurance agreements with Fortitude Re a registered Class 4 and Class E reinsurer in Bermuda. In modco reinsurance agreements, the investments supporting the reinsurance agreements and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AGL, USL) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as we maintain ownership of these investments, we intend to maintain our existing accounting for these assets (e.g., the changes in fair value of available-for-sale securities will be recognized within OCI). We have established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing liabilities for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through Net realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.

For additional information on reinsurance, see Note 7 to the Consolidated Financial Statements.

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ITEM 7 | Accounting Policies and Pronouncements

ALLOWANCE FOR CREDIT LOSSES

Allowance for Credit Losses

Available-for-sale securities

If we intend to sell a fixed maturity security, or it is more likely than not that we will be required to sell a fixed maturity security, before recovery of its amortized cost basis and the fair value of the security is below amortized cost, an impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to realized losses. No allowance is established in these situations and any previously recorded allowance is reversed. When assessing our intent to sell a fixed maturity security, or whether it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis, management evaluates relevant facts and circumstances including, but not limited to, decisions to reposition our investment portfolio, sales of securities to meet cash flow needs and sales of securities to take advantage of favorable pricing.

For fixed maturity securities for which a decline in the fair value below the amortized cost is due to credit related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to realized losses. The allowance for credit losses is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit related factors is presented in unrealized appreciation (depreciation) of fixed maturity securities on which an allowance for credit losses was previously recognized (a separate component of AOCI). Accrued interest is excluded from the measurement of the allowance for credit losses.

Commercial and residential mortgage loans

At the time of origination or purchase, an allowance for credit losses is established for mortgage and other loan receivables and is updated each reporting period. Changes in the allowance for credit losses are recorded in realized gains (losses).

This allowance reflects the risk of loss, even when that risk is remote, and reflects losses expected over the remaining contractual life of the loan. The allowance for credit losses considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions. We revert to historical information when we determine that we can no longer reliably forecast future economic assumptions.

The allowances for the commercial mortgage loans and residential mortgage loans in our portfolio are estimated utilizing a probability of default and loss given default outputs from portfolio modeling. Loss rate factors are determined based on historical data, current loan and property performance and forecasted information. The loss rates are applied based on individual loan attributes and considering such data points as loan-to-value ratios, FICO scores, and debt service coverage.

The estimate of credit losses also reflects management’s assumptions on certain macro real estate factors that include, but are not limited to, real estate values and expected rental values plus certain macroeconomic forecasts such as employment, inflation and interest rates.

For additional information on the methodology and significant inputs, by investment type, that we use to determine the amount of impairment and allowances for loan losses, see Notes 5 and 6 to the Consolidated Financial Statements.

INCOME TAXES

Deferred income taxes represent the tax effect of differences between the amounts recorded in our Consolidated Financial Statements and the tax basis of assets and liabilities. Our assessment of net deferred income taxes represents management’s best estimate of the tax consequences of various events and transactions, which can themselves be based on other accounting estimates, resulting in incremental uncertainty in the estimation process.

Recoverability of Net Deferred Tax Asset

The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed.

We consider a number of factors to reliably estimate future taxable income so we can determine the extent of our ability to realize net operating losses, foreign tax credits, realized capital loss and other carryforwards. These factors include forecasts of future income for each of our businesses, which incorporate forecasts of future statutory income for our insurance companies, and actual and planned business and operational changes, both of which include assumptions about future macroeconomic and our specific conditions and events.

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ITEM 7 | Accounting Policies and Pronouncements

Recent events, including multiple changes in target interest rates by the Board of Governors of the Federal Reserve System and significant market volatility, continued to impact actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future macro-economic and our specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies.

For a discussion of our framework for assessing the recoverability of our deferred tax asset, see Note 22 to the Consolidated Financial Statements.

Uncertain Tax Positions

Our accounting for income taxes, including uncertain tax positions, represents management’s best estimate of various events and transactions, and requires judgment. Accounting Standards Codification, 740, “Income Taxes” prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of an income tax position taken or expected to be taken in a tax return. The standard also provides guidance on derecognition, classification, interest and penalties and additional disclosures. We determine whether it is more likely than not that a tax position will be sustained, based on technical merits, upon examination by the relevant taxing authorities before any part of the benefit can be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50% likely to be realized upon settlement.

We classify interest expense and penalties recognized on income taxes as a component of income taxes.

For an additional discussion, see Note 22 to the Consolidated Financial Statements.

ADOPTION OF ACCOUNTING PRONOUNCEMENTS

See Note 2 to the Consolidated Financial Statements for a complete discussion of adoption of accounting pronouncements.

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ITEM 7 | Glossary

Glossary

AIG Consolidated Tax Group — the U.S. federal income tax group of which AIG is the common parent.

Deferred policy acquisition costs — deferred costs that are incremental and directly related to the successful acquisition of new business or renewal of existing business.

Deferred sales inducement — represents enhanced crediting rates or bonus payments to contract holders on certain annuity and investment contract products that meet the criteria to be deferred and amortized over the life of the contract.

Fee income — is defined as policy fees plus advisory fees plus other fee income. For our Institutional Markets segment, its SVW products generate fee income.

Financial debt — represents the sum of short-term debt and long-term debt, net of debt issuance costs, not including (a) debt of consolidated investment entities — not guaranteed by Corebridge; (b) investment contracts supported by assets and issued for purposes of earning spread income, such as GICs and FABNs; and (c) operating debt utilized to fund daily operations.

Guaranteed investment contract — a contract whereby the issuer provides a guaranteed repayment of principal and a fixed or floating interest rate for a predetermined period of time.

Guaranteed minimum death benefit — a benefit that guarantees the annuity beneficiary will receive a certain value upon death of the annuitant. The GMDB feature may provide a death benefit of either (a) total deposits made to the contract, less any partial withdrawals plus a minimum return (and in rare instances, no minimum return); (b) return of premium whereby the benefit is the greater of the current account value or premiums paid less any partial withdrawals; (c) rollups whereby the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified rates up to specified ages; or (d) the highest contract value attained, typically on any anniversary date less any subsequent withdrawals following the contract anniversary.

Guaranteed minimum withdrawal benefit — a type of living benefit that guarantees that withdrawals from the contract may be taken up to a contractually guaranteed amount, even if the account value subsequently falls to zero, provided that during each contract year total withdrawals do not exceed an annual withdrawal amount specified in the contract. Once the account value is depleted under the conditions of the GMWB, the policy continues to provide a protected income payment.

ISDA Master Agreement — an agreement between two counterparties, which may have multiple derivative transactions with each other governed by such agreement, that generally provides for the net settlement of all or a specified group of these derivative transactions, as well as pledged collateral, through a single payment, in a single currency, in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions.

Loan-to-value ratio — unpaid principal balance of loan divided by the estimated fair value of collateral securing the loan.

Market risk benefit — is an amount that a policyholder would receive in addition to the account balance upon the occurrence of a specific event or circumstance, such as death, annuitization, or periodic withdrawal that involves protection from other-than-nominal capital market risk.

Master netting agreement — an agreement between two counterparties who have multiple derivative contracts with each other that provides for the net settlement of all contracts covered by such agreement, as well as pledged collateral, through a single payment, in a single currency, in the event of default on or upon termination of any one such contract.

Non-performance Risk Adjustment — adjusts the valuation of derivatives and MRBs to account for non-performance risk in the fair value measurement of all MRBs and derivative net liability positions.

Noncontrolling interests — the portion of equity ownership in a consolidated subsidiary not attributable to the controlling parent company.

Policy fees — an amount added to a policy premium, or deducted from a policy cash value or contract holder account, to reflect the cost of issuing a policy, establishing the required records and sending premium notices and other related expenses.

Reinsurance — the practice whereby one insurer, the reinsurer, in consideration of a premium paid to that insurer, agrees to indemnify another insurer, the ceding company, for part or all of the liability of the ceding company under one or more policies or contracts of insurance which it has issued.

Risk-based capital — a formula designed to measure the adequacy of an insurer’s statutory surplus compared to the risks inherent in its business.

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ITEM 7 | Glossary

Spread income — is defined as net investment income less interest credited to policyholder account balances, exclusive of amortization of deferred sales inducement assets. Spread income is comprised of both base spread income and variable investment income. For our Institutional Markets segment, its structured settlements, PRT and GIC products generate spread income, which includes premiums, net investment income, less interest credited and policyholder benefits and excludes the annual assumption update.

Surrender charge — a charge levied against an investor for the early withdrawal of funds from a life insurance or annuity contract, or for the cancellation of the agreement.

Surrender rate — represents annualized surrenders and withdrawals as a percentage of average reserves and Group Retirement mutual fund assets under administration.

Underwriting margin — for our Life Insurance segment includes premiums, policy fees, other income, net investment income, less interest credited to policyholder account balances and policyholder benefits and excludes the annual assumption update. For our Institutional Markets segment, its Corporate Markets products generate underwriting margin, which includes premiums, net investment income, policy and advisory fee income, less interest credited and policyholder benefits and excludes the annual assumption update.

Value of business acquired — present value of projected future gross profits from in-force policies of acquired businesses.

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ITEM 7 | Certain Important Terms

Certain Important Terms

We use the following capitalized terms in this report

“AGC” means AGC Life Insurance Company, a Missouri insurance company;

“AGC Group” means AGC and its directly owned life insurance subsidiaries;

“AGL” means American General Life Insurance Company, a Texas insurance company;

“AIG” means AIG, Inc. and its subsidiaries;

“BlackRock” means BlackRock Financial Management, Inc.;

“Blackstone” means Blackstone ISG-I Advisors L.L.C. or any affiliates thereof;

“Board of Directors” means the Corebridge Financial, Inc. Board of Directors;

“Corebridge”, “we”, “us”, “our” or the “Company” means Corebridge and its subsidiaries, unless the context refers to Corebridge Parent;

“Corebridge Direct” means Corebridge Direct Insurance Services, Inc.;

“Corebridge Parent” means Corebridge Financial, Inc., a Delaware corporation;

“CRBG Bermuda” means Corebridge Insurance Company of Bermuda, Ltd., a Bermuda insurance company;

“CRBGLH” means Corebridge Life Holdings, Inc., a Texas corporation;

“Fortitude Re” means Fortitude Reinsurance Company Ltd., a Bermuda insurance company;

“Fortitude Re Bermuda” means FGH Parent, L.P., a Bermuda exempted limited partnership and the indirect parent of Fortitude Re;

“Life Fleet” means AGL, USL and VALIC;

“NYSE” means the New York Stock Exchange;

“SAFG Capital” means SAFG Capital LLC, a Delaware corporation;

“USL” means The United States Life Insurance Company in the City of New York, a New York insurance company; and

“VALIC” means The Variable Annuity Life Insurance Company, a Texas insurance company.

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ITEM 7 | Acronyms

Acronyms

•“AATOI” — adjusted after-tax operating income attributable to our common stockholders;

•“ABS” — asset-backed securities;

•“APTOI” — adjusted pre-tax operating income;

•“AOCI” — accumulated other comprehensive income (loss);

•“AUA” — assets under administration;

•“AUM” — assets under management;

•“AUMA” — assets under management and administration;

•“BMA” — Bermuda Monetary Authority;

•“CDO” — collateralized debt obligations;

•“CDS” — credit default swap;

•“CLO” — collateralized loan obligations;

•“CMBS” — commercial mortgage-backed securities;

•“DAC” — deferred policy acquisition costs;

•“DSI” — deferred sales inducement;

•“FABN”— funding agreement-backed notes;

•“FASB” — the Financial Accounting Standards Board;

•“GAAP” — accounting principles generally accepted in the United States of America;

•“GIC” — guaranteed investment contract;

•“GMDB” — guaranteed minimum death benefits;

•“GMWB” — guaranteed minimum withdrawal benefits;

•“ISDA” — the International Swaps and Derivatives Association, Inc.;

•“MBS” — mortgage-backed securities;

•“MRB” — market risk benefits;

•“NAIC” — National Association of Insurance Commissioners;

•“NPA” — Non-performance risk adjustment;

•“NPR” — Net premium ratio;

•“OCI” — other comprehensive income;

•“PRT” — pension risk transfer;

•“RBC” — Risk-Based Capital;

•“RMBS” — residential mortgage-backed securities;

•“S&P” — Standard & Poor’s Financial Services LLC;

•“SEC” — the U.S. Securities and Exchange Commission;

•“SVW” — stable value wrap;

•“URR” — unearned revenue reserve;

•“VIE” — variable interest entity;

•“VIX” — volatility index; and

•“VOBA” — value of business acquired.

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