crbg-20260331

0001889539-26-000116.txt : 20260506 0001889539-26-000116.hdr.sgml : 20260506 20260506105355 ACCESSION NUMBER: 0001889539-26-000116 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 135 CONFORMED PERIOD OF REPORT: 20260331 FILED AS OF DATE: 20260506 DATE AS OF CHANGE: 20260506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Corebridge Financial, Inc. CENTRAL INDEX KEY: 0001889539 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] ORGANIZATION NAME: 02 Finance EIN: 954715639 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-41504 FILM NUMBER: 26946510 BUSINESS ADDRESS: STREET 1: 2919 ALLEN PARKWAY STREET 2: WOODSON TOWER CITY: HOUSTON STATE: TX ZIP: 77019 BUSINESS PHONE: 1-877-375-2422 MAIL ADDRESS: STREET 1: 2919 ALLEN PARKWAY STREET 2: WOODSON TOWER CITY: HOUSTON STATE: TX ZIP: 77019 FORMER COMPANY: FORMER CONFORMED NAME: SAFG Retirement Services, Inc. DATE OF NAME CHANGE: 20211020 10-Q 1 crbg-20260331.htm 10-Q crbg-20260331

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-41504

Corebridge Financial, Inc.

(Exact name of registrant as specified in its charter)


Delaware			95-4715639
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

2919 Allen Parkway, Woodson Tower, Houston, Texas			77019
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: 1-877-375-2422

____________________

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, Par Value $0.01 Per Share	CRBG	New York Stock Exchange
6.375% Junior Subordinated Notes	CRBD	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 1, 2026, there were 456,733,121 shares outstanding of the registrant’s common stock.

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COREBRIDGE FINANCIAL, INC.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026

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FORM 10-Q

























































			Page
Part I - Financial Information
ITEM 1	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets at March 31, 2026 and December 31, 2025		6
	Condensed Consolidated Statements of Income (Loss) for the three months ended March 31, 2026 and 2025		7
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025		8
	Condensed Consolidated Statements of Equity for the three months ended March 31, 2026 and 2025		9
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025		10
	Notes to Condensed Consolidated Financial Statements (Unaudited)
	NOTE 1.	Overview and Basis of Presentation	12
	NOTE 2.	Summary of Significant Accounting Policies	12
	NOTE 3.	Segment Information	12
	NOTE 4.	Fair Value Measurements	15
	NOTE 5.	Investments	28
	NOTE 6.	Lending Activities	34
	NOTE 7.	Reinsurance	37
	NOTE 8.	Variable Interest Entities	39
	NOTE 9.	Derivatives and Hedge Accounting	41
	NOTE 10.	Deferred Policy Acquisition Costs	45
	NOTE 11.	Separate Account Assets and Liabilities	47
	NOTE 12.	Future Policy Benefits	48
	NOTE 13.	Policyholder Contract Deposits and Other Policyholder Funds	53
	NOTE 14.	Market Risk Benefits	56

	NOTE 15.	Contingencies, Commitments and Guarantees	58
	NOTE 16.	Equity	61
	NOTE 17.	Earnings Per Common Share	64
	NOTE 18.	Income Taxes	64
	NOTE 19.	Related Parties	66


ITEM 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations		67












ITEM 3	Quantitative and Qualitative Disclosures About Market Risk		121
ITEM 4	Controls and Procedures		121
Part II – Other Information
ITEM 1	Legal Proceedings		122
ITEM 1A	Risk Factors		122
ITEM 2	Unregistered Sales of Equity Securities and Use of Proceeds		124
ITEM 5	Other Information		124
ITEM 6	Exhibits		125
Signatures			126

Corebridge | First Quarter 2026 Form 10-Q 2

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Cautionary Statement Regarding Forward-Looking Information

This Quarterly Report on Form 10-Q (“Quarterly Report”) includes statements, which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements, and any related oral statements, can be identified by the use of terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “projects,” “forecasts,” “intends,” “targets,” “plans,” “assumes,” “enable,” “estimates,” “anticipates,” “goals,” “guidance,” “formidable,” “preliminary,” “objective,” “continue,” “drive,” “improve,” “superior,” “robust,” “positioned,” “resilient,” “vision,” “potential,” “immediate,” “on track,” “progress”, “is optimistic,” and similar expressions or the negative of those expressions or verbs. We caution you that forward-looking statements are not guarantees of future performance or outcomes. Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, which may by their nature be inherently uncertain, and some of which may be outside our control. These statements appear in a number of places throughout this Quarterly Report and include, but are not limited to, statements regarding our intentions, beliefs, assumptions or current plans and expectations concerning, among other things, financial position and future financial condition; results of operations; expected operating and non-operating relationships; ability to meet debt service obligations and financing plans; statements about the potential repurchases of shares of common stock; product sales; distribution channels; retention of business; investment yields and spreads; investment portfolio and ability to manage asset-liability cash flows; financial goals and targets; prospects; growth strategies or expectations; laws and regulations; customer retention; the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class action litigation; geopolitical events; and the impact of prevailing capital markets and economic conditions.

This Quarterly Report also includes forward-looking statements about the expected timing and completion of the proposed transaction between the Company and Equitable Holdings, Inc. (“Equitable Holdings”) (the “Proposed Transaction”), the anticipated benefits of the Proposed Transaction, including estimated synergies and projected cost savings, and plans and expectations for the Company, Equitable Holdings or their new parent company after completion of the Proposed Transaction.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Key factors include, among others, the ability to repurchase shares (if the Company decides to do so) within the expected timing or at all; the ability to complete the Proposed Transaction on the timeframe or on the terms currently anticipated or at all, including due to a failure to obtain requisite stockholder, stock exchange, regulatory, governmental or other approvals; risks related to difficulties, inabilities or delays in integrating the parties’ businesses; the ability to realize the anticipated benefits of the Proposed Transaction, including estimated run-rate expense synergies and projected cost savings at the times, and to the extent, anticipated, as well as expected operating earnings and cashflow generation; the occurrence of any event, change or other circumstance that could give rise to the right of either or both parties to terminate the merger agreement; the potential impact of the announcement or consummation of the Proposed Transaction on the Company or Equitable Holdings’ stock price and on their respective business, contractual and operational relationships (including with regulatory bodies, employees, suppliers, clients and competitors); risks related to business disruptions from the Proposed Transaction that may harm the business or current plans and operations of either or both parties, including diversion of management time from ongoing business operations; the risk that the Proposed Transaction and its announcement could have an adverse effect on the ability of either or both parties to hire and retain key personnel; the parties’ ability to raise debt on favorable terms or at all; the outcome of any legal proceedings that may be instituted against the Company, Equitable Holdings, their new parent company or their respective directors; restrictions on the conduct of the Company and Equitable Holdings’ respective businesses prior to the closing of the Proposed Transaction and on each of their ability to pursue alternatives to the Proposed Transaction; the possibility that the Proposed Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, or unforeseen or unknown liabilities; the deterioration of economic conditions; geopolitical tensions; the potential impact of a downgrade in the Company or Equitable Holdings’ Insurer Financial Strength ratings or credit ratings or of the new parent company of the Company and Equitable Holdings following completion of the Proposed Transaction; other factors that may affect future results of the Company and Equitable Holdings; and management’s response to any of the aforementioned factors.

Any forward-looking statements included herein are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected or implied in such forward-looking statements, including, among others, risks related to:

•changes in interest rates and changes to credit spreads;

•the deterioration of economic conditions, an economic slowdown or recession, changes in market conditions, weakening in capital markets, volatility in equity markets, inflationary pressures, the rise of pressures on the commercial real estate market, and geopolitical tensions;

•the unpredictability of the amount and timing of insurance liability claims;

•unavailable, uneconomical or inadequate reinsurance or recaptures of reinsured liabilities;

Corebridge | First Quarter 2026 Form 10-Q 3

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•uncertainty and unpredictability related to our reinsurance agreements and the reinsurers’ performance of their obligations under these agreements;

•our limited ability to access funds from our subsidiaries;

•our ability to incur indebtedness, our potential inability to refinance all or a portion of our indebtedness or our ability to obtain additional financing on favorable terms or at all;

•our ability to maintain sufficient eligible collateral to support business and funding strategies requiring collateralization;

•our inability to generate cash to meet our needs due to the illiquidity of some of our investments;

•the inaccuracy of the methodologies, estimations and assumptions underlying our valuation of investments and derivatives;

•a downgrade in our Insurer Financial Strength (“IFS”) ratings or credit ratings;

•exposure to credit risk due to non-performance or defaults by our counterparties or our use of derivative instruments to hedge market risks associated with our liabilities;

•our ability to adequately assess risks and estimate losses related to the pricing of our products;

•the failure of third parties that we rely upon to provide and adequately perform certain business, operations, investment advisory, functional support and administrative services on our behalf;

•the impact of risks associated with our arrangement with Blackstone ISG-I Advisors LLC or any affiliates thereof (“Blackstone”), BlackRock Financial Management, Inc. (“BlackRock”) or any other asset manager we retain, including their historical performance not being indicative of the future results of our investment portfolio and the exclusivity of certain arrangements with Blackstone;

•our inability to maintain the availability of critical technology systems and the confidentiality, integrity and availability of our data, including challenges associated with a variety of privacy and information security laws;

•scrutiny and evolving expectations from investors, regulators, customers and other stakeholders regarding environmental, social and governance matters;

•the ineffectiveness of our risk management policies and procedures;

•significant legal, governmental or regulatory proceedings;

•business or asset acquisitions and dispositions that may expose us to certain risks;

•our ability to protect our intellectual property;

•our ability to operate efficiently and compete effectively in a heavily regulated industry in light of new domestic or international laws and regulations or new interpretations of current laws and regulations;

•impact on sales of our products and taxation of our operations due to changes in U.S. federal income or other tax laws or the interpretation of tax laws;

•differences between actual experience and the estimates used in the preparation of financial statements and modeled results used in various areas of our business;

•our inability to attract and retain key employees and highly skilled people needed to support our business;

•our relationships with Nippon Life Insurance Company, a mutual company organized under the laws of Japan (“Nippon”) and Blackstone and conflicts of interests arising due to such relationships;

•the indemnification obligations we have to AIG;

•potentially higher U.S. federal income taxes due to our inability to file a single U.S. consolidated federal income tax return for five years following our initial public offering (“IPO”) and our separation from AIG causing an “ownership change” for U.S. federal income tax purposes caused by our separation from AIG;

•risks associated with the Tax Matters Agreement with AIG and our potential liability for U.S. income taxes of the entire AIG Consolidated Tax Group for all taxable years or portions thereof in which we (or our subsidiaries) were members of such group;

•the risk that anti-takeover provisions could discourage, delay, or prevent our change in control, even if the change in control would be beneficial to our shareholders; and

•other factors discussed in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025, as well as our Quarterly Reports on Form 10-Q.

Corebridge | First Quarter 2026 Form 10-Q 4

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The foregoing list of factors is not exhaustive. You should carefully consider these factors and the other risks and uncertainties described in the “Risk Factors” section of the new parent company’s Registration Statement on Form S-4 and other documents filed or furnished by the Company and Equitable Holdings from time to time with the Securities and Exchange Commission (the “SEC”), including their Annual Reports on Form 10-K for the year ended December 31, 2025. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. If any of these risks materialize or our assumptions prove incorrect, actual events and results could differ materially from those contained in the forward-looking statements. There may be additional risks that neither the Company nor Equitable Holdings presently know or that the Company and Equitable Holdings currently believe are immaterial that could also cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company and Equitable Holdings’ expectations, plans or forecasts of future events and views as of the date of this Quarterly Report. The Company and Equitable Holdings anticipate that subsequent events and developments will cause the Company and Equitable Holdings’ assessments to change. While the Company and Equitable Holdings may elect to update these forward-looking statements at some point in the future, the Company and Equitable Holdings specifically disclaim any obligation to do so, unless required by applicable law. Neither the Company nor Equitable Holdings gives any assurance that the Company, Equitable Holdings or their new parent company will achieve the results or other matters set forth in the forward-looking statements.

Corporate Information

We encourage investors and others to frequently visit our website (www.corebridgefinancial.com), including our Investor Relations web pages (investors.corebridgefinancial.com). We announce significant financial and other information to our investors and the public on the Investor Relations web pages, as well as in U.S. Securities and Exchange Commission (“SEC”) filings, in news releases, public conference calls and webcasts, fact sheets and other documents and media. The information found on our website is not incorporated by reference into this Quarterly Report or in any other report or document we submit to the SEC, and any references to our website are intended to be inactive textual references only.

Corebridge | First Quarter 2026 Form 10-Q 5

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Part I – Financial Information

Item 1. | Financial Statements

Corebridge Financial, Inc.

Condensed Consolidated Balance Sheets (unaudited)


(in millions, except for share data)	March 31, 2026		December 31, 2025
Assets:
Investments:
Fixed maturity securities:
Bonds available-for-sale, at fair value, net of allowance for credit losses of $168 in 2026 and $130 in 2025 (amortized cost: 2026 - $204,752; 2025 - $203,848)*	$	187,673	$	189,381
Other bond securities, at fair value (See Note 5)*	5,386		5,407
Equity securities, at fair value (See Note 5)*	1,157		79
Mortgage and other loans receivable, net of allowance for credit losses of $753 in 2026 and $727 in 2025*	54,353		54,481
Other invested assets (portion measured at fair value: 2026 - $8,218; 2025 - $8,106)*	10,350		10,235
Short-term investments, including restricted cash of $3 in 2026 and $4 in 2025 (portion measured at fair value: 2026 - $1,714; 2025 - $1,624)*	4,728		5,675
Total investments	263,647		265,258
Cash*	373		447
Accrued investment income*	2,437		2,379
Premiums and other receivables, net of allowance for credit losses and disputes of $1 in 2026 and $1 in 2025	534		648
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes of $0 in 2026 and $0 in 2025	23,686		24,139
Reinsurance assets - other, net of allowance for credit losses and disputes of $6 in 2026 and $6 in 2025	1,972		1,912
Current and deferred income taxes	7,457		7,467
Deferred policy acquisition costs and value of business acquired	8,785		8,885
Market risk benefit assets, at fair value	2,628		2,392
Other assets, including restricted cash of $2 in 2026 and $2 in 2025 (portion measured at fair value: 2026 - $918; 2025 - $441)*	5,021		4,435
Separate account assets, at fair value	90,520		95,585
Total assets	$	407,060	$	413,547
Liabilities:
Future policy benefits for life and accident and health insurance contracts	$	59,204	$	60,971
Policyholder contract deposits (portion measured at fair value: 2026 - $11,717; 2025 - $12,156)	190,076		188,876
Market risk benefit liabilities, at fair value	7,333		7,309
Other policyholder funds	2,973		2,959
Fortitude Re funds withheld payable (portion measured at fair value: 2026 - $3,663; 2025 - $3,795)	23,098		23,648
Other liabilities (portion measured at fair value: 2026 - $125; 2025 - $322)*	11,391		9,333
Long-term debt	9,361		9,359
Debt of consolidated investment entities*	1,563		1,547
Separate account liabilities	90,520		95,585
Total liabilities	$	395,519	$	399,587
Contingencies, commitments and guarantees (See Note 15)



Corebridge Shareholders' equity:
Preferred stock and additional paid-in capital, $1 par value and $1,000 liquidation preference	$	493	$	493
Common stock, $0.01 par value; 2,500,000,000 shares authorized; shares issued: 2026 - 650,189,849 and 2025 - 650,189,849	7		7
Treasury stock, at cost; 2026 - 193,462,583 shares and 2025 - 153,816,103 shares	(5,606)		(4,382)
Additional paid-in capital	8,135		8,162
Retained earnings	18,204		18,373
Accumulated other comprehensive loss	(10,428)		(9,452)
Total Corebridge Shareholders' equity	10,805		13,201
Non-redeemable noncontrolling interests	736		759
Total equity	$	11,541	$	13,960
Total liabilities and equity	$	407,060	$	413,547

*See Note 8 for details of balances associated with variable interest entities.

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).

Corebridge | First Quarter 2026 Form 10-Q 6

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Corebridge Financial, Inc.

Condensed Consolidated Statements of Income (Loss) (unaudited)


	Three Months Ended March 31,
(in millions, except per common share data)		2026		2025
Revenues:
Premiums		$	387	$	871
Policy fees		610		720
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets		2,937		2,858
Net investment income - Fortitude Re funds withheld assets		260		331
Total net investment income		3,197		3,189
Net realized losses:
Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative		(329)		(822)
Net realized gains (losses) on Fortitude Re funds withheld assets		(21)		4
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative		14		(596)
Total net realized losses		(336)		(1,414)
Advisory fee income		83		125
Other income		23		81
Total revenues		3,964		3,572
Benefits and expenses:
Policyholder benefits (includes remeasurement losses of $77 and $146 for the three months ended March 31, 2026 and 2025, respectively)		974		1,457
Change in the fair value of market risk benefits, net		378		385
Interest credited to policyholder account balances		1,525		1,417
Amortization of deferred policy acquisition costs and value of business acquired		245		275
Non-deferrable insurance commissions		104		156
Advisory fee expenses		44		70
General operating expenses		468		526
Interest expense		131		148

Net (gain) on divestitures		(2)		—

Total benefits and expenses		3,867		4,434
Income (loss) before income tax expense (benefit)		97		(862)



Income tax expense (benefit)		158		(205)
Net loss		(61)		(657)
Less: Net income (loss) attributable to noncontrolling interests		(8)		7
Net loss attributable to Corebridge		$	(53)	$	(664)
Less: Preferred stock dividends		—		—
Net loss available to Corebridge common shareholders		$	(53)	$	(664)

Income (loss) per common share available to Corebridge common shareholders:
Common stock - basic		$	(0.11)	$	(1.19)
Common stock - diluted		$	(0.11)	$	(1.19)

Weighted average shares outstanding:
Common stock - basic		473.5		558.0
Common stock - diluted		473.5		558.0

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).

Corebridge | First Quarter 2026 Form 10-Q 7

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Corebridge Financial, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)


	Three Months Ended March 31,
(in millions)		2026		2025
Net (loss)		$	(61)	$	(657)
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken		(34)		13
Change in unrealized appreciation (depreciation) of all other investments		(2,028)		1,484
Change in fair value of market risk benefits attributable to changes in our own credit risk		471		(47)
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		655		40
Change in cash flow hedges		(40)		137
Change in foreign currency translation adjustments		—		5

Other comprehensive income (loss)		(976)		1,632
Comprehensive income (loss)		(1,037)		975
Less:
Comprehensive income (loss) attributable to noncontrolling interests		(8)		7
Comprehensive income (loss) attributable to Corebridge		$	(1,029)	$	968

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).

Corebridge | First Quarter 2026 Form 10-Q 8

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Corebridge Financial, Inc. Condensed Consolidated Statements of Equity (unaudited)


(in millions)	Preferred Stock and Additional Paid-In Capital		Common Stock		Treasury Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Corebridge Shareholders' Equity		Non- Redeemable Noncontrolling Interests		Total Shareholders' Equity
Three Months Ended March 31, 2026
Balance, beginning of year	$	493	$	7	$	(4,382)	$	8,162	$	18,373	$	(9,452)	$	13,201	$	759	$	13,960


Common stock issued under stock plans	—		—		39		(39)		—		—		—		—		—
Purchase of common stock	—		—		(1,263)		—		—		—		(1,263)		—		(1,263)
Net loss attributable to Corebridge or noncontrolling interests	—		—		—		—		(53)		—		(53)		(8)		(61)
Dividends on common stock	—		—		—		—		(114)		—		(114)		—		(114)
Other comprehensive loss, net of tax	—		—		—		—		—		(976)		(976)		—		(976)

Contributions from noncontrolling interests	—		—		—		—		—		—		—		8		8
Distributions to noncontrolling interests	—		—		—		—		—		—		—		(21)		(21)
Other	—		—		—		12		(2)		—		10		(2)		8
Balance, end of period	$	493	$	7	$	(5,606)	$	8,135	$	18,204	$	(10,428)	$	10,805	$	736	$	11,541

Three Months Ended March 31, 2025
Balance, beginning of year	$	—	$	7	$	(2,282)	$	8,161	$	19,257	$	(13,681)	$	11,462	$	864	$	12,326


Common stock issued under stock plans	—		—		40		(40)		—		—		—		—		—
Purchase of common stock	—		—		(326)		—		—		—		(326)		—		(326)
Net income (loss) attributable to Corebridge or noncontrolling interests	—		—		—		—		(664)		—		(664)		7		(657)
Dividends on common stock	—		—		—		—		(133)		—		(133)		—		(133)
Other comprehensive loss, net of tax	—		—		—		—		—		1,632		1,632		—		1,632

Contributions from noncontrolling interests	—		—		—		—		—		—		—		8		8
Distributions to noncontrolling interests	—		—		—		—		—		—		—		(20)		(20)
Other	—		—		—		8		1		—		9		(3)		6

Balance, end of period	$	—	$	7	$	(2,568)	$	8,129	$	18,461	$	(12,049)	$	11,980	$	856	$	12,836

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).

Corebridge | First Quarter 2026 Form 10-Q 9

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Corebridge Financial, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)


	Three Months Ended March 31,
(in millions)	2026		2025
Cash flows from operating activities:
Net income (loss)	$	(61)	$	(657)
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash revenues, expenses, gains and losses included in income (loss):

Net losses (gains) on sales of securities available-for-sale and other assets	260		145
Net (gain) loss on divestitures	(2)		—

Unrealized (gains) losses in earnings - net	(6)		167
Change in the fair value of market risk benefits in earnings, net	366		768
Equity in income from equity method investments, net of dividends or distributions	22		4
Depreciation and other amortization	165		89
Impairments of assets	24		20

Changes in operating assets and liabilities:
Insurance liabilities	(297)		247
Premiums and other receivables and payables - net	75		192
Funds held relating to Fortitude Re Reinsurance contracts	(549)		(219)
Reinsurance assets and funds held under reinsurance treaties	95		486
Capitalization of deferred policy acquisition costs	(309)		(310)
Current and deferred income taxes - net	163		(217)
Other, net	45		(340)
Total adjustments	52		1,032
Net cash provided (used in) by operating activities	(9)		375
Cash flows from investing activities:
Proceeds from (payments for)
Sales or distributions of:
Available-for-sale securities	2,362		3,058
Other securities	876		520
Other invested assets	361		512
Divestitures, net	9		—
Maturities of fixed maturity securities available-for-sale	4,094		4,042
Principal payments received on mortgage and other loans receivable	1,850		1,677
Purchases of:
Available-for-sale securities	(7,423)		(8,032)
Other securities	(2,071)		(1,431)
Other invested assets	(322)		(286)
Mortgage and other loans receivable	(1,917)		(1,977)

Net change in short-term investments	945		(1,070)
Net change in derivative assets and liabilities	(1,324)		(815)
Other, net	27		(71)
Net cash (used in) investing activities	(2,533)		(3,873)

Corebridge | First Quarter 2026 Form 10-Q 10

TABLE OF CONTENTS

Corebridge Financial, Inc.

Condensed Consolidated Statements of Cash Flows(unaudited)(continued)


	Three Months Ended March 31,
(in millions)	2026		2025
Cash flows from financing activities:
Proceeds from (payments for):
Policyholder contract deposits	8,777		9,145
Policyholder contract withdrawals	(6,709)		(6,235)


Issuance of debt of consolidated investment entities	54		8


Maturities and repayments of debt of consolidated investment entities	(36)		(75)
Dividends paid on common stock	(114)		(133)
Distributions to noncontrolling interests	(21)		(20)
Contributions from noncontrolling interests	8		8
Net change in securities lending and repurchase agreements	1,719		542



Repurchase of common stock	(1,250)		(321)
Other, net*	39		155
Net cash provided by (used in) financing activities	2,467		3,074
Effect of exchange rate changes on cash and restricted cash	—		(1)
Net increase (decrease) in cash and restricted cash	(75)		(425)
Cash and restricted cash at beginning of year	453		824

Cash and restricted cash at end of period	$	378	$	399

* 2026 includes an inflow of $4 million of cash related to the individual variable annuity business reinsured to Corporate Solutions Life Reinsurance Company.

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).


Supplementary Disclosure of Consolidated Cash Flow Information

	Three Months Ended March 31,
(in millions)	2026		2025
Cash	$	373	$	393
Restricted cash included in short-term investments	3		4
Restricted cash included in other assets	2		2
Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	378	$	399

Cash (received) paid during the period for:
Interest	$	97	$	111
Taxes	$	(5)	$	11
Non-cash investing activities:



Fixed maturity securities, designated available-for-sale, transferred in connection with reinsurance transactions	$	194	$	—












Non-cash financing activities:
Interest credited to policyholder contract deposits included in financing activities	$	1,542	$	1,513
Fee income debited to policyholder contract deposits included in financing activities	$	(722)	$	(733)

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).

Corebridge | First Quarter 2026 Form 10-Q 11

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 1. Overview and Basis of Presentation

1. Overview and Basis of Presentation

OVERVIEW

Corebridge Financial, Inc. (“Corebridge Parent”) is a leading provider of retirement solutions and life insurance products in the United States. Our primary business operations consist of sales of individual and group annuities, life insurance products to individuals and institutional markets products. Corebridge Parent common stock, par value $0.01 per share, is listed on the New York Stock Exchange (NYSE:CRBG). The terms “Corebridge,” “we,” “us,” “our” or the “Company” mean Corebridge Parent and its consolidated subsidiaries, unless the context refers to Corebridge Parent only. Subsidiaries of Corebridge Parent include: AGC Life Insurance Company (“AGC”), American General Life Insurance Company (“AGL”), The Variable Annuity Life Insurance Company (“VALIC”), The United States Life Insurance Company in the City of New York (“USL”), Corebridge Insurance Company of Bermuda, Ltd. (“CRBG Bermuda”) and SAFG Capital LLC and its subsidiaries.

As of March 31, 2026, Corebridge’s two largest shareholders, Nippon Life Insurance Company, a mutual company organized under the laws of Japan (“Nippon”) and Argon Holdco LLC, a wholly-owned subsidiary of Blackstone, owned approximately 26.7% and 13.6% of the outstanding Corebridge Parent common stock, respectively.

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.

The merger will be effected through a merger agreement, by and among us, Equitable, Mountain Holding, Inc., a newly formed corporation and wholly-owned subsidiary of Corebridge (“New Equitable”), Palisade Holding, Inc., a newly formed corporation and a wholly-owned subsidiary of New Equitable (“Corebridge Merger Sub”), and Marcy Holding, Inc., a newly formed corporation and a wholly-owned subsidiary of New Equitable (“Equitable Merger Sub”). The mechanics of the merger are as follows: (a) Corebridge Merger Sub merging with and into us, with us surviving such merger as a wholly-owned subsidiary of New Equitable (the “Corebridge Merger”); (b) immediately following the consummation of the Corebridge Merger, Equitable Merger Sub merging with and into Equitable, with Equitable surviving such merger as a wholly-owned subsidiary of New Equitable (the “Equitable Merger” and, together with the Corebridge Merger, the “Mergers”); and (c) as of the closing of the Mergers (the “Closing”), changing the name of HoldCo to “Equitable Holdings, Inc.”

Following the closing of the transaction, our 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.

BASIS OF PRESENTATION

These unaudited Condensed Consolidated Financial Statements present the results of operations, financial condition and cash flows of the Company.

These Condensed Consolidated Financial Statements include the results of Corebridge Parent, its controlled subsidiaries (generally through a greater than 50% ownership of voting rights and voting interests) and variable interest entities (“VIEs”) of which we are the primary beneficiary. Equity investments in entities that we do not consolidate, including corporate entities in which we have significant influence and partnership and partnership-like entities in which we have more than minor influence over the operating and financial policies, are accounted for under the equity method unless we have elected the fair value option.

The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (‘‘GAAP’’). The accompanying Condensed Consolidated Financial Statements reflect all normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary in the opinion of management for a fair statement of our financial position, results of operations and cash flows for the periods presented.

USE OF ESTIMATES

The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of:

•fair value measurements of certain financial assets and liabilities;

•valuation of market risk benefits (“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 consolidated financial condition, results of operations and cash flows could be materially affected.

VARIABLE ANNUITY REINSURANCE TRANSACTION

On June 25, 2025, AGL and USL (the “Ceding Companies” and each, a “Ceding Company”), entered into a Master Transaction Agreement (the “Agreement”) with Corporate Solutions Life Reinsurance Company, an Iowa-domiciled insurance company (“CSLR”), pursuant to which, among other things, subject to the terms and conditions thereof, at the applicable closing of the transactions contemplated thereby, AGL and CSLR, as well as USL and the CSLR, have entered into coinsurance and modified coinsurance agreements, (together the “Reinsurance Agreements” and each, a “Reinsurance Agreement”). Under the terms of the Reinsurance Agreements, the applicable Ceding Company ceded to CSLR 100% of the applicable reinsured liabilities with respect to (i) in-force individual variable annuity contracts issued prior to the effective time of the Reinsurance Agreements, and (ii) only with respect to AGL, new individual variable annuity contracts issued after the effective date of the Reinsurance Agreement. In addition, AGL sold all of its outstanding membership interests in SunAmerica Asset Management, LLC, an indirect wholly-owned subsidiary of the Company (“SAAMCo”), to Venerable Holdings, Inc., a Delaware corporation (“Venerable”).

The closings with respect to the AGL Reinsurance Agreement occurred on August 1, 2025, while the sale of SAAMCo closed on January 1, 2026 and the USL Reinsurance Agreement closed on January 2, 2026.

2. Summary of Significant Accounting Policies

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.

FUTURE APPLICATION OF ACCOUNTING STANDARDS

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued an ASU to improve the disclosures about a company’s business expenses. The standard requires disclosure about specific types of expenses, such as depreciation, intangible asset amortization and employee compensation, included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The standard is effective for public companies for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The standard is allowed to be applied on either a prospective or retrospective basis. We are assessing the impact of this standard.

3. Segment Information

We report our results of operations consistent with the manner in which our Chief Executive Officer, who is the chief operating decision maker (“CODM”), reviews the business to assess performance and allocate resources.

We report our results of operations as five reportable segments:

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

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

Corebridge | First Quarter 2026 Form 10-Q 12

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information

•Life Insurance – consists of term and universal life insurance products in the United States.

•Institutional Markets – consists of stable value wrap (“SVW”) products, structured settlement and pension risk transfer (“PRT”) annuities, guaranteed investment contracts (“GICs”) and Corporate Markets products that include corporate- and bank-owned life insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuity products.

•Corporate and Other – consists primarily of:

–corporate expenses not attributable to our other segments;

–interest expense on financial debt;

–results of our consolidated investment entities;

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

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

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

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

The CODM assesses segment performance and allocates capital and resources to the segments based on an evaluation of each segments’ adjusted revenues and APTOI. Adjusted revenues are derived by excluding certain items from total revenues. APTOI is derived by excluding certain items from income from operations before income tax. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and adjustments that we believe to be common to the industry. Legal entities are attributed to each segment based upon the predominance of activity in that legal entity.

APTOI excludes the impact of the following items:

Fortitude Re related adjustments:

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

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

Investment-related adjustments:

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

Market Risk Benefits adjustments:

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

Businesses exited through reinsurance:

Corebridge | First Quarter 2026 Form 10-Q 13

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information

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

Other adjustments:

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

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

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

•separation costs;

•non-operating litigation reserves and settlements;

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

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

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

The following table presents Corebridge’s operations by segment:


(in millions)	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate & Other		Total Corebridge		Adjustments		Total Consolidated
Three Months Ended March 31, 2026
Premiums	$	16	$	1	$	361	$	9	$	—	$	387	$	—	$	387
Policy fees	77		109		356		52		—		594		16		610
Net investment income(a)	1,535		433		324		698		(1)		2,989		208		3,197
Net realized gains (losses)(a)(b)	—		—		—		—		9		9		(345)		(336)
Advisory fee and other income	—		98		1		1		6		106		—		106
Total adjusted revenues	1,628		641		1,042		760		14		4,085		(121)		3,964
Policyholder benefits	17		3		648		314		—		982		(8)		974
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		378		378
Interest credited to policyholder account balances	920		299		78		270		1		1,568		(43)		1,525
Amortization of deferred policy acquisition costs	130		27		83		5		—		245		—		245
Non-deferrable insurance commissions	52		31		13		5		—		101		3		104
Advisory fee expenses	6		37		1		—		—		44		—		44
General operating expenses(c)	88		104		123		23		62		400		68		468
Interest expense	—		—		—		—		124		124		7		131

Net (gain) on divestitures	—		—		—		—		—		—		(2)		(2)

Total benefits and expenses	1,213		501		946		617		187		3,464		403		3,867
Noncontrolling interests	—		—		—		—		8		8
Adjusted pre-tax operating income (loss)	$	415	$	140	$	96	$	143	$	(165)	$	629
Adjustments to:
Total revenue											(121)
Total expenses											403
Noncontrolling interests											(8)
Income before income tax expense (benefit)											$	97			$	97

Corebridge | First Quarter 2026 Form 10-Q 14

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information


(in millions)	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate & Other		Total Corebridge		Adjustments		Total Consolidated
Three Months Ended March 31, 2025
Premiums	$	17	$	4	$	340	$	500	$	—	$	861	$	10	$	871
Policy fees	67		108		364		50		—		589		131		720
Net investment income(a)	1,419		485		336		589		12		2,841		348		3,189
Net realized gains (losses)(a)(b)	—		—		—		—		13		13		(1,427)		(1,414)
Advisory fee and other income	—		87		1		1		7		96		110		206
Total adjusted revenues	1,503		684		1,041		1,140		32		4,400		(828)		3,572
Policyholder benefits	23		5		636		742		11		1,417		40		1,457
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		385		385
Interest credited to policyholder account balances	775		296		80		230		—		1,381		36		1,417
Amortization of deferred policy acquisition costs	112		22		85		4		—		223		52		275
Non-deferrable insurance commissions	42		30		14		5		1		92		64		156
Advisory fee expenses	6		33		—		—		—		39		31		70
General operating expenses (c)	91		103		118		22		57		391		135		526
Interest expense	—		—		—		—		140		140		8		148

Net (gain) on divestitures	—		—		—		—		—		—		—		—
Total benefits and expenses	1,049		489		933		1,003		209		3,683		751		4,434
Noncontrolling interests	—		—		—		—		(7)		(7)
Adjusted pre-tax operating income (loss)	$	454	$	195	$	108	$	137	$	(184)	$	710
Adjustments to:
Total revenue											(828)
Total expenses											751
Noncontrolling interests											7
Income before income tax expense (benefit)											$	(862)			$	(862)

(a)Adjustments include Fortitude Re activity of $253 million and $(261) million for the three months ended March 31, 2026 and 2025, respectively.

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

(c)Adjustments include restructuring and other costs. For the three months ended March 31, 2026 and 2025, restructuring and other costs primarily include severance related costs and ongoing modernization initiatives.

4. Fair Value Measurements

FAIR VALUE MEASUREMENTS ON A RECURRING BASIS

Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

•Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.

•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Corebridge | First Quarter 2026 Form 10-Q 15

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:


March 31, 2026	Level 1		Level 2		Level 3		Counterparty Netting(a)		Cash Collateral		Total
(in millions)
Assets:
Bonds available-for-sale:
U.S. government and government sponsored entities	$	—	$	1,327	$	—	$	—	$	—	$	1,327
Obligations of states, municipalities and political subdivisions	—		3,424		745		—		—		4,169
Non-U.S. governments	—		4,125		—		—		—		4,125
Corporate debt	—		120,499		699		—		—		121,198
RMBS	—		11,577		5,167		—		—		16,744
CMBS	—		8,776		716		—		—		9,492
CLO	—		6,757		1,998		—		—		8,755
ABS	—		1,757		20,106		—		—		21,863
Total bonds available-for-sale	—		158,242		29,431		—		—		187,673
Other bond securities:
U.S. government and government sponsored entities	—		191		—		—		—		191
Obligations of states, municipalities and political subdivisions	—		33		1		—		—		34
Non-U.S. governments	—		72		—		—		—		72
Corporate debt	—		2,759		207		—		—		2,966
RMBS	—		68		66		—		—		134
CMBS	—		196		7		—		—		203
CLO	—		558		33		—		—		591
ABS	—		63		1,132		—		—		1,195
Total other bond securities	—		3,940		1,446		—		—		5,386
Equity securities	1,108		—		49		—		—		1,157
Other invested assets(b)	—		—		1,477		—		—		1,477
Derivative assets:
Interest rate contracts	—		827		22		—		—		849
Foreign exchange contracts	—		950		—		—		—		950
Equity contracts	43		5,697		590		—		—		6,330
Credit contracts	—		185		—		—		—		185
Other contracts	—		—		18		—		—		18
Counterparty netting and cash collateral	—		—		—		(4,717)		(2,697)		(7,414)
Total derivative assets	43		7,659		630		(4,717)		(2,697)		918
Short-term investments	903		811		—		—		—		1,714
Market risk benefit assets	—		—		2,628		—		—		2,628
Separate account assets	86,479		4,041		—		—		—		90,520
Total	$	88,533	$	174,693	$	35,661	$	(4,717)	$	(2,697)	$	291,473
Liabilities:
Policyholder contract deposits(c)	$	—	$	144	$	11,573	$	—	$	—	$	11,717
Derivative liabilities:
Interest rate contracts	—		1,639		22		—		—		1,661
Foreign exchange contracts	—		435		—		—		—		435
Equity contracts	2		3,377		24		—		—		3,403

Other contracts	—		—		2		—		—		2
Counterparty netting and cash collateral	—		—		—		(4,717)		(599)		(5,316)
Total derivative liabilities	2		5,451		48		(4,717)		(599)		185
Fortitude Re funds withheld payable(d)	—		—		3,663		—		—		3,663
Other liabilities	—		(60)		—		—		—		(60)
Market risk benefit liabilities	—		—		7,333		—		—		7,333

Total	$	2	$	5,535	$	22,617	$	(4,717)	$	(599)	$	22,838

Corebridge | First Quarter 2026 Form 10-Q 16

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements


December 31, 2025	Level 1		Level 2		Level 3		Counterparty Netting(a)		Cash Collateral		Total
(in millions)
Assets:
Bonds available-for-sale:
U.S. government and government sponsored entities	$	10	$	1,327	$	—	$	—	$	—	$	1,337
Obligations of states, municipalities and political subdivisions	—		3,725		761		—		—		4,486
Non-U.S. governments	—		4,487		—		—		—		4,487
Corporate debt	—		121,390		681		—		—		122,071
RMBS	—		10,495		5,855		—		—		16,350
CMBS	—		8,563		744		—		—		9,307
CLO	—		7,037		2,055		—		—		9,092
ABS	—		1,814		20,437		—		—		22,251
Total bonds available-for-sale	10		158,838		30,533		—		—		189,381
Other bond securities:
U.S. government and government sponsored entities	—		192		—		—		—		192
Obligations of states, municipalities and political subdivisions	—		33		1		—		—		34
Non-U.S. governments	—		75		—		—		—		75
Corporate debt	—		2,709		205		—		—		2,914
RMBS	—		50		87		—		—		137
CMBS	—		201		16		—		—		217
CLO	—		542		43		—		—		585
ABS	—		65		1,188		—		—		1,253
Total other bond securities	—		3,867		1,540		—		—		5,407
Equity securities	10		—		69		—		—		79
Other invested assets(b)	—		—		1,498		—		—		1,498
Derivative assets:
Interest rate contracts	—		894		22		—		—		916
Foreign exchange contracts	—		711		—		—		—		711
Equity contracts	6		7,519		863		—		—		8,388

Other contracts	—		—		14		—		—		14
Counterparty netting and cash collateral	—		—		—		(6,106)		(3,482)		(9,588)
Total derivative assets	6		9,124		899		(6,106)		(3,482)		441
Short-term investments	661		963		—		—		—		1,624
Market risk benefit assets	—		—		2,392		—		—		2,392
Separate account assets	91,582		4,003		—		—		—		95,585
Total	$	92,269	$	176,795	$	36,931	$	(6,106)	$	(3,482)	$	296,407
Liabilities:
Policyholder contract deposits(c)	$	—	$	134	$	12,022	$	—	$	—	$	12,156
Derivative liabilities:
Interest rate contracts	—		1,611		22		—		—		1,633
Foreign exchange contracts	—		554		—		—		—		554
Equity contracts	7		4,795		98		—		—		4,900

Other contracts	—		—		4		—		—		4
Counterparty netting and cash collateral	—		—		—		(6,106)		(686)		(6,792)
Total derivative liabilities	7		6,960		124		(6,106)		(686)		299
Fortitude Re funds withheld payable(d)	—		—		3,795		—		—		3,795
Other liabilities	—		23		—		—		—		23
Market risk benefit liabilities	—		—		7,309		—		—		7,309

Total	$	7	$	7,117	$	23,250	$	(6,106)	$	(686)	$	23,582

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

(b)Excludes private equity fund and hedge fund investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent). Total private equity fund investments measured at NAV were $6.6 billion and $6.5 billion as of March 31, 2026 and December 31, 2025, respectively. Total hedge fund investments measured at NAV were $108 million and $121 million as of March 31, 2026 and December 31, 2025.

(c)Excludes basis adjustments for fair value hedges.

(d)As discussed in Note 7, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s Condensed Consolidated Balance Sheets. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge, which are primarily available-for-sale securities.

Corebridge | First Quarter 2026 Form 10-Q 17

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

The following tables present changes during the three months ended March 31, 2026 and 2025 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at March 31, 2026 and 2025:


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended March 31, 2026
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	761	$	(3)	$	(3)	$	(10)	$	—	$	—	$	—	$	745	$	—	$	(9)
Corporate debt	681		(11)		(8)		(2)		209		(170)		—		699		—		(8)
RMBS	5,855		19		(59)		198		2		(848)		—		5,167		—		(59)
CMBS	744		4		5		(53)		16		—		—		716		—		2
CLO	2,055		(1)		(42)		96		15		(125)		—		1,998		—		(42)
ABS	20,437		(3)		(119)		255		45		(509)		—		20,106		—		(129)
Total bonds available-for-sale	30,533		5		(226)		484		287		(1,652)		—		29,431		—		(245)
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	205		(2)		—		4		—		—		—		207		(2)		—
RMBS	87		(1)		—		(1)		—		(19)		—		66		—		—
CMBS	16		1		—		(10)		—		—		—		7		—		—
CLO	43		(11)		—		—		1		—		—		33		(10)		—
ABS	1,188		(1)		—		(55)		—		—		—		1,132		(3)		—
Total other bond securities	1,540		(14)		—		(62)		1		(19)		—		1,446		(15)		—
Equity securities	69		(20)		—		—		—		—		—		49		(19)		—
Other invested assets	1,498		(5)		(9)		(7)		—		—		—		1,477		(6)		—

Total(a)	$	33,640	$	(34)	$	(235)	$	415	$	288	$	(1,671)	$	—	$	32,403	$	(40)	$	(245)

(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	12,022	$	(649)	$	—	$	200	$	—	$	—	$	—	$	11,573	$	1,291	$	—
Derivative liabilities, net:
Interest rate contracts	—		—		—		—		—		—		—		—		—		—

Equity contracts	(765)		256		—		(57)		—		—		—		(566)		(187)		—

Other contracts	(10)		(23)		—		17		—		—		—		(16)		23		—
Total derivative liabilities, net(b)	(775)		233		—		(40)		—		—		—		(582)		(164)		—
Fortitude Re funds withheld payable	3,795		(14)		—		(118)		—		—		—		3,663		234		—


Total(c)	$	15,042	$	(430)	$	—	$	42	$	—	$	—	$	—	$	14,654	$	1,361	$	—

Corebridge | First Quarter 2026 Form 10-Q 18

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended March 31, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	745	$	—	$	14	$	(1)	$	24	$	—	$	—	$	782	$	—	$	7
Corporate debt	1,834		(4)		24		105		333		(1,208)		—		1,084		—		15
RMBS	6,045		58		83		54		58		(94)		—		6,204		—		86
CMBS	621		5		18		(8)		68		—		—		704		—		16
CLO	2,162		7		2		81		—		(93)		—		2,159		—		3
ABS	17,566		102		182		832		124		(38)		—		18,768		—		143
Total bonds available-for-sale	28,973		168		323		1,063		607		(1,433)		—		29,701		—		270
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	209		(3)		—		(13)		8		(187)		—		14		(3)		—
RMBS	98		3		—		(4)		—		(8)		—		89		2		—
CMBS	14		2		—		—		—		—		—		16		1		—
CLO	59		1		—		(2)		—		(6)		—		52		1		—
ABS	1,160		16		—		(28)		—		—		—		1,148		7		—
Total other bond securities	1,541		19		—		(47)		8		(201)		—		1,320		8		—
Equity securities	41		—		—		—		—		—		—		41		—		—
Other invested assets	1,647		4		19		3		—		(40)		—		1,633		5		—

Total(a)	$	32,202	$	191	$	342	$	1,019	$	615	$	(1,674)	$	—	$	32,695	$	13	$	270
(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,415	$	(222)	$	—	$	148	$	—	$	—	$	—	$	9,341	$	784	$	—
Derivative liabilities, net:
Interest rate contracts	(364)		54		—		27		—		—		—		(283)		99		—

Equity contracts	(645)		107		—		(9)		—		—		—		(547)		(112)		—

Other contracts	(11)		(16)		—		16		—		—		—		(11)		16		—
Total derivative liabilities, net(b)	(1,020)		145		—		34		—		—		—		(841)		3		—
Fortitude Re funds withheld payable	2,223		596		—		(17)		—		—		51		2,853		(273)		—

Debt of consolidated investment entities	—		—		—		—		—		—		—		—		—		—
Total(c)	$	10,618	$	519	$	—	$	165	$	—	$	—	$	51	$	11,353	$	514	$	—

(a)Excludes MRB assets of $2.6 billion at March 31, 2026 and $1.2 billion at March 31, 2025. See Note 14 for additional information.

(b)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

(c)Excludes MRB liabilities of $7.3 billion at March 31, 2026 and $6.3 billion at March 31, 2025. See Note 14 for additional information.

Corebridge | First Quarter 2026 Form 10-Q 19

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

Change in the fair value of market risk benefits, net and net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income (Loss) as follows:


(in millions)	Policy Fees		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses)		Change in the Fair Value of Market Risk Benefits, net(a)		Total












Three Months Ended March 31, 2026
Assets:
Bonds available-for-sale	$	—	$	29	$	(24)	$	—	$	5
Other bond securities	—		(14)		—		—		(14)
Equity securities	—		(20)		—		—		(20)
Other invested assets	—		(6)		1		—		(5)
Three Months Ended March 31, 2025
Assets:
Bonds available-for-sale	$	—	$	146	$	22	$	—	$	168
Other bond securities	—		19		—		—		19
Equity securities	—		—		—		—		—
Other invested assets	—		4		—		—		4
















Three Months Ended March 31, 2026
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	649	$	—	$	649
Derivative liabilities, net	16		—		(249)		—		(233)
Fortitude Re funds withheld payable	—		—		14		—		14
Market risk benefit liabilities, net(c)	—		—		—		(378)		(378)

Three Months Ended March 31, 2025
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	222	$	—	$	222
Derivative liabilities, net	15		—		(160)		—		(145)
Fortitude Re funds withheld payable	—		—		(596)		—		(596)
Market risk benefit liabilities, net(c)	—		—		(2)		(575)		(577)

(a)The portion of the fair value change attributable to our own credit risk is recognized in Other comprehensive income (loss) (“OCI”).

(b)Primarily embedded derivatives.

(c)Market risk benefit assets and liabilities have been netted in these tables for presentation purposes only.

Corebridge | First Quarter 2026 Form 10-Q 20

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three months ended March 31, 2026 and 2025 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:


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























































Three Months Ended March 31, 2026
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	13	$	(23)	$	—	$	(10)
Corporate debt	190		—		(192)		(2)
RMBS	453		(79)		(176)		198
CMBS	17		(5)		(65)		(53)
CLO	98		—		(2)		96
ABS	1,422		(342)		(825)		255
Total bonds available-for-sale	2,193		(449)		(1,260)		484
Other bond securities:

Corporate debt	12		—		(8)		4
RMBS	—		—		(1)		(1)
CMBS	—		—		(10)		(10)
CLO	—		—		—		—
ABS	40		(37)		(58)		(55)
Total other bond securities	52		(37)		(77)		(62)
Equity securities	—		—		—		—
Other invested assets	7		—		(14)		(7)

Total assets*	$	2,252	$	(486)	$	(1,351)	$	415
Liabilities:
Policyholder contract deposits	$	—	$	430	$	(230)	$	200
Derivative liabilities, net	—		—		(40)		(40)
Fortitude Re funds withheld payable	—		—		(118)		(118)


Total liabilities	$	—	$	430	$	(388)	$	42

Three Months Ended March 31, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	25	$	(25)	$	(1)	$	(1)
Corporate debt	340		(86)		(149)		105
RMBS	266		(43)		(169)		54
CMBS	7		(7)		(8)		(8)
CLO	183		—		(102)		81
ABS	1,880		(539)		(509)		832
Total bonds available-for-sale	2,701		(700)		(938)		1,063
Other bond securities:

Corporate debt	5		(13)		(5)		(13)
RMBS	14		(14)		(4)		(4)
CMBS	—		—		—		—
CLO	—		—		(2)		(2)
ABS	38		(17)		(49)		(28)
Total other bond securities	57		(44)		(60)		(47)
Equity securities	—		—		—		—
Other invested assets	130		—		(127)		3

Total assets*	$	2,888	$	(744)	$	(1,125)	$	1,019
Liabilities:
Policyholder contract deposits	$	—	$	309	$	(161)	$	148
Derivative liabilities, net	—		—		34		34
Fortitude Re funds withheld payable	—		—		(17)		(17)


Total liabilities	$	—	$	309	$	(144)	$	165

*There were no issuances during the three months ended March 31, 2026 and 2025 for invested assets.

Corebridge | First Quarter 2026 Form 10-Q 21

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at March 31, 2026 and 2025 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

We record transfers of assets and liabilities into or out of Level 3 at their fair values as of the end of each reporting period, consistent with the date of the determination of fair value. The Net realized and unrealized gains (losses) included in net income (loss) or OCI as shown in the table above excludes $17 million and $4 million of net gains (losses) related to assets transferred into Level 3 during the three months ended March 31, 2026 and 2025, respectively, and includes $(12) million and $14 million of net gains (losses) related to assets transferred out of Level 3 during the three months ended March 31, 2026 and 2025, respectively.

Transfers of Level 3 Assets

During the three months ended March 31, 2026 and 2025, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, CMBS, CLO and ABS. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.

During the three months ended March 31, 2026 and 2025, transfers out of Level 3 assets primarily included private placement and other corporate debt, CMBS, RMBS, CLO, ABS and certain investments in municipal securities. Transfers of certain investments in municipal securities, corporate debt, RMBS, CMBS and CLO and ABS out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt and certain ABS out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

Transfers of Level 3 Liabilities

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three months ended March 31, 2026 and 2025.

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers and from internal valuation models. Because input information from third parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:


(in millions)	Fair Value at March 31, 2026		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$	720	Discounted cash flow	Yield	5.64% - 5.93% (5.78%)
Corporate debt	$	808	Discounted cash flow	Yield	5.05% - 6.61% (5.83%)
RMBS(c)	$	2,204	Discounted cash flow	Prepayment speed	3.79% - 7.19% (5.49%)
				Default rate	0.46% - 1.85% (1.15%)
				Yield	5.33% - 6.64% (5.98%)
				Loss severity	39.82% - 66.46% (53.14%)
CLO(c)	$	1,952	Discounted cash flow	Yield	4.91% - 8.56% (6.19%)
ABS(c)	$	17,751	Discounted cash flow	Yield	5.10% - 7.07% (6.08%)
CMBS	$	700	Discounted cash flow	Yield	4.95% - 15.67% (10.31%)
Market risk benefit assets	$	2,628	Discounted cash flow	Equity volatility	6.45% - 50.65%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.25% - 2.49%

Corebridge | First Quarter 2026 Form 10-Q 22

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements


(in millions)	Fair Value at March 31, 2026		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Liabilities(d):
Market risk benefit liabilities:
Variable annuities guaranteed benefits	$	1,659	Discounted cash flow	Equity volatility	6.45% - 50.65%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.25% - 2.49%
Fixed annuities guaranteed benefits	$	1,823	Discounted cash flow	Base lapse rate	0.20% - 15.75%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	40.26% - 168.43%
				Utilization(g)	90.00% - 97.50%
				NPA(h)	0.46% - 2.49%
Fixed index annuities guaranteed benefits	$	3,851	Discounted cash flow	Equity volatility	6.45% - 50.65%
				Base lapse rate	0.20% - 60.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.13% - 130.80%
				Utilization(g)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.46% - 2.49%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)	$	9,602	Discounted cash flow	Equity volatility	6.45% - 50.65%
				Base lapse rate	0.20% - 60.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.13% - 130.80%
				Utilization(g)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.46% - 2.49%
Registered index-linked annuities	$	721	Discounted cash flow	Equity volatility	6.45% - 50.65%
				Base lapse rate	1.00% - 50.00%
				Dynamic lapse multiplier(e)	95.00% - 220.00%
				Mortality multiplier(e)(f)	96.65% - 147.29%
				Utilization(g)	1.70% - 18.09%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.46% - 2.49%

Index universal life	$	1,250	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rates	0.00% - 100.00%
				Equity volatility	5.88% - 22.08%
				NPA(h)	0.46% - 2.49%

Corebridge | First Quarter 2026 Form 10-Q 23

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements


(in millions)	Fair Value at December 31, 2025		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$	723	Discounted cash flow	Yield	5.62% - 5.87% (5.74%)
Corporate debt	$	701	Discounted cash flow	Yield	4.92% - 7.62% (5.80%)
RMBS(c)	$	2,847	Discounted cash flow	Prepayment speed	4.11% - 7.62% (5.87%)
				Default rate	0.39% - 1.98% (1.18%)
				Yield	5.17% - 6.39% (5.78%)
				Loss severity	38.09% - 84.11% (61.10%)
CLO(c)	$	1,939	Discounted cash flow	Yield	5.02% - 6.32% (5.67%)
ABS(c)	$	18,129	Discounted cash flow	Yield	4.64% - 7.24% (5.94%)
CMBS	$	696	Discounted cash flow	Yield	3.80% - 19.92% (11.58%)
Market risk benefit assets	$	2,392	Discounted cash flow	Equity volatility	5.85% - 45.85%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.15% - 2.13%

Liabilities(d):
Market risk benefit liabilities:
Variable annuities guaranteed benefits	$	1,651	Discounted cash flow	Equity volatility	5.85% - 45.85%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.15% - 2.13%
Fixed annuities guaranteed benefits	$	1,817	Discounted cash flow	Base lapse rate	0.20% - 15.75%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	40.26% - 168.43%
				Utilization(g)	90.00% - 97.50%
				NPA(g)	0.16% - 2.13%
Fixed index annuities guaranteed benefits	$	3,841	Discounted cash flow	Equity volatility	5.85% - 45.85%
				Base lapse rate	0.20% - 60.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.13% - 130.80%
				Utilization(g)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.16% - 2.13%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)	$	9,996	Discounted cash flow	Equity volatility	5.85% - 45.85%
				Base lapse rate	0.20% - 60.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.13% - 130.80%
				Utilization(g)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.16% - 2.13%

Corebridge | First Quarter 2026 Form 10-Q 24

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements


(in millions)	Fair Value at December 31, 2025		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Registered index-linked annuities(i)	$	765	Discounted cash flow	Equity volatility	5.85% - 45.85%
				Base lapse rate	1.00% - 50.00%
				Dynamic lapse multiplier(e)	95.00% - 220.00%
				Mortality multiplier(e)(f)	96.65% - 147.29%
				Utilization(g)	1.70% - 18.09%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.16% - 2.13%
Index universal life	$	1,261	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rates	0.00% - 100.00%
				Equity volatility	5.88% - 20.17%
				NPA(h)	0.16% - 2.13%

(a)Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.

(b)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives within policyholder contract deposits and MRBs uses a range of inputs that vary at the contract level over the cash flow projection period, management believes that presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(c)Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us because there are other factors relevant to the fair values of specific tranches owned by us, including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.

(d)The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 7, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s Condensed Consolidated Balance Sheets. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the reinsurance agreements that are held on Corebridge’s Condensed Consolidated Balance Sheets.

(e)The ranges for these inputs vary due to the different GMWB product specification and policyholder characteristics across in-force policies. Policyholder characteristics that affect these ranges include age, policy duration, and gender.

(f)Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table.

(g)The partial withdrawal utilization unobservable input range shown applies only to policies with GMWB riders.

(h)The NPA applied as a spread over risk-free curve for discounting.

(i)The fixed index annuities embedded derivative associated with index credits related to the contracts with guaranteed product features included in policyholder contract deposits was $2.0 billion and $2.0 billion at March 31, 2026 and December 31, 2025, respectively.

The ranges of reported inputs for obligations of states, municipalities and political subdivisions, corporate debt, RMBS, CLO/ABS and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value-weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.

Interrelationships Between Unobservable Inputs

We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.

Fixed Maturity Securities

The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors, including constant prepayment rates, loss severity and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.

Corebridge | First Quarter 2026 Form 10-Q 25

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

MRBs and Embedded Derivatives within Policyholder Contract Deposits

For MRBs (including ceded MRBs) and embedded derivatives, the assumptions for unobservable inputs vary throughout the period over which cash flows are projected for valuation purposes. The following are applicable unobservable inputs:

•Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. Increases in assumed volatility will generally increase the fair value of both the projected cash flows from rider fees as well as the projected cash flows related to benefit payments. Therefore, the net change in the fair value of the liability may be either a decrease or an increase, depending on the relative changes in projected rider fees and projected benefit payments.

•Equity and interest rate correlation estimates the relationship between changes in equity returns and interest rates in the economic scenario generator used to value our MRBs. In general, a higher positive correlation assumes that equity markets and interest rates move in a more correlated fashion, which generally increases the fair value of the liability. Only our fixed index annuities with a GMWB rider are subject to the equity and interest correlation assumption. Other policies such as accumulation fixed index annuity and index universal life products do not use a correlation assumption.

•Base lapse rate assumptions are determined by company experience and judgment and are adjusted at the contract level using a dynamic lapse function, which reduces the base lapse rate when the contract is in-the-money (when the contract holder’s guaranteed value, as estimated by the company, is worth more than their underlying account value). Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. Increases in assumed lapse rates will generally decrease the fair value of the liability as fewer policyholders would persist to collect guaranteed benefit amounts.

•Mortality rate assumptions, which vary by age and gender, are based on company experience and include a mortality improvement assumption. Increases in assumed mortality rates will decrease the fair value of the GMWB liability, while lower mortality rate assumptions will generally increase the fair value of the liability because guaranteed withdrawal payments will be made for a longer period of time and generally exceed any decrease in guaranteed death benefits.

•Utilization assumptions estimate the timing when policyholders with a GMWB will elect to utilize their benefit and begin taking withdrawals. The assumptions may vary by the type of guarantee, tax-qualified status, the contract’s withdrawal history and the age of the policyholder. Utilization assumptions are based on company experience, which includes partial withdrawal behavior. Increases in assumed utilization rates will generally increase the fair value of the liability.

•Non-performance or “own credit” risk adjustment used in the valuation of MRBs and embedded derivatives, which reflects a market participant’s view of our claims-paying ability by incorporating a different spread (the “NPA spread”) to the curve used to discount projected cash flows. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair value of the MRBs and embedded derivatives, resulting in a gain in Accumulated other comprehensive income (“AOCI”) or Net realized gains (losses), respectively, and when corporate credit spreads narrow or tighten, the change in the NPA spread generally increases the fair value of the MRBs and embedded derivatives, resulting in a loss in AOCI or Net realized gains (losses), respectively. Additionally, the nonperformance risk assumption includes the counterparty credit risk used in the fair value measurement of ceded market risk benefits associated with reinsurance arrangements for certain individual variable annuities, which is determined using the current market credit spreads based on the counterparty credit rating.

•Policyholder behavior assumptions including lapses, withdrawals, benefit utilization and mortality incorporate a risk margin that a market participant would require to accept the risk and uncertainty of the projected cash flows.

•For embedded derivatives, option budgets estimate the expected long-term cost of options used to hedge exposures associated with index price changes. The level of option budgets determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

Embedded Derivatives within Reinsurance Contracts

The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by Corebridge related to Corebridge’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy.

Corebridge | First Quarter 2026 Form 10-Q 26

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

FAIR VALUE OPTION

The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:


	Three months Ended March 31,

(in millions)	2026		2025
Assets:
Other bond securities(a)	$	11	$	139
Alternative investments(b)	88		49
Total assets	99		188
Liabilities:
Policyholder contract deposits(c)	—		(2)

Total liabilities	—		(2)
Total gain (loss)	$	99	$	186

(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.

(b)Includes certain hedge funds, private equity funds and other investment partnerships.

(c)Represents GICs.

We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of non-performance such as cash collateral posted.

FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS

The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented:



	Assets at Fair Value									Impairment Charges
	Non-Recurring Basis								Three Months Ended March 31,
(in millions)	Level 1		Level 2		Level 3		Total			2026		2025
March 31, 2026
Other investments	$	—	$	—	$	43	$	43		$	23	$	—


Total	$	—	$	—	$	43	$	43		$	23	$	—
December 31, 2025
Other investments	$	—	$	—	$	164	$	164
Total	$	—	$	—	$	164	$	164

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:


	Estimated Fair Value
(in millions)	Level 1		Level 2		Level 3		Total		Carrying Value
March 31, 2026
Assets:
Mortgage and other loans receivable	$	—	$	26	$	52,040	$	52,066	$	54,353
Other invested assets	—		303		—		303		303
Short-term investments	—		3,014		—		3,014		3,014
Cash	373		—		—		373		373
Other assets*	—		1		2,411		2,412		2,688
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—		46		166,052		166,098		165,327
Fortitude Re funds withheld payable	—		—		19,435		19,435		19,435
Other liabilities	—		6,212		5		6,217		6,212
Long-term debt	—		8,960		—		8,960		9,361
Debt of consolidated investment entities	—		26		1,395		1,421		1,563
Separate account liabilities - investment contracts	—		85,879		—		85,879		85,879

Corebridge | First Quarter 2026 Form 10-Q 27

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements


	Estimated Fair Value
December 31, 2025
Assets:
Mortgage and other loans receivable	$	—	$	26	$	52,705	$	52,731	$	54,481
Other invested assets	—		—		306		306		306
Short-term investments	—		4,051		—		4,051		4,051
Cash	447		—		—		447		447
Other assets*	—		1		2,189		2,190		2,470
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—		49		159,937		159,986		163,638
Fortitude Re funds withheld payable	—		—		19,853		19,853		19,853
Other liabilities	—		4,493		2		4,495		4,493
Long-term debt	—		9,119		—		9,119		9,359
Debt of consolidated investment entities	—		27		1,367		1,394		1,547
Separate account liabilities - investment contracts	—		90,864		—		90,864		90,864

* Primarily includes balances related to reinsurance deposit assets.

5. Investments

SECURITIES AVAILABLE-FOR-SALE

The following table presents the amortized cost or cost and fair value of our available-for-sale securities:


(in millions)	Amortized Cost or Costs		Allowance for Credit Losses(a)		Gross Unrealized Gains(b)		Gross Unrealized Losses(b)		Fair Value
March 31, 2026
Bonds available-for-sale:
U.S. government and government sponsored entities	$	1,661	$	—	$	7	$	(341)	$	1,327
Obligations of states, municipalities and political subdivisions	4,835		—		25		(691)		4,169
Non-U.S. governments	4,781		—		43		(699)		4,125
Corporate debt	135,689		(129)		1,300		(15,662)		121,198
Mortgage-backed, asset-backed and collateralized:
RMBS	16,791		(10)		581		(618)		16,744
CMBS	9,955		(22)		67		(508)		9,492
CLO	8,788		—		54		(87)		8,755
ABS	22,252		(7)		174		(556)		21,863
Total mortgage-backed, asset-backed and collateralized	57,786		(39)		876		(1,769)		56,854
Total bonds available-for-sale	$	204,752	$	(168)	$	2,251	$	(19,162)	$	187,673

December 31, 2025
Bonds available-for-sale:
U.S. government and government sponsored entities	$	1,655	$	—	$	11	$	(329)	$	1,337
Obligations of states, municipalities and political subdivisions	5,146		—		30		(690)		4,486
Non-U.S. governments	5,021		—		83		(617)		4,487
Corporate debt	134,444		(94)		2,099		(14,378)		122,071
Mortgage-backed, asset-backed and collateralized:
RMBS	16,297		(8)		658		(597)		16,350
CMBS	9,749		(23)		78		(497)		9,307
CLO	9,036		—		104		(48)		9,092
ABS	22,500		(5)		259		(503)		22,251
Total mortgage-backed, asset-backed and collateralized	57,582		(36)		1,099		(1,645)		57,000
Total bonds available-for-sale	$	203,848	$	(130)	$	3,322	$	(17,659)	$	189,381

(a)Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI.

(b)Includes mark-to-market movement (“MTM”) relating to embedded derivatives and fair value hedge basis adjustment.

Corebridge | First Quarter 2026 Form 10-Q 28

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

Securities Available-for-Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded

The following table summarizes the fair value and gross unrealized losses on our available-for-sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:


	Less Than 12 Months				12 Months or More				Total
(in millions)	Fair Value		Gross Unrealized Losses*		Fair Value		Gross Unrealized Losses*		Fair Value		Gross Unrealized Losses*
March 31, 2026
Bonds available-for-sale:
U.S. government and government sponsored entities	$	72	$	2	$	872	$	339	$	944	$	341
Obligations of states, municipalities and political subdivisions	522		54		2,929		637		3,451		691
Non-U.S. governments	935		70		2,113		629		3,048		699
Corporate debt	30,961		1,772		51,582		13,824		82,543		15,596
RMBS	3,210		84		4,574		517		7,784		601
CMBS	2,400		20		4,557		484		6,957		504
CLO	3,964		56		1,619		31		5,583		87
ABS	5,984		91		5,416		465		11,400		556
Total bonds available-for-sale	$	48,048	$	2,149	$	73,662	$	16,926	$	121,710	$	19,075

December 31, 2025
Bonds available-for-sale:
U.S. government and government sponsored entities	$	54	$	1	$	875	$	328	$	929	$	329
Obligations of states, municipalities and political subdivisions	407		46		3,303		644		3,710		690
Non-U.S. governments	360		32		2,515		585		2,875		617
Corporate debt	16,178		1,351		55,136		13,002		71,314		14,353
RMBS	1,949		139		4,146		446		6,095		585
CMBS	1,023		14		4,785		478		5,808		492
CLO	2,826		36		658		12		3,484		48
ABS	3,231		66		5,697		437		8,928		503
Total bonds available-for-sale	$	26,028	$	1,685	$	77,115	$	15,932	$	103,143	$	17,617

*Includes mark to market movement relating to embedded derivatives and fair value hedge basis adjustment.

At March 31, 2026, we held 12,907 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 8,390 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2025, we held 11,154 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 8,986 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at March 31, 2026 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data.

Contractual Maturities of Fixed Maturity Securities Available-for-Sale

The following table presents the amortized cost and fair value of fixed maturity securities available-for-sale by contractual maturity:


	Total Fixed Maturity Securities Available-for-sale
(in millions)	Amortized Cost, Net of Allowance		Fair Value
March 31, 2026
Due in one year or less	$	3,318	$	3,310
Due after one year through five years	26,702		26,468
Due after five years through ten years	31,302		30,812
Due after ten years	85,515		70,229
Mortgage-backed, asset-backed and collateralized	57,747		56,854
Total	$	204,584	$	187,673

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

Corebridge | First Quarter 2026 Form 10-Q 29

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

The following table presents the gross realized gains and gross realized losses from sales or maturities of our available-for-sale securities:



	Three Months Ended March 31,
		2026	2025
(in millions)			Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses
Fixed maturity securities			$	40	$	(239)	$	23	$	(179)

For the three months ended March 31, 2026 and 2025, the aggregate fair value of available-for-sale securities sold was $ 2.4 billion and $3.1 billion, respectively, which resulted in Net realized gains (losses) of $(199) million and $(156) million, respectively. Included within the Net realized gains (losses) are $(13) million and $(15) million of realized gains (losses) for the three months ended March 31, 2026 and 2025, respectively, which relate to the Fortitude Re funds withheld assets held by Corebridge in support of Fortitude Re’s reinsurance obligations to Corebridge (Fortitude Re funds withheld assets). These realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

OTHER SECURITIES MEASURED AT FAIR VALUE

The following table presents the fair value of fixed maturity securities measured at fair value, including securities in the modco agreement with Fortitude Re, based on our election of the fair value option and equity securities measured at fair value:


	March 31, 2026				December 31, 2025
(in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
Fixed maturity securities:

U.S. government and government sponsored entities	$	191	3	%	$	192	4	%
Obligations of states, municipalities and political subdivisions	34		1		34		1
Non-U.S. governments	72		1		75		1
Corporate debt	2,966		45		2,914		53
Mortgage-backed, asset-backed and collateralized:
RMBS	134		2		137		2
CMBS	203		3		217		4
CLO	591		9		585		11
ABS	1,195		18		1,253		23
Total mortgage-backed, asset-backed and collateralized	2,123		32		2,192		40
Total fixed maturity securities	5,386		82		5,407		99
Equity securities	1,157		18		79		1
Total	$	6,543	100	%	$	5,486	100	%

OTHER INVESTED ASSETS

The following table summarizes the carrying amounts of other invested assets:


(in millions)	March 31, 2026		December 31, 2025
Alternative investments(a)(b)	$	8,197	$	8,123
Investment real estate(c)	1,023		985
All other investments(d)	1,130		1,127
Total	$	10,350	$	10,235

(a)At March 31, 2026, included hedge funds of $108 million and private equity funds of $8.1 billion. At December 31, 2025, included hedge funds of $121 million and private equity funds of $8.0 billion.

(b)All liquid hedge fund investments have been redeemed. The remaining investments, excluding those in the modco agreement with Fortitude Re, are in illiquid and/or side pocket vehicles whose liquidation horizons are uncertain and likely to extend over the coming quarters and/or years.

(c)Net of accumulated depreciation of $436 million and $406 million as of March 31, 2026 and December 31, 2025, respectively.

(d)Includes Corebridge’s ownership interest in Fortitude Re Bermuda, which is recorded using the measurement alternative for equity securities. Our investment in Fortitude Re Bermuda totaled $156 million and $156 million at March 31, 2026 and December 31, 2025, respectively.

Other Invested Assets – Equity Method Investments

The carrying amount of equity method investments totaled $2.8 billion and $2.8 billion as of March 31, 2026 and December 31, 2025, respectively, representing various ownership percentages each period.

Corebridge | First Quarter 2026 Form 10-Q 30

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

NET INVESTMENT INCOME

The following table presents the components of Net investment income:



	2026						2025
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total












Three Months Ended March 31,

Available-for-sale fixed maturity securities, including short-term investments	$	2,400	$	177	$	2,577	$	2,269	$	175	$	2,444
Other fixed maturity securities	(9)		20		11		19		120		139
Equity securities	(11)		—		(11)		(2)		—		(2)
Interest on mortgage and other loans	675		36		711		665		43		708
Alternative investments*	59		33		92		80		4		84
Real estate	9		(1)		8		5		(2)		3
Other investments	20		—		20		(2)		—		(2)
Total investment income	3,143		265		3,408		3,034		340		3,374
Investment expenses	206		5		211		176		9		185
Net investment income	$	2,937	$	260	$	3,197	$	2,858	$	331	$	3,189

*Included income from hedge funds and private equity funds. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag.

NET REALIZED GAINS AND LOSSES

The following table presents the components of Net realized gains (losses):



	2026						2025
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total














Three Months Ended March 31,

Sales of fixed maturity securities	$	(186)	$	(13)	$	(199)	$	(141)	$	(15)	$	(156)
Intent to sell	(60)		—		(60)		—		—		—
Change in allowance for credit losses on fixed maturity securities	(56)		—		(56)		(20)		(8)		(28)
Change in allowance for credit losses on loans	(22)		(11)		(33)		(16)		(2)		(18)
Foreign exchange transactions, net of related hedges	200		7		207		(121)		13		(108)
Index-Linked interest credited embedded derivatives, net of related hedges	(41)		—		(41)		(288)		—		(288)
All other derivatives and hedge accounting*	(178)		12		(166)		(244)		37		(207)
Sales of alternative investments and real estate investments	7		(7)		—		12		(2)		10
Other	7		(9)		(2)		(4)		(19)		(23)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative	(329)		(21)		(350)		(822)		4		(818)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		14		14		—		(596)		(596)
Net realized losses	$	(329)	$	(7)	$	(336)	$	(822)	$	(592)	$	(1,414)

* Derivative activity related to hedging certain MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 14.

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available-for-sale securities:


	Three Months Ended March 31,
(in millions)		2026		2025
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities		$	(2,562)	$	2,019
Other investments		—		—
Total increase (decrease) in unrealized appreciation (depreciation) of investments		$	(2,562)	$	2,019

Corebridge | First Quarter 2026 Form 10-Q 31

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other invested assets still held at the reporting date:



	2026						2025
(in millions)	Equities		Other Invested Assets		Total		Equities		Other Invested Assets		Total
Three Months Ended March 31,





Net gains (losses) recognized during the period on equity securities and other investments	$	(11)	$	119	$	108	$	(2)	$	65	$	63
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	30		4		34		16		(1)		15
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	(41)	$	115	$	74	$	(18)	$	66	$	48

EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS

Credit Impairments

The following table presents a rollforward of the changes in allowance for credit losses on available-for-sale fixed maturity securities by major investment category:



	2026						2025
(in millions)	Structured		Non-Structured		Total		Structured		Non-Structured		Total
Three Months Ended March 31,













Balance, beginning of year	$	36	$	94	$	130	$	33	$	86	$	119
Additions:
Securities for which allowance for credit losses were not previously recorded	7		34		41		—		40		40


Reductions:
Securities sold during the period	(3)		(1)		(4)		—		(2)		(2)
Additional net increases or decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery, amortized cost basis	(1)		16		15		1		(13)		(12)
Write-offs charged against the allowance	—		(14)		(14)		(3)		(28)		(31)

Balance, end of period	$	39	$	129	$	168	$	31	$	83	$	114

PLEDGED INVESTMENTS

Secured Financing and Similar Arrangements

We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.

Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively.

The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase and securities lending agreements:


(in millions)	March 31, 2026		December 31, 2025
Fixed maturity securities available-for-sale	$	6,169	$	4,405

At March 31, 2026 and December 31, 2025, amounts borrowed under repurchase and securities lending agreements totaled $6.2 billion and $4.5 billion, respectively.

Corebridge | First Quarter 2026 Form 10-Q 32

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity:


	Remaining Contractual Maturity of the Repurchase Agreements
(in millions)	Overnight and Continuous		Up to 30 Days		31 - 90 Days		91 - 364 Days		365 Days or Greater		Total
March 31, 2026
Bonds available-for-sale:


Non-U.S. governments	$	—	$	—	$	30	$	—	$	—	$	30
Corporate debt	6		—		3,118		—		—		3,124
Total	$	6	$	—	$	3,148	$	—	$	—	$	3,154




December 31, 2025
Bonds available-for-sale:


Non-U.S. governments	$	—	$	25	$	34	$	—	$	—	$	59
Corporate debt	6		598		486		—		—		1,090
Total	$	6	$	623	$	520	$	—	$	—	$	1,149

The following table presents the fair value of securities pledged under our securities lending agreements by collateral type and by remaining contractual maturity:


	Remaining Contractual Maturity of the Securities Lending Agreements
(in millions)	Overnight and Continuous		Up to 30 Days		31 - 90 Days		91 - 364 Days		365 Days or Greater		Total
March 31, 2026
Bonds available for sale:

Non-U.S. government	$	—	$	25	$	16	$	—	$	—	$	41
Corporate debt	—		1,752		1,222		—		—		2,974
Total	$	—	$	1,777	$	1,238	$	—	$	—	$	3,015




December 31, 2025
Bonds available-for-sale:

Non-U.S. government	$	—	$	57	$	—	$	—	$	—	$	57
Corporate debt	—		3,199		—		—		—		3,199
Total	$	—	$	3,256	$	—	$	—	$	—	$	3,256

There were no reverse repurchase agreements at March 31, 2026 and December 31, 2025.

We do not currently offset any secured financing transactions. All such transactions are collateralized and margined daily consistent with market standards and subject to enforceable master netting arrangements with rights of set off.

Insurance – Statutory and Other Deposits

The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements, including certain annuity-related obligations and certain reinsurance treaties, was $11.8 billion and $12.1 billion at March 31, 2026 and December 31, 2025, respectively.

Other Pledges and Restrictions

Certain of our subsidiaries are members of Federal Home Loan Banks (“FHLBs”) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $303 million and $306 million of stock in FHLBs at March 31, 2026 and December 31, 2025, respectively. In addition, our subsidiaries have pledged securities available-for-sale and residential loans associated with borrowings and funding agreements from FHLBs, with a fair value of $4.1 billion and $8.2 billion, respectively, at March 31, 2026 and $2.9 billion and $8.5 billion, respectively, at December 31, 2025.

Certain GICs recorded in policyholder contract deposits with a carrying value of $63 million and $48 million at March 31, 2026 and December 31, 2025, respectively, have provisions that require collateral to be posted or payments to be made by us upon a downgrade of our Insurer Financial Strength (“IFS”) ratings. The actual amount of collateral required to be posted to the counterparties in the event of such downgrades and the aggregate amount of payments that we could be required to make depend on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. The fair value of securities pledged as collateral with respect to these obligations was approximately $119 million and $121 million at March 31, 2026 and December 31, 2025, respectively. This collateral primarily consists of securities of the U.S. government and government-sponsored entities and generally cannot be repledged or resold by the counterparties.

Corebridge | First Quarter 2026 Form 10-Q 33

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

As part of our collateralized reinsurance transactions, we pledge collateral to cedants as contractually required. The fair value of securities pledged as excess collateral with respect to these obligations was approximately $637 million and $650 million at March 31, 2026 and December 31, 2025, respectively. Additionally, assets supporting these transactions are held solely for the benefit of the cedants and insulated from obligations owed to our other policyholders and general creditors.

Reinsurance transactions between Corebridge and Fortitude Re were structured as modified coinsurance.

6. Lending Activities

The following table presents the composition of Mortgage and other loans receivable, net:


(in millions)	March 31, 2026		December 31, 2025
Commercial mortgages(a)	$	36,846	$	37,009
Residential mortgages	13,897		13,839
Life insurance policy loans	1,685		1,694
Commercial loans, other loans and notes receivable(b)	2,678		2,666
Total mortgage and other loans receivable	55,106		55,208
Allowance for credit losses(c)	(753)		(727)
Mortgage and other loans receivable, net	$	54,353	$	54,481

(a)Commercial mortgages primarily represent loans for apartments, offices and industrial properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 17% and 10%, respectively, at March 31, 2026, and 17% and 10%, respectively, at December 31, 2025). The weighted average loan-to-value ratio for NY and CA was 67% and 57% at March 31, 2026, respectively, and 66% and 57% at December 31, 2025, respectively. The debt service coverage ratio for NY and CA was 1.9X and 2.1X at March 31, 2026, respectively, and 1.9X and 2.1X at December 31, 2025, respectively.

(b)There were no loans that were held for sale which are carried at lower of cost or market as of March 31, 2026 and December 31, 2025.

(c)Does not include allowance for credit losses of $7 million and $7 million at March 31, 2026 and December 31, 2025, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest are repaid or when a portion of the delinquent contractual payments are made, and the ongoing required contractual payments have been made for an appropriate period. As of March 31, 2026, $171 million and $0.9 billion of residential mortgage loans and commercial mortgage loans, respectively, are in nonaccrual status. As of December 31, 2025, $128 million and $0.9 billion of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status.

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of March 31, 2026, accrued interest receivable was $124 million and $155 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2025, accrued interest receivable was $107 million and $175 million associated with residential mortgage loans and commercial mortgage loans, respectively.

A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan.

Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were approximately 1% of our loan portfolio for all periods presented.

Corebridge | First Quarter 2026 Form 10-Q 34

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6. Lending Activities

CREDIT QUALITY OF COMMERCIAL AND RESIDENTIAL MORTGAGES

The following table presents debt service coverage ratios for commercial mortgages by year of vintage*:


March 31, 2026
(in millions)	2026		2025		2024		2023		2022		Prior		Total
>1.2X	$	1,017	$	4,648	$	3,932	$	1,615	$	5,631	$	15,880	$	32,723
1.00 - 1.20X	46		184		187		279		465		1,963		3,124
<1.00X	—		—		—		23		42		934		999
Total commercial mortgages	$	1,063	$	4,832	$	4,119	$	1,917	$	6,138	$	18,777	$	36,846
December 31, 2025
(in millions)	2025		2024		2023		2022		2021		Prior		Total
>1.2X	$	4,633	$	4,154	$	1,695	$	5,876	$	2,333	$	14,172	$	32,863
1.00 - 1.20X	185		217		275		464		73		1,932		3,146
<1.00X	—		—		23		42		92		843		1,000
Total commercial mortgages	$	4,818	$	4,371	$	1,993	$	6,382	$	2,498	$	16,947	$	37,009

*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 March 31, 2026 and December 31, 2025. The debt service coverage ratios are updated when additional relevant information becomes available.

The following table presents loan-to-value ratios for commercial mortgages by year of vintage*:


March 31, 2026
(in millions)	2026		2025		2024		2023		2022		Prior		Total
Less than 65%	$	913	$	4,025	$	3,560	$	1,798	$	3,582	$	11,525	$	25,403
65% to 75%	150		807		559		96		1,874		4,983		8,469
76% to 80%	—		—		—		—		310		588		898
Greater than 80%	—		—		—		23		372		1,681		2,076
Total commercial mortgages	$	1,063	$	4,832	$	4,119	$	1,917	$	6,138	$	18,777	$	36,846

December 31, 2025
(in millions)	2025		2024		2023		2022		2021		Prior		Total
Less than 65%	$	4,007	$	3,806	$	1,824	$	3,731	$	1,815	$	10,145	$	25,328
65% to 75%	811		565		146		2,275		421		4,776		8,994
76% to 80%	—		—		—		1		42		549		592
Greater than 80%	—		—		23		375		220		1,477		2,095
Total commercial mortgages	$	4,818	$	4,371	$	1,993	$	6,382	$	2,498	$	16,947	$	37,009

*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 61% at March 31, 2026 and 60% at December 31, 2025. 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.

The following table presents the credit quality performance indicators for commercial mortgages:


(dollars in millions)	Number of Loans	Class														Percent of Total
		Apartments		Offices		Retail		Industrial		Hotel		Others		Total
March 31, 2026
Credit Quality Performance Indicator:
In good standing	564	$	13,894	$	7,478	$	3,916	$	8,320	$	1,921	$	777	$	36,306	99%

90 days or less delinquent	—	—		—		—		—		—		—		—		—%
>90 days delinquent or in process of foreclosure(a)	4	—		354		186		—		—		—		540		1%
Total(b)	568	$	13,894	$	7,832	$	4,102	$	8,320	$	1,921	$	777	$	36,846	100%
Allowance for credit losses		$	26	$	355	$	181	$	8	$	25	$	2	$	597	2	%

Corebridge | First Quarter 2026 Form 10-Q 35

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6. Lending Activities


(dollars in millions)	Number of Loans	Class														Percent of Total
		Apartments		Offices		Retail		Industrial		Hotel		Others		Total

December 31, 2025
Credit Quality Performance Indicator:
In good standing	576	$	13,688	$	7,675	$	4,114	$	8,163	$	2,037	$	778	$	36,455	99%

90 days or less delinquent	1	—		15		—		—		—		—		15		—%
>90 days delinquent or in process of foreclosure	4	1		352		186		—		—		—		539		1%
Total(b)	581	$	13,689	$	8,042	$	4,300	$	8,163	$	2,037	$	778	$	37,009	100%
Allowance for credit losses		$	28	$	360	$	164	$	14	$	27	$	1	$	594	2	%

(a)Includes $21 million of Retail loans and $13 million of Office loans supporting the Fortitude Re Funds Withheld arrangements, greater than 90 days delinquent or in process of foreclosure, at March 31, 2026

(b)Does not reflect allowance for credit losses.

The following table presents credit quality performance indicators for residential mortgages by year of vintage:


March 31, 2026
(in millions)	2026		2025		2024		2023		2022		Prior		Total
FICO*:
780 and greater	$	71	$	694	$	1,003	$	556	$	614	$	3,438	$	6,376
720 - 779	181		1,037		1,695		905		519		1,050		5,387
660 - 719	40		285		569		275		164		492		1,825
600 - 659	—		—		—		9		24		169		202
Less than 600	—		—		—		9		20		78		107
Total residential mortgages	$	292	$	2,016	$	3,267	$	1,754	$	1,341	$	5,227	$	13,897

December 31, 2025
(in millions)	2025		2024		2023		2022		2021		Prior		Total
FICO*:
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	$	2,033	$	3,346	$	1,810	$	1,365	$	2,785	$	2,500	$	13,839

*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 March 31, 2026 and December 31, 2025 residential loans direct to consumers totaled $7.7 billion and $7.8 billion, respectively.

ALLOWANCE FOR CREDIT LOSSES

The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable*:


Three Months Ended March 31,	2026						2025

(in millions)	Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total








Allowance, beginning of period	$	594	$	133	$	727	$	626	$	145	$	771
Loans charged off	(5)		(2)		(7)		(8)		—		(8)

Net charge-offs	(5)		(2)		(7)		(8)		—		(8)
Addition to (release of) allowance for loan losses	8		25		33		38		(9)		29



Allowance, end of period	$	597	$	156	$	753	$	656	$	136	$	792

*Does not include allowance for credit losses of $7 million and $9 million, respectively at March 31, 2026 and, 2025, in relation to the off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Condensed Consolidated Balance Sheets.

Our expectations and models used to estimate the allowance for losses on commercial and residential mortgage loans are regularly updated to reflect the current economic environment.

Corebridge | First Quarter 2026 Form 10-Q 36

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6. Lending Activities

LOAN MODIFICATIONS

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial and residential mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.

When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.

We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor.

Corebridge did not modify any loans to borrowers experiencing financial difficulty during the three months ended March 31,2026 and 2025.

There were no loans that defaulted during the three months ended March 31, 2026 that had been previously modified with borrowers experiencing financial difficulties.

Corebridge closely monitors the performance of the loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. All loans with borrowers with financial difficulty that have been modified in the previous 12 months are current and performing in conjunction with its modified terms.

7. Reinsurance

In the ordinary course of business, our companies may use ceded reinsurance to limit potential losses, provide additional capacity for growth, minimize exposure to significant risks or to provide greater diversification of our businesses. We may also use assumed reinsurance to diversify our business. Reinsurance premiums ceded are recognized when due, along with corresponding benefits. Amounts recoverable from reinsurers are presented as a component of Reinsurance assets. In addition to contracts which qualify for reinsurance accounting under U.S. GAAP, the Company also manages its risks through contracts which follow deposit accounting.

Certain of our reinsurers have sought rate increases on certain YRT agreements. We have disputed, and expect to continue disputing, any requested rate increases under these agreements. These disputes may lead to and have resulted in arbitration over the terms of the reinsurance contracts. To the extent reinsurers seek retroactive premium increases, our practice is to assess and accrue our current estimate of probable loss with respect to these matters when appropriate.

On August 1, 2025 and January 2, 2026, AGL and USL closed their coinsurance and modco reinsurance agreements with CSLR, effective as of August 1, 2025 and January 1, 2026, respectively. Under the terms of these reinsurance agreements, AGL and USL reinsured 100% of their individual variable annuity contracts. The majority of the variable annuity contracts are considered investment contracts as they do not contain significant insurance risk; therefore, the reinsurance of such contracts are accounted for under deposit accounting. As of the closing dates, we 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. At inception, we recorded a net deposit asset of $2.8 billion, which includes a $2.2 billion deferred gain, reported in Other assets in the Condensed Consolidated Balance Sheets. The net deposit asset was $2.7 billion and $2.5 billion as of March 31, 2026 and December 31, 2025, respectively. The deferred gain is amortized into income over the estimated remaining life of the reinsured contracts. Additionally, $48.7 billion of separate account liabilities were ceded under the modco portion of the agreement. Refer to Note 1 for additional information related to the reinsurance agreement.

Corebridge | First Quarter 2026 Form 10-Q 37

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 7. Reinsurance

FORTITUDE RE

AGL and USL have modco reinsurance agreements with Fortitude Re, a registered Class 4 and Class E reinsurer in Bermuda. VALIC’s modco agreement with Fortitude Re was recaptured effective January 1, 2025, resulting in a $45 million charge to pre-tax earnings.

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., Corebridge), thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as Corebridge maintains ownership of these investments, Corebridge maintains its existing accounting for these assets (e.g., the changes in fair value of available-for-sale securities will be recognized within OCI). Corebridge has 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 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. As the majority of the invested assets supporting the modco are fixed income securities that are available-for-sale, there is a mismatch between the accounting for the embedded derivative as its changes in fair value are recorded through net income while changes in the fair value of the fixed maturity securities available-for-sale are recorded through OCI.

There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:


	March 31, 2026				December 31, 2025
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value		Corresponding Accounting Policy
Fixed maturity securities - available-for-sale	$	12,286	$	12,286	$	12,739	$	12,739	Fair value through other comprehensive income
Fixed maturity securities - fair value option	4,998		4,998		4,982		4,982		Fair value through net investment income
Commercial mortgage loans	2,656		2,464		2,745		2,594		Amortized cost
Real estate investments	95		129		118		165		Amortized cost
Private equity funds/hedge funds	1,762		1,762		1,800		1,800		Fair value through net investment income
Policy loans	299		299		302		302		Amortized cost
Short-term Investments	266		266		399		399		Fair value through net investment income
Funds withheld investment assets	22,362		22,204		23,085		22,981
Derivative assets, net(a)	—		—		—		—		Fair value through realized gains (losses)
Other(b)	894		894		667		667		Amortized cost
Total	$	23,256	$	23,098	$	23,752	$	23,648

(a)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $0 million and $562 million, respectively, as of March 31, 2026. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $0 million and $615 million, respectively, as of December 31, 2025. These derivative assets and liabilities are fully collateralized either by cash or securities.

(b)Primarily comprised of Cash and Accrued investment income.

The impact of the funds withheld arrangements with Fortitude Re was as follows:


	Three Months Ended March 31,
(in millions)		2026		2025
Net investment income - Fortitude Re funds withheld assets		$	260	$	331
Net realized losses on Fortitude Re funds withheld assets:
Net realized gains (losses) Fortitude Re funds withheld assets		(21)		4
Net realized gains (losses) Fortitude Re funds withheld embedded derivatives		14		(596)
Net realized losses - Fortitude Re funds withheld assets		(7)		(592)
Income (loss) before income tax expense (benefit)		253		(261)
Income tax expense (benefit)*		53		(55)
Net income (loss)		200		(206)
Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available-for-sale*		(154)		163
Comprehensive income (loss)		$	46	$	(43)

*The income tax expense (benefit) and the tax impact in OCI was computed using the U.S. statutory tax rate of 21%.

Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangement and the appreciation (depreciation) of the assets is the primary driver of the comprehensive income (loss) reflected above.

Corebridge | First Quarter 2026 Form 10-Q 38

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 7. Reinsurance

REINSURANCE – CREDIT LOSSES

The total reinsurance recoverables as of March 31, 2026 were $25.7 billion. As of that date, utilizing Corebridge’s Obligor Risk Ratings, (i) approximately 100% of the reinsurance recoverables were investment grade, (ii) approximately 0% were non-investment grade reinsurance recoverables and (iii) none of the reinsurance recoverables were related to entities that were not rated by Corebridge.

Reinsurance Recoverable Allowance

The following table presents a rollforward of the reinsurance recoverable allowance:


	Three Months Ended March 31,
(in millions)	2026		2025
Balance, beginning of period	$	6	$	12
Current period provision for expected credit losses and disputes	—		(2)
Write-offs charged against the allowance for credit losses and disputes	—		—

Balance, end of period	$	6	$	10

There were no material recoveries of credit losses previously written off for the three months ended March 31, 2026 or 2025.

Past-Due Status

We consider a reinsurance asset to be past due when it is 90 days past due and record an allowance for disputes when there is reasonable uncertainty of the collectability of a disputed amount during the reporting period. Past-due balances were not significant for any of the periods presented.

8. Variable Interest Entities

A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary beneficiary is not based on majority voting interest but is based on other criteria discussed below.

We enter into various arrangements with VIEs in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders.

The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE.

Corebridge | First Quarter 2026 Form 10-Q 39

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8. Variable Interest Entities

BALANCE SHEET CLASSIFICATION AND EXPOSURE TO LOSS

Creditors or beneficial interest holders of VIEs for which the Company is the primary beneficiary generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to the Company. The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Balance Sheets:


(in millions)	Real Estate and Investment Entities(c)		Securitization and Repackaging Vehicles		Total
March 31, 2026
Assets:
Bonds available-for-sale	$	25	$	—	$	25
Other bond securities	28		—		28
Equity securities	—		—		—
Mortgage and other loans receivable	—		1,654		1,654
Other invested assets
Alternative investments(a)	2,501		—		2,501
Investment real estate	468		—		468
Short-term investments	111		—		111
Cash	35		—		35
Accrued investment income	—		5		5
Other assets	45		—		45
Total assets(b)	$	3,213	$	1,659	$	4,872
Liabilities:
Debt of consolidated investment entities	$	444	$	864	$	1,308
Other liabilities	38		—		38
Total liabilities	$	482	$	864	$	1,346

December 31, 2025
Assets:
Bonds available-for-sale	$	33	$	—	$	33
Other bond securities	37		—		37
Equity securities	—		—		—
Mortgage and other loans receivable	—		1,750		1,750
Other invested assets
Alternative investments(a)	2,575		—		2,575
Investment real estate	492		—		492
Short-term investments	93		—		93
Cash	38		—		38
Accrued investment income	—		5		5
Other assets	50		—		50
Total assets(b)	$	3,318	$	1,755	$	5,073
Liabilities:
Debt of consolidated investment entities	$	409	$	883	$	1,292
Other liabilities	39		—		39
Total liabilities	$	448	$	883	$	1,331

(a)Composed primarily of investments in real estate joint ventures at March 31, 2026 and December 31, 2025.

(b)The assets of each VIE can be used only to settle specific obligations of that VIE.

(c)Off-balance-sheet exposure primarily consisting of commitments by insurance operations and affiliates into real estate and investment entities. At March 31, 2026 and December 31, 2025, the Company had commitments to internal parties of $0.8 billion and $0.9 billion and commitments to external parties of $0.3 billion and $0.3 billion, respectively.

Corebridge | First Quarter 2026 Form 10-Q 40

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8. Variable Interest Entities

The following table presents the revenue, net income (loss) attributable to noncontrolling interests and net income (loss) attributable to Corebridge associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Statements of Income (Loss):


	Real Estate and		Securitization
	Investment		and Repackaging
(in millions)	Entities		Vehicles		Total








Three Months Ended March 31, 2026
Total revenue	$	(17)	$	16	$	(1)
Net (loss) attributable to noncontrolling interests	(11)		—		(11)
Net income (loss) attributable to Corebridge	(13)		11		(2)
Three Months Ended March 31, 2025
Total revenue	$	28	$	18	$	46
Net income attributable to noncontrolling interests	5		—		5
Net income attributable to Corebridge	17		12		29

We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation and (iii) other commitments and guarantees to the VIE.

The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs:


			Maximum Exposure to Loss
(in millions)	Total VIE Assets			On-Balance Sheet(b)		Off-Balance Sheet (c)		Total
March 31, 2026
Real estate and investment entities(a)	$	501,838		$	6,685	$	3,139	$	9,824

Total	$	501,838		$	6,685	$	3,139	$	9,824
December 31, 2025
Real estate and investment entities(a)	$	501,904		$	6,249	$	3,405	$	9,654

Total	$	501,904		$	6,249	$	3,405	$	9,654

(a)Composed primarily of hedge funds and private equity funds.

(b)At March 31, 2026 and December 31, 2025, $6.7 billion and $6.2 billion, respectively, of our total unconsolidated VIE assets were recorded as other invested assets.

(c)These amounts represent our unfunded commitments to invest in private equity funds and hedge funds.

Additionally, Corebridge is a passive investor in certain investment vehicles that securitized certain secured loans, bank loans and residential mortgage loans. The notes held by Corebridge and their related fair values are included in the available-for-sale disclosures that are reported in Notes 4 and 5. As of March 31, 2026, the total VIE assets of these securitizations are $2.5 billion, of which Corebridge’s maximum exposure to loss including unfunded commitments is $2.5 billion. As of December 31, 2025, the total VIE assets of these securitizations are $2.5 billion, of which Corebridge’s maximum exposure to loss is $2.5 billion.

9. 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 futures, swaps, options and bond forwards), equity derivatives (such as equity futures, swaps and options) and fixed maturity securities are used to economically mitigate interest rate risk, equity risk and credit spread exposure associated with MRBs and embedded derivatives contained in insurance contract liabilities. Interest rate derivatives are used to manage interest rate risk associated with fixed maturity securities as well as other interest rate sensitive assets and liabilities. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives and MRBs in certain insurance liabilities. In addition, equity derivatives are used to economically hedge certain investments. 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. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. As part of our strategy to enhance investment income, in addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (“CDS”), total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds.

Corebridge | First Quarter 2026 Form 10-Q 41

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Derivatives and Hedge Accounting

Interest rate, currency and equity swaps, credit contracts, swaptions, options and forward transactions are accounted for as derivatives, recorded on a trade-date basis and carried at fair value. Unrealized gains and losses are generally reflected in income, except in certain situations in which hedge accounting is applied and unrealized gains and losses are reflected in AOCI. Aggregate asset or liability positions are netted on the Condensed Consolidated Balance Sheets only to the extent permitted by qualifying master netting arrangements in place with each respective counterparty. Cash collateral posted with counterparties in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative liability, while cash collateral received in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative asset.

Derivatives, with the exception of embedded derivatives, are reported at fair value in the Condensed Consolidated Balance Sheets in Other assets and Other liabilities. Embedded derivatives are generally presented with the host contract in the Condensed Consolidated Balance Sheets. A bifurcated embedded derivative is measured at fair value and accounted for in the same manner as a freestanding derivative contract. The corresponding host contract is accounted for according to the accounting guidance applicable for that instrument.

For additional information on embedded derivatives and MRBs, see Notes 4, 13 and 14.

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


	March 31, 2026								December 31, 2025
	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	$	10,260	$	329	$	11,756	$	310	$	11,987	$	364	$	9,734	$	234
Foreign exchange contracts	7,931		429		2,103		106		3,855		252		8,128		236
Derivatives not designated as hedging instruments:(a)
Interest rate contracts	19,233		520		25,295		1,351		19,672		552		25,397		1,399
Foreign exchange contracts	8,935		521		6,094		329		6,139		459		6,847		318
Equity contracts	72,962		6,330		61,066		3,403		66,780		8,388		64,855		4,900
Credit contracts(b)	6,500		185		—		—		—		—		—		—
Other contracts(c)	49,224		18		58		2		49,020		14		212		4
Total derivatives, gross(d)	$	175,045	$	8,332	$	106,372	$	5,501	$	157,453	$	10,029	$	115,173	$	7,091
Counterparty netting(e)			(4,717)				(4,717)				(6,106)				(6,106)
Cash collateral(f)			(2,697)				(599)				(3,482)				(686)
Total Derivatives on Condensed Consolidated Balance Sheets(g)			$	918			$	185			$	441			$	299

(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 stable value wraps and contracts with multiple underlying exposures.

(d)Includes $14.5 billion and $20.5 billion of notional amounts associated with reinsurance agreements at March 31, 2026 and December 31, 2025.

(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. All derivative transactions are with third parties. The fair value of assets related to bifurcated embedded derivatives were both zero at March 31, 2026 and December 31, 2025. The fair value of liabilities related to bifurcated embedded derivatives was $15.4 billion and $16.0 billion at March 31, 2026 and December 31, 2025, respectively. A bifurcated embedded derivative is generally presented with the host contract in the Condensed 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.

Corebridge | First Quarter 2026 Form 10-Q 42

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Derivatives and Hedge Accounting

As of March 31, 2026 and December 31, 2025, the following amounts were recorded on the Condensed Consolidated Balance Sheets related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges:


	March 31, 2026				December 31, 2025
(in millions)	Carrying Amount of the Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities		Carrying Amount of the Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities
Balance sheet line item in which hedged item is recorded:
Fixed maturities, available-for-sale, at fair value(a)	$	11,316	$	(11)	$	11,984	$	(7)
Commercial mortgage and other loans(b)	$	—	$	(18)	$	—	$	(19)
Policyholder contract deposits(c)	$	(13,627)	$	3	$	(13,022)	$	(48)

(a)These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At March 31, 2026, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.0 billion, the amount of the designated hedged item was $2.7 billion, and the cumulative basis adjustment associated with these hedging relationships was $(11) million. At December 31, 2025, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.0 billion, the amount of the designated hedged item was $2.7 billion, and the cumulative basis adjustment associated with these hedging relationships was $(7) million.

(b)This relates to hedge accounting that has been discontinued, but the respective loans are still held. The cumulative adjustment is being amortized into earnings over the remaining life of the loan.

(c)This relates to fair value hedges on GICs.

COLLATERAL

We engage in derivative transactions that are not subject to a clearing requirement directly with third parties, in most cases under International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements. Many of the ISDA Master Agreements also include Credit Support Annex (“CSA”) provisions, which provide for collateral postings that may vary based on criteria such as ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an up-front or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances. Additionally, in the case reinsurance agreements involve derivative transactions, cash collateral is provided to us by reinsurers and can be posted to third parties under the respective ISDA and CSA provisions.

Collateral posted by us to third parties for derivative transactions was $1.3 billion and $1.2 billion at March 31, 2026 and December 31, 2025, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $3.9 billion and $4.0 billion at March 31, 2026 and December 31, 2025, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.

OFFSETTING

We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement provisions apply 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 governed by the ISDA Master Agreement.

HEDGE ACCOUNTING

We designated certain derivatives entered into with third parties as fair value hedges of available-for-sale 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 third parties as fair value hedges of fixed rate GICs attributable to changes in benchmark interest rates. In December 2025, we also entered into certain interest rate swap contracts designated as fair value portfolio layer hedges of available-for-sale investment securities.

Corebridge | First Quarter 2026 Form 10-Q 43

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Derivatives and Hedge Accounting

In 2022 we designated certain interest rate swaps entered into with related parties as cash flow hedges of forecasted coupon payments associated with anticipated long-term debt issuances and we recognized derivative gains in AOCI. In each of the three months ended March 31, 2026 and 2025, $7 million and $7 million has been reclassified into Interest expense. The remaining amount in AOCI, of $111 million, will be reclassified into Interest expense over the life of the hedging relationship, which can extend up to 30 years. We expect $28 million to be reclassified into Interest expense over the next 12 months. There are no amounts excluded from the assessment of hedge effectiveness that are recognized in earnings.

For additional information related to the debt issuances, see Note 15 to the Consolidated Financial Statements in the 2025 Form 10-K.

We also designated certain interest rate swaps as cash flow hedges of floating-rate investment assets. Related to such swaps, for the three months ended March 31, 2026, we recognized derivative gains (losses) of $(46) million in AOCI and zero in net investment income. For the three months ended March 31, 2025, we recognized derivative gains (losses) of $182 million in AOCI and $(14) million in net investment income. As it relates to such hedges, we do not expect any reclassifications into net investment income over the next 12 months and there are no amounts excluded from the assessment of hedge effectiveness that are recognized in earnings.

We use cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. We recognized gains (losses) for the three months ended March 31, 2026 and 2025 of $2 million and $(4) million, respectively, included in Change in foreign currency translation adjustment in OCI related to the net investment hedge relationships. The gains (losses) recognized primarily include transactions with third parties. A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while regression analysis is employed for all other hedges.

The following table presents the gain (loss) recognized in earnings on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):


	Gains/(Losses) Recognized in Earnings for:
(in millions)	Hedging Derivatives(a)		Excluded Components(b)		Hedged Items		Net Impact

















Three Months Ended March 31, 2026
Interest rate contracts:
Interest credited to policyholder account balances	$	(55)	$	—	$	54	$	(1)
Net investment income	11		—		(11)		—
Foreign exchange contracts:
Realized gains (losses)	$	177	$	83	$	(177)	$	83
Three Months Ended March 31, 2025
Interest rate contracts:

Interest credited to policyholder account balances	$	86	$	—	$	(88)	$	(2)

Foreign exchange contracts:
Realized gains (losses)	$	(264)	$	147	$	264	$	147

(a)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.

(b)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in earnings on a mark-to-market basis.

Corebridge | First Quarter 2026 Form 10-Q 44

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Derivatives and Hedge Accounting

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS

The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss):


		Gains (Losses) Recognized in Earnings
	Three Months Ended March 31,
(in millions)			2026		2025
By Derivative Type:
Interest rate contracts			$	(124)	$	(22)
Foreign exchange contracts			17		(219)
Equity contracts			(616)		(454)
Credit contracts			(110)		(69)
Other contracts			23		16
Embedded derivatives			654		246
Fortitude Re funds withheld embedded derivative			14		(596)
Total			$	(142)	$	(1,098)
By Classification:
Policy fees			$	16	$	15
Net investment income (loss) - Fortitude Re funds withheld assets			16		(2)
Net realized gains (losses) - excluding Fortitude Re funds withheld assets			(222)		(728)

Net realized gains on Fortitude Re funds withheld assets			23		25
Net realized gains (losses) on Fortitude Re funds withheld embedded derivatives			14		(596)
Policyholder benefits			—		(2)
Change in the Fair value of market risk benefits *			11		190
Total			$	(142)	$	(1,098)

* This represents activity related to derivatives that economically hedge changes in fair value of certain MRBs. Excludes the impact of ceding derivative gains and losses in conjunction with the reinsurance agreements with CSLR. Starting 2026, the amount presented is ceded to CSLR. See Note 1 for additional information.

In addition to embedded derivatives within policyholder contract deposits, certain guaranteed benefits within insurance contracts are classified as MRBs. The change in the fair value of these benefits is disclosed in Note 14. The change in the fair value of MRBs and the derivative instruments that hedge those risks are recognized in “Change in the fair value of MRBs, net” in the Condensed Consolidated Statements of Income (Loss).

10. Deferred Policy Acquisition Costs

Deferred policy acquisition costs (“DAC”) represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such DAC generally include agent or broker commissions and bonuses, and medical fees that would not have been incurred if the insurance contract had not been acquired or renewed. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in Non-deferrable insurance commissions in the Condensed Consolidated Statements of Income (Loss).

We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates.

DAC for all contracts, except for those with limited to no exposure to policyholder behavior risk, (i.e., certain investment contracts), is grouped and amortized on a constant level basis (i.e., approximating straight line amortization with adjustments for expected terminations) over the expected term of the related contracts.

Corebridge | First Quarter 2026 Form 10-Q 45

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 10. Deferred Policy Acquisition Costs

The following table presents a rollforward of deferred policy acquisition costs related to long-duration contracts for the three months ended March 31, 2026 and 2025:


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions)
DAC:
Balance at January 1, 2026	$	3,378	$	1,053	$	4,162	$	118	$	164	$	8,875
Capitalization	183		23		95		8		—		309
Amortization expense	(130)		(27)		(83)		(5)		—		(245)
Other adjustments(a)	—		—		—		—		(164)		(164)

Balance at March 31, 2026(b)	$	3,431	$	1,049	$	4,174	$	121	$	—	$	8,775

Balance at January 1, 2025	$	3,020	$	1,049	$	4,127	$	95	$	1,990	$	10,281
Capitalization	174		19		90		8		19		310
Amortization expense	(111)		(22)		(85)		(4)		(53)		(275)
Other, including foreign exchange	—		—		—		—		—		—

Balance at March 31, 2025(b)	$	3,083	$	1,046	$	4,132	$	99	$	1,956	$	10,316

(a) Includes the impacts of the reinsurance agreement with CSLR. See Note 7 for additional information.

(b) Excludes value of business acquired (“VOBA”) of $10 million and $12 million at March 31, 2026 and 2025, respectively.

DEFERRED SALES INDUCEMENTS

We offer deferred sales inducements (“DSI”) which include enhanced crediting rates or bonus payments to contract holders (bonus interest) on certain annuity and investment contract products. To qualify for accounting treatment as an asset, the bonus interest must be explicitly identified in the contract at inception. We must also demonstrate that such amounts are incremental to amounts we credit on similar contracts without bonus interest and are higher than the contracts’ expected ongoing crediting rates for periods after the bonus period. DSI is reported in Other assets, while amortization related to DSI is recorded in Interest credited to policyholder account balances. DSI amounts are deferred and amortized on a constant level basis over the life of the contract consistent with DAC.

The following table presents a rollforward of deferred sales inducement assets related to long-duration contracts for the three months ended March 31, 2026 and 2025:


	Individual Retirement		Group Retirement		Corporate and Other		Total
(in millions)


Balance at January 1, 2026	$	182	$	140	$	1	$	323
Capitalization	1		—		—		1
Amortization expense	(9)		(4)		—		(13)
Other adjustments(a)	—		—		(1)		(1)
Balance at March 31, 2026	$	174	$	136	$	—	$	310
Other reconciling items(b)							4,711
Other assets, including restricted cash							$	5,021

Balance at January 1, 2025	$	218	$	152	$	70	$	440
Capitalization	1		—		—		1
Amortization expense	(10)		(3)		(2)		(15)

Balance at March 31, 2025	$	209	$	149	$	68	$	426
Other reconciling items(b)							1,616
Other assets, including restricted cash							$	2,042

(a) Includes the impacts of the reinsurance agreement with CSLR. See Note 7 for additional information.

(b) Other reconciling items include deposit assets, derivative assets, prepaid expenses, goodwill and any similar items.

Corebridge | First Quarter 2026 Form 10-Q 46

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Separate Account Assets and Liabilities

11. Separate Account Assets and Liabilities

We report variable contracts within the separate accounts when investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder and the separate account meets additional accounting criteria to qualify for separate account treatment. The assets supporting the variable portion of variable annuity and variable universal life contracts that qualify for separate account treatment are carried at fair value and are reported as separate account assets, with an equivalent summary total reported as separate account liabilities. The assets of insulated accounts are legally segregated and are not subject to claims that arise from any of our other businesses.

Policy values for variable products and investment contracts are expressed in terms of investment units. Each unit is linked to an asset portfolio. The value of a unit increases or decreases based on the value of the linked asset portfolio. The current liability at any time is the sum of the current unit value of all investment units in the separate accounts, plus any liabilities for MRBs.

Amounts assessed against the policyholders for mortality, administrative and other services are included in policy fees. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to policyholders of such separate accounts are offset within the same line in the Condensed Consolidated Statements of Income (Loss).

For discussion of the fair value measurement of guaranteed benefits that are accounted for as MRBs, see Note 4.

The following table presents fair value of separate account investment options:


	Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions)
March 31, 2026
Equity funds	$	28,855	$	972	$	698	$	24,522	$	55,047
Bond funds	3,116		47		1,388		3,983		8,534
Balanced funds	5,781		58		2,716		16,830		25,385
Money market funds	766		15		154		619		1,554
Total	$	38,518	$	1,092	$	4,956	$	45,954	$	90,520

December 31, 2025
Equity funds	$	30,683	$	1,027	$	721	$	26,073	$	58,504
Bond funds	3,160		48		1,398		4,165		8,771
Balanced funds	6,055		59		2,660		17,903		26,677
Money market funds	803		15		178		637		1,633
Total	$	40,701	$	1,149	$	4,957	$	48,778	$	95,585

The following table presents the balances and changes in separate account liabilities:


	Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions)
Three Months Ended March 31, 2026
Separate accounts balance, beginning of year	$	40,701	$	1,149	$	4,957	$	48,778	$	95,585
Premiums and deposits	337		8		20		407		772
Policy charges	(118)		(11)		(27)		(293)		(449)
Surrenders and withdrawals	(1,165)		(8)		(54)		(1,447)		(2,674)
Benefit payments	(154)		(2)		(10)		(263)		(429)
Investment performance	(960)		(42)		67		(1,251)		(2,186)
Net transfers from (to) general account and other	(123)		(2)		3		23		(99)
Separate accounts balance, end of period	$	38,518	$	1,092	$	4,956	$	45,954	$	90,520
Cash surrender value*	$	38,434	$	1,074	$	4,956	$	45,194	$	89,658

Corebridge | First Quarter 2026 Form 10-Q 47

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Separate Account Assets and Liabilities


	Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions)
Three Months Ended March 31, 2025
Separate accounts balance, beginning of year	$	39,672	$	1,059	$	4,339	$	48,818	$	93,888
Premiums and deposits	358		8		32		334		732
Policy charges	(116)		(12)		(27)		(299)		(454)
Surrenders and withdrawals	(1,024)		(12)		(78)		(1,314)		(2,428)
Benefit payments	(164)		(3)		(3)		(230)		(400)
Investment performance	(1,238)		(44)		14		(914)		(2,182)
Net transfers from (to) general account and other	(108)		—		5		17		(86)
Separate accounts balance, end of period	$	37,380	$	996	$	4,282	$	46,412	$	89,070
Cash surrender value*	$	37,288	$	976	$	4,284	$	45,554	$	88,102

*The cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less applicable surrender charges.

Separate account liabilities primarily represent the contract holder's account balance in separate account assets and will be equal and offsetting to total separate account assets.

12. Future Policy Benefits

Future policy benefits primarily include reserves for traditional life and annuity payout contracts, which represent an estimate of the present value of future benefits less the present value of future net premiums. Included in Future policy benefits are liabilities for annuities issued in structured settlement arrangements whereby a claimant receives life contingent payments over their lifetime. Also included are pension risk transfer arrangements whereby an upfront premium is received in exchange for guaranteed retirement benefits. All payments under these arrangements are fixed and determinable with respect to their amounts and dates. Structured settlement or other annuitization elections (e.g., certain single premium immediate annuities) that do not involve life contingent payments, but rather payments for a stated period are included in Policyholder contract deposits.

For traditional and limited pay long-duration products, benefit reserves are accrued and benefit expense is recognized using a net premium ratio (“NPR”) methodology for each annual cohort of business.

Corebridge | First Quarter 2026 Form 10-Q 48

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 12. Future Policy Benefits

The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets:


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions, except for liability durations)
Three Months Ended March 31, 2026
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	8,365	$	—	$	825	$	9,190
Effect of changes in discount rate assumptions (AOCI)	—		—		504		—		34		538


Beginning balance at original discount rate	—		—		8,869		—		859		9,728

Effect of actual variances from expected experience	—		—		4		—		(4)		—
Adjusted beginning of year balance	—		—		8,873		—		855		9,728
Issuances	—		—		171		—		6		177
Interest accrual	—		—		86		—		9		95
Net premium collected	—		—		(265)		—		(31)		(296)

Other	—		—		—		—		—		—
Ending balance at original discount rate	—		—		8,865		—		839		9,704
Effect of changes in discount rate assumptions (AOCI)	—		—		(602)		—		(44)		(646)
Balance, end of period	$	—	$	—	$	8,263	$	—	$	795	$	9,058

Present value of expected future policy benefits
Balance, beginning of year	$	1,173	$	291	$	17,209	$	24,147	$	18,772	$	61,592
Effect of changes in discount rate assumptions (AOCI)	110		(5)		1,261		3,290		1,180		5,836


Beginning balance at original discount rate	1,283		286		18,470		27,437		19,952		67,428

Effect of actual variances from expected experience(a)	(9)		—		5		9		(6)		(1)
Adjusted beginning of year balance	1,274		286		18,475		27,446		19,946		67,427
Issuances	14		2		170		20		9		215
Interest accrual	13		4		197		296		235		745
Benefit payments	(30)		(11)		(404)		(422)		(365)		(1,232)
Foreign exchange impact	—		—		—		(246)		—		(246)
Other	—		—		—		—		—		—
Ending balance at original discount rate	1,271		281		18,438		27,094		19,825		66,909
Effect of changes in discount rate assumptions (AOCI)	(121)		2		(1,510)		(3,973)		(1,485)		(7,087)
Balance, end of period	$	1,150	$	283	$	16,928	$	23,121	$	18,340	$	59,822
Net liability for future policy benefits, end of period	1,150		283		8,665		23,121		17,545		50,764
Liability for future policy benefits for certain participating contracts	—		—		11		—		1,211		1,222
Liability for universal life policies(b)	—		—		4,190		—		54		4,244


Deferred profit liability	31		20		26		1,641		756		2,474
Other reconciling items(c)	14		—		380		—		106		500
Future policy benefits for life and accident and health insurance contracts	1,195		303		13,272		24,762		19,672		59,204
Less: Reinsurance recoverable:	(5)		—		(656)		(52)		(19,672)		(20,385)
Net liability for future policy benefits after reinsurance recoverable	$	1,190	$	303	$	12,616	$	24,710	$	—	$	38,819
Weighted average liability duration of the liability for future policy benefits (years)(d)	7.2		5.9		10.1		10.7		10.1

Corebridge | First Quarter 2026 Form 10-Q 49

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 12. Future Policy Benefits


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions, except for liability durations)
Three Months Ended March 31, 2025
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	8,287	$	—	$	871	$	9,158
Effect of changes in discount rate assumptions (AOCI)	—		—		797		—		61		858
Reclassified due to reinsurance recapture	—		—		—		—		—		—
Beginning balance at original discount rate	—		—		9,084		—		932		10,016

Effect of actual variances from expected experience	—		—		(1)		—		—		(1)
Adjusted beginning of year balance	—		—		9,083		—		932		10,015
Issuances	—		—		154		—		—		154
Interest accrual	—		—		89		—		10		99
Net premium collected	—		—		(260)		—		(27)		(287)

Other	—		—		—		—		—		—

Ending balance at original discount rate	—		—		9,066		—		915		9,981
Effect of changes in discount rate assumptions (AOCI)	—		—		(686)		—		(50)		(736)
Balance, end of period	$	—	$	—	$	8,380	$	—	$	865	$	9,245

Present value of expected future policy benefits
Balance, beginning of year	$	1,130	$	202	$	16,947	$	19,487	$	19,243	$	57,009
Effect of changes in discount rate assumptions (AOCI)	145		3		1,720		3,206		1,556		6,630
Reclassified due to reinsurance recapture	—		102		—		259		(361)		—
Beginning balance at original discount rate	1,275		307		18,667		22,952		20,438		63,639

Effect of actual variances from expected experience(a)	(8)		2		2		5		(15)		(14)
Adjusted beginning of year balance	1,267		309		18,669		22,957		20,423		63,625
Issuances	19		3		153		490		8		673
Interest accrual	12		4		200		238		241		695
Benefit payments	(29)		(11)		(395)		(340)		(375)		(1,150)
Foreign exchange impact	—		—		—		288		—		288
Other	(1)		(2)		—		—		(1)		(4)

Ending balance at original discount rate	1,268		303		18,627		23,633		20,296		64,127
Effect of changes in discount rate assumptions (AOCI)	(127)		1		(1,482)		(3,404)		(1,253)		(6,265)
Balance, end of period	$	1,141	$	304	$	17,145	$	20,229	$	19,043	$	57,862
Net liability for future policy benefits, end of year	1,141		304		8,765		20,229		18,178		48,617
Liability for future policy benefits for certain participating contracts	—		—		12		—		1,250		1,262
Liability for universal life policies(b)	—		—		4,095		—		54		4,149


Deferred profit liability	36		23		23		1,615		811		2,508
Other reconciling items(c)	15		—		429		—		106		550
Future policy benefits for life and accident and health insurance contracts	1,192		327		13,324		21,844		20,399		57,086
Less: Reinsurance recoverable:	(4)		—		(665)		(40)		(20,161)		(20,870)
Net liability for future policy benefits after reinsurance recoverable	$	1,188	$	327	$	12,659	$	21,804	$	238	$	36,216
Weighted average liability duration of the liability for future policy benefits (years)(d)	7.4		6.0		10.7		11.0		10.6

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

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

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

(d)The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.

For the three months ended March 31, 2026 and 2025 in the traditional and term life insurance block, capping of net premium ratios at 100% caused a (credit)/charge to net income of $0 million and $0 million, respectively. The discount rate was updated based on market observable information.

Corebridge | First Quarter 2026 Form 10-Q 50

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 12. Future Policy Benefits

The following table presents the amount of undiscounted expected future benefit payments and undiscounted and discounted expected gross premiums for future policy benefits for nonparticipating contracts:


		Three Months Ended March 31,
(in millions)		2026		2025
Individual Retirement	Undiscounted expected future benefits and expense	$	1,853	$	1,831
	Undiscounted expected future gross premiums	$	—	$	—
Group Retirement	Undiscounted expected future benefits and expense	$	404	$	438
	Undiscounted expected future gross premiums	$	—	$	—
Life Insurance	Undiscounted expected future benefits and expense	$	28,973	$	30,663
	Undiscounted expected future gross premiums	$	18,782	$	21,252
	Discounted expected future gross premiums (at current discount rate)	$	12,682	$	14,159
Institutional Markets	Undiscounted expected future benefits and expense	$	53,779	$	44,348
	Undiscounted expected future gross premiums	$	—	$	—
Corporate and other	Undiscounted expected future benefits and expense	$	39,509	$	40,826
	Undiscounted expected future gross premiums	$	1,765	$	1,932
	Discounted expected future gross premiums (at current discount rate)	$	1,198	$	1,297

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for future policy benefits for nonparticipating contracts:


	Gross Premiums				Interest Accretion
	Three Months Ended March 31,				Three Months Ended March 31,
(in millions)	2026		2025			2026		2025
Individual Retirement	$	15	$	17		$	13	$	12
Group Retirement	1		4			4		4
Life Insurance	449		455			111		111
Institutional Markets	23		509			296		238
Corporate and Other	55		55			226		231
Total	$	543	$	1,040		$	650	$	596

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


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other



March 31, 2026
Weighted-average interest rate, original discount rate	3.98	%	5.20	%	4.70	%	4.59	%	4.87	%
Weighted-average interest rate, current discount rate	5.42	%	5.24	%	5.65	%	5.98	%	5.65	%

March 31, 2025
Weighted-average interest rate, original discount rate	3.85	%	5.29	%	4.70	%	4.31	%	4.87	%
Weighted-average interest rate, current discount rate	5.31	%	5.22	%	5.51	%	5.68	%	5.48	%

The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.

Additional Liabilities: For universal-life type products, insurance benefits in excess of the account balance are generally recognized as expenses in the period incurred unless the design of the product is such that future charges are insufficient to cover the benefits, in which case an “additional liability” is accrued over the life of the contract. These additional liabilities are included in Future policy benefits for life and accident and health insurance contracts in the Condensed Consolidated Balance Sheets.

Corebridge | First Quarter 2026 Form 10-Q 51

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 12. Future Policy Benefits

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


	Three Months Ended March 31,
	2026						2025
	Life Insurance		Corporate and Other		Total		Life Insurance		Corporate and Other		Total
(in millions, except duration of liability)


Balance, beginning of year	$	4,241	$	54	$	4,295	$	4,034	$	54	$	4,088

Effect of changes in experience	91		(1)		90		152		(1)		151
Adjusted beginning balance	$	4,332	$	53	$	4,385	$	4,186	$	53	$	4,239

Assessments	163		—		163		163		—		163
Excess benefits paid	(297)		—		(297)		(328)		—		(328)
Interest accrual	41		1		42		39		1		40
Other	1		—		1		2		—		2
Changes related to unrealized appreciation (depreciation) of investments	(50)		—		(50)		33		—		33
Balance, end of period	$	4,190	$	54	$	4,244	$	4,095	$	54	$	4,149
Less: Reinsurance recoverable	(162)		(54)		(216)		(152)		(54)		(206)
Balance, end of period, net of Reinsurance recoverable	$	4,028	$	—	$	4,028	$	3,943	$	—	$	3,943

Weighted average duration of liability *	26.7		8.6				24.5		8.8

*The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates, which can be found in the table below.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for the liability for universal life policies:


	Gross Assessments				Interest Accretion
	Three Months Ended March 31,				Three Months Ended March 31,
(in millions)	2026		2025			2026		2025





Life Insurance	$	259	$	276		$	41	$	39

Corporate and Other	10		9			1		1
Total	$	269	$	285		$	42	$	40

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


March 31,	2026				2025
	Life Insurance		Corporate and Other		Life Insurance		Corporate and Other



Weighted-average interest rate	3.93	%	4.20	%	4.08	%	4.20	%

The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.

The following table presents details concerning our universal life policies:


	Three Months Ended March 31,
(in millions, except for attained age of contract holders)	2026		2025
Account value	$	4,323	$	4,054
Net amount at risk	$	78,630	$	76,533
Average attained age of contract holders	54		53

Corebridge | First Quarter 2026 Form 10-Q 52

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13. Policyholder Contract Deposits and Other Policyholder Funds

13. Policyholder Contract Deposits and Other Policyholder Funds

POLICYHOLDER CONTRACT DEPOSITS

The liability for Policyholder contract deposits is primarily recorded at accumulated value (deposits received and net transfers from separate accounts, plus accrued interest credited, less withdrawals and assessed fees). Deposits collected on investment-oriented products are not reflected as revenues. They are recorded directly to Policyholder contract deposits upon receipt. Amounts assessed against the contract holders for mortality, administrative, and other services are included as Policy fees in revenues.

In addition to liabilities for universal life, fixed annuities, fixed options within variable annuities, annuities without life contingencies, funding agreements and GICs, policyholder contract deposits also include our liability for (i) index-linked interest credited features accounted for as embedded derivatives at fair value, (ii) annuities issued in a structured settlement arrangement with no life contingency and (iii) certain contracts we have elected to account for at fair value. Changes in the fair value of the embedded derivatives related to policy index-linked interest credited features and the fair value of derivatives hedging these liabilities are recognized in realized gains and losses.

For additional information on index credits accounted for as embedded derivatives, see Note 4.

The following table presents the balances and changes in Policyholder contract deposits account balances(a):


	Individual Retirement			Group Retirement			Life Insurance			Institutional Markets			Corporate and other			Total
(in millions, except for average crediting rate)
Three Months Ended March 31, 2026
Policyholder contract deposits account balance, beginning of year	$	111,802		$	38,407		$	10,440		$	22,746		$	7,729		$	191,124

Deposits	4,353			1,107			395			1,058			509			7,422
Policy charges	(59)			(125)			(370)			(17)			(161)			(732)
Surrenders and withdrawals	(3,184)			(2,158)			(63)			(55)			(1,615)			(7,075)
Benefit payments	(671)			(505)			(62)			(303)			(360)			(1,901)
Net transfers from (to) separate account	—			1,202			5			59			1,401			2,667
Interest credited	1,141			286			129			271			49			1,876
Other, including foreign exchange	(8)			—			11			(12)			3			(6)
Policyholder contract deposits account balance, end of period	113,374			38,214			10,485			23,747			7,555			193,375
Other reconciling items(b)	(3,078)			(341)			42			78			—			(3,299)
Policyholder contract deposits	$	110,296		$	37,873		$	10,527		$	23,825		$	7,555		$	190,076
Weighted average crediting rate	3.71		%	3.23		%	4.34		%	4.77		%	2.60		%
Cash surrender value(c)	$	106,048		$	37,314		$	9,374		$	2,633		$	6,033		$	161,402


Three Months Ended March 31, 2025
Policyholder contract deposits account balance, beginning of year	$	100,230		$	39,246		$	10,338		$	18,026		$	8,375		$	176,215
Reclassification due to reinsurance recapture	—			—			—			14			(14)			—
Deposits	4,305			1,143			406			1,445			427			7,726
Policy charges	(49)			(124)			(375)			(18)			(167)			(733)
Surrenders and withdrawals	(2,339)			(2,109)			(65)			(78)			(1,483)			(6,074)
Benefit payments	(687)			(503)			(65)			(362)			(347)			(1,964)
Net transfers from (to) separate account	—			1,023			11			64			1,334			2,432
Interest credited	993			304			118			217			56			1,688
Other, including foreign exchange	(6)			—			17			(7)			6			10
Policyholder contract deposits account balance, end of period	102,447			38,980			10,385			19,301			8,187			179,300
Other reconciling items(b)	(2,831)			(334)			103			74			—			(2,988)
Policyholder contract deposits	$	99,616		$	38,646		$	10,488		$	19,375		$	8,187		$	176,312
Weighted average crediting rate	3.43		%	3.15		%	4.33		%	4.75		%	2.71		%
Cash surrender value(c)	$	95,527		$	38,060		$	9,191		$	2,598		$	6,502		$	151,878

(a)Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited into the general account and then simultaneously transferred to the separate account), and thus, did not impact the ending balance of policyholder contract deposits.

(b)Reconciling items principally relate to MRBs that are bifurcated and reported separately, and changes in the fair value of embedded derivatives of $(649) million and $(222) million that are recorded in policyholder contract deposits as of March 31, 2026 and 2025, respectively.

(c)Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs do not have a cash surrender value).

Corebridge | First Quarter 2026 Form 10-Q 53

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13. Policyholder Contract Deposits and Other Policyholder Funds

For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 14.

The following table presents Policyholder contract deposits account balance by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:


March 31, 2026		At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		More than 50 Basis Points Above Minimum Guarantee		Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,601	$	1,256	$	37,708	$	41,565
	> 1% - 2%	1,869		47		726		2,642
	> 2% - 3%	5,638		145		4,221		10,004
	> 3% - 4%	4,886		31		4		4,921
	> 4% - 5%	376		—		4		380
	> 5%	30		—		1		31
	Total	$	15,400	$	1,479	$	42,664	$	59,543
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	1,891	$	1,533	$	9,407	$	12,831
	> 1% - 2%	2,952		432		851		4,235
	> 2% - 3%	9,656		243		164		10,063
	> 3% - 4%	503		—		—		503
	> 4% - 5%	5,896		—		—		5,896
	> 5%	120		—		—		120
	Total	$	21,018	$	2,208	$	10,422	$	33,648
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—	$	—	$	—	$	—
	> 1% - 2%	—		113		359		472
	> 2% - 3%	10		163		1,682		1,855
	> 3% - 4%	1,071		451		27		1,549
	> 4% - 5%	2,567		—		—		2,567
	> 5%	198		—		—		198
	Total	$	3,846	$	727	$	2,068	$	6,641
Corporate and Other	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,558	$	—	$	1	$	2,559
	> 1% - 2%	666		1		35		702
	> 2% - 3%	1,354		6		60		1,420
	> 3% - 4%	440		1		511		952
	> 4% - 5%	185		—		3		188
	> 5%	9		—		—		9
	Total	$	5,212	$	8	$	610	$	5,830
Total*		$	45,476	$	4,422	$	55,764	$	105,662
Percentage of total		43%		4%		53%		100%

Corebridge | First Quarter 2026 Form 10-Q 54

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13. Policyholder Contract Deposits and Other Policyholder Funds


March 31, 2025		At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		More than 50 Basis Points Above Minimum Guarantee		Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,923	$	1,161	$	34,400	$	38,484
	> 1% - 2%	2,226		41		1,047		3,314
	> 2% - 3%	6,145		138		2,910		9,193
	> 3% - 4%	5,479		34		4		5,517
	> 4% - 5%	403		—		4		407
	> 5%	31		—		3		34
	Total	$	17,207	$	1,374	$	38,368	$	56,949









Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,000	$	1,516	$	8,881	$	12,397
	> 1% - 2%	3,239		534		828		4,601
	> 2% - 3%	10,426		351		128		10,905
	> 3% - 4%	541		—		—		541
	> 4% - 5%	6,239		—		—		6,239
	> 5%	130		—		—		130
	Total	$	22,575	$	2,401	$	9,837	$	34,813

Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—	$	—	$	—	$	—
	> 1% - 2%	—		111		364		475
	> 2% - 3%	12		177		1,723		1,912
	> 3% - 4%	1,171		420		24		1,615
	> 4% - 5%	2,696		—		—		2,696
	> 5%	207		—		—		207
	Total	$	4,086	$	708	$	2,111	$	6,905
Corporate and Other	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,943	$	1	$	2	$	2,946
	> 1% - 2%	763		2		40		805
	> 2% - 3%	1,293		2		68		1,363
	> 3% - 4%	475		1		543		1,019
	> 4% - 5%	192		—		3		195
	> 5%	9		—		—		9
	Total	$	5,675	$	6	$	656	$	6,337
Total*		$	49,543	$	4,489	$	50,972	$	105,004
Percentage of total		47%		4%		49%		100%

*Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.

OTHER POLICYHOLDER FUNDS

Other policyholder funds include unearned revenue reserve (“URR”), consisting of front-end loads on investment-oriented contracts, representing those policy loads that are non-level and typically higher in initial policy years than in later policy years. Amortization of URR is recorded in Policy fees.

URR for investment-oriented contracts are generally deferred and amortized into income using the same assumptions and factors used to amortize DAC (i.e., on a constant level basis).

Corebridge | First Quarter 2026 Form 10-Q 55

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13. Policyholder Contract Deposits and Other Policyholder Funds

The following table presents a rollforward of the unearned revenue reserve for the three months ended March 31, 2026 and 2025:

Life
Insurance

Institutional
Markets

Corporate and O