CRBG 10-Q Quarterly Report June 30, 2025

SAFG RETIREMENT SERVICES, INC.

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crbg-20250630

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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 June 30, 2025

☐ 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 August 1, 2025, there were 538,681,830 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 JUNE 30, 2025

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FORM 10-Q


			Page
Part I - Financial Information
ITEM 1	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets at June 30, 2025 and December 31, 2024		4
	Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2025 and 2024		5
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2025 and 2024		6
	Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2025 and 2024		7
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024		8
	Notes to Condensed Consolidated Financial Statements (Unaudited)
	NOTE 1.	Overview and Basis of Presentation	10
	NOTE 2 .	Summary of Significant Accounting Policies	10
	NOTE 3.	Segment Information	11
	NOTE 4.	Fair Value Measurements	15
	NOTE 5.	Investments	34
	NOTE 6.	Lending Activities	42
	NOTE 7.	Reinsurance	45
	NOTE 8.	Variable Interest Entities	47
	NOTE 9.	Derivatives and Hedge Accounting	50
	NOTE 10.	Deferred Policy Acquisition Costs	55
	NOTE 11.	Separate Account Assets and Liabilities	56
	NOTE 12.	Future Policy Benefits	57
	NOTE 13.	Policyholder Contract Deposits and Other Policyholder Funds	62
	NOTE 14.	Market Risk Benefits	66
	NOTE 15.	Debt	68
	NOTE 16.	Contingencies, Commitments and Guarantees	69
	NOTE 17.	Equity	72
	NOTE 18.	Earnings Per Common Share	77
	NOTE 19.	Income Taxes	77
	NOTE 20.	Related Parties	79


ITEM 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations		81












ITEM 3	Quantitative and Qualitative Disclosures About Market Risk		141
ITEM 4	Controls and Procedures		141
Part II – Other Information
ITEM 1	Legal Proceedings		142
ITEM 1A	Risk Factors		142
ITEM 2	Unregistered Sales of Equity Securities and Use of Proceeds		142
ITEM 5	Other Information		143
ITEM 6	Exhibits		144
Signatures			145

Corebridge | Second Quarter 2025 Form 10-Q 1

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Cautionary Statement Regarding Forward-Looking Information

This Quarterly Report on Form 10-Q (“Quarterly Report”) may include 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 can be identified by the use of terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “projects,” “is optimistic,” “intends,” “targets,” “plans,” “estimates,” “anticipates” or other comparable terms. Forward-looking statements include, without limitation, all matters that are not historical facts. They appear in a number of places throughout this Quarterly Report and include, without limitation, 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; 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, including the ongoing armed conflicts between Ukraine and Russia and in the Middle East; and the impact of prevailing capital markets and economic conditions.

Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition, liquidity and cash flows, and the development of the markets in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this Quarterly Report . In addition, even if our results of operations, financial condition, liquidity and cash flows, and the development of the markets in which we operate, are consistent with the forward-looking statements contained in this Quarterly Report , those results or developments may not be indicative of results or developments in subsequent periods. A number of important factors, including, without limitation, the risks and uncertainties 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, 2024 (the “2024 Form 10-K”) could cause actual results and outcomes to differ materially from those reflected in the forward-looking statements. Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, without limitation:

• changes in interest rates and changes to credit spreads;

• the deterioration of economic conditions, including an increase in the likelihood of an economic slowdown or recession, changes in market conditions, trade disputes with other countries, including the effect of sanctions and trade restrictions, such as tariffs and trade barriers imposed by the U.S. government and any countermeasures by other governments in response to such tariffs, weakening in capital markets in the U.S and globally, volatility in equity markets, inflationary pressures, the rise of pressures on the commercial real estate market, and geopolitical tensions, including the ongoing armed conflicts between Ukraine and Russia and in the Middle East;

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

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

• uncertainty and unpredictability related to our reinsurance agreements with Fortitude Reinsurance Company Ltd. (“ Fortitude Re”) and its performance of its obligations under these agreements;

• failure to complete all or any portion of the transactions with Corporate Solutions Life Reinsurance Company and Venerable Holdings, Inc.;

• 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;

Corebridge | Second Quarter 2025 Form 10-Q 2

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• the impact of risks associated with our arrangement with Blackstone ISG-I Advisors LLC (“Blackstone IM”), 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 IM;

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

• the ineffectiveness of our risk management policies and procedures;

• significant legal, governmental or regulatory proceedings;

• the intense competition we face in each of our business lines and the technological changes, including the use of artificial intelligence (“AI”), that may present new and intensified challenges to our business;

• catastrophes, including those associated with climate change and pandemics;

• 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;

• the ineffectiveness of our productivity improvement initiatives in yielding our expected expense reductions and improvements in operational and organizational efficiency;

• 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 AIG, 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

• challenges related to compliance with applicable laws incident to being a public company, which is expensive and time-consuming.

Other risks, uncertainties and factors, including those discussed in “ Risk Factors” in the 2024 Form 10-K could cause our actual results to differ materially from those projected in any forward-looking statements we make. You should read carefully the factors described in “ Risk Factors” in the 2024 Form 10-K to better understand the risks and uncertainties inherent in our business and underlying any forward-looking statements.

You should read this Quarterly Report completely and with the understanding that actual future results may be materially different from expectations. All forward-looking statements made in this Quarterly Report are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this Quarterly Report , and we do not undertake any obligation to update or revise any forward-looking statements to reflect the occurrence of events, unanticipated or otherwise, other than as may be required by law.

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 | Second Quarter 2025 Form 10-Q 3

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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)	June 30, 2025		December 31, 2024
Assets:
Investments:
Fixed maturity securities:
Bonds available-for-sale, at fair value, net of allowance for credit losses of $ 91 in 2025 and $ 119 in 2024 (amortized cost: 2025 - $ 196,213 ; 2024 - $ 191,058 )*	$	179,645	$	170,840
Other bond securities, at fair value (See Note 5)*	5,379		5,262
Equity securities, at fair value (See Note 5)*	911		56
Mortgage and other loans receivable, net of allowance for credit losses of $ 719 in 2025 and $ 771 in 2024*	54,334		52,768
Other invested assets (portion measured at fair value: 2025 - $ 8,091 ; 2024 - $ 7,791 )*	9,947		9,851
Short-term investments, including restricted cash of $ 4 in 2025 and $ 4 in 2024 (portion measured at fair value: 2025 - $ 1,264 ; 2024 - $ 1,439 )*	3,811		4,981
Total investments	254,027		243,758
Cash*	290		806
Accrued investment income*	2,238		2,169
Premiums and other receivables, net of allowance for credit losses and disputes o f $ 1 in 2025 and $ 1 in 2024	674		713
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes of $ 0 in 2025 and $ 0 in 2024	24,463		24,933
Reinsurance assets - other, net of allowance for credit losses and disputes of $ 10 in 2025 and $ 12 in 2024	1,700		1,560
Deferred income taxes	7,426		7,903
Deferred policy acquisition costs and value of business acquired	10,435		10,293
Market risk benefit assets, at fair value	1,329		1,332
Other assets, including restricted cash of $ 2 in 2025 and $ 14 in 2024 (portion measured at fair value: 2025 - $ 590 ; 2024 - $ 193 )*	2,340		1,844
Separate account assets, at fair value	94,064		93,888
Assets held-for-sale	177		198
Total assets	$	399,163	$	389,397
Liabilities:
Future policy benefits for life and accident and health insurance contracts	$	57,485	$	56,272
Policyholder contract deposits (portion measured at fair value: 2025 - $ 10,826 ; 2024 - $ 9,535 )	182,187		173,695
Market risk benefit liabilities, at fair value	6,265		5,616
Other policyholder funds	2,903		2,873
Fortitude Re funds withheld payable (portion measured at fair value: 2025 - $ 3,052 ; 2024 - $ 2,223 )	23,820		24,291
Other liabilities (portion measured at fair value: 2025 - $ 128 ; 2024 - $ 110 )*	7,921		8,044
Short-term and long-term debt, of which $ 101 is short-term debt in 2025 and $ 1,101 in 2024	9,456		10,454
Debt of consolidated investment entities*	1,893		1,938
Separate account liabilities	94,064		93,888

Total liabilities	$	385,994	$	377,071
Contingencies, commitments and guarantees ( See Note 16 )



Corebridge Shareholders' equity:
Common stock, $ 0.01 par value; 2,500,000,000 shares authorized; shares issued: 2025 - 650,189,849 and 2024 - 650,189,849	$	7	$	7
Treasury stock, at cost; 2025 - 107,002,819 shares and 2024 - 88,704,816 shares	( 2,881 )		( 2,282 )
Additional paid-in capital	8,140		8,161
Retained earnings	17,669		19,257
Accumulated other comprehensive loss	( 10,633 )		( 13,681 )
Total Corebridge Shareholders' equity	12,302		11,462
Non-redeemable noncontrolling interests	867		864
Total equity	$	13,169	$	12,326
Total liabilities and equity	$	399,163	$	389,397

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

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | Second Quarter 2025 Form 10-Q 4

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Corebridge Financial, Inc.

Condensed Consolidated Statements of Income (Loss) (unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per common share data)	2025		2024		2025		2024
Revenues:
Premiums	$	464	$	547	$	1,353	$	2,842
Policy fees	721		721		1,441		1,435
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets	2,995		2,663		5,853		5,255
Net investment income - Fortitude Re funds withheld assets	343		325		674		657
Total net investment income	3,338		2,988		6,527		5,912
Net realized losses:
Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative	( 1,694 )		( 690 )		( 2,516 )		( 868 )
Net realized losses on Fortitude Re funds withheld assets	( 30 )		( 93 )		( 26 )		( 257 )
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	( 251 )		36		( 847 )		58
Total net realized losses	( 1,975 )		( 747 )		( 3,389 )		( 1,067 )
Advisory fee income	121		124		246		248
Other income	75		77		156		176
Total revenues	2,744		3,710		6,334		9,546
Benefits and expenses:
Policyholder benefits (includes remeasurement (gains) losses of $ 59 and $ 68 for the three months ended June 30, 2025 and 2024, and $ 205 and $ 168 , for the six months ended June 30, 2025 and 2024, respectively)	982		1,049		2,439		3,856
Change in the fair value of market risk benefits, net	( 279 )		25		106		( 344 )
Interest credited to policyholder account balances	1,486		1,274		2,903		2,473
Amortization of deferred policy acquisition costs and value of business acquired	275		260		550		527
Non-deferrable insurance commissions	152		146		308		289
Advisory fee expenses	64		71		134		139
General operating expenses	535		532		1,079		1,104
Interest expense	137		138		285		276

Net gain on divestitures	—		( 241 )		—		( 246 )

Total benefits and expenses	3,352		3,254		7,804		8,074
Income (loss) before income tax expense (benefit)	( 608 )		456		( 1,470 )		1,472



Income tax expense (benefit)	60		115		( 145 )		304
Net income (loss)	( 668 )		341		( 1,325 )		1,168
Less:
Net loss attributable to noncontrolling interests	( 8 )		( 24 )		( 1 )		( 75 )
Net income (loss) attributable to Corebridge	$	( 660 )	$	365	$	( 1,324 )	$	1,243

Income (loss) per common share attributable to Corebridge common shareholders:
Common stock - basic	$	( 1.20 )	$	0.60	$	( 2.39 )	$	2.01
Common stock - diluted	$	( 1.20 )	$	0.59	$	( 2.39 )	$	2.01

Weighted average shares outstanding:
Common stock - basic	550.3		611.6		554.1		617.8
Common stock - diluted	550.3		612.6		554.1		618.7

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | Second Quarter 2025 Form 10-Q 5

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Corebridge Financial, Inc.

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Net income (loss)	$	( 668 )	$	341	$	( 1,325 )	$	1,168
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken	13		( 9 )		26		26
Change in unrealized appreciation (depreciation) of all other investments	1,262		( 967 )		2,746		( 2,143 )
Change in fair value of market risk benefits attributable to changes in our own credit risk	13		159		( 34 )		136
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts	47		379		87		922
Change in cash flow hedges	45		( 2 )		182		( 22 )
Change in foreign currency translation adjustments	37		70		42		67

Other comprehensive income (loss)	1,417		( 370 )		3,049		( 1,014 )
Comprehensive income (loss)	749		( 29 )		1,724		154
Less:
Comprehensive (loss) attributable to noncontrolling interests	( 7 )		( 25 )		—		( 77 )
Comprehensive income (loss) attributable to Corebridge	$	756	$	( 4 )	$	1,724	$	231

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | Second Quarter 2025 Form 10-Q 6

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


(in millions)	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 June 30, 2025
Balance, beginning of period	$	7	$	( 2,568 )	$	8,129	$	18,461	$	( 12,049 )	$	11,980	$	856	$	12,836

Common stock issued under stock plans	—		1		( 1 )		—		—		—		—		—
Purchase of common stock	—		( 314 )		—		—		—		( 314 )		—		( 314 )
Net loss attributable to Corebridge or noncontrolling interests	—		—		—		( 660 )		—		( 660 )		( 8 )		( 668 )
Dividends on common stock	—		—		—		( 131 )		—		( 131 )		—		( 131 )
Other comprehensive income, net of tax	—		—		—		—		1,416		1,416		1		1,417

Contributions from noncontrolling interests	—		—		—		—		—		—		30		30
Distributions to noncontrolling interests	—		—		—		—		—		—		( 12 )		( 12 )
Other	—		—		12		( 1 )		—		11		—		11
Balance, end of period	$	7	$	( 2,881 )	$	8,140	$	17,669	$	( 10,633 )	$	12,302	$	867	$	13,169

Three Months Ended June 30, 2024
Balance, beginning of period	$	7	$	( 717 )	$	8,115	$	18,310	$	( 14,139 )	$	11,576	$	810	$	12,386

Common stock issued under stock plans	—		( 4 )		4		—		—		—		—		—
Purchase of common stock	—		( 440 )		—		—		—		( 440 )		—		( 440 )
Net income (loss) attributable to Corebridge or noncontrolling interests	—		—		—		365		—		365		( 24 )		341
Dividends on common stock	—		—		—		( 139 )		—		( 139 )		—		( 139 )
Other comprehensive loss, net of tax	—		—		—		—		( 369 )		( 369 )		( 1 )		( 370 )

Contributions from noncontrolling interests	—		—		—		—		—		—		32		32
Distributions to noncontrolling interests	—		—		—		—		—		—		( 2 )		( 2 )
Other	—		—		3		—		—		3		1		4
Balance, end of period	$	7	$	( 1,161 )	$	8,122	$	18,536	$	( 14,508 )	$	10,996	$	816	$	11,812



Six Months Ended June 30, 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	—		41		( 41 )		—		—		—		—		—
Purchase of common stock	—		( 640 )		—		—		—		( 640 )		—		( 640 )
Net loss attributable to Corebridge or noncontrolling interests	—		—		—		( 1,324 )		—		( 1,324 )		( 1 )		( 1,325 )
Dividends on common stock	—		—		—		( 264 )		—		( 264 )		—		( 264 )
Other comprehensive income, net of tax	—		—		—		—		3,048		3,048		1		3,049

Contributions from noncontrolling interests	—		—		—		—		—		—		38		38
Distributions to noncontrolling interests	—		—		—		—		—		—		( 32 )		( 32 )
Other	—		—		20		—		—		20		( 3 )		17
Balance, end of period	$	7	$	( 2,881 )	$	8,140	$	17,669	$	( 10,633 )	$	12,302	$	867	$	13,169

Six Months Ended June 30, 2024
Balance, beginning of year	$	6	$	( 503 )	$	8,149	$	17,572	$	( 13,458 )	$	11,766	$	869	$	12,635

Common stock issued under stock plans	1		23		( 23 )		—		—		1		—		1
Purchase of common stock	—		( 681 )		—		—		—		( 681 )		—		( 681 )
Net income (loss) attributable to Corebridge or noncontrolling interests	—		—		—		1,243		—		1,243		( 75 )		1,168
Dividends on common stock	—		—		—		( 282 )		—		( 282 )		—		( 282 )
Other comprehensive loss, net of tax	—		—		—		—		( 1,012 )		( 1,012 )		( 2 )		( 1,014 )
Changes in noncontrolling interests due to divestitures and acquisitions	—		—		—		—		—		—		1		1
Contributions from noncontrolling interests	—		—		—		—		—		—		53		53
Distributions to noncontrolling interests	—		—		—		—		—		—		( 31 )		( 31 )
Other	—		—		( 4 )		3		( 38 )		( 39 )		1		( 38 )

Balance, end of period	$	7	$	( 1,161 )	$	8,122	$	18,536	$	( 14,508 )	$	10,996	$	816	$	11,812

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | Second Quarter 2025 Form 10-Q 7

TABLE OF CONTENTS

Corebridge Financial, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)


	Six Months Ended June 30,
(in millions)	2025		2024
Cash flows from operating activities:
Net income (loss)	$	( 1,325 )	$	1,168
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	925		903
Net (gain) loss on divestitures	—		( 246 )

Unrealized (gains) losses in earnings - net	1,002		753
Change in the fair value of market risk benefits in earnings, net	417		( 858 )
Equity in income from equity method investments, net of dividends or distributions	12		34
Depreciation and other amortization	183		96
Impairments of assets	31		48

Changes in operating assets and liabilities:
Insurance liabilities	45		443
Premiums and other receivables and payables - net	144		( 238 )
Funds held relating to Fortitude Re Reinsurance contracts	( 472 )		( 1,031 )
Reinsurance assets and funds held under reinsurance treaties	613		487
Capitalization of deferred policy acquisition costs	( 692 )		( 684 )
Current and deferred income taxes - net	( 354 )		61
Other, net	( 413 )		( 347 )
Total adjustments	1,441		( 579 )
Net cash provided by operating activities	116		589
Cash flows from investing activities:
Proceeds from (payments for)
Sales or distributions of:
Available-for-sale securities	6,897		4,992
Other securities	731		374
Other invested assets	767		642
Divestitures, net	—		577
Maturities of fixed maturity securities available-for-sale	8,415		7,007
Principal payments received on mortgage and other loans receivable	3,708		2,201
Purchases of:
Available-for-sale securities	( 20,356 )		( 14,025 )
Other securities	( 1,582 )		( 583 )
Other invested assets	( 489 )		( 374 )
Mortgage and other loans receivable	( 4,395 )		( 4,113 )

Net change in short-term investments	1,359		( 693 )
Net change in derivative assets and liabilities	( 1,525 )		103
Other, net	( 75 )		( 72 )
Net cash used in investing activities	( 6,545 )		( 3,964 )
Cash flows from financing activities:
Proceeds from (payments for):
Policyholder contract deposits	20,233		20,103
Policyholder contract withdrawals	( 12,453 )		( 14,377 )


Issuance of debt of consolidated investment entities	52		101

Repayments of short-term debt	( 1,000 )		—
Maturities and repayments of debt of consolidated investment entities	( 105 )		( 398 )
Dividends paid on common stock	( 264 )		( 282 )


Distributions to noncontrolling interests	( 32 )		( 31 )
Contributions from noncontrolling interests	38		53
Net change in securities lending and repurchase agreements	( 5 )		( 893 )

Issuance of common stock	—		1
Repurchase of common stock	( 632 )		( 679 )
Other, net	70		( 198 )
Net cash provided by (used in) financing activities	5,902		3,400
Effect of exchange rate changes on cash and restricted cash	( 1 )		—
Net increase (decrease) in cash and restricted cash	( 528 )		25
Cash and restricted cash at beginning of year	824		628
Change in cash of businesses held for sale	—		—
Cash and restricted cash at end of period	$	296	$	653

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | Second Quarter 2025 Form 10-Q 8

TABLE OF CONTENTS

Corebridge Financial, Inc.

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


Supplementary Disclosure of Consolidated Cash Flow Information

	Six Months Ended June 30,
(in millions)	2025		2024
Cash	$	290	$	637
Restricted cash included in short-term investments	4		3
Restricted cash included in other assets	2		13
Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	296	$	653

Cash (received) paid during the period for:
Interest	$	300	$	259
Taxes	$	209	$	243
Non-cash investing activities:
Fixed maturity securities, designated available-for-sale, received in connection with pension risk transfer transactions	$	—	$	( 1,316 )

Fixed maturity securities, designated fair value option, received in connection with reinsurance transactions	$	—	$	( 232 )
Fixed maturity securities, designated available-for-sale, transferred in connection with reinsurance transactions	$	—	$	131
Fixed maturity securities, designated fair value option, transferred in connection with reinsurance transactions	$	—	$	15














Non-cash financing activities:
Interest credited to policyholder contract deposits included in financing activities	$	3,068	$	2,416
Fee income debited to policyholder contract deposits included in financing activities	$	( 1,464 )	$	( 1,426 )

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | Second Quarter 2025 Form 10-Q 9

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 products, 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 June 30, 2025, Corebridge’s three largest shareholders, Nippon Life Insurance Company, a mutual company organized under the laws of Japan (“Nippon”), American International Group, Inc. (“AIG”), and Argon Holdco LLC, owned approximately 22.5 %, 21.0 % and 11.4 % of the outstanding Corebridge Parent common stock, respectively.

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’’) and 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”) related to guaranteed benefit features 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 (“Reinsurer”), pursuant to which, among other things, subject to the terms and conditions thereof, at the applicable closing of the transactions contemplated thereby, AGL and the Reinsurer, as well as USL and the Reinsurer, will each enter 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 will cede to Reinsurer 100 % of the applicable reinsured liabilities with respect to (i) in-force individual retirement variable annuity contracts issued prior to the effective time of the Reinsurance Agreements, and (ii) only with respect to AGL, new individual retirement variable annuity contracts issued after the effective date of the Reinsurance Agreement. In addition, AGL agreed to sell all of the 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”) or one of its affiliates subject to customary terms and conditions.

The closings with respect to the Reinsurance Agreement with AGL and the Reinsurance Agreement with USL are bifurcated. The closing with respect to the Reinsurance Agreement with AGL occurred on August 1, 2025 and the closings with respect to the Reinsurance Agreement with USL and the sale of SAAMCo are expected to occur in the fourth quarter of 2025. The consummation of the closings under the Agreement are subject to the satisfaction or waiver of customary closing conditions specified in the Agreement.

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

Income Taxes

In December 2023, the FASB issued an ASU to address improvements to income tax disclosures. The standard requires disaggregated information about a company’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, with early adoption permitted. We are assessing the impact of this standard.

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.

Corebridge | Second Quarter 2025 Form 10-Q 10

TABLE OF CONTENTS

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

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, 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, registered index-linked annuities and variable annuities.

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

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

• 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; and

– results of our legacy insurance lines ceded to Fortitude Re.

The chief operating decision maker assesses segment performance and allocates capital and resources to the segments based on an evaluation of each segments’ adjusted revenues and adjusted pre-tax operating income (loss) (“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).

Corebridge | Second Quarter 2025 Form 10-Q 11

TABLE OF CONTENTS

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

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, along with changes in the fair value of derivatives used to hedge MRBs are recorded through “Change in the fair value of MRBs, net” and are excluded from APTOI.

Changes in the fair value of securities used to economically hedge MRBs are excluded from APTOI.

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.

Corebridge | Second Quarter 2025 Form 10-Q 12

TABLE OF CONTENTS

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

The following table presents Corebridge’s operations by segment:


(in millions)	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate & Other		Eliminations		Total Corebridge		Adjustments		Total Consolidated
Three Months Ended June 30, 2025
Premiums	$	44	$	—	$	377	$	25	$	18	$	—	$	464	$	—	$	464
Policy fees	199		105		366		51		—		—		721		—		721
Net investment income (a)	1,585		469		335		654		18		( 11 )		3,050		288		3,338
Net realized gains (losses) (a)(b)	—		—		—		—		( 11 )		—		( 11 )		( 1,964 )		( 1,975 )
Advisory fee and other income	104		85		—		1		6		—		196		—		196
Total adjusted revenues	1,932		659		1,078		731		31		( 11 )		4,420		( 1,676 )		2,744
Policyholder benefits	48		2		650		286		—		—		986		( 4 )		982
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		( 279 )		( 279 )
Interest credited to policyholder account balances	847		301		84		243		—		—		1,475		11		1,486
Amortization of deferred policy acquisition costs	166		21		84		4		—		—		275		—		275
Non-deferrable insurance commissions	102		30		15		5		—		—		152		—		152
Advisory fee expenses	33		30		1		—		—		—		64		—		64
General operating expenses (c)	113		93		111		20		69		( 1 )		405		130		535
Interest expense	—		—		—		—		138		( 9 )		129		8		137



Total benefits and expenses	1,309		477		945		558		207		( 10 )		3,486		( 134 )		3,352
Noncontrolling interests	—		—		—		—		8		—		8
Adjusted pre-tax operating income (loss)	$	623	$	182	$	133	$	173	$	( 168 )	$	( 1 )	$	942
Adjustments to:
Total revenue													( 1,676 )
Total expenses													( 134 )
Noncontrolling interests													( 8 )
Income before income tax expense (benefit)													$	( 608 )			$	( 608 )

Three Months Ended June 30, 2024
Premiums	$	30	$	—	$	331	$	167	$	19	$	—	$	547	$	—	$	547
Policy fees	200		108		366		47		—		—		721		—		721
Net investment income (loss) (a)	1,405		487		322		489		18		( 5 )		2,716		272		2,988
Net realized gains (losses) (a)(b)	—		—		—		—		( 9 )		—		( 9 )		( 738 )		( 747 )
Advisory fee and other income	108		83		1		1		8		—		201		—		201
Total adjusted revenues	1,743		678		1,020		704		36		( 5 )		4,176		( 466 )		3,710
Policyholder benefits	33		( 2 )		627		394		—		—		1,052		( 3 )		1,049
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		25		25
Interest credited to policyholder account balances	695		300		84		187		—		—		1,266		8		1,274
Amortization of deferred policy acquisition costs	152		21		84		3		—		—		260		—		260
Non-deferrable insurance commissions	94		30		16		5		1		—		146		—		146
Advisory fee expenses	38		32		1		—		—		—		71		—		71
General operating expenses	110		102		113		19		75		—		419		113		532
Interest expense	—		—		—		—		132		( 5 )		127		11		138

Net (gain) on divestitures	—		—		—		—		—		—		—		( 241 )		( 241 )

Total benefits and expenses	1,122		483		925		608		208		( 5 )		3,341		( 87 )		3,254
Noncontrolling interests	—		—		—		—		24		—		24
Adjusted pre-tax operating income (loss)	$	621	$	195	$	95	$	96	$	( 148 )	$	—	$	859
Adjustments to:
Total revenue													( 466 )
Total expenses													( 87 )
Noncontrolling interests													( 24 )
Income before income tax expense (benefit)													$	456			$	456

Corebridge | Second Quarter 2025 Form 10-Q 13

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		Eliminations		Total Corebridge		Adjustments		Total Consolidated
Six Months Ended June 30, 2025
Premiums	$	71	$	4	$	717	$	525	$	36	$	—	$	1,353	$	—	$	1,353
Policy fees	397		213		730		101		—		—		1,441		—		1,441
Net investment income (a)	3,071		954		671		1,243		34		( 15 )		5,958		569		6,527
Net realized gains (losses) (a)(b)	—		—		—		—		2		—		2		( 3,391 )		( 3,389 )
Advisory fee and other income	214		172		1		2		13		—		402		—		402
Total adjusted revenues	3,753		1,343		2,119		1,871		85		( 15 )		9,156		( 2,822 )		6,334
Policyholder benefits	80		7		1,286		1,028		11		—		2,412		27		2,439
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		106		106
Interest credited to policyholder account balances	1,647		597		164		473		—		—		2,881		22		2,903
Amortization of deferred policy acquisition costs	330		43		169		8		—		—		550		—		550
Non-deferrable insurance commissions	208		60		29		10		1		—		308		—		308
Advisory fee expenses	70		63		1		—		—		—		134		—		134
General operating expenses (c)	241		196		229		42		145		( 2 )		851		228		1,079
Interest expense	—		—		—		—		284		( 15 )		269		16		285

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

Total benefits and expenses	2,576		966		1,878		1,561		441		( 17 )		7,405		399		7,804
Noncontrolling interests	—		—		—		—		1		—		1
Adjusted pre-tax operating income (loss)	$	1,177	$	377	$	241	$	310	$	( 355 )	$	2	$	1,752
Adjustments to:
Total revenue													( 2,822 )
Total expenses													399
Noncontrolling interests													( 1 )
Income before income tax expense (benefit)													$	( 1,470 )			$	( 1,470 )

Six Months Ended June 30, 2024
Premiums	$	71	$	5	$	765	$	1,963	$	38	$	—	$	2,842	$	—	$	2,842
Policy fees	391		215		734		95		—		—		1,435		—		1,435
Net investment income (a)	2,744		982		648		976		8		( 13 )		5,345		567		5,912
Net realized gains (losses) (a)(b)	—		—		—		—		( 17 )		—		( 17 )		( 1,050 )		( 1,067 )
Advisory fee and other income	224		166		1		2		31		—		424		—		424
Total adjusted revenues	3,430		1,368		2,148		3,036		60		( 13 )		10,029		( 483 )		9,546
Policyholder benefits	69		1		1,375		2,417		—		—		3,862		( 6 )		3,856
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		( 344 )		( 344 )
Interest credited to policyholder account balances	1,334		598		167		356		—		—		2,455		18		2,473
Amortization of deferred policy acquisition costs	301		42		178		6		—		—		527		—		527
Non-deferrable insurance commissions	184		59		35		10		1		—		289		—		289
Advisory fee expenses	73		65		1		—		—		—		139		—		139
General operating expenses	226		208		243		39		161		—		877		227		1,104
Interest expense	—		—		—		—		269		( 10 )		259		17		276

Net (gain) on divestitures	—		—		—		—		—		—		—		( 246 )		( 246 )
Total benefits and expenses	2,187		973		1,999		2,828		431		( 10 )		8,408		( 334 )		8,074
Noncontrolling interests	—		—		—		—		75		—		75
Adjusted pre-tax operating income (loss)	$	1,243	$	395	$	149	$	208	$	( 296 )	$	( 3 )	$	1,696
Adjustments to:
Total revenue													( 483 )
Total expenses													( 334 )
Noncontrolling interests													( 75 )
Income before income tax expense (benefit)													$	1,472			$	1,472

(a) Adjustments include Fortitude Re activity of $ 62 million and $ 268 million for the three months ended June 30, 2025 and 2024, respectively, and $( 199 ) million and $ 458 million for the six months ended June 30, 2025 and 2024, 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. The three and six months ended June 30, 2025 restructuring and other costs primarily include severance related costs and ongoing modernization initiatives.

Corebridge | Second Quarter 2025 Form 10-Q 14

TABLE OF CONTENTS

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

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 | Second Quarter 2025 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:


June 30, 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	$	9	$	1,269	$	—	$	—	$	—	$	1,278
Obligations of states, municipalities and political subdivisions	—		3,766		761		—		—		4,527
Non-U.S. governments	—		4,302		—		—		—		4,302
Corporate debt	—		113,367		433		—		—		113,800
RMBS	—		10,029		5,988		—		—		16,017
CMBS	—		8,777		792		—		—		9,569
CLO	—		7,262		1,987		—		—		9,249
ABS	—		1,399		19,504		—		—		20,903
Total bonds available-for-sale	9		150,171		29,465		—		—		179,645
Other bond securities:
U.S. government and government sponsored entities	—		190		—		—		—		190
Obligations of states, municipalities and political subdivisions	—		34		1		—		—		35
Non-U.S. governments	—		71		—		—		—		71
Corporate debt	—		2,948		13		—		—		2,961
RMBS	—		54		88		—		—		142
CMBS	—		201		16		—		—		217
CLO	—		460		57		—		—		517
ABS	—		71		1,175		—		—		1,246
Total other bond securities	—		4,029		1,350		—		—		5,379
Equity securities	870		—		41		—		—		911
Other invested assets (b)	—		—		1,662		—		—		1,662
Derivative assets:
Interest rate contracts	—		3,693		246		—		—		3,939
Foreign exchange contracts	—		752		—		—		—		752
Equity contracts	11		4,035		618		—		—		4,664
Credit contracts	—		312		—		—		—		312
Other contracts	—		—		14		—		—		14
Counterparty netting and cash collateral	—		—		—		( 7,022 )		( 2,069 )		( 9,091 )
Total derivative assets	11		8,792		878		( 7,022 )		( 2,069 )		590
Short-term investments	549		715		—		—		—		1,264
Market risk benefit assets	—		—		1,329		—		—		1,329
Separate account assets	90,633		3,431		—		—		—		94,064
Total	$	92,072	$	167,138	$	34,725	$	( 7,022 )	$	( 2,069 )	$	284,844
Liabilities:
Policyholder contract deposits (c)	$	—	$	122	$	10,704	$	—	$	—	$	10,826
Derivative liabilities:
Interest rate contracts	—		4,446		21		—		—		4,467
Foreign exchange contracts	—		874		—		—		—		874
Equity contracts	5		2,581		119		—		—		2,705
Credit contracts	—		103		—		—		—		103
Other contracts	—		—		1		—		—		1
Counterparty netting and cash collateral	—		—		—		( 7,022 )		( 1,000 )		( 8,022 )
Total derivative liabilities	5		8,004		141		( 7,022 )		( 1,000 )		128
Fortitude Re funds withheld payable (d)	—		—		3,052		—		—		3,052
Market risk benefit liabilities	—		—		6,265		—		—		6,265

Total	$	5	$	8,126	$	20,162	$	( 7,022 )	$	( 1,000 )	$	20,271

Corebridge | Second Quarter 2025 Form 10-Q 16

TABLE OF CONTENTS

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


December 31, 2024	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	$	9	$	1,359	$	—	$	—	$	—	$	1,368
Obligations of states, municipalities and political subdivisions	—		3,916		745		—		—		4,661
Non-U.S. governments	—		3,904		—		—		—		3,904
Corporate debt	—		104,644		1,834		—		—		106,478
RMBS	—		9,739		6,045		—		—		15,784
CMBS	—		8,956		621		—		—		9,577
CLO	—		7,956		2,162		—		—		10,118
ABS	—		1,384		17,566		—		—		18,950
Total bonds available-for-sale	9		141,858		28,973		—		—		170,840
Other bond securities:
U.S. government and government sponsored entities	—		188		—		—		—		188
Obligations of states, municipalities and political subdivisions	—		33		1		—		—		34
Non-U.S. governments	—		27		—		—		—		27
Corporate debt	—		2,727		209		—		—		2,936
RMBS	—		53		98		—		—		151
CMBS	—		206		14		—		—		220
CLO	—		419		59		—		—		478
ABS	—		68		1,160		—		—		1,228
Total other bond securities	—		3,721		1,541		—		—		5,262
Equity securities	15		—		41		—		—		56
Other invested assets (b)	—		—		1,647		—		—		1,647
Derivative assets:
Interest rate contracts	—		2,556		364		—		—		2,920
Foreign exchange contracts	—		1,271		—		—		—		1,271
Equity contracts	1		2,390		654		—		—		3,045

Other contracts	—		1		13		—		—		14
Counterparty netting and cash collateral	—		—		—		( 4,494 )		( 2,563 )		( 7,057 )
Total derivative assets	1		6,218		1,031		( 4,494 )		( 2,563 )		193
Short-term investments	351		1,088		—		—		—		1,439
Market risk benefit assets	—		—		1,332		—		—		1,332
Separate account assets	90,400		3,488		—		—		—		93,888
Total	$	90,776	$	156,373	$	34,565	$	( 4,494 )	$	( 2,563 )	$	274,657
Liabilities:
Policyholder contract deposits (c)	$	—	$	120	$	9,415	$	—	$	—	$	9,535
Derivative liabilities:
Interest rate contracts	—		3,452		—		—		—		3,452
Foreign exchange contracts	—		268		—		—		—		268
Equity contracts	7		1,530		9		—		—		1,546
Credit contracts	—		—		—		—		—		—
Other contracts	—		—		2		—		—		2
Counterparty netting and cash collateral	—		—		—		( 4,494 )		( 664 )		( 5,158 )
Total derivative liabilities	7		5,250		11		( 4,494 )		( 664 )		110
Fortitude Re funds withheld payable (d)	—		—		2,223		—		—		2,223
Market risk benefit liabilities	—		—		5,616		—		—		5,616

Total	$	7	$	5,370	$	17,265	$	( 4,494 )	$	( 664 )	$	17,484

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

(b) Excludes investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent), which totaled $ 6.4 billion and $ 6.1 billion as of June 30, 2025 and December 31, 2024, respectively.

(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 | Second Quarter 2025 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 and six months ended June 30, 2025 and 2024 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 June 30, 2025 and 2024:


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers in		Gross Transfers out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended June 30, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	782	$	( 1 )	$	( 17 )	$	( 3 )	$	—	$	—	$	—	$	761	$	—	$	( 22 )
Corporate debt	1,084		( 1 )		10		( 35 )		4		( 629 )		—		433		—		5
RMBS	6,204		65		( 19 )		( 203 )		22		( 81 )		—		5,988		—		( 9 )
CMBS	704		5		4		( 12 )		91		—		—		792		—		2
CLO	2,159		9		3		( 19 )		2		( 167 )		—		1,987		—		3
ABS	18,768		127		90		94		436		( 11 )		—		19,504		—		82
Total bonds available-for-sale	29,701		204		71		( 178 )		555		( 888 )		—		29,465		—		61
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	14		1		—		( 1 )		( 1 )		—		—		13		—		—
RMBS	89		—		—		( 1 )		—		—		—		88		1		—
CMBS	16		—		—		—		—		—		—		16		—		—
CLO	52		( 1 )		—		6		—		—		—		57		( 1 )		—
ABS	1,148		9		—		18		—		—		—		1,175		1		—
Total other bond securities	1,320		9		—		22		( 1 )		—		—		1,350		1		—
Equity securities	41		—		—		—		—		—		—		41		—		—
Other invested assets	1,633		5		34		( 10 )		—		—		—		1,662		20		—
Total (a)	$	32,695	$	218	$	105	$	( 166 )	$	554	$	( 888 )	$	—	$	32,518	$	21	$	61
(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers in		Gross Transfers out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,341	$	1,115	$	—	$	248	$	—	$	—	$	—	$	10,704	$	( 528 )	$	—
Derivative liabilities, net:
Interest rate contracts	( 283 )		36		—		22		—		—		—		( 225 )		( 38 )		—

Equity contracts	( 547 )		80		—		( 32 )		—		—		—		( 499 )		32		—

Other contracts	( 11 )		( 18 )		—		16		—		—		—		( 13 )		17		—
Total derivative liabilities, net (b)	( 841 )		98		—		6		—		—		—		( 737 )		11		—
Fortitude Re funds withheld payable	2,853		251		—		( 51 )		—		—		( 1 )		3,052		30		—

Total (c)	$	11,353	$	1,464	$	—	$	203	$	—	$	—	$	( 1 )	$	13,019	$	( 487 )	$	—

Corebridge | Second Quarter 2025 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 Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers in		Gross Transfers out		Other (d)		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	829	$	—	$	( 33 )	$	—	$	—	$	—	$	—	$	796	$	—	$	( 33 )
Corporate debt	1,575		—		2		( 79 )		183		( 288 )		—		1,393		—		( 43 )
RMBS	6,354		74		( 90 )		208		21		( 112 )		( 2 )		6,453		—		( 101 )
CMBS	547		3		3		( 24 )		—		—		—		529		—		2
CLO	1,729		18		8		57		32		( 72 )		—		1,772		—		6
ABS	15,033		99		75		1,318		162		( 332 )		—		16,355		—		64
Total bonds available-for-sale	26,067		194		( 35 )		1,480		398		( 804 )		( 2 )		27,298		—		( 105 )
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	177		7		—		10		1		—		—		195		7		—
RMBS	106		—		—		( 3 )		—		—		—		103		( 1 )		—
CMBS	17		—		—		—		—		—		—		17		1		—
CLO	71		( 2 )		—		( 8 )		—		—		—		61		—		—
ABS	947		21		—		209		20		( 4 )		—		1,193		12		—
Total other bond securities	1,319		26		—		208		21		( 4 )		—		1,570		19		—
Equity securities	45		( 2 )		—		5		—		—		—		48		—		—
Other invested assets	1,671		( 2 )		( 2 )		( 12 )		—		—		—		1,655		( 8 )		—
Total (a)	$	29,102	$	216	$	( 37 )	$	1,681	$	419	$	( 808 )	$	( 2 )	$	30,571	$	11	$	( 105 )

(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers in		Gross Transfers out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	8,550	$	272	$	—	$	214	$	—	$	—	$	—	$	9,036	$	191	$	—
Derivative liabilities, net:
Interest rate contracts	( 407 )		( 119 )		—		( 27 )		—		—		130		( 423 )		112		—

Equity contracts	( 1,018 )		45		—		( 62 )		—		—		12		( 1,023 )		( 16 )		—

Other contracts	( 11 )		( 16 )		—		14		—		—		1		( 12 )		15		—
Total derivative liabilities, net (b)	( 1,436 )		( 90 )		—		( 75 )		—		—		143		( 1,458 )		111		—
Fortitude Re funds withheld payable	2,211		( 36 )		—		( 262 )		—		—		—		1,913		271		—
Debt of consolidated investment entities	—		—		—		—		—		—		—		—		—		—
Total (c)	$	9,325	$	146	$	—	$	( 123 )	$	—	$	—	$	143	$	9,491	$	573	$	—

Corebridge | Second Quarter 2025 Form 10-Q 19

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
Six Months Ended June 30, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	745	$	( 1 )	$	( 3 )	$	( 4 )	$	24	$	—	$	—	$	761	$	—	$	( 15 )
Corporate debt	1,834		( 5 )		34		70		337		( 1,837 )		—		433		—		17
RMBS	6,045		123		64		( 149 )		80		( 175 )		—		5,988		—		74
CMBS	621		10		22		( 20 )		159		—		—		792		—		19
CLO	2,162		16		5		62		2		( 260 )		—		1,987		—		6
ABS	17,566		229		272		926		560		( 49 )		—		19,504		—		222
Total bonds available-for-sale	28,973		372		394		885		1,162		( 2,321 )		—		29,465		—		323
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	209		( 2 )		—		( 14 )		7		( 187 )		—		13		( 2 )		—
RMBS	98		3		—		( 5 )		—		( 8 )		—		88		3		—
CMBS	14		2		—		—		—		—		—		16		1		—
CLO	59		—		—		4		—		( 6 )		—		57		—		—
ABS	1,160		25		—		( 10 )		—		—		—		1,175		8		—
Total other bond securities	1,541		28		—		( 25 )		7		( 201 )		—		1,350		10		—
Equity securities	41		—		—		—		—		—		—		41		—		—
Other invested assets	1,647		9		53		( 7 )		—		( 40 )		—		1,662		25		—

Total (a)	$	32,202	$	409	$	447	$	853	$	1,169	$	( 2,562 )	$	—	$	32,518	$	35	$	323

(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	$	893	$	—	$	396	$	—	$	—	$	—	$	10,704	$	256	$	—
Derivative liabilities, net:
Interest rate contracts	( 364 )		90		—		49		—		—		—		( 225 )		61		—

Equity contracts	( 645 )		187		—		( 41 )		—		—		—		( 499 )		( 80 )		—

Other contracts	( 11 )		( 34 )		—		32		—		—		—		( 13 )		33		—
Total derivative liabilities, net (b)	( 1,020 )		243		—		40		—		—		—		( 737 )		14		—
Fortitude Re funds withheld payable	2,223		847		—		( 68 )		—		—		50		3,052		( 243 )		—


Total (c)	$	10,618	$	1,983	$	—	$	368	$	—	$	—	$	50	$	13,019	$	27	$	—

Corebridge | Second Quarter 2025 Form 10-Q 20

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
Six Months Ended June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	844	$	—	$	( 47 )	$	( 1 )	$	—	$	—	$	—	$	796	$	—	$	( 49 )
Corporate debt	1,357		1		3		( 70 )		427		( 325 )		—		1,393		—		( 44 )
RMBS	5,854		142		( 24 )		612		21		( 150 )		( 2 )		6,453		—		( 30 )
CMBS	608		( 2 )		49		( 127 )		127		( 126 )		—		529		—		13
CLO	1,843		( 3 )		59		78		32		( 237 )		—		1,772		—		56
ABS	12,906		190		163		2,589		839		( 332 )		—		16,355		—		147
Total bonds available-for-sale	23,412		328		203		3,081		1,446		( 1,170 )		( 2 )		27,298		—		93
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	167		16		—		10		2		—		—		195		16		—
RMBS	107		2		—		( 6 )		—		—		—		103		1		—
CMBS	17		—		—		—		—		—		—		17		—		—
CLO	69		—		—		( 7 )		—		( 1 )		—		61		1		—
ABS	962		34		—		181		20		( 4 )		—		1,193		15		—
Total other bond securities	1,323		52		—		178		22		( 5 )		—		1,570		33		—
Equity securities	42		1		—		5		—		—		—		48		—		—
Other invested assets	1,850		( 82 )		( 11 )		( 42 )		—		( 44 )		( 16 )		1,655		( 87 )		—

Total (a)	$	26,627	$	299	$	192	$	3,222	$	1,468	$	( 1,219 )	$	( 18 )	$	30,571	$	( 54 )	$	93
(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	$	7,942	$	724	$	—	$	370	$	—	$	—	$	—	$	9,036	$	188	$	—
Derivative liabilities, net:
Interest rate contracts	( 449 )		( 227 )		—		( 80 )		—		—		333		( 423 )		310		—

Equity contracts	( 761 )		( 147 )		—		( 128 )		—		—		13		( 1,023 )		171		—

Other contracts	( 10 )		( 31 )		—		29		—		—		—		( 12 )		30		—
Total derivative liabilities, net (b)	( 1,220 )		( 405 )		—		( 179 )		—		—		346		( 1,458 )		511		—
Fortitude Re funds withheld payable	2,182		( 58 )		—		( 211 )		—		—		—		1,913		466		—

Debt of consolidated investment entities	—		—		—		—		—		—		—		—		—		—
Total (c)	$	8,904	$	261	$	—	$	( 20 )	$	—	$	—	$	346	$	9,491	$	1,165	$	—

(a) Excludes MRB assets of $ 1.3 billion at June 30, 2025 and $ 1.2 billion at June 30, 2024. Refer to 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 $ 6.3 billion at June 30, 2025 and $ 5.1 billion at June 30, 2024. Refer to Note 14 for additional information .

Corebridge | Second Quarter 2025 Form 10-Q 21

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 June 30, 2025
Assets:
Bonds available-for-sale	$	—	$	151	$	53	$	—	$	204
Other bond securities	—		9		—		—		9
Equity securities	—		—		—		—		—
Other invested assets	—		17		( 12 )		—		5
Three Months Ended June 30, 2024
Assets:
Bonds available-for-sale	$	—	$	200	$	( 6 )	$	—	$	194
Other bond securities	—		26		—		—		26
Equity securities	—		( 2 )		—		—		( 2 )
Other invested assets	—		( 6 )		4		—		( 2 )
Six Months Ended June 30, 2025
Assets:
Bonds available-for-sale	$	—	$	297	$	75	$	—	$	372
Other bond securities	—		28		—		—		28
Equity securities	—		—		—		—		—
Other invested assets	—		21		( 12 )		—		9
Six Months Ended June 30, 2024
Assets:
Bonds available-for-sale	$	—	$	359	$	( 31 )	$	—	$	328
Other bond securities	—		52		—		—		52
Equity securities	—		1		—		—		1
Other invested assets	—		( 84 )		2		—		( 82 )


Three Months Ended June 30, 2025
Liabilities:
Policyholder contract deposits (b)	$	—	$	—	$	( 1,115 )	$	—	$	( 1,115 )
Derivative liabilities, net	17		—		( 115 )		—		( 98 )
Fortitude Re funds withheld payable	—		—		( 251 )		—		( 251 )
Market risk benefit liabilities, net (c)	—		—		( 1 )		530		529

Three Months Ended June 30, 2024
Liabilities:
Policyholder contract deposits (b)	$	—	$	—	$	( 272 )	$	—	$	( 272 )
Derivative liabilities, net	14		—		76		—		90
Fortitude Re funds withheld payable	—		—		36		—		36
Market risk benefit liabilities, net (c)	—		—		2		129		131

Six Months Ended June 30, 2025
Liabilities:
Policyholder contract deposits (b)	$	—	$	—	$	( 893 )	$	—	$	( 893 )
Derivative liabilities, net	32		—		( 275 )		—		( 243 )
Fortitude Re funds withheld payable	—		—		( 847 )		—		( 847 )
Market risk benefit liabilities, net (c)	—		—		( 3 )		( 45 )		( 48 )

Six Months Ended June 30, 2024
Liabilities:
Policyholder contract deposits (b)	$	—	$	—	$	( 724 )	$	—	$	( 724 )
Derivative liabilities, net	29		—		439		( 63 )		405
Fortitude Re funds withheld payable	—		—		58		—		58
Market risk benefit liabilities, net (c)	—		—		4		1,198		1,202

(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.

Corebridge | Second Quarter 2025 Form 10-Q 22

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 and six months ended June 30, 2025 and 2024 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 June 30, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	10	$	( 13 )	$	—	$	( 3 )
Corporate debt	34		( 20 )		( 49 )		( 35 )
RMBS	13		( 17 )		( 199 )		( 203 )
CMBS	5		( 12 )		( 5 )		( 12 )
CLO	143		—		( 162 )		( 19 )
ABS	992		( 65 )		( 833 )		94
Total bonds available-for-sale	1,197		( 127 )		( 1,248 )		( 178 )
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		—
Corporate debt	5		1		( 7 )		( 1 )
RMBS	11		( 11 )		( 1 )		( 1 )
CMBS	1		( 1 )		—		—
CLO	6		—		—		6
ABS	38		—		( 20 )		18
Total other bond securities	61		( 11 )		( 28 )		22
Equity securities	6		( 6 )		—		—
Other invested assets	30		—		( 40 )		( 10 )
Total assets*	$	1,294	$	( 144 )	$	( 1,316 )	$	( 166 )
Liabilities:
Policyholder contract deposits	$	—	$	549	$	( 301 )	$	248
Derivative liabilities, net	—		—		6		6
Fortitude Re funds withheld payable	—		—		( 51 )		( 51 )

Total liabilities	$	—	$	549	$	( 346 )	$	203

Corebridge | Second Quarter 2025 Form 10-Q 23

TABLE OF CONTENTS

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


(in millions)	Purchases		Sales		Issuances and Settlements		Purchases, Sales, Issuances and Settlements, Net
Three Months Ended June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	—	$	—
Corporate debt	54		( 8 )		( 125 )		( 79 )
RMBS	465		( 49 )		( 208 )		208
CMBS	9		—		( 33 )		( 24 )
CLO	90		—		( 33 )		57
ABS	1,987		( 50 )		( 619 )		1,318
Total bonds available-for-sale	2,605		( 107 )		( 1,018 )		1,480
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		—
Corporate debt	10		—		—		10
RMBS	—		—		( 3 )		( 3 )
CMBS	—		—		—		—
CLO	8		—		( 16 )		( 8 )
ABS	228		—		( 19 )		209
Total other bond securities	246		—		( 38 )		208
Equity securities	7		( 2 )		—		5
Other invested assets	27		—		( 39 )		( 12 )
Total assets*	$	2,885	$	( 109 )	$	( 1,095 )	$	1,681
Liabilities:
Policyholder contract deposits	$	—	$	392	$	( 178 )	$	214
Derivative liabilities, net	1		—		( 76 )		( 75 )
Fortitude Re funds withheld payable	—		—		( 262 )		( 262 )

Total liabilities	$	1	$	392	$	( 516 )	$	( 123 )

Six Months Ended June 30, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	35	$	( 38 )	$	( 1 )	$	( 4 )
Corporate debt	374		( 106 )		( 198 )		70
RMBS	279		( 60 )		( 368 )		( 149 )
CMBS	12		( 19 )		( 13 )		( 20 )
CLO	326		—		( 264 )		62
ABS	2,872		( 604 )		( 1,342 )		926
Total bonds available-for-sale	3,898		( 827 )		( 2,186 )		885
Other bond securities:

Corporate debt	10		( 12 )		( 12 )		( 14 )
RMBS	25		( 25 )		( 5 )		( 5 )
CMBS	1		( 1 )		—		—
CLO	6		—		( 2 )		4
ABS	76		( 17 )		( 69 )		( 10 )
Total other bond securities	118		( 55 )		( 88 )		( 25 )
Equity securities	6		( 6 )		—		—
Other invested assets	160		—		( 167 )		( 7 )

Total assets*	$	4,182	$	( 888 )	$	( 2,441 )	$	853
Liabilities:
Policyholder contract deposits	$	—	$	858	$	( 462 )	$	396
Derivative liabilities, net	—		—		40		40
Fortitude Re funds withheld payable	—		—		( 68 )		( 68 )


Total liabilities	$	—	$	858	$	( 490 )	$	368

Corebridge | Second Quarter 2025 Form 10-Q 24

TABLE OF CONTENTS

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


(in millions)	Purchases		Sales		Issuances and Settlements		Purchases, Sales, Issuances and Settlements, Net
Six Months Ended June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	( 1 )	$	( 1 )
Corporate debt	69		( 8 )		( 131 )		( 70 )
RMBS	1,039		( 49 )		( 378 )		612
CMBS	9		( 30 )		( 106 )		( 127 )
CLO	220		( 2 )		( 140 )		78
ABS	3,691		( 103 )		( 999 )		2,589
Total bonds available-for-sale	5,028		( 192 )		( 1,755 )		3,081
Other bond securities:

Corporate debt	10		—		—		10
RMBS	—		—		( 6 )		( 6 )
CMBS	—		—		—		—
CLO	9		—		( 16 )		( 7 )
ABS	257		—		( 76 )		181
Total other bond securities	276		—		( 98 )		178
Equity securities	7		( 2 )		—		5
Other invested assets	89		—		( 131 )		( 42 )

Total assets*	$	5,400	$	( 194 )	$	( 1,984 )	$	3,222
Liabilities:
Policyholder contract deposits	$	—	$	724	$	( 354 )	$	370
Derivative liabilities, net	—		—		( 179 )		( 179 )
Fortitude Re funds withheld payable	—		—		( 211 )		( 211 )


Total liabilities	$	—	$	724	$	( 744 )	$	( 20 )

* There were no issuances during the three and six months ended June 30, 2025 and 2024 for invested assets.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at June 30, 2025 and 2024 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 $( 34 ) million and $ 3 million of net gains (losses) related to assets transferred into Level 3 during the three months ended June 30, 2025 and 2024, respectively, and $( 30 ) million and $( 5 ) million of net gains (losses) related to assets transferred into Level 3 during the six months ended June 30, 2025 and 2024, respectively, and includes $ 2 million and $ 9 million of net gains (losses) related to assets transferred out of Level 3 during the three months ended June 30, 2025 and 2024, respectively, and $ 16 million and $ 13 million of net gains (losses) related to assets transferred out of Level 3 during the six months ended June 30, 2025 and 2024, respectively.

Transfers of Level 3 Assets

During the three and six months ended June 30, 2025 and 2024, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, commercial mortgage backed securities (“CMBS”), collateralized loan obligations (“CLO”) and other asset-backed securities (“ABS”). Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.

Corebridge | Second Quarter 2025 Form 10-Q 25

TABLE OF CONTENTS

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

During the three and six months ended June 30, 2025 and 2024, 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 and six months ended June 30, 2025 and 2024.

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 June 30, 2025		Valuation Technique	Unobservable Input (a)	Range (Weighted Average) (b)
Assets:
Obligations of states, municipalities and political subdivisions	$	739	Discounted cash flow	Yield	5.57 % - 5.89 % ( 5.73 %)
Corporate debt	$	286	Discounted cash flow	Yield	5.75 % - 8.89 % ( 7.00 %)
RMBS (c)	$	2,937	Discounted cash flow	Prepayment speed	3.92 % - 7.11 % ( 5.51 %)
				Default rate	0.47 % - 1.97 % ( 1.22 %)
				Yield	5.28 % - 6.34 % ( 5.81 %)
				Loss severity	37.84 % - 83.78 % ( 60.81 %)
CLO (c)	$	1,936	Discounted cash flow	Yield	5.42 % - 6.82 % ( 6.12 %)
ABS (c)	$	17,196	Discounted cash flow	Yield	4.69 % - 7.62 % ( 6.15 %)
CMBS	$	688	Discounted cash flow	Yield	4.29 % - 21.97 % ( 12.96 %)
Market risk benefit assets	$	1,329	Discounted cash flow	Equity volatility	6.05 % - 48.15 %
				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)	0.00 % - 2.31 %

Corebridge | Second Quarter 2025 Form 10-Q 26

TABLE OF CONTENTS

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


(in millions)	Fair Value at June 30, 2025		Valuation Technique	Unobservable Input (a)	Range (Weighted Average) (b)
Liabilities (d) :
Market risk benefit liabilities:
Variable annuities guaranteed benefits	$	1,521	Discounted cash flow	Equity volatility	6.05 % - 48.15 %
				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)	0.00 % - 2.31 %
Fixed annuities guaranteed benefits	$	1,501	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)	0.00 % - 2.31 %
Fixed index annuities guaranteed benefits	$	3,243	Discounted cash flow	Equity volatility	6.05 % - 48.15 %
				Base lapse rate	0.20 % - 50.00 %
				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)	0.00 % - 2.31 %
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities and registered index-linked annuities (i)	$	9,570	Discounted cash flow	Equity volatility	6.05 % - 48.15 %
				Base lapse rate	0.20 % - 50.00 %
				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)	0.00 % - 2.31 %

Index universal life	$	1,134	Discounted cash flow	Base lapse rate	0.00 % - 37.97 %
				Mortality rates	0.00 % - 100.00 %
				Equity volatility	5.88 % - 20.04 %
				NPA (h)	0.00 % - 2.31 %

Corebridge | Second Quarter 2025 Form 10-Q 27

TABLE OF CONTENTS

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


(in millions)	Fair Value at December 31, 2024		Valuation Technique	Unobservable Input (a)	Range (Weighted Average) (b)
Assets:
Obligations of states, municipalities and political subdivisions	$	746	Discounted cash flow	Yield	5.53 % - 5.88 % ( 5.70 %)
Corporate debt	$	1,822	Discounted cash flow	Yield	4.94 % - 10.38 % ( 7.35 %)
RMBS (c)	$	2,892	Discounted cash flow	Prepayment speed	3.92 % - 8.91 % ( 6.42 %)
				Default rate	0.57 % - 2.32 % ( 1.45 %)
				Yield	5.75 % - 6.90 % ( 6.33 %)
				Loss severity	40.19 % - 80.78 % ( 60.49 %)
CLO (c)	$	2,104	Discounted cash flow	Yield	6.13 % - 7.40 % ( 6.77 %)
ABS (c)	$	15,888	Discounted cash flow	Yield	5.10 % - 7.83 % ( 6.47 %)
CMBS	$	607	Discounted cash flow	Yield	4.80 % - 20.87 % ( 12.56 %)
Market risk benefit assets	$	1,332	Discounted cash flow	Equity volatility	5.85 % - 46.05 %
				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)	0.27 % - 2.65 %

Liabilities (d) :
Market risk benefit liabilities:
Variable annuities guaranteed benefits	$	1,424	Discounted cash flow	Equity volatility	5.85 % - 46.05 %
				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)	0.27 % - 2.65 %
Fixed annuities guaranteed benefits	$	1,359	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)	0.27 % - 2.65 %
Fixed index annuities guaranteed benefits	$	2,833	Discounted cash flow	Equity volatility	5.85 % - 46.05 %
				Base lapse rate	0.20 % - 50.00 %
				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)	0.27 % - 2.65 %
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities and registered index-linked annuities (i)	$	8,407	Discounted cash flow	Equity volatility	5.85 % - 46.05 %
				Base lapse rate	0.20 % - 50.00 %
				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)	0.27 % - 2.65 %
Index universal life	$	1,008	Discounted cash flow	Base lapse rate	0.00 % - 37.97 %
				Mortality rates	0.00 % - 100.00 %
				Equity volatility	5.85 % - 19.63 %
				NPA (h)	0.27 % - 2.65 %

Corebridge | Second Quarter 2025 Form 10-Q 28

TABLE OF CONTENTS

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

(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 $ 2.1 billion and $ 1.8 billion at June 30, 2025 and December 31, 2024, respectively.

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

Interrelationships Between Unobservable Inputs

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

Fixed Maturity Securities

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

MRBs and Embedded Derivatives within Policyholder Contract Deposits

For MRBs 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 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.

Corebridge | Second Quarter 2025 Form 10-Q 29

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

• 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 benefit 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.

• The projected cash flows incorporate best estimate assumptions for policyholder behavior (including mortality, lapses, withdrawals and benefit utilization), along with an explicit risk margin to reflect a market participant’s estimates of the fair value of projected cash flows and policyholder behavior. Estimates of future policyholder behavior assumptions are subjective and based primarily on our historical experience.

• 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 | Second Quarter 2025 Form 10-Q 30

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

INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE

The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value:


		June 30, 2025				December 31, 2024
(in millions)	Investment Category Includes	Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments
Investment Category
Private equity funds:
Leveraged buyout	Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage	$	2,890	$	1,875	$	2,744	$	1,691
Real estate	Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities	1,275		474		1,179		551
Venture capital	Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company	192		66		199		73
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses	474		136		481		91
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies	98		46		107		47
Other	Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi-strategy, and other strategies	1,320		146		1,224		195
Total private equity funds		6,249		2,743		5,934		2,648
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations	5		—		5		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk	162		—		174		—
Macro	Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions	—		—		1		—
Other	Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments	13		—		30		—
Total hedge funds		180		—		210		—
Total		$	6,429	$	2,743	$	6,144	$	2,648

Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10 -year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one-year or two-year increments.

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.

Corebridge | Second Quarter 2025 Form 10-Q 31

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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 June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Assets:
Other bond securities (a)	$	101	$	91	$	240	$	175
Alternative investments (b)	182		58		231		109
Total assets	283		149		471		284
Liabilities:
Policyholder contract deposits (c)	—		2		( 2 )		3

Total liabilities	—		2		( 2 )		3
Total gain (loss)	$	283	$	151	$	469	$	287

(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.

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 June 30,				Six Months Ended June 30,
(in millions)	Level 1		Level 2		Level 3		Total		2025		2024		2025		2024
June 30, 2025
Other investments	$	—	$	—	$	65	$	65	$	30	$	21	$	30	$	46


Total	$	—	$	—	$	65	$	65	$	30	$	21	$	30	$	46
December 31, 2024
Other investments	$	—	$	—	$	117	$	117
Total	$	—	$	—	$	117	$	117

Corebridge | Second Quarter 2025 Form 10-Q 32

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

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
June 30, 2025
Assets:
Mortgage and other loans receivable	$	—	$	27	$	51,805	$	51,832	$	54,334
Other invested assets	—		301		—		301		301
Short-term investments	—		2,547		—		2,547		2,547
Cash	290		—		—		290		290
Other assets	1		1		—		2		2
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—		58		153,278		153,336		158,228
Fortitude Re funds withheld payable	—		—		20,768		20,768		20,768
Other liabilities	—		3,022		4		3,026		3,022
Short-term and long-term debt	—		9,156		—		9,156		9,456
Debt of consolidated investment entities	—		27		1,734		1,761		1,893
Separate account liabilities - investment contracts	—		89,935		—		89,935		89,935
December 31, 2024
Assets:
Mortgage and other loans receivable	$	—	$	21	$	49,560	$	49,581	$	52,768
Other invested assets	—		279		—		279		279
Short-term investments	—		3,542		—		3,542		3,542
Cash	806		—		—		806		806
Other assets	13		1		—		14		14
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—		69		146,345		146,414		151,082
Fortitude Re funds withheld payable	—		—		22,068		22,068		22,068
Other liabilities	—		3,027		—		3,027		3,027
Short-term and long-term debt	—		10,083		—		10,083		10,454
Debt of consolidated investment entities	—		29		1,772		1,801		1,938
Separate account liabilities - investment contracts	—		89,802		—		89,802		89,802

Corebridge | Second Quarter 2025 Form 10-Q 33

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

5. Investments

SECURITIES AVAILABLE-FOR-SALE

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


(in millions)	Amortized Cost or Costs		Allowance for Credit Losses (a)		Gross Unrealized Gains (b)		Gross Unrealized Losses (b)		Fair Value
June 30, 2025
Bonds available-for-sale:
U.S. government and government sponsored entities	$	1,597	$	—	$	11	$	( 330 )	$	1,278
Obligations of states, municipalities and political subdivisions	5,277		—		26		( 776 )		4,527
Non-U.S. governments	5,029		—		43		( 770 )		4,302
Corporate debt	127,637		( 73 )		1,575		( 15,339 )		113,800
Mortgage-backed, asset-backed and collateralized:
RMBS	16,099		( 5 )		615		( 692 )		16,017
CMBS	10,094		( 13 )		82		( 594 )		9,569
CLO	9,159		—		124		( 34 )		9,249
ABS	21,321		—		222		( 640 )		20,903
Total mortgage-backed, asset-backed and collateralized	56,673		( 18 )		1,043		( 1,960 )		55,738
Total bonds available-for-sale	$	196,213	$	( 91 )	$	2,698	$	( 19,175 )	$	179,645

December 31, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities	$	1,698	$	—	$	7	$	( 337 )	$	1,368
Obligations of states, municipalities and political subdivisions	5,479		—		20		( 838 )		4,661
Non-U.S. governments	4,734		—		26		( 856 )		3,904
Corporate debt	123,134		( 86 )		927		( 17,497 )		106,478
Mortgage-backed, asset-backed and collateralized:
RMBS	16,077		( 15 )		562		( 840 )		15,784
CMBS	10,260		( 18 )		73		( 738 )		9,577
CLO	10,020		—		156		( 58 )		10,118
ABS	19,656		—		146		( 852 )		18,950
Total mortgage-backed, asset-backed and collateralized	56,013		( 33 )		937		( 2,488 )		54,429
Total bonds available-for-sale	$	191,058	$	( 119 )	$	1,917	$	( 22,016 )	$	170,840

(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.

Corebridge | Second Quarter 2025 Form 10-Q 34

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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*
June 30, 2025
Bonds available-for-sale:
U.S. government and government sponsored entities	$	205	$	12	$	684	$	318	$	889	$	330
Obligations of states, municipalities and political subdivisions	550		60		3,287		716		3,837		776
Non-U.S. governments	859		59		2,512		711		3,371		770
Corporate debt	17,805		1,459		54,707		13,868		72,512		15,327
RMBS	2,663		169		4,384		509		7,047		678
CMBS	822		15		5,424		573		6,246		588
CLO	3,109		26		401		8		3,510		34
ABS	2,882		68		7,263		572		10,145		640
Total bonds available-for-sale	$	28,895	$	1,868	$	78,662	$	17,275	$	107,557	$	19,143

December 31, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities	$	264	$	17	$	676	$	320	$	940	$	337
Obligations of states, municipalities and political subdivisions	645		46		3,504		792		4,149		838
Non-U.S. governments	922		76		2,587		780		3,509		856
Corporate debt	24,777		2,176		60,591		15,291		85,368		17,467
RMBS	3,164		101		4,964		716		8,128		817
CMBS	839		32		5,665		700		6,504		732
CLO	1,293		31		935		27		2,228		58
ABS	3,620		86		7,711		766		11,331		852
Total bonds available-for-sale	$	35,524	$	2,565	$	86,633	$	19,392	$	122,157	$	21,957

* Includes mark to market movement relating to embedded derivatives.

At June 30, 2025, we he ld 11,633 in dividual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 9,235 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2024, we held 14,190 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 11,054 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 June 30, 2025 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
June 30, 2025
Due in one year or less	$	3,390	$	3,390
Due after one year through five years	22,578		22,456
Due after five years through ten years	30,130		29,586
Due after ten years	83,369		68,475
Mortgage-backed, asset-backed and collateralized	56,655		55,738
Total	$	196,122	$	179,645

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 | Second Quarter 2025 Form 10-Q 35

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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 June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
(in millions)	Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses
Fixed maturity securities	$	8	$	( 526 )	$	12	$	( 554 )	$	31	$	( 705 )	$	15	$	( 899 )

For the three and six months ended June 30, 2025, the aggregate fair value of available-for-sale securities sold was $ 3.8 billion and $ 6.9 billion, respectively, which resulted in Net realized gains (losses) of $( 518 ) million and $( 674 ) million, respectively. Included within the Net realized gains (losses) are $( 5 ) million and $( 20 ) million of realized gains (losses) for the three and six months ended June 30, 2025, respectively, which relate to the Fortitude Re funds withheld assets held by Corebridge in support of Fortitude Re’s reinsurance obligations to Corebridge (Fortitude Re funds withheld assets). These realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

For the three and six months ended June 30, 2024, the aggregate fair value of available-for-sale securities sold was $ 2.5 billion and $ 5.0 billion, respectively, which resulted in Net realized gains (losses) of $( 542 ) million and $( 884 ) million, respectively. Included within the Net realized gains (losses) are $( 49 ) million and $( 71 ) million of realized gains (losses) for the three and six months ended June 30, 2024, 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:


	June 30, 2025				December 31, 2024
(in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
Fixed maturity securities:

U.S. government and government sponsored entities	$	190	3	%	$	188	4	%
Obligations of states, municipalities and political subdivisions	35		1		34		1
Non-U.S. governments	71		1		27		1
Corporate debt	2,961		47		2,936		54
Mortgage-backed, asset-backed and collateralized:
RMBS	142		2		151		3
CMBS	217		4		220		4
CLO	517		8		478		9
ABS	1,246		20		1,228		23
Total mortgage-backed, asset-backed and collateralized	2,122		34		2,077		39
Total fixed maturity securities	5,379		86		5,262		99
Equity securities	911		14		56		1
Total	$	6,290	100	%	$	5,318	100	%

Corebridge | Second Quarter 2025 Form 10-Q 36

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

OTHER INVESTED ASSETS

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


(in millions)	June 30, 2025		December 31, 2024
Alternative investments (a)(b)	$	8,120	$	7,829
Investment real estate (c)	1,213		1,426
All other investments (d)	614		596
Total	$	9,947	$	9,851

(a) At June 30, 2025, included hedge funds o f $ 180 million and private equity funds of $ 7.9 billion. At December 31, 2024, included hedge funds of $ 210 million and private equity funds of $ 7.6 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 $ 484 million and $ 528 million as of June 30, 2025 and December 31, 2024, 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 June 30, 2025 and December 31, 2024, respectively.

Other Invested Assets – Equity Method Investments

The carrying amount of equity method investments totaled $ 2.7 billion and $ 2.6 billion as of June 30, 2025 and December 31, 2024, respectively, representing various ownership percentages each period.

NET INVESTMENT INCOME

The following table presents the components of Net investment income:


	2025						2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Three Months Ended June 30,
Available-for-sale fixed maturity securities, including short-term investments	$	2,245	$	169	$	2,414	$	2,174	$	183	$	2,357
Other fixed maturity securities	21		80		101		13		78		91
Equity securities	30		—		30		( 7 )		—		( 7 )
Interest on mortgage and other loans	694		43		737		592		48		640
Alternative investments*	169		55		224		52		26		78
Real estate	7		2		9		10		( 1 )		9
Other investments	7		—		7		15		—		15
Total investment income	3,173		349		3,522		2,849		334		3,183
Investment expenses	178		6		184		186		9		195
Net investment income	$	2,995	$	343	$	3,338	$	2,663	$	325	$	2,988

Six Months Ended June 30,

Available-for-sale fixed maturity securities, including short-term investments	$	4,514	$	344	$	4,858	$	4,358	$	378	$	4,736
Other fixed maturity securities	40		200		240		26		149		175
Equity securities	28		—		28		3		—		3
Interest on mortgage and other loans	1,359		86		1,445		1,172		96		1,268
Alternative investments*	249		59		308		—		59		59
Real estate	12		—		12		22		( 8 )		14
Other investments	5		—		5		27		—		27
Total investment income	6,207		689		6,896		5,608		674		6,282
Investment expenses	354		15		369		353		17		370
Net investment income	$	5,853	$	674	$	6,527	$	5,255	$	657	$	5,912

* 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.

Corebridge | Second Quarter 2025 Form 10-Q 37

TABLE OF CONTENTS

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

NET REALIZED GAINS AND LOSSES

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


	2025						2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Three Months Ended June 30,
Sales of fixed maturity securities	$	( 513 )	$	( 5 )	$	( 518 )	$	( 493 )	$	( 49 )	$	( 542 )
Intent to sell (a)	( 250 )		—		( 250 )		—		—		—
Change in allowance for credit losses on fixed maturity securities	( 41 )		( 4 )		( 45 )		( 50 )		( 1 )		( 51 )
Change in allowance for credit losses on loans	14		5		19		( 34 )		( 5 )		( 39 )
Foreign exchange transactions, net of related hedges	( 445 )		( 3 )		( 448 )		55		( 1 )		54
Index-Linked interest credited embedded derivatives, net of related hedges	( 248 )		—		( 248 )		( 172 )		—		( 172 )
All other derivatives and hedge accounting (b)	( 172 )		( 21 )		( 193 )		18		( 34 )		( 16 )
Sales of alternative investments and real estate investments	( 9 )		( 2 )		( 11 )		11		( 3 )		8
Other	( 30 )		—		( 30 )		( 25 )		—		( 25 )
Net realized losses – excluding Fortitude Re funds withheld embedded derivative	( 1,694 )		( 30 )		( 1,724 )		( 690 )		( 93 )		( 783 )
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		( 251 )		( 251 )		—		36		36
Net realized losses	$	( 1,694 )	$	( 281 )	$	( 1,975 )	$	( 690 )	$	( 57 )	$	( 747 )

Six Months Ended June 30,

Sales of fixed maturity securities	$	( 654 )	$	( 20 )	$	( 674 )	$	( 813 )	$	( 71 )	$	( 884 )
Intent to sell (a)	( 250 )		—		( 250 )		( 15 )		( 32 )		( 47 )
Change in allowance for credit losses on fixed maturity securities	( 61 )		( 12 )		( 73 )		( 112 )		( 7 )		( 119 )
Change in allowance for credit losses on loans	( 2 )		3		1		( 48 )		( 3 )		( 51 )
Foreign exchange transactions, net of related hedges	( 566 )		10		( 556 )		101		—		101
Index-Linked interest credited embedded derivatives, net of related hedges	( 536 )		—		( 536 )		( 82 )		—		( 82 )
All other derivatives and hedge accounting (b)	( 416 )		16		( 400 )		123		( 140 )		( 17 )
Sales of alternative investments and real estate investments	3		( 4 )		( 1 )		31		( 4 )		27
Other	( 34 )		( 19 )		( 53 )		( 53 )		—		( 53 )
Net realized losses – excluding Fortitude Re funds withheld embedded derivative	( 2,516 )		( 26 )		( 2,542 )		( 868 )		( 257 )		( 1,125 )
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		( 847 )		( 847 )		—		58		58
Net realized losses	$	( 2,516 )	$	( 873 )	$	( 3,389 )	$	( 868 )	$	( 199 )	$	( 1,067 )

(a) 2025 reflects impairment of fixed maturity securities that Corebridge expects to transfer or sell in conjunction with the Reinsurance Agreements discussed in Note 1.

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

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	1,585	$	( 1,222 )	$	3,604	$	( 2,309 )
Other investments	—		3		—		3
Total increase (decrease) in unrealized appreciation (depreciation) of investments	$	1,585	$	( 1,219 )	$	3,604	$	( 2,306 )

Corebridge | Second Quarter 2025 Form 10-Q 38

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:


	2025						2024
(in millions)	Equities		Other Invested Assets		Total		Equities		Other Invested Assets		Total
Three Months Ended June 30,
Net gains (losses) recognized during the period on equity securities and other investments	$	30	$	220	$	250	$	( 7 )	$	83	$	76
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	16		( 3 )		13		( 2 )		2		—
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	14	$	223	$	237	$	( 5 )	$	81	$	76

Six Months Ended June 30,
Net gains recognized during the period on equity securities and other investments	$	28	$	285	$	313	$	3	$	153	$	156
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	32		( 4 )		28		16		4		20
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	( 4 )	$	289	$	285	$	( 13 )	$	149	$	136

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:


	2025						2024
(in millions)	Structured		Non-Structured		Total		Structured		Non-Structured		Total
Three Months Ended June 30,
Balance, beginning of period	$	31	$	83	$	114	$	36	$	61	$	97
Additions:
Securities for which allowance for credit losses were not previously recorded	1		42		43		1		14		15


Reductions:
Securities sold during the period	—		( 9 )		( 9 )		—		( 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	( 10 )		12		2		24		12		36
Write-offs charged against the allowance	( 4 )		( 55 )		( 59 )		( 24 )		( 28 )		( 52 )
Other	—		—		—		1		—		1
Balance, end of period	$	18	$	73	$	91	$	38	$	57	$	95

Six Months Ended June 30,
Balance, beginning of year	$	33	$	86	$	119	$	55	$	73	$	128
Additions:
Securities for which allowance for credit losses were not previously recorded	1		82		83		14		31		45


Reductions:
Securities sold during the period	—		( 11 )		( 11 )		( 15 )		( 11 )		( 26 )
Additional net increases or decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery, amortized cost basis	( 9 )		( 1 )		( 10 )		46		28		74
Write-offs charged against the allowance	( 7 )		( 83 )		( 90 )		( 63 )		( 65 )		( 128 )
Other	—		—		—		1		1		2
Balance, end of period	$	18	$	73	$	91	$	38	$	57	$	95

Corebridge | Second Quarter 2025 Form 10-Q 39

TABLE OF CONTENTS

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

Purchased Credit Deteriorated Securities

We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as purchased credit deteriorated assets. At the time of purchase an allowance is recognized for these purchased credit deteriorated assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a purchased credit deteriorated asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs:

• current delinquency rates;

• expected default rates and the timing of such defaults;

• loss severity and the timing of any recovery; and

• expected prepayment speeds.

Subsequent to the acquisition date, the purchased credit deteriorated assets follow the same accounting as other structured securities that are not of high credit quality.

We did not purchase securities with more-than-insignificant credit deterioration since their origination during the six months ended June 30, 2025 and 2024.

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)	June 30, 2025		December 31, 2024
Fixed maturity securities available-for-sale	$	2,995	$	2,921

At June 30, 2025 and December 31, 2024, amounts borrowed under repurchase and securities lending agreements totaled $ 3.0 billion and $ 3.0 billion, respectively.

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


	Remaining Contractual Maturity of the Repurchase Agreements
(in millions)	Overnight and Continuous		Up to 30 Days		31 - 90 Days		91 - 364 Days		365 Days or Greater		Total
June 30, 2025
Bonds available-for-sale:



Corporate debt	$	6	$	289	$	—	$	—	$	—	$	295
Total	$	6	$	289	$	—	$	—	$	—	$	295




December 31, 2024
Bonds available-for-sale:



Corporate debt	$	12	$	675	$	—	$	—	$	—	$	687
Total	$	12	$	675	$	—	$	—	$	—	$	687

Corebridge | Second Quarter 2025 Form 10-Q 40

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 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
June 30, 2025
Bonds available for sale:

Non-U.S. government	$	—	$	24	$	—	$	—	$	—	$	24
Corporate debt	—		2,676		—		—		—		2,676
Total	$	—	$	2,700	$	—	$	—	$	—	$	2,700




December 31, 2024
Bonds available-for-sale:


Corporate debt	$	—	$	2,234	$	—	$	—	$	—	$	2,234
Total	$	—	$	2,234	$	—	$	—	$	—	$	2,234

There were $ 50 million and $ 120 million of reverse repurchase agreements at June 30, 2025 and December 31, 2024, respectively.

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, wa s $ 9.4 billion and $ 9.5 billion at June 30, 2025 and December 31, 2024, respectively.

Other Pledges and Restrictions

Certain of our subsidiaries are members of Federal Home Loan Banks (“FHLB”) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $ 301 million and $ 279 million of stock in FHLBs at June 30, 2025 and December 31, 2024, 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 $ 3.4 billion and $ 5.7 billion, respectively, at June 30, 2025 and $ 4.2 billion and $ 3.2 billion, respectively, at December 31, 2024.

Certain GICs recorded in policyholder contract deposits with a carrying value of $ 45 million and $ 47 million at June 30, 2025 and December 31, 2024, 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 $ 62 million and $ 62 million at June 30, 2025 and December 31, 2024, respectively. This collateral primarily consists of securities of the U.S. government and government-sponsored entities and generally cannot be repledged or resold by the counterparties.

As part of our collateralized reinsurance transactions, we pledge collateral to cedants as contractually required. The fair value of securities pledged as excess collateral with respect to these obligations was approximately $ 522 million and $ 546 million at June 30, 2025 and December 31, 2024, 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 modco with funds withheld.

Corebridge | Second Quarter 2025 Form 10-Q 41

TABLE OF CONTENTS

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

6. Lending Activities

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


(in millions)	June 30, 2025		December 31, 2024
Commercial mortgages (a)	$	37,381	$	35,795
Residential mortgages	12,973		12,735
Life insurance policy loans	1,709		1,726
Commercial loans, other loans and notes receivable (b)	2,990		3,283
Total mortgage and other loans receivable	55,053		53,539
Allowance for credit losses (c)	( 719 )		( 771 )
Mortgage and other loans receivable, net	$	54,334	$	52,768

(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 June 30, 2025, and 18 % and 10 %, respectively, at December 31, 2024). The weighted average loan-to-value ratio for NY and CA was 68 % and 56 % at June 30, 2025, respectively, and 65 % and 56 % at December 31, 2024, respectively. The debt service coverage ratio for NY and CA was 1.9 X and 2.1 X at June 30, 2025, respectively, and 1.9 X and 2.1 X at December 31, 2024, respectively.

(b) There were no loans that were held for sale which are carried at lower of cost or market as of June 30, 2025 and December 31, 2024.

(c) Does not include allowance for credit losses of $ 8 million and $ 20 million at June 30, 2025 and December 31, 2024, 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 June 30, 2025, $ 125 million and $ 0.9 billion of residential mortgage loans and commercial mortgage loans, respectively, are in nonaccrual status. As of December 31, 2024, $ 93 million and $ 1.0 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 June 30, 2025, accrued interest receivable was $ 76 million and $ 163 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2024, accrued interest receivable was $ 71 million and $ 154 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 not significant for all periods presented.

CREDIT QUALITY OF COMMERCIAL MORTGAGES

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


June 30, 2025
(in millions)	2025		2024		2023		2022		2021		Prior		Total
>1.2X	$	1,938	$	4,190	$	1,930	$	6,593	$	2,491	$	16,082	$	33,224
1.00 - 1.20X	150		184		285		889		103		1,605		3,216
<1.00X	—		—		—		26		—		915		941
Total commercial mortgages	$	2,088	$	4,374	$	2,215	$	7,508	$	2,594	$	18,602	$	37,381
December 31, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
>1.2X	$	3,997	$	2,275	$	6,429	$	2,589	$	1,247	$	14,763	$	31,300
1.00 - 1.20X	542		284		825		88		214		1,413		3,366
<1.00X	—		—		25		—		—		1,104		1,129
Total commercial mortgages	$	4,539	$	2,559	$	7,279	$	2,677	$	1,461	$	17,280	$	35,795

* 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 1.9 X and 1.9 X for the periods ended June 30, 2025 and December 31, 2024, respectively. The debt service coverage ratios are updated when additional relevant information becomes available.

Corebridge | Second Quarter 2025 Form 10-Q 42

TABLE OF CONTENTS

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

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


June 30, 2025
(in millions)	2025		2024		2023		2022		2021		Prior		Total
Less than 65%	$	1,832	$	3,945	$	1,990	$	4,575	$	1,963	$	11,796	$	26,101
65% to 75%	256		429		202		2,519		323		4,547		8,276
76% to 80%	—		—		—		20		84		313		417
Greater than 80%	—		—		23		394		224		1,946		2,587
Total commercial mortgages	$	2,088	$	4,374	$	2,215	$	7,508	$	2,594	$	18,602	$	37,381

December 31, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
Less than 65%	$	3,726	$	2,234	$	4,915	$	2,001	$	701	$	10,903	$	24,480
65% to 75%	813		325		2,084		323		556		3,841		7,942
76% to 80%	—		—		—		220		—		592		812
Greater than 80%	—		—		280		133		204		1,944		2,561
Total commercial mortgages	$	4,539	$	2,559	$	7,279	$	2,677	$	1,461	$	17,280	$	35,795

* The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 60 % at June 30, 2025 and 60 % at December 31, 2024. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

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
June 30, 2025
Credit Quality Performance Indicator:
In good standing	586	$	14,805	$	7,825	$	4,128	$	7,357	$	1,725	$	1,003	$	36,843	99 %

90 days or less delinquent	—	—		—		—		—		—		—		—		— %
>90 days delinquent or in process of foreclosure (a)	4	—		352		186		—		—		—		538		1 %
Total (b)	590	$	14,805	$	8,177	$	4,314	$	7,357	$	1,725	$	1,003	$	37,381	100 %
Allowance for credit losses		$	26	$	382	$	137	$	12	$	26	$	3	$	586	2	%

December 31, 2024
Credit Quality Performance Indicator:
In good standing	591	$	14,188	$	7,905	$	3,899	$	6,763	$	1,947	$	453	$	35,155	98 %

90 days or less delinquent	2	—		343		—		—		—		—		343		1 %
>90 days delinquent or in process of foreclosure	2	—		111		186		—		—		—		297		1 %
Total (b)	595	$	14,188	$	8,359	$	4,085	$	6,763	$	1,947	$	453	$	35,795	100 %
Allowance for credit losses		$	36	$	430	$	103	$	28	$	29	$	—	$	626	2	%

(a) Includes $ 21 million of Retail loans and $ 11 million of Office loans supporting the Fortitude Re Funds Withheld arrangements, greater than 90 days delinquent or in process of foreclosure, at June 30, 2025

(b) Does not reflect allowance for credit losses.

Corebridge | Second Quarter 2025 Form 10-Q 43

TABLE OF CONTENTS

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

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


June 30, 2025
(in millions)	2025		2024		2023		2022		2021		Prior		Total
FICO*:
780 and greater	$	154	$	1,032	$	630	$	646	$	2,203	$	1,438	$	6,103
720 - 779	220		1,832		1,018		564		533		560		4,727
660 - 719	121		668		322		205		143		355		1,814
600 - 659	—		—		13		28		23		155		219
Less than 600	—		—		6		23		13		68		110
Total residential mortgages	$	495	$	3,532	$	1,989	$	1,466	$	2,915	$	2,576	$	12,973

December 31, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
FICO*:
780 and greater	$	1,075	$	667	$	690	$	2,258	$	617	$	863	$	6,170
720 - 779	1,647		1,095		579		582		149		440		4,492
660 - 719	609		355		235		150		38		336		1,723
600 - 659	15		12		34		25		10		146		242
Less than 600	3		2		19		12		5		67		108
Total residential mortgages	$	3,349	$	2,131	$	1,557	$	3,027	$	819	$	1,852	$	12,735

* 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 June 30, 2025 and December 31, 2024 residential loans direct to consumers totaled $ 8.1 billion and $ 8.4 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*:


	2025						2024
(in millions)	Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total
Three Months Ended June 30,
Allowance, beginning of period	$	656	$	136	$	792	$	634	$	80	$	714
Loans charged off	( 54 )		( 1 )		( 55 )		—		—		—
Net charge-offs	( 54 )		( 1 )		( 55 )		—		—		—
Addition to (release of) allowance for loan losses	( 16 )		( 2 )		( 18 )		20		24		44
Allowance, end of period	$	586	$	133	$	719	$	654	$	104	$	758

Six Months Ended June 30,
Allowance, beginning of period	$	626	$	145	$	771	$	614	$	84	$	698
Loans charged off	( 62 )		( 1 )		( 63 )		—		( 6 )		( 6 )

Net charge-offs	( 62 )		( 1 )		( 63 )		—		( 6 )		( 6 )
Addition to (release of) allowance for loan losses	22		( 11 )		11		40		26		66



Allowance, end of period	$	586	$	133	$	719	$	654	$	104	$	758

* Does not include allowance for credit losses of $ 8 million and $ 43 million at June 30, 2025 and 2024, respectively, 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.

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.

Corebridge | Second Quarter 2025 Form 10-Q 44

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

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.

During the six months ended June 30, 2025, commercial mortgage loans with an amortized cost of $ 108 million and commercial loans, other loans and notes receivable with an amortized cost of $ 10 million, none of which were supporting the funds withheld arrangements with Fortitude Re, were granted term extensions. The modified loans represent less than 1 percent of each of these two portfolio segments. These modifications added less than one year to the weighted average life of loans in each of these two portfolio segments.

There were no loans that defaulted during the six months ended June 30, 2025 and 2024, 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 insurance 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. Our reinsurance is principally under yearly renewable term (“YRT”) treaties, along with a large modco treaty reinsuring the majority of our legacy business to Fortitude Re. Reinsurance premiums ceded are recognized when due, along with corresponding benefits. Amounts recoverable from reinsurers are presented as a component of Reinsurance assets.

Reinsurance assets include the balances due from reinsurance and insurance companies under the terms of our reinsurance agreements for ceded future policy benefits for life and accident and health insurance contracts and benefits paid and unpaid. We remain liable to the extent that our reinsurers do not meet their obligations under the reinsurance contracts, and as such, we regularly evaluate the financial condition of our reinsurers and monitor concentration of our credit risk. The estimation of the allowance for credit losses and disputes requires judgment for which key inputs typically include historical trends regarding uncollectible balances, disputes and credit events as well as specific reviews of balances in dispute or subject to credit impairment. Changes in the allowance for credit losses and disputes on reinsurance assets are reflected in policyholder benefits within the Consolidated Statements of Income (Loss).

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. Certain reinsurers may seek rate increases in the future and those may result in arbitration. 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.

Reinsurance recoverables are recognized in a manner consistent with the liabilities relating to the underlying reinsured contracts.

Corebridge | Second Quarter 2025 Form 10-Q 45

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

FORTITUDE RE

AGL and USL have modco 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, which consist mostly of available-for-sale securities, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., 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 will maintain 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.

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:


	June 30, 2025				December 31, 2024
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value		Corresponding Accounting Policy
Fixed maturity securities - available-for-sale	$	12,864	$	12,864	$	13,254	$	13,254	Fair value through other comprehensive income
Fixed maturity securities - fair value option	4,940		4,940		4,914		4,914		Fair value through net investment income
Commercial mortgage loans	3,087		2,882		3,224		2,983		Amortized cost
Real estate investments	125		184		158		227		Amortized cost
Private equity funds/hedge funds	1,820		1,820		1,893		1,893		Fair value through net investment income
Policy loans	310		310		315		315		Amortized cost
Short-term Investments	323		323		274		274		Fair value through net investment income
Funds withheld investment assets	23,469		23,323		24,032		23,860
Derivative assets, net (a)	—		—		2		2		Fair value through realized gains (losses)
Other (b)	497		497		429		429		Amortized cost
Total	$	23,966	$	23,820	$	24,463	$	24,291

(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 $ 585 million, respectively, as of June 30, 2025. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $ 7 million and $ 182 million, respectively, as of December 31, 2024. 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 June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Net investment income - Fortitude Re funds withheld assets	$	343	$	325	$	674	$	657
Net realized losses on Fortitude Re funds withheld assets:
Net realized losses Fortitude Re funds withheld assets	( 30 )		( 93 )		( 26 )		( 257 )
Net realized gains (losses) Fortitude Re funds withheld embedded derivatives	( 251 )		36		( 847 )		58
Net realized losses - Fortitude Re funds withheld assets	( 281 )		( 57 )		( 873 )		( 199 )
Income (loss) before income tax expense (benefit)	62		268		( 199 )		458
Income tax expense (benefit)*	13		56		( 42 )		96
Net income (loss)	49		212		( 157 )		362
Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available-for-sale*	( 18 )		( 216 )		145		( 332 )
Comprehensive income (loss)	$	31	$	( 4 )	$	( 12 )	$	30

* 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 | Second Quarter 2025 Form 10-Q 46

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

REINSURANCE – CREDIT LOSSES

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

We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and other assets on the Condensed Consolidated Balance Sheets (collectively, the reinsurance recoverable balances). This estimate requires significant judgment for which key considerations include:

• paid and unpaid amounts recoverable;

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

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

• whether collateral and collateral arrangements exist.

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

T he total reinsurance recoverables as of June 30, 2025 were $ 26.2 billion. As of that date, utilizing Corebridge’s ORRs, (i) approximately 95 % of the reinsurance recoverables were investment grade, (ii) approximately 5 % were non-investment grade reinsurance recoverables and (iii) none of the reinsurance recoverables were related to entities th at were not rated by Corebridge.

Reinsurance Recoverable Allowance

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Balance, beginning of period	$	10	$	18	$	12	$	30
Current period provision for expected credit losses and disputes	—		( 6 )		( 2 )		( 8 )
Write-offs charged against the allowance for credit losses and disputes	—		—		—		( 10 )

Balance, end of period	$	10	$	12	$	10	$	12

There w ere no material recoveries of credit losses previously written off for th e six months ended June 30, 2025 or 2024.

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.

Corebridge | Second Quarter 2025 Form 10-Q 47

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

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.

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
June 30, 2025
Assets:
Bonds available-for-sale	$	39	$	—	$	39
Other bond securities	42		—		42
Equity securities	—		—		—
Mortgage and other loans receivable	—		1,800		1,800
Other invested assets
Alternative investments (a)	2,491		—		2,491
Investment real estate	717		—		717
Short-term investments	248		—		248
Cash	48		—		48
Accrued investment income	2		5		7
Other assets	56		—		56
Total assets (b)	$	3,643	$	1,805	$	5,448
Liabilities:
Debt of consolidated investment entities	$	668	$	929	$	1,597
Other liabilities	58		—		58
Total liabilities	$	726	$	929	$	1,655

December 31, 2024
Assets:
Bonds available-for-sale	$	38	$	—	$	38
Other bond securities	44		—		44
Equity securities	2		—		2
Mortgage and other loans receivable	—		1,919		1,919
Other invested assets
Alternative investments (a)	2,433		—		2,433
Investment real estate	926		—		926
Short-term investments	131		1		132
Cash	75		—		75
Accrued investment income	2		5		7
Other assets	77		—		77
Total assets (b)	$	3,728	$	1,925	$	5,653
Liabilities:
Debt of consolidated investment entities	$	658	$	977	$	1,635
Other liabilities	78		—		78
Total liabilities	$	736	$	977	$	1,713

(a) Composed primarily of investments in real estate joint ventures at June 30, 2025 and December 31, 2024.

(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 June 30, 2025 and December 31, 2024, the Company had commitments to internal parties of $ 0.9 billion and $ 0.7 billion and commitments to external parties o f $ 0.3 billion and $ 0.4 billion, respectively.

Corebridge | Second Quarter 2025 Form 10-Q 48

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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 June 30, 2025
Total revenue	$	46	$	17	$	63
Net (loss) attributable to noncontrolling interests	$	( 9 )	$	—	$	( 9 )
Net income attributable to Corebridge	$	41	$	12	$	53
Three Months Ended June 30, 2024
Total revenue	$	6	$	19	$	25
Net (loss) attributable to noncontrolling interests	$	( 24 )	$	—	$	( 24 )
Net income attributable to Corebridge	$	11	$	9	$	20
Six Months Ended June 30, 2025
Total revenue	$	74	$	35	$	109
Net (loss) attributable to noncontrolling interests	$	( 4 )	$	—	$	( 4 )
Net income attributable to Corebridge	$	58	$	24	$	82
Six Months Ended June 30, 2024
Total revenue	$	( 57 )	$	35	$	( 22 )
Net (loss) attributable to noncontrolling interests	$	( 75 )	$	—	$	( 75 )
Net income (loss) attributable to Corebridge	$	( 21 )	$	18	$	( 3 )

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
June 30, 2025
Real estate and investment entities (a)	$	460,532		$	6,207	$	2,814	$	9,021

Total	$	460,532		$	6,207	$	2,814	$	9,021
December 31, 2024
Real estate and investment entities (a)	$	463,464		$	5,837	$	2,800	$	8,637

Total	$	463,464		$	5,837	$	2,800	$	8,637

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

(b) At June 30, 2025 and December 31, 2024, $ 6.2 billion and $ 5.8 billion, respectively, of our total unconsolidated VIE assets were recorded as other invested assets.

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 June 30, 2025, the total VIE assets of these securitizations are $ 2.5 billion, of which Corebridge’s maximum exposure to loss including unfunded commitments is $ 2.3 billion. As of December 31, 2024, the total VIE assets of these securitizations are $ 2.6 billion, of which Corebridge’s maximum exposure to loss is $ 2.5 billion.

Corebridge | Second Quarter 2025 Form 10-Q 49

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

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.

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.

Corebridge | Second Quarter 2025 Form 10-Q 50

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

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:


	June 30, 2025								December 31, 2024
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments: (a)
Interest rate contracts	$	9,619	$	390	$	8,433	$	199	$	2,378	$	217	$	11,853	$	414
Foreign exchange contracts	2,340		232		8,151		417		7,062		558		978		46
Derivatives not designated as hedging instruments: (a)
Interest rate contracts	59,346		3,549		53,143		4,268		46,448		2,703		36,575		3,038
Foreign exchange contracts	4,989		520		9,134		457		10,360		713		2,857		222
Equity contracts	68,091		4,664		53,966		2,705		41,040		3,046		24,117		1,546
Credit contracts (b)	6,880		312		1,400		103		—		—		5		—
Other contracts (c)	46,222		14		45		1		45,016		13		45		2
Total derivatives, gross	$	197,487	$	9,681	$	134,272	$	8,150	$	152,304	$	7,250	$	76,430	$	5,268
Counterparty netting (d)			( 7,022 )				( 7,022 )				( 4,494 )				( 4,494 )
Cash collateral (e)			( 2,069 )				( 1,000 )				( 2,563 )				( 664 )
Total derivatives on Condensed Consolidated Balance Sheets (f)			$	590			$	128			$	193			$	110

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

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

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

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

(f) Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. The fair value of assets related to bifurcated embedded derivatives were both zero at June 30, 2025 and December 31, 2024. The fair value of liabilities related to bifurcated embedded derivatives was $ 13.9 billion and $ 11.8 billion at June 30, 2025 and December 31, 2024, 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.

The following table presents the gross notional amounts of our derivatives and the fair value of derivative assets and liabilities with related parties and third parties:


	June 30, 2025								December 31, 2024
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Total derivatives with related parties	$	18	$	14	$	—	$	—	$	2,126	$	21	$	—	$	—
Total derivatives with third parties	197,469		9,667		134,272		8,150		150,178		7,229		76,430		5,268
Total derivatives, gross	$	197,487	$	9,681	$	134,272	$	8,150	$	152,304	$	7,250	$	76,430	$	5,268

Corebridge | Second Quarter 2025 Form 10-Q 51

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

As of June 30, 2025 and December 31, 2024, 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:


	June 30, 2025				December 31, 2024
(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	$	8,495	$	—	$	6,910	$	—
Commercial mortgage and other loans (a)	$	—	$	( 21 )	$	—	$	( 21 )
Policyholder contract deposits (b)	$	( 10,476 )	$	( 57 )	$	( 8,759 )	$	88

(a) 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.

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

COLLATERAL

We engage in derivative transactions that are not subject to a clearing requirement directly with related parties and unaffiliated 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 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.

Collateral posted by us to third parties for derivative transactions was $ 1.8 billion and $ 1.4 billion at June 30, 2025 and December 31, 2024, respectively. No collateral was posted by us to related parties for derivative transactions at June 30, 2025 and December 31, 2024, 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 $ 2.5 billion and $ 2.7 billion at June 30, 2025 and December 31, 2024, respectively. Collateral provided to us from related parties for derivative transactions was $ 13 million and $ 21 million at June 30, 2025 and December 31, 2024, 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 related 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 both third parties and related parties as fair value hedges of fixed rate GICs attributable to changes in benchmark interest rates.

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. For the thr ee and six months ended June 30, 2025, $ 7 million and $ 14 million, respectively, and for the three and six months ended June 30, 2024, $ 7 million and $ 14 million, respectively, have been reclassified into Interest expense. The remaining amount in AOCI, of $ 132 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 2024 Form 10-K.

Corebridge | Second Quarter 2025 Form 10-Q 52

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

We also designated certain interest rate swaps as cash flow hedges of floating-rate investment assets. Related to such swaps, for the three and six months ended June 30, 2025, we recognized derivative gains (losses) of $ 64 million and $ 246 million, respectively, in AOCI and $( 14 ) million and $( 28 ) million, respectively, in net investment income. For the three and six months ended June 30, 2024,$ 5 million and $( 13 ) million, respectively, in AOCI and $( 4 ) million and $( 7 ) million, respectively, 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 and six months ended June 30, 2025 of $( 5 ) million and $( 9 ) million, respectively, and for the three and six months ended June 30, 2024 of $ 1 million and $ 3 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 related 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)(c)		Excluded Components (b)(c)		Hedged Items		Net Impact
Three Months Ended June 30, 2025
Interest rate contracts:

Interest credited to policyholder account balances	$	56	$	—	$	( 58 )	$	( 2 )

Foreign exchange contracts:
Realized gains (losses)	$	( 619 )	$	( 20 )	$	619	$	( 20 )
Three Months Ended June 30, 2024
Interest rate contracts:

Interest credited to policyholder account balances	$	( 10 )	$	—	$	4	$	( 6 )

Foreign exchange contracts:
Realized gains (losses)	$	25	$	53	$	( 25 )	$	53



Six Months Ended June 30, 2025
Interest rate contracts:
Interest credited to policyholder account balances	$	142	$	—	$	( 146 )	$	( 4 )

Foreign exchange contracts:
Realized gains (losses)	$	( 883 )	$	127	$	883	$	127
Six Months Ended June 30, 2024
Interest rate contracts:

Interest credited to policyholder account balances	$	( 69 )	$	—	$	69	$	—

Foreign exchange contracts:
Realized gains (losses)	$	169	$	42	$	( 169 )	$	42

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

(b) Includes gains and losses with related parties for the three and six months ended June 30, 2025 and 2024.

(c) 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 | Second Quarter 2025 Form 10-Q 53

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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 June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
By Derivative Type:
Interest rate contracts	$	( 48 )	$	3	$	( 70 )	$	( 364 )
Foreign exchange contracts	( 397 )		( 60 )		( 616 )		164
Equity contracts	352		14		( 102 )		203
Credit contracts	100		3		31		26
Other contracts	16		15		32		31
Embedded derivatives	( 1,124 )		( 275 )		( 878 )		( 837 )
Fortitude Re funds withheld embedded derivative	( 251 )		36		( 847 )		58
Total (a)	$	( 1,352 )	$	( 264 )	$	( 2,450 )	$	( 719 )
By Classification:
Policy fees	$	16	$	14	$	31	$	29
Net investment income (loss) - Fortitude Re funds withheld assets	( 23 )		6		( 25 )		11
Net realized gains (losses) - excluding Fortitude Re funds withheld assets (b)	( 785 )		( 129 )		( 1,513 )		169

Net realized losses on Fortitude Re funds withheld assets	( 59 )		( 37 )		( 34 )		( 132 )
Net realized gains (losses) on Fortitude Re funds withheld embedded derivatives	( 251 )		36		( 847 )		58
Policyholder benefits	2		—		—		—
Change in the Fair value of market risk benefits (c)	( 252 )		( 154 )		( 62 )		( 854 )
Total (a)	$	( 1,352 )	$	( 264 )	$	( 2,450 )	$	( 719 )

(a) Includes gains (losses) with related parties of $ 2 million and $ 49 million for the three months ended June 30, 2025 and 2024, respectively, and $ 2 million and $ 36 million for the six months ended June 30, 2025 and 2024, respectively.

(b) Includes a $ 5 million gain related to the sale of AIG Life U.K., reported in net (gain) loss on divestitures for the six months ended June 30, 2024.

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).

HYBRID SECURITIES WITH EMBEDDED CREDIT DERIVATIVES

W e invest in hybrid securities (such as credit-linked notes) with the intent of generating income, and not specifically to acquire exposure to embedded derivative risk. As is the case with our other investments in RMBS, CMBS, CLOs, ABS and collateralized debt obligations (“CDOs”), our investments in these hybrid securities are exposed to losses only up to the amount of our initial investment in the hybrid security. Other than our initial investment in the hybrid securities, we have no further obligation to make payments on the embedded credit derivatives in the related hybrid securities.

We elect to account for our investments in these hybrid securities with embedded written credit derivatives at fair value, with changes in fair value recognized in Net investment income. Our investments in these hybrid securities are reported as Other bond securities in the Condensed Consolidated Balance Sheets. The fair values of these hybrid securities were both zero at June 30, 2025 and December 31, 2024. These securities have par amounts of $ 25 million and $ 25 million at June 30, 2025 and December 31, 2024, respectively, and have remaining stated maturity dates that extend to 2052.

Corebridge | Second Quarter 2025 Form 10-Q 54

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

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.

The following table presents a rollforward of deferred policy acquisition costs related to long-duration contracts for the six months ended June 30, 2025 and 2024:


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)
DAC:
Balance at January 1, 2025	$	5,010	$	1,049	$	4,127	$	95	$	10,281
Capitalization	453		42		183		14		692
Amortization expense	( 330 )		( 43 )		( 168 )		( 8 )		( 549 )
Other, including foreign exchange	—		—		—		—		—

Balance at June 30, 2025*	$	5,133	$	1,048	$	4,142	$	101	$	10,424

Balance at January 1, 2024	$	4,777	$	1,055	$	4,092	$	70	$	9,994
Capitalization	395		41		226		22		684
Amortization expense	( 301 )		( 42 )		( 177 )		( 6 )		( 526 )
Other, including foreign exchange	—		—		( 7 )		—		( 7 )
Dispositions	—		—		( 27 )		—		( 27 )
Balance at June 30, 2024*	$	4,871	$	1,054	$	4,107	$	86	$	10,118

* Excludes value of business acquired (“VOBA”) of $ 11 million and $ 15 million at Balance at June 30, 2025 and 2024, 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 six months ended June 30, 2025 and 2024:


Six Months Ended June 30,	2025						2024
	Individual Retirement		Group Retirement		Total		Individual Retirement		Group Retirement		Total
(in millions)


Balance, beginning of year	$	288	$	152	$	440	$	333	$	164	$	497
Capitalization	1		—		1		3		1		4
Amortization expense	( 23 )		( 6 )		( 29 )		( 26 )		( 7 )		( 33 )

Balance, end of period	$	266	$	146	$	412	$	310	$	158	$	468
Other reconciling items*					1,928						1,872
Other assets, including restricted cash					$	2,340					$	2,340

* Other reconciling items include prepaid expenses, goodwill, intangible assets and any similar items.

Corebridge | Second Quarter 2025 Form 10-Q 55

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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:


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)
June 30, 2025
Equity funds	$	25,605	$	29,810	$	980	$	669	$	57,064
Bond funds	4,125		3,320		47		1,370		8,862
Balanced funds	18,210		5,832		56		2,117		26,215
Money market funds	678		1,019		15		211		1,923
Total	$	48,618	$	39,981	$	1,098	$	4,367	$	94,064

December 31, 2024
Equity funds	$	26,822	$	30,097	$	945	$	676	$	58,540
Bond funds	4,092		3,070		46		1,302		8,510
Balanced funds	17,230		5,666		53		2,207		25,156
Money market funds	674		839		15		154		1,682
Total	$	48,818	$	39,672	$	1,059	$	4,339	$	93,888

Corebridge | Second Quarter 2025 Form 10-Q 56

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

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


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)
Six Months Ended June 30, 2025
Separate accounts balance, beginning of year	$	48,818	$	39,672	$	1,059	$	4,339	$	93,888
Premiums and deposits	620		687		17		72		1,396
Policy charges	( 587 )		( 228 )		( 23 )		( 53 )		( 891 )
Surrenders and withdrawals	( 2,514 )		( 2,080 )		( 20 )		( 100 )		( 4,714 )
Benefit payments	( 473 )		( 313 )		( 5 )		( 5 )		( 796 )
Investment performance	2,720		2,488		73		100		5,381
Net transfers from (to) general account and other	34		( 245 )		( 3 )		14		( 200 )
Separate accounts balance, end of period	$	48,618	$	39,981	$	1,098	$	4,367	$	94,064
Cash surrender value *	$	47,768	$	39,889	$	1,080	$	4,368	$	93,105

Six Months Ended June 30, 2024
Separate accounts balance, beginning of year	$	47,893	$	38,188	$	932	$	3,992	$	91,005
Premiums and deposits	621		712		17		82		1,432
Policy charges	( 570 )		( 233 )		( 24 )		( 47 )		( 874 )
Surrenders and withdrawals	( 2,502 )		( 2,145 )		( 17 )		( 53 )		( 4,717 )
Benefit payments	( 478 )		( 302 )		( 4 )		( 11 )		( 795 )
Investment performance	4,208		3,607		128		214		8,157
Net transfers from (to) general account and other	36		( 148 )		( 1 )		27		( 86 )
Separate accounts balance, end of period	$	49,208	$	39,679	$	1,031	$	4,204	$	94,122
Cash surrender value *	$	48,277	$	39,478	$	1,010	$	4,200	$	92,965

* 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 | Second Quarter 2025 Form 10-Q 57

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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)
Six Months Ended June 30, 2025
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	8,287	$	—	$	871	$	9,158
Effect of changes in discount rate assumptions (AOCI)	—		—		797		—		61		858


Beginning balance at original discount rate	—		—		9,084		—		932		10,016

Effect of actual variances from expected experience	—		—		( 22 )		—		4		( 18 )
Adjusted beginning of year balance	—		—		9,062		—		936		9,998
Issuances	—		—		328		—		—		328
Interest accrual	—		—		176		—		20		196
Net premium collected	—		—		( 525 )		—		( 53 )		( 578 )

Other	—		—		—		—		—		—
Ending balance at original discount rate	—		—		9,041		—		903		9,944
Effect of changes in discount rate assumptions (AOCI)	—		—		( 633 )		—		( 45 )		( 678 )
Balance, end of period	$	—	$	—	$	8,408	$	—	$	858	$	9,266

Present value of expected future policy benefits
Balance, beginning of year	$	1,333	$	202	$	16,947	$	19,487	$	19,040	$	57,009
Effect of changes in discount rate assumptions (AOCI)	165		3		1,720		3,206		1,536		6,630
Reclassification due to reinsurance recapture	—		102		—		259		( 361 )		—

Beginning balance at original discount rate	1,498		307		18,667		22,952		20,215		63,639

Effect of actual variances from expected experience (a)	( 12 )		2		( 29 )		10		( 2 )		( 31 )
Adjusted beginning of year balance	1,486		309		18,638		22,962		20,213		63,608
Issuances	65		4		323		520		3		915
Interest accrual	29		8		401		481		479		1,398
Benefit payments	( 69 )		( 23 )		( 742 )		( 709 )		( 734 )		( 2,277 )
Foreign exchange impact	—		—		—		893		—		893
Other	( 1 )		( 2 )		—		—		( 3 )		( 6 )
Ending balance at original discount rate	1,510		296		18,620		24,147		19,958		64,531
Effect of changes in discount rate assumptions (AOCI)	( 140 )		3		( 1,425 )		( 3,473 )		( 1,232 )		( 6,267 )
Balance, end of period	$	1,370	$	299	$	17,195	$	20,674	$	18,726	$	58,264
Net liability for future policy benefits, end of period	1,370		299		8,787		20,674		17,868		48,998
Liability for future policy benefits for certain participating contracts	—		—		12		—		1,239		1,251
Liability for universal life policies (b)	—		—		4,108		—		53		4,161


Deferred profit liability	55		22		24		1,653		780		2,534
Other reconciling items (c)	28		—		419		—		94		541
Future policy benefits for life and accident and health insurance contracts	1,453		321		13,350		22,327		20,034		57,485
Less: Reinsurance recoverable:	( 5 )		—		( 656 )		( 40 )		( 20,034 )		( 20,735 )
Net liability for future policy benefits after reinsurance recoverable	$	1,448	$	321	$	12,694	$	22,287	$	—	$	36,750
Weighted average liability duration of the liability for future policy benefits (years) (d)	7.3		6.0		10.5		10.7		10.5

Corebridge | Second Quarter 2025 Form 10-Q 58

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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)
Six Months Ended June 30, 2024
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	8,379	$	—	$	973	$	9,352
Effect of changes in discount rate assumptions (AOCI)	—		—		1,482		—		44		1,526
Reclassified to Liabilities held-for-sale	—		—		4,287		—		—		4,287
Beginning balance at original discount rate	—		—		14,148		—		1,017		15,165

Effect of actual variances from expected experience	—		—		( 12 )		—		( 6 )		( 18 )
Adjusted beginning of year balance	—		—		14,136		—		1,011		15,147
Issuances	—		—		572		—		—		572
Interest accrual	—		—		202		—		22		224
Net premium collected	—		—		( 634 )		—		( 57 )		( 691 )
Foreign exchange impact	—		—		( 46 )		—		—		( 46 )
Other	—		—		( 4 )		—		—		( 4 )
Dispositions	—		—		( 5,108 )		—		—		( 5,108 )
Ending balance at original discount rate	—		—		9,118		—		976		10,094
Effect of changes in discount rate assumptions (AOCI)	—		—		( 845 )		—		( 66 )		( 911 )
Balance, end of period	$	—	$	—	$	8,273	$	—	$	910	$	9,183

Present value of expected future policy benefits
Balance, beginning of year	$	1,353	$	217	$	17,531	$	18,482	$	20,654	$	58,237
Effect of changes in discount rate assumptions (AOCI)	132		( 3 )		2,745		1,906		437		5,217
Reclassified to Liabilities held-for-sale	—		—		5,119		—		—		5,119
Beginning balance at original discount rate	1,485		214		25,395		20,388		21,091		68,573

Effect of actual variances from expected experience (a)	( 21 )		( 2 )		( 10 )		( 12 )		( 16 )		( 61 )
Adjusted beginning of year balance	1,464		212		25,385		20,376		21,075		68,512
Issuances	62		6		565		1,892		3		2,528
Interest accrual	32		6		435		439		503		1,415
Benefit payments	( 67 )		( 12 )		( 814 )		( 594 )		( 731 )		( 2,218 )
Foreign exchange impact	—		—		( 61 )		( 75 )		—		( 136 )
Other	—		( 5 )		( 2 )		—		( 5 )		( 12 )
Dispositions	—		—		( 6,796 )		—		—		( 6,796 )
Ending balance at original discount rate	1,491		207		18,712		22,038		20,845		63,293
Effect of changes in discount rate assumptions (AOCI)	( 170 )		( 3 )		( 1,717 )		( 2,848 )		( 1,406 )		( 6,144 )
Balance, end of period	$	1,321	$	204	$	16,995	$	19,190	$	19,439	$	57,149
Net liability for future policy benefits, end of period	1,321		204		8,722		19,190		18,529		47,966
Liability for future policy benefits for certain participating contracts	—		—		12		—		1,280		1,292
Liability for universal life policies (b)	—		—		3,916		—		55		3,971


Deferred profit liability	78		9		21		1,602		837		2,547
Other reconciling items (c)	30		—		457		—		92		579
Future policy benefits for life and accident and health insurance contracts	1,429		213		13,128		20,792		20,793		56,355
Less: Reinsurance recoverable:	( 4 )		—		( 699 )		( 39 )		( 20,793 )		( 21,535 )
Net liability for future policy benefits after reinsurance recoverable	$	1,425	$	213	$	12,429	$	20,753	$	—	$	34,820

Weighted average liability duration of the liability for future policy benefits (years) (d)	7.5		6.6		10.9		11.8		10.9

Corebridge | Second Quarter 2025 Form 10-Q 59

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

(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 six months ended June 30, 2025, and 2024 in the traditional and term life insurance block, capping of net premium ratios at 100% caused a (credit)/charge to net income of $ 1 million, and $ 1 million, respectively. The discount rate was updated based on market observable information. Relative to the prior period, the increase in upper-medium-grade fixed income yields resulted in a decrease in the liability for 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:


		Six Months Ended June 30,
(in millions)		2025		2024
Individual Retirement	Undiscounted expected future benefits and expense	$	2,166	$	2,139
	Undiscounted expected future gross premiums	$	—	$	—

Group Retirement	Undiscounted expected future benefits and expense	$	428	$	306
	Undiscounted expected future gross premiums	$	—	$	—

Life Insurance	Undiscounted expected future benefits and expense	$	30,285	$	30,783
	Undiscounted expected future gross premiums	$	20,762	$	21,815
	Discounted expected future gross premiums (at current discount rate)	$	13,911	$	14,318
Institutional Markets	Undiscounted expected future benefits and expense	$	43,970	$	42,543
	Undiscounted expected future gross premiums	$	—	$	—

Corporate and other *	Undiscounted expected future benefits and expense	$	40,202	$	42,304
	Undiscounted expected future gross premiums	$	1,896	$	2,060
	Discounted expected future gross premiums (at current discount rate)	$	1,287	$	1,356

* Represents activity ceded to Fortitude Re.

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
	Six Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024			2025		2024
Individual Retirement	$	67	$	70		$	29	$	32
Group Retirement	4		5			8		6
Life Insurance	926		1,070			225		233
Institutional Markets	542		1,981			481		439
Corporate and Other	98		103			459		481
Total	$	1,637	$	3,229		$	1,202	$	1,191

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



June 30, 2025
Weighted-average interest rate, original discount rate	3.84	%	5.29	%	4.70	%	4.31	%	4.88	%
Weighted-average interest rate, current discount rate	5.30	%	5.15	%	5.51	%	5.66	%	5.49	%

June 30, 2024
Weighted-average interest rate, original discount rate	3.79	%	5.13	%	4.68	%	4.27	%	4.86	%
Weighted-average interest rate, current discount rate	5.48	%	5.44	%	5.56	%	5.43	%	5.54	%

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 | Second Quarter 2025 Form 10-Q 60

TABLE OF CONTENTS

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

Our additional liabilities include universal life policies with secondary guarantees and these additional liabilities are recognized in addition to the Policyholder account balances. For universal life policies with secondary guarantees, as well as other universal life policies for which profits followed by losses are expected at contract inception, a liability is recognized based on a benefit ratio of (a) the present value of total expected payments, in excess of the account value, over the life of the contract, divided by (b) the present value of total expected assessments over the life of the contract. For universal life policies without secondary guarantees, for which profits followed by losses are first expected after contract inception, we establish a liability, in addition to policyholder account balances, so that expected future losses are recognized in proportion to the emergence of profits in the earlier (profitable) years. Universal life account balances are reported within Policyholder contract deposits, while these additional liabilities are reported within the liability for future policy benefits in the Condensed Consolidated Balance Sheets. These additional liabilities are also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available-for-sale on accumulated assessments, with related changes recognized through OCI. The policyholder behavior assumptions for these liabilities include mortality, lapses and premium persistency. The capital market assumptions used for the liability for universal life policies include discount rates and net earned rates.

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


	Six Months Ended June 30,
	2025						2024
	Life Insurance		Corporate and Other		Total		Life Insurance		Corporate and Other		Total
(in millions, except duration of liability)


Balance, beginning of year	$	4,034	$	54	$	4,088	$	3,731	$	55	$	3,786

Effect of changes in experience	217		( 2 )		215		192		( 2 )		190
Adjusted beginning balance	$	4,251	$	52	$	4,303	$	3,923	$	53	$	3,976

Assessments	327		—		327		288		1		289
Excess benefits paid	( 581 )		—		( 581 )		( 413 )		—		( 413 )
Interest accrual	79		1		80		78		1		79
Other	( 1 )		—		( 1 )		—		—		—
Changes related to unrealized appreciation (depreciation) of investments	33		—		33		40		—		40
Balance, end of period	$	4,108	$	53	$	4,161	$	3,916	$	55	$	3,971
Less: Reinsurance recoverable	( 151 )		( 53 )		( 204 )		( 175 )		( 55 )		( 230 )
Balance, end of period, net of Reinsurance recoverable	$	3,957	$	—	$	3,957	$	3,741	$	—	$	3,741

Weighted average duration of liability *	25.1		8.8				25.1		9.0

* 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
	Six Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024			2025		2024





Life Insurance	$	562	$	500		$	79	$	78

Corporate and Other	18		19			1		1
Total	$	580	$	519		$	80	$	79

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


June 30,	2025				2024
	Life Insurance		Corporate and Other		Life Insurance		Corporate and Other



Weighted-average interest rate	4.03	%	4.20	%	3.92	%	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.

Corebridge | Second Quarter 2025 Form 10-Q 61

TABLE OF CONTENTS

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

The following table presents details concerning our universal life policies:


	Six Months Ended June 30,
(in millions, except for attained age of contract holders)	2025		2024
Account value	$	4,089	$	3,846
Net amount at risk	$	77,186	$	74,076
Average attained age of contract holders	54		54

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 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 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.

Corebridge | Second Quarter 2025 Form 10-Q 62

TABLE OF CONTENTS

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

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)
Six Months Ended June 30, 2025
Policyholder contract deposits account balance, beginning of year	$	105,529		$	39,246		$	10,338		$	18,026		$	3,076		$	176,215
Reclassification due to reinsurance recapture	—			—			—			14			( 14 )			—
Deposits	11,592			2,383			810			2,560			19			17,364
Policy charges	( 405 )			( 245 )			( 752 )			( 34 )			( 28 )			( 1,464 )
Surrenders and withdrawals	( 7,648 )			( 4,247 )			( 155 )			( 87 )			( 35 )			( 12,172 )
Benefit payments	( 1,966 )			( 984 )			( 132 )			( 591 )			( 135 )			( 3,808 )
Net transfers from (to) separate account	2,610			2,090			17			58			—			4,775
Interest credited	2,085			616			233			446			71			3,451
Other, including foreign exchange	( 4 )			—			6			11			—			13
Policyholder contract deposits account balance, end of period	111,793			38,859			10,365			20,403			2,954			184,374
Other reconciling items (b)	( 2,107 )			( 298 )			80			139			( 1 )			( 2,187 )
Policyholder contract deposits	$	109,686		$	38,561		$	10,445		$	20,542		$	2,953		$	182,187
Weighted average crediting rate	3.33		%	3.19		%	4.49		%	4.75		%	4.86		%
Cash surrender value (c)	$	104,718		$	38,013		$	9,182		$	2,603		$	1,549		$	156,065


Six Months Ended June 30, 2024
Policyholder contract deposits account balance, beginning of year	$	94,896		$	41,299		$	10,231		$	13,649		$	3,333		$	163,408
Deposits	11,696			2,637			816			2,682			21			17,852
Policy charges	( 360 )			( 250 )			( 753 )			( 34 )			( 29 )			( 1,426 )
Surrenders and withdrawals	( 8,902 )			( 4,859 )			( 148 )			( 53 )			( 39 )			( 14,001 )
Benefit payments	( 1,422 )			( 993 )			( 153 )			( 1,028 )			( 143 )			( 3,739 )
Net transfers from (to) separate account	2,570			2,026			9			—			—			4,605
Interest credited	1,670			611			243			320			80			2,924
Other, including foreign exchange	1			( 207 )			17			201			( 1 )			11
Policyholder contract deposits account balance, end of period	100,149			40,264			10,262			15,737			3,222			169,634
Other reconciling items (b)	( 1,286 )			( 212 )			161			27			—			( 1,310 )
Policyholder contract deposits	$	98,863		$	40,052		$	10,423		$	15,764		$	3,222		$	168,324
Weighted average crediting rate	2.84		%	3.08		%	4.43		%	4.45		%	4.98		%
Cash surrender value (c)	$	93,131		$	39,262		$	9,068		$	2,596		$	1,666		$	145,723

(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 $ 893 million, and $ 724 million that are recorded in policyholder contract deposits as of June 30, 2025, and 2024, 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).

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

Corebridge | Second Quarter 2025 Form 10-Q 63

TABLE OF CONTENTS

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

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:


June 30, 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 %	$	5,674	$	1,084	$	36,391	$	43,149
	> 1 % - 2 %	2,861		48		983		3,892
	> 2 % - 3 %	7,161		139		3,430		10,730
	> 3 % - 4 %	5,434		33		4		5,471
	> 4 % - 5 %	395		—		4		399
	> 5 %	31		—		2		33
	Total	$	21,556	$	1,304	$	40,814	$	63,674








Group Retirement	Range of Guaranteed Minimum Credited Rate
	<= 1 %	$	1,979	$	1,452	$	9,200	$	12,631
	> 1 % - 2 %	3,156		516		820		4,492
	> 2 % - 3 %	10,198		345		126		10,669
	> 3 % - 4 %	543		—		—		543
	> 4 % - 5 %	6,182		—		—		6,182
	> 5 %	128		—		—		128
	Total	$	22,186	$	2,313	$	10,146	$	34,645

Life Insurance	Range of Guaranteed Minimum Credited Rate
	<= 1 %	$	—	$	—	$	—	$	—
	> 1 % - 2 %	—		111		362		473
	> 2 % - 3 %	12		172		1,710		1,894
	> 3 % - 4 %	1,155		414		24		1,593
	> 4 % - 5 %	2,665		—		—		2,665
	> 5 %	205		—		—		205
	Total	$	4,037	$	697	$	2,096	$	6,830

Total*		$	47,779	$	4,314	$	53,056	$	105,149
Percentage of total		45 %		4 %		51 %		100 %

Corebridge | Second Quarter 2025 Form 10-Q 64

TABLE OF CONTENTS

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


June 30, 2024		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 %	$	6,010	$	1,794	$	31,449	$	39,253
	> 1 % - 2 %	3,380		21		1,262		4,663
	> 2 % - 3 %	7,367		12		1,898		9,277
	> 3 % - 4 %	6,114		34		5		6,153
	> 4 % - 5 %	418		—		4		422
	> 5 %	32		2		3		37
	Total	$	23,321	$	1,863	$	34,621	$	59,805









Group Retirement	Range of Guaranteed Minimum Credited Rate
	<= 1 %	$	2,103	$	1,841	$	8,062	$	12,006
	> 1 % - 2 %	3,449		781		933		5,163
	> 2 % - 3 %	11,277		272		113		11,662
	> 3 % - 4 %	588		—		—		588
	> 4 % - 5 %	6,503		—		—		6,503
	> 5 %	140		—		—		140
	Total	$	24,060	$	2,894	$	9,108	$	36,062

Life Insurance	Range of Guaranteed Minimum Credited Rate
	<= 1 %	$	—	$	—	$	—	$	—
	> 1 % - 2 %	—		109		367		476
	> 2 % - 3 %	9		623		1,299		1,931
	> 3 % - 4 %	1,179		479		7		1,665
	> 4 % - 5 %	2,785		—		—		2,785
	> 5 %	212		—		—		212
	Total	$	4,185	$	1,211	$	1,673	$	7,069

Total*		$	51,566	$	5,968	$	45,402	$	102,936
Percentage of total		50 %		6 %		44 %		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 | Second Quarter 2025 Form 10-Q 65

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 six months ended June 30, 2025 and 2024:


	Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions)


Six Months Ended June 30, 2025
Balance, beginning of year	$	1,821	$	1	$	84	$	1,906
Revenue deferred	82		1		—		83


Amortization	( 56 )		—		( 4 )		( 60 )

Balance, end of period	$	1,847	$	2	$	80	$	1,929
Other reconciling items*							974
Other policyholder funds							$	2,903

Six Months Ended June 30, 2024
Balance, beginning of year	$	1,770	$	1	$	94	$	1,865
Revenue deferred	80		—		—		80


Amortization	( 56 )		—		( 5 )		( 61 )

Balance, end of period	$	1,794	$	1	$	89	$	1,884
Other reconciling items*							969
Other policyholder funds							$	2,853

* Other reconciling items include policyholders' dividend accumulations, provisions for future dividends to participating policyholders, dividends to policyholders and any similar items.

14. Market Risk Benefits

MRBs are defined as contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose Corebridge to other-than nominal capital market risk. The MRB represents an amount that a policyholder receives in addition to the account balance upon the occurrence of a specific event or circumstance, such as death, annuitization, or periodic withdrawal that involves protection from other-than-nominal capital market risk. Certain contract features, such as GMWBs, GMDBs and guaranteed minimum income benefits (“GMIBs”) commonly found in variable annuities, fixed index annuities and fixed annuities, are MRBs. MRBs are assessed at contract inception using a non-option method involving attributed fees that results in an initial fair value of zero or an option method that results in a fair value greater than zero.

MRBs are recorded at fair value, and Corebridge applies a non-option attributed fee valuation method for variable annuity products, and an option-based valuation method (host offset) for fixed index a nd fixed products.

Changes in the fair value of Market Risk Benefits, net represents changes in the fair value of market risk benefit liabilities and assets (with the exception of our own credit risk changes), and includes attributed rider fees and benefits, net of changes in the fair value of derivative instruments and fixed maturity securities that are used to economically hedge market risk from the variable annuity GMWB riders.

Corebridge | Second Quarter 2025 Form 10-Q 66

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 14. Market Risk Benefits

The following table presents the balances of and changes in MRBs:


	Individual Retirement		Group Retirement		Total
(in millions, except for attained age of contract holders)

Six Months Ended June 30, 2025
Balance, beginning of year	$	4,066	$	278	$	4,344
Effect of changes in our own credit risk	( 811 )		( 69 )		( 880 )
Balance, beginning of year, before effect of changes in our own credit risk	$	3,255	$	209	$	3,464
Issuances	369		18		387
Interest accrual	92		8		100
Attributed fees	351		29		380
Expected claims	( 33 )		( 1 )		( 34 )
Effect of changes in interest rates	134		8		142
Effect of changes in interest rate volatility	( 17 )		( 1 )		( 18 )
Effect of changes in equity markets	( 386 )		( 9 )		( 395 )
Effect of changes in equity index volatility	( 2 )		2		—
Actual outcome different from model expected outcome	58		( 27 )		31
Effect of changes in future expected policyholder behavior	—		1		1
Effect of changes in other future expected assumptions	2		—		2
Other, including foreign exchange	—		3		3
Balance, end of period before effect of changes in our own credit risk	3,823		240		4,063
Effect of changes in our own credit risk	854		70		924

Balance, end of period	4,677		310		4,987
Less: Reinsured MRB, end of period	( 51 )		—		( 51 )
Net Liability Balance after reinsurance recoverable	$	4,626	$	310	$	4,936
Net amount at risk
GMDB only	$	521	$	104	$	625
GMWB only	$	382	$	30	$	412
Combined *	$	411	$	12	$	423
Weighted average attained age of contract holders	71		64

Six Months Ended June 30, 2024
Balance, beginning of year	$	4,562	$	308	$	4,870
Effect of changes in our own credit risk	( 1,072 )		( 88 )		( 1,160 )
Balance, beginning of year, before effect of changes in our own credit risk	$	3,490	$	220	$	3,710
Issuances	303		24		327
Interest accrual	78		6		84
Attributed fees	338		30		368
Expected claims	( 34 )		( 1 )		( 35 )
Effect of changes in interest rates	( 605 )		( 48 )		( 653 )
Effect of changes in interest rate volatility	22		3		25
Effect of changes in equity markets	( 670 )		( 62 )		( 732 )
Effect of changes in equity index volatility	( 37 )		( 2 )		( 39 )
Actual outcome different from model expected outcome	( 43 )		2		( 41 )
Effect of changes in future expected policyholder behavior	—		—		—
Effect of changes in other future expected assumptions	( 5 )		—		( 5 )
Other, including foreign exchange	—		( 2 )		( 2 )
Balance, end of period before effect of changes in our own credit risk	2,837		170		3,007
Effect of changes in our own credit risk	914		73		987

Balance, end of period	3,751		243		3,994
Less: Reinsured MRB, end of period	( 57 )		—		( 57 )
Net liability balance after reinsurance recoverable	$	3,694	$	243	$	3,937
Net amount at risk
GMDB only	$	609	$	130	$	739
GMWB only	$	130	$	11	$	141
Combined*	$	533	$	13	$	546
Weighted average attained age of contract holders	71		64

* Certain contracts contain both guaranteed GMDB and GMWB features and are modeled together for the purposes of calculating the MRB.

Corebridge | Second Quarter 2025 Form 10-Q 67

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 14. Market Risk Benefits

The following is a reconciliation of MRBs by amounts in an asset position and in a liability position to the MRBs amount in the Condensed Consolidated Balance Sheets:


	June 30, 2025						June 30, 2024
(in millions)	Asset*		Liability*		Net		Asset*		Liability*		Net
Individual Retirement	$	1,112	$	5,738	$	4,626	$	984	$	4,678	$	3,694
Group Retirement	217		527		310		203		446		243
Total	$	1,329	$	6,265	$	4,936	$	1,187	$	5,124	$	3,937

* Cash flows and attributed fees for MRBs are determined on a policy level basis and are reported based on their asset or liability position at the balance sheet date.

For additional information related to fair value measurements of MRBs, see Note 4.

15. Debt

SENIOR UNSECURED NOTES

On April 4, 2025, $ 1.0 billion aggregate principal amount of Corebridge Parent’s 3.50 % Senior Notes matured. Corebridge Parent repaid the aggregate principal and accrued interest at maturity.

REVOLVING CREDIT AGREEMENT

On May 12, 2022, Corebridge Parent entered into the Revolving Credit Agreement (the “2022 Revolving Credit Agreement”). At December 31, 2024 there were no loans outstanding under the 2022 Revolving Credit Agreement. On March 26, 2025 the 2022 Revolving Credit Agreement was terminated without penalty.

On March 26, 2025, Corebridge Parent entered into the Revolving Credit Agreement (the “2025 Revolving Credit Agreement”). The 2025 Revolving Credit Agreement replaces the 2022 Revolving Credit Agreement scheduled to mature in 2027. The 2025 Revolving Credit Agreement provides for a five year total commitment of $ 3.0 billion revolving credit facility. Under circumstances described in the 2025 Revolving Credit Agreement, the aggregate commitments may be increased by up to $ 500 million, for a total commitment under the 2025 Revolving Credit Agreement of $ 3.5 billion. Loans under the 2025 Revolving Credit Agreement will mature on March 26, 2030. Under the 2025 Revolving Credit Agreement, the applicable rate, commitment fee and letter of credit fee were determined by reference to the credit ratings of Corebridge Parent’s senior, unsecured, long-term indebtedness. Borrowings bear interest at a rate per annum equal to (i) with respect to loans in US Dollars, an alternative base rate plus an applicable margin or the adjusted Term SOFR Rate plus an applicable margin, (ii) with respect to loans in Euros, the adjusted European Union Interbank Offer Rate (“EURIBOR”) plus an applicable margin, (iii) with respect to loans in Pounds Sterling, the adjusted Daily Simple Sterling Overnight Index Average (“SONIA”) Rate plus an applicable margin and (iv) with respect to loans in Japanese Yen, the adjusted Tokyo Interbank Offered Rate (“TIBOR”) plus an applicable margin.

Corebridge | Second Quarter 2025 Form 10-Q 68

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. Contingencies, Commitments and Guarantees

16. Contingencies, Commitments and Guarantees

In the normal course of business, we enter into various contingent liabilities and commitments. Although we cannot currently quantify our ultimate liability for unresolved litigation and investigation matters, including those referred to below, it is possible that such liability could have a material adverse effect on our consolidated financial condition, consolidated results of operations or consolidated cash flows for an individual reporting period.

LEGAL CONTINGENCIES

Overview

In the normal course of business, we are subject to regulatory and government investigations and actions, and litigation and other forms of dispute resolution in a large number of proceedings pending in various domestic and foreign jurisdictions. Certain of these matters involve potentially significant risk of loss due to potential for significant jury awards and settlements, punitive damages or other penalties. Many of these matters are also highly complex and may seek recovery on behalf of a class or similarly large number of plaintiffs. It is therefore inherently difficult to predict the size or scope of potential future losses arising from these matters. In our insurance and reinsurance operations, litigation and arbitration concerning the scope of coverage under insurance and reinsurance contracts, and litigation and arbitration in which our subsidiaries defend or indemnify their insureds under insurance contracts, are generally considered in the establishment of our future policy benefits. Separate and apart from the foregoing matters involving insurance and reinsurance coverage, we and our respective officers and directors are subject to a variety of additional types of legal proceedings brought by holders of our securities, customers, employees and others, alleging, among other things, breach of contractual or fiduciary duties, bad faith, indemnification and violations of federal and state statutes and regulations. With respect to these other categories of matters not arising out of claims for insurance or reinsurance coverage, we establish reserves for loss contingencies when it is probable that a loss will be incurred, and the amount of the loss can be reasonably estimated. In many instances, we are unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from legal proceedings may exceed the amount of liabilities that we have recorded in our financial statements covering these matters. While such potential future charges could be material, based on information currently known to management, management does not believe, other than as may be discussed below, that any such charges are likely to have a material adverse effect on our financial position or results of operations.

Additionally, from time to time, various regulatory and governmental agencies review our transactions and practices in connection with industry-wide and other inquiries or examinations into, among other matters, the business practices of current and former operating subsidiaries. Such investigations, inquiries or examinations could develop into administrative, civil or criminal proceedings or enforcement actions, in which remedies could include fines, penalties, restitution or alterations in our business practices, and could result in additional expenses, limitations on certain business activities and reputational damage.

Moriarty Litigation

AGL continues to defend against Moriarty v. American General Life Insurance Co . (S.D. Cal.), a putative class action involving Sections 10113.71 and 10113.72 of the California Insurance Code, which was instituted against AGL on July 18, 2017. In general, those statutes require that for life-insurance policies issued and delivered in California: (1) the policy must contain a 60-day grace period following non-payment of premium during which the policy remains in force; (2) the insurer must provide a 30-day pre-lapse notice; and (3) the insurer must notify policy owners of the right to designate a secondary recipient for lapse notices. The plaintiff contends AGL did not comply with these requirements for a policy issued before these statutes went into effect. The plaintiff seeks damages and other relief. AGL asserts various defenses to the plaintiff’s claims and to class certification. In 2022, the District Court held that a trial was necessary to determine whether AGL was liable on the plaintiff’s breach of contract claim, and it denied class certification. In May 2023, the case was reassigned to a new judge. On August 14, 2023, the District Court granted the plaintiff’s motion for summary judgment on the plaintiff’s breach of contract claim. On September 26, 2023, the District Court decided that good cause exists to allow the plaintiff to file a third motion for class certification. At the same time, however, the District Court certified its August 14, 2023 order for interlocutory appeal to the Ninth Circuit and stayed trial court proceedings pending the outcome of AGL’s appeal. The Ninth Circuit granted AGL’s petition for interlocutory appeal on November 21, 2023. AGL filed its opening brief on April 15, 2024. Plaintiff filed its answering brief on July 22, 2024, and AGL filed its reply on September 11, 2024. On August 13, 2024, Plaintiff filed a motion with the Ninth Circuit to certify a question regarding the interpretation of the California statute – namely, whether an insured can terminate an insurance policy without having complied with the notice and grace period requirements of the California statute. AGL opposed Plaintiff’s motion on August 23, 2024, arguing that there was no basis for certification and disagreeing with Plaintiff’s claimed issue for review.

Corebridge | Second Quarter 2025 Form 10-Q 69

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. Contingencies, Commitments and Guarantees

While the Moriarty appeal was pending, the Ninth Circuit issued a published decision in Small v. Allianz Life Insurance Co. of North America , a related case presenting a substantially identical issue. The Ninth Circuit’s decision in Small squarely rejected the theory that the plaintiffs had advanced in that case and in Moriarty and embraced the argument, made by insurers, that any policyholder or beneficiary suing based on supposed breaches of Sections 10113.71 and 10113.72 must prove that the breaches actually caused them harm, for instance by resulting in missed payments or the lapse of the policy. On January 6, 2025, the parties in Moriarty , at the Ninth Circuit’s request, submitted simultaneous supplemental briefing on Small’s effect on the litigation, with AGL taking the position that Small fully disposes of the appeal in its favor and requires vacatur of the summary-judgment order in Plaintiff’s favor. The plaintiff in Small filed a petition for panel rehearing and rehearing en banc on January 23, 2025. The Ninth Circuit denied the Small petition for rehearing on February 19, 2025, and the mandate in that case was issued on February 27, 2025. On March 4, 2025 the panel in Moriarty issued a memorandum disposition without hearing oral argument, vacating the District Court’s summary-judgment order and remanding for further proceedings. The panel’s short opinion principally relies on the Ninth Circuit’s decision in Small . The panel also denied Plaintiff’s request to certify a question to the California Supreme Court. On April 8, 2025, Plaintiff filed a petition for panel rehearing or rehearing en banc. Like the plaintiff in Small , Plaintiff asked the full Ninth Circuit to grant rehearing in order to reconsider Small , or, alternatively, to certify a question to the California Supreme Court. The Ninth Circuit denied the Moriarty petition for rehearing on May 2, 2025, and the mandate was issued on May 12, 2025. On May 23, 2025, Plaintiff filed a Petition for Writ of Certiorari in the U.S. Supreme Court, challenging the Ninth Circuit’s decision. AGL filed a waiver of its response. On June 30, 2025, the U.S. Supreme Court denied Plaintiff’s Petition for Writ of Certiorari. The case is now back in the District Court, which held a status conference on July 17, 2025, to discuss next stages of the case. The District Court allowed Plaintiff to move for a stay pending litigation in state court, and that anticipated motion is set for a hearing on August 7, 2025. The District Court has previously indicated that, if the Ninth Circuit reversed the District Court’s summary judgment order in favor of Plaintiff, the case would then proceed to trial on Plaintiff’s individual breach of contract claim.

In addition, in Pitt v. Metropolitan Tower Life Insurance Co ., a case presenting a distinct question about whether the statutes apply to life insurance policies initially issued and delivered in a state other than California, the Ninth Circuit has certified that extraterritoriality question to the California Supreme Court. The Plaintiff in Moriarty filed an amicus letter in Pitt urging the California Supreme Court to accept review of that extraterritoriality question, as well as the distinct causation question at issue in Moriarty . The insurer in Pitt prepared a reply letter urging rejection of that proposal, which was filed on March 24, 2025. On April 16, 2025, the California Supreme Court agreed to resolve the extraterritoriality question, but it has not agreed to address the causation question. On July 11, 2025, the parties in Pitt announced that they had reached an individual settlement and asked the California Supreme Court to vacate the pending deadlines while the parties prepared a stipulation of dismissal.

AGL is also defending other actions in California involving similar issues. Gevorgyan v. American General Life Insurance Co. (C.D. Cal.) was filed in state court on January 17, 2025, and removed to federal court on March 27, 2025. Delgado v. American General Life Insurance Co. (C.D. Cal.) was filed in federal court on March 7, 2025. Rocklage v. American General Life Insurance Co. (N.D. Cal.) was filed in state court on April 21, 2025, and removed to federal court on May 30, 2025. People of the State of California v. American General Life Insurance Co. , et al. (Cal. Superior Court, San Diego County) was filed on October 17, 2024, against AGL, Lincoln Benefit Life Co., Everlake Life Insurance Co., and Transamerica Life Insurance Co., seeking civil penalties and equitable relief under California Business & Professions Code §§ 17200 et seq. On January 27, 2025, AGL filed a demurrer to the complaint. That demurrer was heard on July 10, 2025, at which time the trial court took the motion under submission. Wong v. American General Life Insurance Co. (C.D. Cal.), which was filed in state court on July 31, 2024, and removed to federal court on September 4, 2024, was confidentially settled on May 29, 2025, and dismissed with prejudice.

These cases are in the early stages, and AGL expects their progress will be influenced by future developments in Moriarty and cases against other insurers involving the same insurance statutes. AGL has accrued its current estimate of probable loss with respect to these litigation matters.

OTHER COMMITMENTS

In the normal course of business, we enter into commitments to invest in limited partnerships, private equity funds and hedge funds and to purchase and develop real estate in the United States and abroad. These commitments totaled $ 4.7 billion at June 30, 2025.

GUARANTEES

Asset Dispositions

We are subject to guarantees and indemnity arrangements in connection with the completed sales of businesses. The various arrangements may be triggered by, among other things, declines in asset values; the occurrence of specified business contingencies; the realization of contingent liabilities; developments in litigation; or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitations. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or are not applicable.

Corebridge | Second Quarter 2025 Form 10-Q 70

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. Contingencies, Commitments and Guarantees

We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe that it is unlikely we will have to make any material payments related to completed sales under these arrangements, and no material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets.

Guarantees provided by AIG

Prior to the IPO, AIG provided certain guarantees to us as described below. Pursuant to the Separation Agreement we will indemnify, defend and hold harmless AIG against or from any liability arising from or related to these guarantees.

Certain of our insurance subsidiaries benefit from General Guarantee Agreements under which American Home Assurance Company (“AHAC”) or National Union Fire Insurance Company of Pittsburgh, PA (“NUFIC”) has unconditionally and irrevocably guaranteed all present and future obligations arising from certain insurance policies issued by these subsidiaries (a “Guaranteed Policy” or the “Guaranteed Policies”). AHAC and NUFIC are required to perform under the agreements if one of the insurance subsidiaries fails to make payments due under a Guaranteed Policy. These General Guarantee Agreements have all been terminated as to insurance policies issued after the date of termination. AHAC and NUFIC have not been required to perform under any of the agreements but remain contingently liable for all policyholder obligations associated with the Guaranteed Policies. We did not pay any fees under these agreements for the six months ended June 30, 2025 or 2024.

AIG provides a full and unconditional guarantee of all outstanding notes and junior subordinated debentures of Corebridge Life Holdings, Inc. (“CRBGLH”). This includes:

• a guarantee (the “CRBGLH External Debt Guarantee”) in connection with CRBGLH junior subordinated debentures and certain CRBGLH notes (the “CRBGLH External Debt”).

In addition to the Separation Agreement, we have entered into a guarantee reimbursement agreement with AIG which provides that we will reimburse AIG for the full amount of any payment made by or on behalf of AIG pursuant to the CRBGLH External Debt Guarantee. We have also entered into a collateral agreement with AIG which provides that in the event of: (i) a ratings downgrade of Corebridge Parent or CRBGLH long-term unsecured indebtedness below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the External Debt when due, we must collateralize an amount equal to the sum of: (a) 100 % of the principal amount outstanding, (b) accrued and unpaid interest and (c) 100 % of the net present value of scheduled interest payments through the maturity dates of the CRBGLH External Debt.

• For additional discussion on commitments and guarantees associated with VIEs, see Note 8.

• For additional disclosures about derivatives, see Note 9.

• For additional disclosures about related parties, see Note 20.

Corebridge | Second Quarter 2025 Form 10-Q 71

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 17. Equity

17. Equity

COMMON STOCK

The following table presents a rollforward of outstanding shares :


Six Months Ended June 30, 2025	Common Stock Issued	Treasury Stock	Common Stock Outstanding

Shares, beginning of year	650,189,849	( 88,704,816 )	561,485,033
Shares issued under long-term incentive compensation plans	—	1,585,239	1,585,239
Shares repurchased	—	( 19,883,242 )	( 19,883,242 )
Shares, end of period	650,189,849	( 107,002,819 )	543,187,030

Repurchase of Corebridge Common Stock

Shares may be repurchased from time to time in the open market, through private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) Rule 10b5-1 repurchase plans. On May 4, 2023, our Board of Directors authorized a share repurchase program, which has subsequently been expanded. Most recently, on June 23, 2025, our Board of Directors authorized an additional $ 2.0 billion increase in the share repurchase amount under the share repurchase program. Under this program, Corebridge Parent may, from time to time, purchase shares of Corebridge Parent common stock but is not obligated to purchase any particular number of shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.

The following table presents by announcement date, common stock repurchases authorized by Corebridge’s Board of Directors:


June 30, 2025
Announcement date	Authorized amount		Authorization Remaining*
(in millions)

June 23, 2025	$	2,000	$	2,000
February 11, 2025	$	2,000	$	2,000
April 30, 2024	$	2,000	$	78
May 4, 2023	$	1,000	$	—

* The authorization remaining at June 30, 2025 does not reflect the applicable excise tax payable due to the Inflation Reduction Act of 2022.

From July 1, 2025 to August 1, 2025, we repurchased approximately 4.5 million shares of Corebridge Parent common stock for an aggregate purchase price of approximately $ 159 million, leaving approximately $ 3.9 billion under the share repurchase authorizations as of August 1, 2025.

RETAINED EARNINGS

Dividends


Declaration Date	Record Date	Payment Date	Dividend Paid Per Common Share



May 5, 2025	June 16, 2025	June 30, 2025	$	0.24
February 12, 2025	March 17, 2025	March 31, 2025	$	0.24

Dividends Declared

On August 4, 2025, the Company declared a cash dividend on Corebridge Parent common stock of $ 0.24 per share, payable on September 30, 2025 to shareholders of record at close of business on September 16, 2025.

Corebridge | Second Quarter 2025 Form 10-Q 72

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 17. Equity

Accumulated Other Comprehensive Income (Loss)

The following table presents a rollforward of Accumulated other comprehensive income (loss):


(in millions)	Unrealized appreciation (depreciation) of Fixed maturity securities on which allowance for credit losses was taken		Unrealized appreciation (depreciation) of all Other Investments		Change in fair value of market risk benefits attributable to changes in our own credit risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash flow hedges		Foreign currency translation adjustments		Retirement plan liabilities adjustment		Total
Three Months Ended June 30, 2025
Balance, March 31, 2025, net of tax	$	( 30 )	$	( 14,745 )	$	( 737 )	$	3,382	$	91	$	( 12 )	$	2	$	( 12,049 )

Change in unrealized appreciation (depreciation) of investments	17		1,568		—		—		—		—		—		1,585
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		16		—		—		—		—		16
Change in discount rates assumptions of certain liabilities	—		—		—		60		—		—		—		60
Change in future policy benefits and other	—		( 1 )		—		—		—		—		—		( 1 )
Change in cash flow hedges	—		—		—		—		57		—		—		57
Change in foreign currency translation adjustments	—		—		—		—		—		41		—		41


Change in deferred tax (liability)	( 4 )		( 305 )		( 3 )		( 13 )		( 12 )		( 4 )		—		( 341 )

Total other comprehensive income	13		1,262		13		47		45		37		—		1,417

Less: Noncontrolling interests	—		—		—		—		—		1		—		1
Balance, June 30, 2025, net of tax	$	( 17 )	$	( 13,483 )	$	( 724 )	$	3,429	$	136	$	24	$	2	$	( 10,633 )
Three Months Ended June 30, 2024
Balance, March 31, 2024, net of tax	$	( 44 )	$	( 15,865 )	$	( 932 )	$	2,638	$	127	$	( 65 )	$	2	$	( 14,139 )

Change in unrealized appreciation (depreciation) of investments	( 12 )		( 1,150 )		—		—		—		—		—		( 1,162 )
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		202		—		—		—		—		202
Change in discount rates assumptions of certain liabilities	—		—		—		472		—		—		—		472
Change in future policy benefits and other	—		86		—		—		—		—		—		86
Change in cash flow hedges	—		—		—		—		( 3 )		—		—		( 3 )
Change in foreign currency translation adjustments	—		—		—		—		—		70		—		70


Change in deferred tax asset (liability)	3		97		( 43 )		( 93 )		1		—		—		( 35 )

Total other comprehensive income (loss)	( 9 )		( 967 )		159		379		( 2 )		70		—		( 370 )

Less: Noncontrolling interests	—		—		—		—		—		( 1 )		—		( 1 )
Balance, June 30, 2024, net of tax	$	( 53 )	$	( 16,832 )	$	( 773 )	$	3,017	$	125	$	6	$	2	$	( 14,508 )

Corebridge | Second Quarter 2025 Form 10-Q 73

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 17. Equity


(in millions)	Unrealized appreciation (depreciation) of Fixed maturity securities on which allowance for credit losses was taken		Unrealized appreciation (depreciation) of all Other Investments		Change in fair value of market risk benefits attributable to changes in our own credit risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash flow hedges		Foreign currency translation adjustments		Retirement plan liabilities adjustment		Total
Six Months Ended June 30, 2025
Balance at December 31, 2024, net of tax	$	( 43 )	$	( 16,229 )	$	( 690 )	$	3,342	$	( 46 )	$	( 17 )	$	2	$	( 13,681 )

Change in unrealized appreciation (depreciation) of investments	33		3,571		—		—		—		—		—		3,604
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		( 44 )		—		—		—		—		( 44 )
Change in discount rates assumptions of certain liabilities	—		—		—		110		—		—		—		110
Change in future policy benefits and other	—		( 33 )		—		—		—		—		—		( 33 )
Change in cash flow hedges	—		—		—		—		232		—		—		232
Change in foreign currency translation adjustments	—		—		—		—		—		46		—		46


Change in deferred tax asset (liability)	( 7 )		( 792 )		10		( 23 )		( 50 )		( 4 )		—		( 866 )

Total other comprehensive income (loss)	26		2,746		( 34 )		87		182		42		—		3,049

Less: Noncontrolling interests	—		—		—		—		—		1		—		1
Balance, June 30, 2025, net of tax	$	( 17 )	$	( 13,483 )	$	( 724 )	$	3,429	$	136	$	24	$	2	$	( 10,633 )
Six Months Ended June 30, 2024
Balance, December 31, 2023, net of tax	$	( 79 )	$	( 14,650 )	$	( 909 )	$	2,095	$	146	$	( 63 )	$	2	$	( 13,458 )

Change in unrealized appreciation (depreciation) of investments	33		( 2,270 )		—		—		—		—		—		( 2,237 )
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		173		—		—		—		—		173
Change in discount rates assumptions of certain liabilities	—		—		—		1,167		—		—		—		1,167
Change in future policy benefits and other	—		( 41 )		—		—		—		—		—		( 41 )
Change in cash flow hedges	—		—		—		—		( 28 )		—		—		( 28 )
Change in foreign currency translation adjustments	—		—		—		—		—		66		—		66


Change in deferred tax asset (liability)	( 7 )		168		( 37 )		( 245 )		6		1		—		( 114 )

Total other comprehensive income (loss)	26		( 2,143 )		136		922		( 22 )		67		—		( 1,014 )
Other	—		( 39 )		—		—		1		—		—		( 38 )
Less: Noncontrolling interests	—		—		—		—		—		( 2 )		—		( 2 )
Balance, June 30, 2024, net of tax	$	( 53 )	$	( 16,832 )	$	( 773 )	$	3,017	$	125	$	6	$	2	$	( 14,508 )

Corebridge | Second Quarter 2025 Form 10-Q 74

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 17. Equity

The following table presents the OCI reclassification adjustments for the three and six months ended June 30, 2025 and 2024, respectively:


(in millions)	Unrealized appreciation (depreciation) of Fixed maturity securities on which allowance for credit losses was taken		Unrealized appreciation (depreciation) of all Other Investments		Change in fair value of market risk benefits attributable to changes in our own credit risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash flow hedges		Foreign currency translation adjustments		Retirement plan liabilities adjustment		Total
Three Months Ended June 30, 2025
Unrealized change arising during period	$	17	$	799	$	16	$	60	$	57	$	41	$	—	$	990
Less: Reclassification adjustments included in net income	—		( 768 )		—		—		—		—		—		( 768 )
Total other comprehensive income (loss), before income tax expense (benefit)	17		1,567		16		60		57		41		—		1,758
Less: Income tax expense (benefit)	4		305		3		13		12		4		—		341
Total other comprehensive income (loss), net of income tax expense (benefit)	$	13	$	1,262	$	13	$	47	$	45	$	37	$	—	$	1,417
Three Months Ended June 30, 2024
Unrealized change arising during period	$	( 14 )	$	( 1,665 )	$	202	$	718	$	( 3 )	$	3	$	—	$	( 759 )
Less: Reclassification adjustments included in net income	( 2 )		( 601 )		—		246		—		( 67 )		—		( 424 )
Total other comprehensive income (loss), before income tax expense (benefit)	( 12 )		( 1,064 )		202		472		( 3 )		70		—		( 335 )
Less: Income tax expense (benefit)	( 3 )		( 97 )		43		93		( 1 )		—		—		35
Total other comprehensive income (loss), net of income tax expense (benefit)	$	( 9 )	$	( 967 )	$	159	$	379	$	( 2 )	$	70	$	—	$	( 370 )
Six Months Ended June 30, 2025
Unrealized change arising during period	$	32	$	2,615	$	( 44 )	$	143	$	232	$	46	$	—	$	3,024
Less: Reclassification adjustments included in net income	( 1 )		( 923 )		—		33		—		—		—		( 891 )
Total other comprehensive income (loss), before income tax expense (benefit)	33		3,538		( 44 )		110		232		46		—		3,915
Less: Income tax expense (benefit)	7		792		( 10 )		23		50		4		—		866
Total other comprehensive income (loss), net of income tax expense (benefit)	$	26	$	2,746	$	( 34 )	$	87	$	182	$	42	$	—	$	3,049
Six Months Ended June 30, 2024
Unrealized change arising during period	$	25	$	( 3,248 )	$	173	$	1,413	$	( 28 )	$	( 1 )	$	—	$	( 1,666 )
Less: Reclassification adjustments included in net income	( 8 )		( 937 )		—		246		—		( 67 )		—		( 766 )
Total other comprehensive income (loss), before income tax expense (benefit)	33		( 2,311 )		173		1,167		( 28 )		66		—		( 900 )
Less: Income tax expense (benefit)	7		( 168 )		37		245		( 6 )		( 1 )		—		114
Total other comprehensive income (loss), net of income tax expense (benefit)	$	26	$	( 2,143 )	$	136	$	922	$	( 22 )	$	67	$	—	$	( 1,014 )

Corebridge | Second Quarter 2025 Form 10-Q 75

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 17. Equity

The following table presents the effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Condensed Consolidated Statements of Income (Loss)*:


	Amount Reclassified from AOCI								Affected Line Item in the Condensed Consolidated Statements of Income (Loss)
	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments	$	—	$	( 2 )	$	( 1 )	$	( 8 )		Net realized gains (losses)
Total	$	—	$	( 2 )	$	( 1 )	$	( 8 )
Unrealized appreciation (depreciation) of all other investments
Investments	$	( 768 )	$	( 540 )	$	( 923 )	$	( 876 )		Net realized gains (losses)
Sale of business	—		( 61 )		—		( 61 )			Net (gain) loss on divestitures
Total	$	( 768 )	$	( 601 )	$	( 923 )	$	( 937 )
Effect of changes in the discount rates used to measure traditional and limited-payment long duration insurance contracts
Sale of business	$	—	$	246	$	—	$	246		Net (gain) loss on divestitures
Reinsurance recapture	—		—		33		—			Policyholder benefits
Total	$	—	$	246	$	33	$	246
Foreign Currency Translation Adjustments
Sale of business	$	—	$	( 67 )	$	—	$	( 67 )		Net (gain) loss on divestitures
Total	$	—	$	( 67 )	$	—	$	( 67 )




Total reclassifications for the period	$	( 768 )	$	( 424 )	$	( 891 )	$	( 766 )

* The following items are not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table:(a) Change in fair value of MRBs attributable to changes in our own credit risk; and (b) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts.

NON-REDEEMABLE NONCONTROLLING INTEREST

The activity in non-redeemable noncontrolling interest primarily relates to activities with consolidated investment entities.

The changes in non-redeemable noncontrolling interest due to divestitures and acquisitions primarily relate to the formation and funding of new consolidated investment entities. The majority of the funding for these consolidated investment entities comes from affiliated companies of Corebridge.

The changes in non-redeemable noncontrolling interest due to contributions from noncontrolling interests primarily relate to the additional capital calls related to consolidated investment entities.

The changes in non-redeemable noncontrolling interest due to distributions to noncontrolling interests primarily relate to dividends or other distributions related to consolidated investment entities.

The following table presents a rollforward of non-redeemable noncontrolling interest:



	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Beginning balance	$	856	$	810	$	864	$	869
Net (loss) attributable to redeemable noncontrolling interest	( 8 )		( 24 )		( 1 )		( 75 )
Other comprehensive income (loss), net of tax	1		( 1 )		1		( 2 )
Changes in noncontrolling interests due to divestitures and acquisitions	—		—		—		1
Contributions from noncontrolling interests	30		32		38		53
Distributions to noncontrolling interests	( 12 )		( 2 )		( 32 )		( 31 )
Other	—		1		( 3 )		1
Ending balance	$	867	$	816	$	867	$	816

Refer to Note 8 for additional information related to Variable Interest Entities.

Corebridge | Second Quarter 2025 Form 10-Q 76

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) 18. Earnings Per Common Share

18. Earnings Per Common Share

The basic earnings per common share (“EPS”) computation is based on the weighted average number of common shares outstanding, adjusted to reflect all stock splits. The diluted EPS computation is based on those shares used in the basic EPS computation plus common shares that would have been outstanding assuming issuance of common shares for all dilutive potential common shares outstanding and adjusted to reflect all stock splits, using the treasury stock method.

The following table presents the computation of basic and diluted EPS for the six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per common share data)	2025		2024		2025		2024
Numerator for EPS:
Net income (loss)	$	( 668 )	$	341	$	( 1,325 )	$	1,168
Less: Net loss attributable to noncontrolling interests	( 8 )		( 24 )		( 1 )		( 75 )
Net income (loss) attributable to Corebridge	$	( 660 )	$	365	$	( 1,324 )	$	1,243

Denominator for EPS:
Weighted average common shares outstanding - basic	550.3		611.6		554.1		617.8
Dilutive common shares	—		1.0		—		0.9
Weighted average common shares outstanding - diluted	550.3		612.6		554.1		618.7

Income per common share attributable to Corebridge common shareholders
Common stock - basic	$	( 1.20 )	$	0.60	$	( 2.39 )	$	2.01
Common stock - diluted	$	( 1.20 )	$	0.59	$	( 2.39 )	$	2.01

* Potential dilutive common shares include our share-based employee compensation plans. The number of common shares excluded from dilutive shares outstanding was approximately 0.8 million and 0.1 million for the three months ended June 30, 2025 and 2024, respectively, and 0.6 million and 0.3 million for the six months ended June 30, 2025 and 2024, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

19. Income Taxes

RECENT TAX LAW CHANGES

The Inflation Reduction Act of 2022 (H.R. 5376) (the “Inflation Reduction Act”) includes a 15% corporate alternative minimum tax (“CAMT”) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period and a 1% stock buyback tax. In 2024, the U.S. Treasury and Internal Revenue Service (“IRS”) published the proposed regulations that would address the application of CAMT, which were open to public comment through January 16, 2025, and certain specifics of application of the CAMT remain subject to future guidance. Our estimated CAMT liability will continue to be refined based on future guidance.

The One Big Beautiful Bill Act (H.R. 1) (“OBBB”) was signed into law on July 4, 2025. The tax provisions of the OBBB are not expected to have a material impact on Corebridge’s financial results.

RECLASSIFICATION OF CERTAIN TAX EFFECTS FROM AOCI

We use an item-by-item approach to release the stranded or disproportionate income tax effects in AOCI related to our available-for-sale securities. Under this approach, a portion of the disproportionate tax effects is assigned to each individual security lot at the date the amount becomes lodged. When the individual securities are sold, mature or are otherwise impaired on an other-than-temporary basis, the assigned portion of the disproportionate tax effect is reclassified from AOCI to income (loss) from operations.

INTERIM TAX CALCULATION METHOD

We use the estimated annual effective tax rate method in computing our interim tax provision. Certain items, including those deemed to be unusual or infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily reclassification of certain tax effects from AOCI and realizability of deferred tax assets, and are recorded in the period in which the change occurs.

Corebridge | Second Quarter 2025 Form 10-Q 77

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 19. Income Taxes

INTERIM TAX EXPENSE (BENEFIT)

For the three and six months ended June 30, 2025, the effective tax rate on loss from operations was ( 9.9 )% and 9.9 %, respectively. The effective tax rate on loss from operations differs from the statutory tax rate of 21 % primarily due to tax benefits associated with dividends received deduction, non-controlling interest, reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities, and tax adjustments related to prior year returns including interest. These tax benefits are offset by tax charges associated with increase in U.S. federal and state valuation allowance and state and local income taxes. Additionally, the six months ended June 30, 2025 reflects excess tax benefits related to share based compensation payments recorded through the income statement during first quarter 2025.

For the three and six months ended June 30, 2024, the effective tax rate on income from operations was 25.2 % and 20.7 %, respectively. The effective tax rate on loss from operations differs from the statutory tax rate of 21 % primarily due to tax benefits associated with dividends received deduction, non-controlling interest, reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities, renewable energy tax credits, and tax adjustments related to prior year returns including interest. These tax benefits are offset by tax charges associated with increases in U.S. federal and state valuation allowance and state and local income taxes. Additionally, the six months ended June 30, 2024 reflects excess tax benefits related to share based compensation payments recorded through the income statement during first quarter 2024.

ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE

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

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

Estimates of future taxable income, including income generated from prudent and feasible actions and tax planning strategies, impact of settlements with taxing authorities, and any changes to interpretations and assumptions related to the impact of recent tax law changes, could change in the near term, perhaps materially, which may require us to consider any potential impact to our assessment of the recoverability of the deferred tax asset. Such potential impact could be material to our consolidated financial condition or results of operations for an individual reporting period.

Under the tax law, AGC and its directly owned life insurance subsidiaries (the “AGC Group”) will not be permitted to join in the filing of a U.S. consolidated federal income tax return with our other subsidiaries (collectively, the “Non-Life Group”) for a five-year waiting period following the IPO. Each separate U.S. federal tax filing group or separate U.S. tax filer is required to consider this five-year waiting period when assessing realization of their respective deferred tax assets including net operating loss and tax credit carryforwards.

Our separation from AIG resulted in an “ownership change” for U.S. federal income tax purposes under Section 382 of the Code. As a result of the ownership change, a limitation has been imposed upon the utilization of our U.S. net operating loss carryforwards and certain built-in losses and deductions to offset future taxable income. Our utilization is limited to approximately $ 648 million per year. These limitation amounts accumulate for future use to the extent they are not utilized in a given year during the five-year period following the ownership change. We consider the limitation when assessing realization of our deferred tax assets, and if we believe that deferred tax assets consisting of the pre-ownership change net operating losses and other built-in losses and deductions are no longer more-likely-than-not to be realized, a valuation allowance will be provided.

Based on management’s analysis, as of June 30, 2025, we have a U.S. federal valuation allowance of $ 1.6 billion, of which $ 165 million is related to NOLs and $ 1.4 billion ($ 1.1 billion reflected in AOCI) is related to realized and unrealized capital losses. For the three months ended June 30, 2025, we recorded an increase in valuation allowance of $ 6 million related to NOLs and net increase (decrease) of $ 133 million related to investment losses, of which $ 175 million was recorded through P&L and $( 42 ) million was recorded in OCI. For the six months ended June 30, 2025, we recorded an increase in valuation allowance of $ 14 million related to NOLs and net $ 175 million related to investment losses recorded through net income (loss).

Corebridge | Second Quarter 2025 Form 10-Q 78

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 19. Income Taxes

TAX EXAMINATIONS AND LITIGATION

Corebridge Parent and certain U.S. subsidiaries are included in a consolidated U.S. federal income tax return with AIG through the date of IPO (short-period tax year 2022), and income tax expense is recorded, based on applicable U.S. and foreign laws.

The AIG Consolidated Tax Group is currently under IRS examination for the tax years 2011 through 2019 and is continuing to engage in the appeals process for years 2007 through 2010.

We are periodically advised of certain IRS and other adjustments identified in AIG's consolidated tax return which are attributable to our operations. Under our tax sharing arrangement, we provide a charge or credit for the effect of the adjustments and the related interest in the period we are advised of such adjustments and interest.

20. Related Parties

RELATED PARTY TRANSACTIONS

We may enter into a significant number of transactions with related parties in the normal course of business. Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions, or if a party, directly or indirectly through one or more of its intermediaries, controls, is controlled by or is under common control with an entity. Our material transactions with related parties are described below.

Related Party Transactions with AIG

We have historically entered into various transactions with AIG, some of which are continuing and are described below. In addition, on September 14, 2022, we entered into a Separation Agreement with AIG, which governs the relationship between AIG and us following the IPO, including matters related to the allocation of assets and liabilities between the parties, indemnification obligations, our corporate governance, information rights for each party and consent rights of AIG with respect to certain business activities that we may undertake. On May 16, 2024, in connection with the stock purchase agreement (the “Purchase Agreement”), between AIG and Nippon in connection with Nippon’s purchase of approximately 122 million shares of Company common stock, beneficially owned by AIG (the “Nippon Transaction”), the Company entered into an Amendment to the Separation Agreement, by and between the Company and AIG, pursuant to which the Company and AIG agreed to certain changes with respect to AIG’s board designation rights and AIG’s right to consent over certain actions by the Company, as set forth in the original Separation Agreement. Additionally, on June 9, 2024, AIG waived its right under the Separation Agreement to include a majority of the director candidates on each slate of candidates recommended by the Corebridge Board of Directors. For further information on the Nippon Transaction, the Separation Agreement and the amendment and waiver thereto, see Note 1 in the 2024 Form 10-K.

Our related party transactions with AIG include: (1) advisory transactions; (2) capital markets agreements; (3) general service agreements; (4) tax sharing agreements; (5) certain guarantees (6) employee compensation and benefits; and previously (6) reinsurance transactions. These transactions have not changed materially since December 31, 2024. For further information on related party transactions with AIG, see Note 23 in the 2024 Form 10-K.

Related Party Transactions with Blackstone Inc. (“Blackstone”)

Investment Expense

We entered into a long-term asse t management relationship with Blackstone to manage a portion of our investment portfolio. The investment expense incurred were $ 80 million and $ 156 million for the three and six months ended June 30, 2025, respectively, and $ 60 million and $ 111 million for the three and six months ended June 30, 2024, respectively.

Corebridge | Second Quarter 2025 Form 10-Q 79

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 20. Related Parties

Related Party Transactions with Variable Interest Entities

In the ordinary course of business, we enter into various arrangements with VIEs, and we consolidate the VIE if we are determined to be the primary beneficiary. In certain situations, we may have a variable interest in a VIE that is consolidated by an affiliate, and in other in stances, affiliates may have variable interests in a VIE that is consolidated by us. The total debt of consolidated VIEs held by affiliates was $ 23 million and $ 23 million as of June 30, 2025 and December 31, 2024, respectively. The interest expense incurred on the debt reflected in Interest expense on the Condensed Consolidated Statements of Income (Loss) were $ 0 million and $ 0 million for the three and six months ended June 30, 2025, respectively, and $ 1 million and $ 2 million for the three and six months ended June 30, 2024, respectively.

The noncontrolling interest included in the Condensed Consolidated Balance Sheets related to the VIEs held by affiliates was $ 390 million and $ 400 million as of June 30, 2025 and December 31, 2024, respectively. The gain/(loss) attributable to noncontrolling interest of consolidated VIEs held by affiliates were $( 12 ) million and $( 8 ) million for the three and six months ended June 30, 2025, respectively, and $( 18 ) million and $( 39 ) million for the three and six months ended June 30, 2024 , respectively.

In addition to transactions with VIEs, Corebridge has entered into other structured financing arrangements supporting real estate properties and other types of assets with other AIG affiliates. These financing arrangements are reported in Other invested assets in the Condensed Consolidated Balance Sheets. Certain of these and the VIE structures above also include commitments for funding from AIG affiliates of $ 0.6 billion and $ 0.6 billion at June 30, 2025 and December 31, 2024, respectively.

For additional information related to VIEs and other investments, see Notes 5 and 8.

Corebridge | Second Quarter 2025 Form 10-Q 80

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

Glossary and Acronyms of Selected Insurance Terms and References

Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), we use certain terms and abbreviations, which are summarized in the Glossary and Acronyms in the 2024 Form 10-K.

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

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

This MD&A addresses the consolidated financial condition of Corebridge as of June 30, 2025, compared with December 31, 2024, and its consolidated results of operations for the three and six months ended June 30, 2025 and 2024. In addition to historical data, this discussion contains forward-looking statements about our business operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. You should read the following analysis of our consolidated financial condition and results of operations in conjunction with the (unaudited)Condensed Consolidated Financial Statements and the statements under “Cautionary Statements Regarding Forward-Looking Information,” included elsewhere in this Quarterly Report and the “Management’s Discussion and Analysis of Results of Operations and Financial Condition,” and the “Risk Factors” section in the 2024 Form 10-K.

Corebridge | Second Quarter 2025 Form 10-Q 81

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Index to Item 2


			Page
Executive Summary			83
Overview			83
Revenues			83
Benefits and Expenses			83
Significant Factors Impacting our Results			84
Corebridge’s Outlook - Macroeconomic, Industry and Regulatory Trends			85
Use of Non-GAAP Measures			88
Key Operating Metrics			93
Consolidated Results of Operations			96
Business Segment Operations			99
Individual Retirement			100
Group Retirement			104
Life Insurance			107
Institutional Markets			109
Corporate and Other			111
Investments			112
Overview			112
Key Investment Strategies			112
Credit Ratings			115
Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits			131
Liquidity and Capital Resources			135
Overview			135
Liquidity and Capital Resources of Corebridge Parent and Intermediate Holding Companies			135
Liquidity and Capital Resources of Corebridge Insurance Subsidiaries			136

Short-Term and Long-Term Debt			138
Credit Ratings			139
Off-Balance Sheet Arrangements and Commercial Commitments			139
Accounting Policies and Pronouncements			140
Critical Accounting Estimates			140
Adoption of Accounting Pronouncements			140
Glossary			140
Certain Important Terms			140
Acronyms			140

Corebridge | Second Quarter 2025 Form 10-Q 82

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ITEM 2 | Executive Summary

Executive Summary

OVERVIEW

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

REVENUES

Our revenues come from five principal sources:

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

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

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

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

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

BENEFITS AND EXPENSES

Our benefits and expenses come from six principal sources:

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

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

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

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

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

Corebridge | Second Quarter 2025 Form 10-Q 83

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ITEM 2 | Executive Summary

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

SIGNIFICANT FACTORS IMPACTING OUR RESULTS

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

Impact of Fortitude Re

In 2018, AIG established Fortitude Re, a wholly-owned subsidiary of Fortitude Group Holdings, LLC (“Fortitude Holdings”), in a series of reinsurance transactions related to certain of AIG’s legacy operations. In February 2018, AGL, VALIC and USL entered into modco agreements with Fortitude Re, a registered Class 4 and Class E reinsurer in Bermuda. Following the sale of AIG’s majority ownership interest in Fortitude Holdings, AIG contributed its remaining ownership in Fortitude Re Bermuda and its one seat on its Board of Managers to us. As of June 30, 2025, our ownership interest in Fortitude Re was 2.46%.

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

Our net income experiences ongoing volatility as a result of the reinsurance agreements, which, as described above, give rise to a funds withheld payable that contains an embedded derivative. However, this net income volatility is almost entirely offset with a corresponding change in OCI, which reflects the fair value change from the investment portfolio supporting the funds withheld payable, which is primarily available-for-sale securities, resulting in minimal impact to our comprehensive income (loss) and equity attributable to Corebridge. The Company has also elected the fair value option on the acquisition of certain new fixed maturity securities, helping reduce the mismatch over time. VALIC’s modco agreement with Fortitude Re was recaptured effective January 1, 2025, resulting in a $45 million charge to pre-tax earnings. As of June 30, 2025, $24.5 billion of reserves had been ceded to Fortitude Re.

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

Impact of Variable Annuity Guaranteed Benefit Riders and Hedging

Our Individual Retirement and Group Retirement businesses offer variable annuity products with riders that provide guaranteed benefits. The liabilities are accounted for as MRBs and measured at fair value. The fair value of the MRBs may fluctuate significantly based on market interest rates, equity prices, credit spreads, market volatility, policyholder behavior and other factors.

In addition to risk-mitigating features in our variable annuity product design, we have an economic hedging program designed to manage market risk from GMWBs, including exposures to changes in interest rates, equity prices, credit spreads and volatility. The hedging program includes all in-force GMWB policies and utilizes derivative instruments, including, but not limited to, equity options, futures contracts and interest rate swap and option contracts, as well as fixed maturity securities.

For additional information regarding Corebridge’s impact of Variable Annuity Guaranteed Benefit Riders and Hedging, see “Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits — Variable Annuity Guaranteed Benefits and Hedging Results.”

Corebridge | Second Quarter 2025 Form 10-Q 84

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ITEM 2 | Executive Summary

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

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

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


(in millions)	June 30, 2025		December 31, 2024
Fixed index annuities and Registered index-linked annuities	$	9,570	$	8,407

Index universal life	$	1,134	$	1,008

Our Strategic Partnership with Blackstone

In 2021, we entered into a long-term asset management relationship with Blackstone IM. As of June 30, 2025, Blackstone managed approximately $70.2 billion in book value of assets in our investment portfolio.

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

Our Investment Management Agreements with BlackRock

Since April 2022, we entered into investment management agreements with BlackRock and its investment advisory affiliates. As of June 30, 2025, BlackRock managed approximately $89.7 billion in book value of assets in our investment portfolio, consisting of liquid fixed income and certain private placement assets.

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

See “ Business—Investment Management—Our Investment Management Agreements with BlackRock in the 2024 Form 10-K.”

Fair Value Option Bond Securities

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Net investment income - excluding Fortitude Re funds withheld assets	$	21	$	13	$	40	$	26
Net investment income - Fortitude Re funds withheld assets	80		78		200		149
Total	$	101	$	91	$	240	$	175

COREBRIDGE’S MACROECONOMIC, INDUSTRY AND REGULATORY TRENDS

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

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ITEM 2 | Executive Summary

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

Equity Markets

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

Our hedging costs could also be significantly impacted by changes in the level of equity markets as rebalancing and option costs are tied to the equity market volatility. These hedging costs are partially offset by our rider fees that are tied to the level of the volatility index (“VIX”). As rebalancing and option costs increase or decrease, the rider fees will increase or decrease partially offsetting the hedging costs incurred.

For additional information see “Risk Factors—Risks Relating to Market Conditions—We are exposed to risk from equity market declines or volatility” in the 2024 Form 10-K.

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

For additional information see “Risk Factors—Risks Relating to Market Conditions—Our business is highly dependent on economic and capital market conditions” in the 2024 Form 10-K.

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

Impact of Changes in the Interest Rate Environment

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

As of June 30, 2025, new investments continue to have higher yields than the yield on maturities and redemptions that we are experiencing in our existing portfolios. We actively manage our exposure to the interest rate environment through portfolio construction and asset-liability management, including spread management strategies for our investment-oriented products and economic hedging of interest rate risk from guarantee features in our variable annuities, but we may not be able to fully mitigate our interest rate risk by matching exposure of our assets relative to our liabilities.

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

Annuity Sales and Surrenders

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

Reinvestment and Spread Management

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

Corebridge | Second Quarter 2025 Form 10-Q 86

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ITEM 2 | Executive Summary

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

Of the aggregate fixed account values of our Individual Retirement and Group Retirement annuity products, 44% and 47% were crediting at the contractual minimum guaranteed interest rate at June 30, 2025 and December 31, 2024, respectively. In the universal life insurance products in our Life Insurance business, 59% and 59% of the account values were crediting at the contractual minimum guaranteed interest rate at June 30, 2025 and December 31, 2024, respectively. These businesses continue to focus on pricing discipline and strategies to manage the minimum guaranteed interest crediting rates offered on new sales in the context of regulatory requirements and competitive positioning.

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

Regulatory Environment

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

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

For example, on April 25, 2024, the Department of Labor (“DOL”) published a final rule in the Federal Register updating the definition for when a person is an “investment advice fiduciary” for purposes of transactions with ERISA qualified plans, related plan participants and IRAs. The DOL also published changes with respect to existing prohibited transactions exemptions (“PTEs”) relating to such advice, including PTE 84-24 and PTE 2020-02. Orders staying the rule’s September 23, 2024 effective date were issued by the U.S. District Courts for the Eastern District of Texas and the Northern District of Texas on July 25, 2024 and July 26, 2024, respectively, in connection with separate lawsuits challenging the rule. On December 20, 2024, DOL filed a consolidated opening brief, appealing these two orders to the United States Court of Appeals for the Fifth Circuit. Since filing this appeal, DOL has asked the Fifth Circuit to hold the case in abeyance on three occasions. The matter is currently stayed until August 15, 2025. We are actively monitoring the progress of the litigation while continuing to evaluate potential impact of the DOL rule to our business.

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

In March 2025, the NAIC exposed for comment and in June 2025 the Life Actuarial Task Force adopted updates to actuarial guidelines intended to enhance asset adequacy analysis for asset-intensive, life insurance and annuity reinsurance treaties above certain thresholds. The updated guidelines are still subject to vote by additional NAIC committees before being sent to the states for adoption. The updated guidelines require the use of cash flow testing methodology in evaluating the adequacy of assets supporting ceded reserves. The updated guidelines are designed as a testing and disclosure regime, but such disclosure could be used by regulators in their supervision of insurance companies. The Life Actuarial Task Force expects the first reinsurance asset testing reports to be due in April 2026. In addition, the NAIC plans to review the disclosures following adoption of the guidelines to identify concerns with insurers’ approaches to asset adequacy testing, with the possibility of making additional changes that could lead to higher reserves for certain reinsurance agreements. We are actively monitoring developments associated with this NAIC initiative, which may be applicable to certain transactions that involve our life insurance subsidiaries acting as cedants.

For information regarding our regulation and supervision by different regulatory authorities in the United States and abroad, see “Business—Regulation—U.S. Regulation” and “Business—Regulation—International Regulation” in the 2024 Form 10-K.

Corebridge | Second Quarter 2025 Form 10-Q 87

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ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Use of Non-GAAP Financial Measures and Key Operating Metrics

NON-GAAP FINANCIAL MEASURES

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

Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments, income from non-operating litigation settlements (included in Other income for GAAP purposes) and changes in fair value of securities used to hedge guaranteed living benefits (included in Net investment income for GAAP purposes).

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Total revenues	$	2,744	$	3,710	$	6,334	$	9,546
Fortitude Re related items:
Net investment (income) on Fortitude Re funds withheld assets	(343)		(325)		(674)		(657)
Net realized loses on Fortitude Re funds withheld assets	30		93		26		257
Net realized (gains) losses on Fortitude Re funds withheld embedded derivatives	251		(36)		847		(58)
Subtotal - Fortitude Re related items	(62)		(268)		199		(458)
Other non-Fortitude Re reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits	(14)		(13)		(28)		(31)

Other (income) - net	(8)		(11)		(16)		(17)
Net realized losses*	1,760		758		2,667		989
Subtotal - Other non-Fortitude Re reconciling items	1,738		734		2,623		941
Total adjustments	1,676		466		2,822		483
Adjusted revenues	$	4,420	$	4,176	$	9,156	$	10,029

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

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

APTOI excludes the impact of the following items:

FORTITUDE RE RELATED ADJUSTMENTS:

The 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.

Corebridge | Second Quarter 2025 Form 10-Q 88

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ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

INVESTMENT RELATED ADJUSTMENTS:

MARKET RISK BENEFIT ADJUSTMENTS:

Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain GMWBs and/or GMDBs which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs, along with changes in the fair value of derivatives used to hedge MRBs are recorded through “Change in the fair value of MRBs, net” and are excluded from APTOI.

Changes in the fair value of securities used to economically hedge MRBs are excluded from APTOI.

OTHER ADJUSTMENTS:

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

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

• separation costs;

• non-operating litigation reserves and settlements;

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

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

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

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

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

• deferred income tax valuation allowance releases and charges.

Corebridge | Second Quarter 2025 Form 10-Q 89

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ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

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


Three Months Ended June 30,	2025								2024
(in millions)	Pre-tax		Total Tax (Benefit) Charge		Non- controlling Interests		After Tax		Pre-tax		Total Tax (Benefit) Charge		Non- controlling Interests		After Tax
Pre-tax income (loss)/net income (loss), including noncontrolling interests	$	(608)	$	60	$	—	$	(668)	$	456	$	115	$	—	$	341
Noncontrolling interests	—		—		8		8		—		—		24		24
Pre-tax income (loss)/net income (loss) attributable to Corebridge	(608)		60		8		(660)		456		115		24		365
Fortitude Re related items
Net investment (income) on Fortitude Re funds withheld assets	(343)		(73)		—		(270)		(325)		(69)		—		(256)
Net realized losses on Fortitude Re funds withheld assets	30		7		—		23		93		20		—		73
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative	251		53		—		198		(36)		(7)		—		(29)

Subtotal Fortitude Re related items	(62)		(13)		—		(49)		(268)		(56)		—		(212)
Other reconciling Items
Reclassification of disproportionate tax effects from AOCI and other tax adjustments	—		(6)		—		6		—		52		—		(52)
Deferred income tax valuation allowance (releases) charges	—		(186)		—		186		—		(87)		—		87
Changes in fair value of market risk benefits, net	(279)		(59)		—		(220)		25		5		—		20
Changes in fair value of securities used to hedge guaranteed living benefits	(1)		—		—		(1)		5		1		—		4
Changes in benefit reserves related to net realized (losses)	(4)		(1)		—		(3)		(3)		—		—		(3)

Net realized losses*	1,758		369		—		1,389		748		160		—		588

Separation costs	—		—		—		—		27		6		—		21
Restructuring and other costs	129		28		—		101		85		18		—		67
Non-recurring costs related to regulatory or accounting changes	1		—		—		1		1		—		—		1
Net (gain) on divestiture	—		—		—		—		(241)		(47)		—		(194)

Noncontrolling interests	8		—		(8)		—		24		—		(24)		—
Subtotal Other non-Fortitude Re reconciling items	1,612		145		(8)		1,459		671		108		(24)		539
Total adjustments	1,550		132		(8)		1,410		403		52		(24)		327
Adjusted pre-tax operating income/Adjusted after-tax operating income attributable to Corebridge	$	942	$	192	$	—	$	750	$	859	$	167	$	—	$	692

Corebridge | Second Quarter 2025 Form 10-Q 90

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ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics


Six Months Ended June 30,	2025								2024
(in millions)	Pre-tax		Total Tax (Benefit) Charge		Non- controlling Interests		After Tax		Pre-tax		Total Tax (Benefit) Charge		Non- controlling Interests		After Tax
Pre-tax income (loss)/net income (loss), including noncontrolling interests	$	(1,470)	$	(145)	$	—	$	(1,325)	$	1,472	$	304	$	—	$	1,168
Noncontrolling interests	—		—		1		1		—		—		75		75
Pre-tax income (loss)/net income (loss) attributable to Corebridge	(1,470)		(145)		1		(1,324)		1,472		304		75		1,243
Fortitude Re related items
Net investment (income) on Fortitude Re funds withheld assets	(674)		(144)		—		(530)		(657)		(140)		—		(517)
Net realized losses on Fortitude Re funds withheld assets	26		6		—		20		257		55		—		202
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative	847		180		—		667		(58)		(12)		—		(46)

Subtotal Fortitude Re related items	199		42		—		157		(458)		(97)		—		(361)
Other reconciling items
Reclassification of disproportionate tax effects from AOCI and other tax adjustments	—		15		—		(15)		—		78		—		(78)
Deferred income tax valuation allowance (releases) charges	—		(194)		—		194		—		(104)		—		104
Changes in fair value of market risk benefits, net	106		22		—		84		(344)		(72)		—		(272)
Changes in fair value of securities used to hedge guaranteed living benefits	(2)		—		—		(2)		6		1		—		5
Changes in benefit reserves related to net realized gains (losses)	27		6		—		21		(6)		(1)		—		(5)

Net realized losses*	2,663		559		—		2,104		970		207		—		763

Separation costs	—		—		—		—		94		20		—		74
Restructuring and other costs	226		48		—		178		132		28		—		104
Non-recurring costs related to regulatory or accounting changes	2		—		—		2		1		—		—		1
Net (gain) on divestiture	—		—		—		—		(246)		(48)		—		(198)

Noncontrolling interests	1		—		(1)		—		75		—		(75)		—
Subtotal Other non-Fortitude Re reconciling items	3,023		456		(1)		2,566		682		109		(75)		498
Total adjustments	3,222		498		(1)		2,723		224		12		(75)		137
Adjusted pre-tax operating income/Adjusted after-tax operating income attributable to Corebridge	$	1,752	$	353	$	—	$	1,399	$	1,696	$	316	$	—	$	1,380

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

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

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


	At June 30,		At December 31,
(in millions, except per common share data)	2025		2024
Total Corebridge shareholders' equity (a)	$	12,302	$	11,462
Less: Accumulated other comprehensive income (loss)	(10,633)		(13,681)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets	(2,587)		(2,798)
Adjusted Book Value (b)	$	20,348	$	22,345

Total common shares outstanding (c)	543.2		561.5

Book value per common share (a/c)	$	22.65	$	20.41
Adjusted book value per common share (b/c)	$	37.46	$	39.80

Corebridge | Second Quarter 2025 Form 10-Q 91

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ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

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

The following table presents the reconciliation of Adjusted ROAE:


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, unless otherwise noted)	2025			2024			2025			2024
Actual or annualized net income (loss) attributable to Corebridge shareholders (a)	$	(2,640)		$	1,460		$	(2,648)		$	2,486
Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b)	3,000			2,768			2,798			2,760
Average Corebridge shareholders’ equity (c)	12,141			11,286			11,915			11,446
Less: Average AOCI	(11,341)			(14,324)			(12,121)			(14,035)
Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets	(2,570)			(2,609)			(2,646)			(2,517)
Average Adjusted Book Value (d)	$	20,912		$	23,001		$	21,390		$	22,964

Return on Average Equity (a/c)	(21.7)		%	12.9		%	(22.2)		%	21.7		%
Adjusted ROAE (b/d)	14.3		%	12.0		%	13.1		%	12.0		%

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

The following table presents the premiums and deposits:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Individual Retirement
Premiums	$	44	$	30	$	71	$	71
Deposits	6,811		6,761		11,490		11,583
Other (a)	(1)		(4)		(6)		(6)
Premiums and deposits	6,854		6,787		11,555		11,648
Group Retirement
Premiums	—		—		4		5
Deposits	1,976		1,998		3,796		4,047
Premiums and deposits (b)(c)	1,976		1,998		3,800		4,052
Life Insurance
Premiums	377		331		717		765
Deposits	393		389		790		782
Other (a)	98		126		217		393
Premiums and deposits	868		846		1,724		1,940
Institutional Markets
Premiums	25		167		525		1,963
Deposits	1,102		1,871		2,535		2,652
Other (a)	8		10		17		19
Premiums and deposits	1,135		2,048		3,077		4,634
Total
Premiums	446		528		1,317		2,804
Deposits	10,282		11,019		18,611		19,064
Other (a)	105		132		228		406
Premiums and deposits	$	10,833	$	11,679	$	20,156	$	22,274

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

(b) Excludes client deposits into advisory and brokerage accounts of $744 million and $783 million for the three months ended June 30, 2025 and 2024, respectively, and $1.5 billion and $1.5 billion for the six months ended June 30, 2025 and 2024, respectively.

(c) Includes inflows related to in-plan mutual funds of $842 million and $790 million for the three months ended June 30, 2025 and 2024, respectively, and $1.6 billion and $1.6 billion for the six months ended June 30, 2025 and 2024, respectively.

Corebridge | Second Quarter 2025 Form 10-Q 92

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ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Net investment income (net income basis)	$	3,338	$	2,988	$	6,527	$	5,912
Net investment (income) on Fortitude Re funds withheld assets	(343)		(325)		(674)		(657)
Change in fair value of securities used to hedge guaranteed living benefits	(14)		(13)		(28)		(31)
Other adjustments	(8)		(11)		(16)		(17)
Derivative income recorded in net realized gains (losses)	77		77		149		138
Total adjustments	(288)		(272)		(569)		(567)
Net investment income (APTOI basis)	$	3,050	$	2,716	$	5,958	$	5,345

KEY OPERATING METRICS

Assets Under Management and Administration

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

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

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

The following table presents a summary of our AUMA:



(in millions)	June 30, 2025		December 31, 2024
Individual Retirement
AUM	$	166,359	$	160,126
AUA	—		—
Total Individual Retirement AUMA	166,359		160,126
Group Retirement
AUM	78,664		78,669
AUA	47,685		45,630
Total Group Retirement AUMA	126,349		124,299
Life Insurance
AUM	26,432		26,466
AUA	—		—
Total Life Insurance AUMA	26,432		26,466
Institutional Markets
AUM	51,804		48,112
AUA	46,212		45,000
Total Institutional Markets AUMA	98,016		93,112
Total AUMA	$	417,156	$	404,003

Corebridge | Second Quarter 2025 Form 10-Q 93

TABLE OF CONTENTS

ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Fee and Spread income and Underwriting Margin

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

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

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

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

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

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

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

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Individual Retirement
Spread income	$	749	$	723	$	1,447	$	1,436
Fee income	303		308		611		615
Total Individual Retirement	1,052		1,031		2,058		2,051
Group Retirement
Spread income	171		191		363		391
Fee income	190		191		385		381
Total Group Retirement	361		382		748		772
Life Insurance
Underwriting margin	344		309		669		606
Total Life Insurance	344		309		669		606
Institutional Markets
Spread income	173		88		305		194
Fee income	16		15		31		31
Underwriting margin	13		20		34		38
Total Institutional Markets	202		123		370		263
Total
Spread income	1,093		1,002		2,115		2,021
Fee income	509		514		1,027		1,027
Underwriting margin	357		329		703		644
Total	$	1,959	$	1,845	$	3,845	$	3,692

Corebridge | Second Quarter 2025 Form 10-Q 94

TABLE OF CONTENTS

ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Net Investment Income (APTOI Basis)

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Individual Retirement
Base portfolio income	$	1,506	$	1,374	$	2,965	$	2,709
Variable investment income	79		31		106		35
Net investment income	1,585		1,405		3,071		2,744
Group Retirement
Base portfolio income	445		476		906		970
Variable investment income	24		11		48		12
Net investment income	469		487		954		982
Life Insurance
Base portfolio income	329		315		661		642
Variable investment income	6		7		10		6
Net investment income	335		322		671		648
Institutional Markets
Base portfolio income	565		484		1,117		973
Variable investment income	89		5		126		3
Net investment income	654		489		1,243		976
Total
Base portfolio income	2,845		2,649		5,649		5,294
Variable investment income	198		54		290		56
Net investment income (APTOI basis) - Insurance operations	$	3,043	$	2,703	$	5,939	$	5,350

Net Flows

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

The following table presents a summary of our Net Flows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Individual Retirement
Fixed Annuities	$	1,154	$	2,014	$	1,245	$	1,803
Fixed Index Annuities	1,584		1,102		2,446		2,027
Registered Index-Linked Annuities	492		—		755		—
Variable Annuities	(1,234)		(1,307)		(2,527)		(2,535)
Total Individual Retirement	1,996		1,809		1,919		1,295
Group Retirement	(1,833)		(1,874)		(3,669)		(3,765)
Total Net Flows	$	163	$	(65)	$	(1,750)	$	(2,470)

Corebridge | Second Quarter 2025 Form 10-Q 95

TABLE OF CONTENTS

ITEM 2 Consolidated Results of Operations

Consolidated Results of Operations

The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three and six months ended June 30, 2025 and 2024. For factors that relate primarily to a specific business, see “— Business Segment Operations .”


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Revenues:
Premiums	$	464	$	547	$	1,353	$	2,842
Policy fees	721		721		1,441		1,435
Net investment income	3,338		2,988		6,527		5,912
Net realized (losses)	(1,975)		(747)		(3,389)		(1,067)
Advisory fee and other income	196		201		402		424
Total revenues	2,744		3,710		6,334		9,546
Benefits and expenses:
Policyholder benefits	982		1,049		2,439		3,856
Change in the fair value of market risk benefits, net	(279)		25		106		(344)
Interest credited to policyholder account balances	1,486		1,274		2,903		2,473
Amortization of deferred policy acquisition costs and value of business acquired	275		260		550		527
Non-deferrable insurance commissions	152		146		308		289
Advisory fee expenses	64		71		134		139
General operating expenses	535		532		1,079		1,104
Interest expense	137		138		285		276

Net (gain) on divestitures	—		(241)		—		(246)

Total benefits and expenses	3,352		3,254		7,804		8,074
Income (loss) before income tax expense (benefit)	(608)		456		(1,470)		1,472
Income tax expense (benefit)	60		115		(145)		304
Net income (loss)	(668)		341		(1,325)		1,168
Less: Net (loss) attributable to noncontrolling interests	(8)		(24)		(1)		(75)
Net income (loss) attributable to Corebridge	$	(660)	$	365	$	(1,324)	$	1,243

The following table presents certain balance sheet data:.


(in millions, except per common share data)	June 30, 2025		December 31, 2024
Balance sheet data:
Total assets	$	399,163	$	389,397
Short-term and long-term debt	$	9,456	$	10,454
Debt of consolidated investment entities	$	1,893	$	1,938
Total Corebridge shareholders’ equity	$	12,302	$	11,462
Book value per common share	$	22.65	$	20.41
Adjusted book value per common share	$	37.46	$	39.80

Financial Highlights

Three Months Ended June 30, 2025 to Three Months Ended June 30, 2024 Net Income Comparison

Income (loss) before income tax expense (benefit)

We recorded a pre-tax loss of $608 million in the three months ended June 30, 2025 compared to pre-tax income of $456 million in the three months ended June 30, 2024. The change in pre-tax results was primarily due to:

• higher net realized losses of $1.2 billion primarily driven by higher losses on foreign exchange transactions, losses from derivatives, losses from index-linked interest credited embedded derivatives, net of related hedges, higher losses on the Fortitude Re balances including, the funds withheld embedded derivative and higher realized losses on sales of AFS securities including, a $250 million intent to sell realized loss recognized in 2025;

• Net gain of $241 million from the sale of AIG Life U.K. in 2024;

Corebridge | Second Quarter 2025 Form 10-Q 96

TABLE OF CONTENTS

ITEM 2 Consolidated Results of Operations

• higher interest credited to policyholder account balances of $212 million primarily due to higher sales activity in fixed, fixed index and registered index-linked annuities and growing GIC business; and

• lower premiums of $83 million primarily on new pension risk transfer business.

Partially offset by:

• higher net investment income of $350 million primarily driven by higher base portfolio income and higher variable investment income;

• favorable change in the fair value of market risk benefits, net of $304 million primarily driven by higher equity market performance compared to the comparable period in the prior year; and

• lower policyholder benefits of $67 million primarily on new pension risk transfer business.

Income tax expense (benefit)

For the three months ended June 30, 2025, there was an income tax expense of $60 million on loss from operations, resulting in an effective tax rate on loss from operations of (9.9)%.

Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024 Net Income Comparison

We recorded a pre-tax loss of $1.5 billion in the six months ended June 30, 2025 compared to pre-tax income of $1.5 billion in the six months ended June 30, 2024. The change in pre-tax results was primarily due to:

• higher net realized losses of $2.3 billion primarily driven by higher losses on foreign exchange transactions, losses from derivatives, losses from index-linked interest credited embedded derivatives, net of related hedges, higher losses on the Fortitude Re balances including, the funds withheld embedded derivative and higher realized losses on sales of AFS securities including, $203 million higher intent to sell realized losses;

• lower premiums of $1.5 billion primarily on new pension risk transfer business;

• unfavorable change in the fair value of market risk benefits, net of $450 million primarily driven by the impacts of relative changes in interest rates and lower equity market performance compared to the comparable period in the prior year;

• higher interest credited to policyholder account balances of $430 million primarily due to higher sales activity in fixed, fixed index and registered index-linked annuities and growing GIC business; and

• Net gain of $246 million from the sale of AIG Life U.K. in 2024.

Partially offset by:

• lower policyholder benefits of $1.4 billion primarily on new pension risk transfer business; and

• higher net investment income of $615 million primarily driven by higher base portfolio income and higher variable investment income.

Income tax expense (benefit)

For the six months ended June 30, 2025, there was an income tax benefit of $145 million on loss from operations, resulting in an effective tax rate on loss from operations of 9.9%.

Corebridge | Second Quarter 2025 Form 10-Q 97

TABLE OF CONTENTS

ITEM 2 Consolidated Results of Operations

Adjusted pre-tax operating income

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Premiums	$	464	$	547	$	1,353	$	2,842
Policy fees	721		721		1,441		1,435
Net investment income	3,050		2,716		5,958		5,345
Net realized gains (losses)*	(11)		(9)		2		(17)
Advisory fee and other income	196		201		402		424
Total adjusted revenues	4,420		4,176		9,156		10,029



Policyholder benefits	986		1,052		2,412		3,862
Interest credited to policyholder account balances	1,475		1,266		2,881		2,455
Amortization of deferred policy acquisition costs	275		260		550		527
Non-deferrable insurance commissions	152		146		308		289
Advisory fee expenses	64		71		134		139
General operating expenses	405		419		851		877
Interest expense	129		127		269		259
Total benefits and expenses	3,486		3,341		7,405		8,408
Noncontrolling interests	8		24		1		75
Adjusted pre-tax operating income	$	942	$	859	$	1,752	$	1,696

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

Three Months Ended June 30, 2025 to Three Months Ended June 30, 2024 APTOI Comparison

APTOI increased $83 million, primarily due to:

• higher net investment income of $334 million primarily driven by higher base portfolio income and higher variable investment income; and

• lower policyholder benefits of $66 million primarily on new pension risk transfer business.

Partially offset by:

• higher interest credited to policyholder account balances of $209 million primarily due to higher sales activity in fixed, fixed index and registered index-linked annuities and growing GIC business; and

• lower premiums of $83 million primarily on new pension risk transfer business.

Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024 APTOI Comparison

APTOI increased $56 million, primarily due to:

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

• higher net investment income of $613 million primarily driven by higher base portfolio income and higher variable investment income; and

• lower income attributable to noncontrolling interest of $74 million.

Partially offset by:

• lower premiums of $1.5 billion primarily on new pension risk transfer business; and

• higher interest credited to policyholder account balances of $426 million primarily due to higher sales activity in fixed, fixed index and registered index-linked annuities and growing GIC business.

Corebridge | Second Quarter 2025 Form 10-Q 98

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Business Segment Operations

Our business operations consist of five reportable segments:

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

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

• Corporate and Other – consists primarily of:

– corporate expenses not attributable to our other segments;

– interest expense on financial debt;

– results of our consolidated investment entities;

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

– results of our legacy insurance lines ceded to Fortitude Re.

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

See Note 3 to the Condensed Consolidated Financial Statements.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Individual Retirement	$	623	$	621	$	1,177	$	1,243
Group Retirement	182		195		377		395
Life Insurance	133		95		241		149
Institutional Markets	173		96		310		208
Corporate and Other	(168)		(148)		(355)		(296)
Consolidation and elimination	(1)		—		2		(3)
Adjusted pre-tax operating income	$	942	$	859	$	1,752	$	1,696

Corebridge | Second Quarter 2025 Form 10-Q 99

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

DISCUSSION OF SEGMENT RESULTS

Individual Retirement

Individual Retirement Results


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Adjusted Revenues:
Premiums	$	44	$	30	$	71	$	71
Policy fees	199		200		397		391
Net investment income:
Base portfolio income	1,506		1,374		2,965		2,709
Variable investment income	79		31		106		35
Net investment income	1,585		1,405		3,071		2,744
Advisory fee and other income*	104		108		214		224
Total adjusted revenues	1,932		1,743		3,753		3,430
Benefits and expenses:
Policyholder benefits	48		33		80		69
Interest credited to policyholder account balances	847		695		1,647		1,334
Amortization of deferred policy acquisition costs	166		152		330		301
Non-deferrable insurance commissions	102		94		208		184
Advisory fee expenses	33		38		70		73
General operating expenses	113		110		241		226

Total benefits and expenses	1,309		1,122		2,576		2,187
Adjusted pre-tax operating income	$	623	$	621	$	1,177	$	1,243

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

Individual Retirement Sources of Earnings

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Spread income (a)	$	749	$	723	$	1,447	$	1,436
Fee income	303		308		611		615
Policyholder benefits, net of premiums	(4)		(3)		(9)		2
Non-deferrable insurance commissions	(102)		(94)		(208)		(184)
Amortization of DAC and DSI	(177)		(165)		(353)		(327)
General operating expenses	(113)		(110)		(241)		(226)
Other (b)	(33)		(38)		(70)		(73)
Adjusted pre-tax operating income	$	623	$	621	$	1,177	$	1,243

(a) Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $11 million and $13 million for the three months ended June 30, 2025 and 2024, respectively, and $23 million and $26 million for the six months ended June 30, 2025 and 2024 respectively.

(b) Other represents advisory fee expenses.

Financial Highlights

Three Months Ended June 30, 2025 to Three Months Ended June 30, 2024 APTOI Comparison

APTOI increased $2 million, primarily due to:

• higher spread income of $26 million primarily driven by an increase in variable investment income of $48 million due to improved private equity returns and higher yield enhancement income, partially offset by lower base spread income of $22 million primarily due to changes in short-term interest rates.

Partially offset by:

• higher amortization of DAC and DSI of $12 million due to growth in fixed and fixed index annuity business and registered index-linked annuity business; and

• higher non-deferrable insurance commissions of $8 million primarily due to continued growth in the fixed index annuity business.

Corebridge | Second Quarter 2025 Form 10-Q 100

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024 APTOI Comparison

APTOI decreased $66 million, primarily due to:

• higher amortization of DAC and DSI of $26 million due to growth in fixed and fixed index annuity and registered index-linked annuity business;

• higher non-deferrable insurance commissions of $24 million primarily due to continued growth in the fixed index annuity; and

• higher general operating expenses of $15 million.

Partially offset by:

• higher spread income of $11 million primarily driven by an increase in variable investment income of $71 million due to improved private equity returns and higher yield enhancement income, partially offset by lower base spread income of $60 million primarily due to changes in short-term interest rates.

AUMA

The following table presents Individual Retirement AUMA by account type:



(in millions)	June 30, 2025		December 31, 2024
Assets under management and administration:
General account	$	117,741	$	111,308
Separate accounts	48,618		48,818
Total assets under management and administration	$	166,359	$	160,126

June 30, 2025 to December 31, 2024 AUMA Comparison

AUMA increased $6.2 billion driven by an increase of $6.4 billion in the general account partially offset by lower separate accounts asset values of $0.2 billion. The general account increased primarily due to positive general account net flows and lower interest rates resulting in unrealized gains from fixed maturities securities. The separate account decreased primarily due to outflows from separate accounts, partially offset by increases in the equity markets.

Spread and Fee Income

The following table presents Individual Retirement spread and fee income:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Spread income:
Base portfolio income	$	1,506	$	1,374	$	2,965	$	2,709
Interest credited to policyholder account balances	(836)		(682)		(1,624)		(1,308)
Base spread income	670		692		1,341		1,401
Variable investment income	79		31		106		35
Total spread income*	$	749	$	723	$	1,447	$	1,436
Fee income:
Policy fees	$	199	$	200	$	397	$	391
Advisory fees and other income	104		108		214		224
Total fee income	$	303	$	308	$	611	$	615

* Excludes amortization of DSI assets of $11 million and $13 million for the three months ended June 30, 2025 and 2024, respectively, and $23 million and $26 million for the six months ended June 30, 2025 and 2024, respectively.

The following table presents Individual Retirement net investment spread:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024












Individual Retirement base net investment spread:
Base yield*	5.13	%	5.13	%	5.12	%	5.13	%
Cost of funds	(3.14)		(2.86)		(3.11)		(2.78)
Individual Retirement base net investment spread	1.99	%	2.27	%	2.01	%	2.35	%

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

Corebridge | Second Quarter 2025 Form 10-Q 101

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Three Months Ended June 30, 2025 to Three Months Ended June 30, 2024 Comparison and Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024 Comparison

See “Financial Highlights.”

Premiums and Deposits and Net Flows

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

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


Premiums and Deposits	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Fixed annuities	$	3,216	$	4,132	$	5,215	$	6,744
Fixed index annuities	2,779		2,239		4,815		4,122
Registered index-linked annuities	492		—		755		—
Variable annuities	367		416		770		782
Total	$	6,854	$	6,787	$	11,555	$	11,648


Net Flows	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Fixed annuities	$	1,154	$	2,014	$	1,245	$	1,803
Fixed index annuities	1,584		1,102		2,446		2,027
Registered index-linked annuities	492		—		755		—
Variable annuities	(1,234)		(1,307)		(2,527)		(2,535)
Total	$	1,996	$	1,809	$	1,919	$	1,295

Three Months Ended June 30, 2025 to Three Months Ended June 30, 2024 Comparison

Fixed Annuities Net inflows decreased by $860 million over the prior year, primarily due to lower premiums and deposits of $916 million and higher death benefits of $343 million, partially offset by lower surrenders and withdrawals of $399 million.

Fixed Index Annuities Net inflows increased by $482 million primarily due to higher premiums and deposits of $540 million, partially offset by higher surrenders and withdrawals of $53 million and higher death benefits of $4 million.

Registered Index-Linked Annuities Net inflows of $492 million due to the launch of the registered index-linked annuity in the fourth quarter of 2024.

Variable Annuities Net outflows decreased by $73 million primarily due to lower surrenders and withdrawals of $129 million, partially offset by lower premium and deposits of $49 million and higher death benefits of $7 million.

Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024 Comparison

Fixed Annuities Net inflows decreased by $558 million over the prior year, primarily due to lower premiums and deposits of $1.5 billion and higher death benefits of $590 million, partially offset by lower surrenders and withdrawals of $1.6 billion.

Fixed Index Annuities Net inflows increased by $419 million primarily due to higher premiums and deposits of $693 million and lower death benefits of $4 million, partially offset by higher surrenders and withdrawals of $277 million.

Registered Index-Linked Annuities Net inflows of $755 million due to the launch of the registered index-linked annuity in the fourth quarter of 2024.

Variable Annuities Net outflows decreased by $8 million primarily due to lower surrenders and withdrawals of $17 million and lower death benefits of $3 million, partially offset by lower premium and deposits of $12 million.

Corebridge | Second Quarter 2025 Form 10-Q 102

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Surrenders

The following table presents Individual Retirement surrender rates:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Fixed annuities	11.2	%	15.3	%	10.8	%	17.8	%
Fixed index annuities	8.5		9.4		8.7		8.7
Registered index-linked annuities	0.2		—		0.2		—
Variable annuities	9.8		10.3		10.1		9.9

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


	June 30,								December 31,
	2025								2024
(in millions)	Fixed Annuities		Fixed Index Annuities		Registered Index-Linked Annuities		Variable Annuities		Fixed Annuities		Fixed Index Annuities		Registered Index-Linked Annuities		Variable Annuities
No surrender charge	$	17,396	$	2,669	$	—	$	30,820	$	18,450	$	2,297	$	—	$	30,795
Greater than 0% - 2%	1,371		4,562		—		7,173		1,102		4,271		—		6,927
Greater than 2% - 4%	2,442		7,723		—		6,722		2,580		6,958		—		6,139
Greater than 4%	32,915		34,714		890		8,636		29,700		32,719		89		9,923
Non-surrenderable (a)	2,434		—		—		1,155		2,437		—		—		1,155
Total account value (b)	$	56,558	$	49,668	$	890	$	54,506	$	54,269	$	46,245	$	89	$	54,939

(a) The non-surrenderable portion of variable annuities relates to funding agreements.

(b) Includes payout Immediate Annuities and funding agreements.

Individual Retirement annuities are typically subject to a three- to ten-year surrender charge period, depending on the product. For fixed annuities, the proportion of account value subject to surrender charge at June 30, 2025 increased compared to December 31, 2024 primarily due to growth in the business. For fixed index annuities, the proportion of account value subject to surrender charge at June 30, 2025 was slightly lower compared to December 31, 2024 due to the aging of the business. The proportion of account value with no surrender charge for variable annuities as of June 30, 2025 was slightly higher compared to December 31, 2024 due to aging of the business.

Corebridge | Second Quarter 2025 Form 10-Q 103

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Group Retirement

Group Retirement Results


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Adjusted Revenues:
Premiums	$	—	$	—	$	4	$	5
Policy fees	105		108		213		215
Net investment income:
Base portfolio income	445		476		906		970
Variable investment income	24		11		48		12
Net investment income	469		487		954		982
Advisory fee and other income*	85		83		172		166
Total adjusted revenues	659		678		1,343		1,368
Benefits and expenses:
Policyholder benefits	2		(2)		7		1
Interest credited to policyholder account balances	301		300		597		598
Amortization of deferred policy acquisition costs	21		21		43		42
Non-deferrable insurance commissions	30		30		60		59
Advisory fee expenses	30		32		63		65
General operating expenses	93		102		196		208

Total benefits and expenses	477		483		966		973
Adjusted pre-tax operating income	$	182	$	195	$	377	$	395

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

Group Retirement Sources of Earnings

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Spread income (a)	$	171	$	191	$	363	$	391
Fee income (b)	190		191		385		381
Policyholder benefits, net of premiums	(2)		2		(3)		4
Non-deferrable insurance commissions	(30)		(30)		(60)		(59)
Amortization of DAC and DSI	(24)		(25)		(49)		(49)
General operating expenses	(93)		(102)		(196)		(208)
Other (c)	(30)		(32)		(63)		(65)
Adjusted pre-tax operating income	$	182	$	195	$	377	$	395

(a) Excludes amortization of DSI assets of $3 million and $4 million for the three months ended June 30, 2025 and 2024, respectively, and $6 million and $7 million for the six months ended June 30, 2025 and 2024, respectively.

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

Financial Highlights

Three Months Ended June 30, 2025 to Three Months Ended June 30, 2024 APTOI Comparison

APTOI decreased $13 million, primarily due to:

• lower spread income of $20 million due to lower base spread income of $33 million reflecting lower base portfolio income, partially offset by higher variable investment income of $13 million primarily driven by higher yield enhancement investment income.

Partially offset by:

• lower general operating expenses of $9 million.

Corebridge | Second Quarter 2025 Form 10-Q 104

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024 APTOI Comparison

APTOI decreased $18 million, primarily due to:

• lower spread income of $28 million due to lower base spread income of $64 million reflecting lower base portfolio income, partially offset by higher variable investment income of $36 million primarily driven by higher alternative investment income.

Partially offset by:

• lower general operating expenses of $12 million.

AUMA

The following table presents Group Retirement AUMA by product:




(in millions)	June 30, 2025		December 31, 2024

AUMA by asset type:
In-plan spread based	$	21,900	$	22,330
In-plan fee based	59,781		57,961
Total in-plan AUMA (a)	81,681		80,291
Out-of-plan proprietary - General Account	16,880		16,765
Out-of-plan proprietary - Separate Accounts	11,008		11,116
Total out-of-plan proprietary annuities	27,888		27,881
Advisory and brokerage assets	16,780		16,127
Total out-of-plan AUMA (b)	44,668		44,008
Total AUMA	$	126,349	$	124,299

(a) Includes $13.6 billion of AUMA at June 30, 2025 and $13.1 billion of AUMA at December 31, 2024 that is associated with our in-plan investment advisory service that we offer to participants at an additional fee.

(b) Includes $14.0 billion of AUMA at June 30, 2025 and $13.4 billion of AUMA at December 31, 2024 that is associated with our out-of-plan investment advisory service that we offer to participants at an additional fee.

June 30, 2025 to December 31, 2024 AUMA Comparison

In-plan assets increased by $1.4 billion, driven by a $1.8 billion increase of fee based assets due to higher equity markets, partially offset by negative net flows. Out-of-plan assets increased by $660 million, driven by a $653 million increase in advisory and brokerage assets, primarily due to higher equity markets.

Spread and Fee Income

The following table presents Group Retirement spread and fee income:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Spread income:
Base portfolio income	$	445	$	476	$	906	$	970
Interest credited to policyholder account balances	(298)		(296)		(591)		(591)
Base spread income	147		180		315		379
Variable investment income	24		11		48		12
Total spread income*	$	171	$	191	$	363	$	391
Fee income:
Policy fees	$	105	$	108	$	213	$	215
Advisory fees and other income	85		83		172		166
Total fee income	$	190	$	191	$	385	$	381

* Excludes amortization of DSI assets of $3 million and $4 million for the three months ended June 30, 2025 and 2024, respectively, and $6 million and $7 million for the six months ended June 30, 2025 and 2024, respectively.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Base net investment spread:
Base yield*	4.26	%	4.28	%	4.32	%	4.35	%
Cost of funds	(3.09)		(2.95)		(3.07)		(2.92)
Base net investment spread	1.17	%	1.33	%	1.25	%	1.43	%

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

Corebridge | Second Quarter 2025 Form 10-Q 105

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Three Months Ended June 30, 2025 to Three Months Ended June 30, 2024 Comparison and Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024 Comparison

See “Financial Highlights.”

Premiums and Deposits and Net Flows

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

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


Premiums and Deposits and Net Flows	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
In-plan (a)(b)	$	1,272	$	1,261	$	2,521	$	2,511
Out-of-plan proprietary variable annuity	150		163		328		316
Out-of-plan proprietary fixed and index annuities	554		574		951		1,225
Premiums and deposits (c)	$	1,976	$	1,998	$	3,800	$	4,052
Net Flows	$	(1,833)	$	(1,874)	$	(3,669)	$	(3,765)

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

(b) Includes inflows related to in-plan mutual funds of $842 million and $790 million for the three months ended June 30, 2025 and 2024, respectively, and $1.6 billion and $1.6 billion for the six months ended June 30, 2025 and 2024, respectively.

(c) Excludes client deposits into advisory and brokerage accounts of $744 million and $783 million for the three months ended June 30, 2025 and 2024, respectively, and $1.5 billion and $1.5 billion for the six months ended June 30, 2025 and 2024, respectively.

Three Months Ended June 30, 2025 to Three Months Ended June 30, 2024 Comparison

Net flows remained negative and improved by $41 million primarily due to a decrease in surrenders and withdrawals of $44 million in both in-plan and out-of-plan annuities.

Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024 Comparison

Net flows remained negative and improved by $96 million primarily due to a decrease in surrenders and withdrawals of $329 million in both in-plan and out-of-plan annuities, partially offset by a decrease in deposits of $252 million.

Surrenders

The following table presents Group Retirement surrender rates:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Surrender rates	13.2	%	13.1	%	12.9	%	13.4	%

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


	June 30,		December 31,
(in millions)	2025		2024

No surrender charge (a)	$	69,152	$	69,208
Greater than 0% - 2%	1,486		1,421
Greater than 2% - 4%	1,345		1,472
Greater than 4%	6,806		6,748
Non-surrenderable	371		263
Total account value (b)(c)	$	79,160	$	79,112

(a) Group Retirement amounts in this category include account values in the general account of approximately $3.6 billion and $3.7 billion at June 30, 2025 and December 31, 2024, respectively, which are subject to 20% percent annual withdrawal limitations at the participant level and account values in the general account of $4.8 billion, and $4.9 billion at June 30, 2025 and December 31, 2024, respectively, which are subject to 20 percent annual withdrawal limitations at the plan level.

(b) Excludes mutual fund assets under administration of $30.9 billion and $29.5 billion at June 30, 2025 and December 31, 2024, respectively.

Corebridge | Second Quarter 2025 Form 10-Q 106

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ITEM 2 | Business Segment Operations

June 30, 2025 to December 31, 2024 Comparison

Group Retirement annuity deposits are typically subject to a five- to seven-year surrender charge period, depending on the product. In addition, for annuity assets held within an employer defined contribution plan, participants can only withdraw funds in certain circumstances without incurring tax penalties (for example, separation from service), regardless of surrender charges. At June 30, 2025, Group Retirement annuity account values with no surrender charge decreased compared to December 31, 2024 primarily due to negative net flows, partially offset by an increase in assets under management driven by higher equity markets.

Life Insurance

Life Insurance Results


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Adjusted Revenues:
Premiums	$	377	$	331	$	717	$	765
Policy fees	366		366		730		734
Net investment income:
Base portfolio income	329		315		661		642
Variable investment income	6		7		10		6
Net investment income	335		322		671		648
Other income	—		1		1		1
Total adjusted revenues	1,078		1,020		2,119		2,148
Benefits and expenses:
Policyholder benefits	650		627		1,286		1,375
Interest credited to policyholder account balances	84		84		164		167
Amortization of deferred policy acquisition costs	84		84		169		178
Non-deferrable insurance commissions	15		16		29		35
Advisory fee expenses	1		1		1		1
General operating expenses	111		113		229		243
Total benefits and expenses	945		925		1,878		1,999
Adjusted pre-tax operating income	$	133	$	95	$	241	$	149

Life Insurance Sources of Earnings

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Underwriting margin (a)	$	344	$	309	$	669	$	606
General operating expenses	(111)		(113)		(229)		(243)
Non-deferrable insurance commissions	(15)		(16)		(29)		(35)
Amortization of DAC	(84)		(84)		(169)		(178)

Other (b)	(1)		(1)		(1)		(1)
Adjusted pre-tax operating income	$	133	$	95	$	241	$	149

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

(b) Other primarily represents advisory fee expenses.

Financial Highlights

Three Months Ended June 30, 2025 to Three Months Ended June 30, 2024 APTOI Comparison

APTOI increased $38 million, primarily due to:

• favorable underwriting margin of $35 million, driven by higher base portfolio income and favorable mortality in the current period.

Corebridge | Second Quarter 2025 Form 10-Q 107

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024 APTOI Comparison

Reported APTOI reflects the results of AIG Life U.K. until March 31, 2024.

APTOI increased $92 million, primarily due to:

• favorable domestic underwriting margin of $96 million, driven by higher net investment income and favorable mortality in the current period, and unfavorable one-time reinsurance adjustments in the prior year.

AUMA

The following table presents Life Insurance AUMA:



(in millions)	June 30, 2025		December 31, 2024
Total AUMA	$	26,432	$	26,466

June 30, 2025 to December 31, 2024 AUMA Comparison

AUMA decreased $34 million in the six months ended June 30, 2025 compared to the prior year-end primarily due to interest rate movements.

Underwriting Margin

The following table presents Life Insurance underwriting margin:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Premiums	$	377	$	331	$	717	$	765
Policy fees	366		366		730		734
Net investment income	335		322		671		648
Other income	—		1		1		1
Policyholder benefits	(650)		(627)		(1,286)		(1,375)
Interest credited to policyholder account balances	(84)		(84)		(164)		(167)

Underwriting margin	$	344	$	309	$	669	$	606

Three Months Ended June 30, 2025 to Three Months Ended June 30, 2024 Comparison and Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024 Comparison

See “Financial Highlights.”

Premiums and Deposits

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Traditional Life	$	475	$	458	$	934	$	919
Universal Life	393		388		790		781

Total U.S.	868		846		1,724		1,700
International	—		—		—		240
Premiums and deposits	$	868	$	846	$	1,724	$	1,940

Three Months Ended June 30, 2025 to Three Months Ended June 30, 2024 Comparison

Premiums and deposits increased $22 million for the three months ended June 30, 2025 compared to the prior year, primarily due to increased Traditional Life sales.

Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024 Comparison

Premiums and deposits decreased $216 million for the six months ended June 30, 2025 compared to the prior year, reflecting the sale of AIG Life U.K. on April 8, 2024.

Corebridge | Second Quarter 2025 Form 10-Q 108

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Institutional Markets

Institutional Markets Results


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Adjusted Revenues:
Premiums	$	25	$	167	$	525	$	1,963
Policy fees	51		47		101		95
Net investment income:
Base portfolio income	565		484		1,117		973
Variable investment income	89		5		126		3
Net investment income	654		489		1,243		976
Other income	1		1		2		2
Total adjusted revenues	731		704		1,871		3,036
Benefits and expenses:
Policyholder benefits	286		394		1,028		2,417
Interest credited to policyholder account balances	243		187		473		356
Amortization of deferred policy acquisition costs	4		3		8		6
Non-deferrable insurance commissions	5		5		10		10
General operating expenses	20		19		42		39

Total benefits and expenses	558		608		1,561		2,828
Adjusted pre-tax operating income	$	173	$	96	$	310	$	208

Institutional Markets Sources of Earnings

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Spread income (a)	$	173	$	88	$	305	$	194
Fee income (b)	16		15		31		31
Underwriting margin (c)	13		20		34		38
Non-deferrable insurance commissions	(5)		(5)		(10)		(10)
General operating expenses	(20)		(19)		(42)		(39)
Other	(4)		(3)		(8)		(6)
Adjusted pre-tax operating income	$	173	$	96	$	310	$	208

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

(b) Represents fee income on SVW products.

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

Financial Highlights

Three Months Ended June 30, 2025 to Three Months Ended June 30, 2024 APTOI Comparison

APTOI increased $77 million, primarily due to:

• higher spread income of $85 million driven by $83 million higher variable investment income from private equity investments.

Partially offset by:

• lower underwriting margin of $7 million driven by higher policyholder benefits.

Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024 APTOI Comparison

APTOI increased $102 million, primarily due to:

• higher spread income of $111 million driven by $121 million higher variable investment income from private equity investments.

Partially offset by:

• lower underwriting margin of $4 million driven by $8 million higher policyholder benefits and other activity, partially offset by $6 million higher policy fees.

Corebridge | Second Quarter 2025 Form 10-Q 109

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

AUMA

The following table presents Institutional Markets AUMA:




(in millions)	June 30, 2025		December 31, 2024
SVW (AUA)	$	46,212	$	45,000
GIC, PRT and Structured settlements (AUM)	44,465		40,722
All other (AUM)	7,339		7,390
Total AUMA	$	98,016	$	93,112

June 30, 2025 to December 31, 2024 AUMA Comparison

AUMA increased $4.9 billion, primarily due to premiums and deposits of PRT and GIC products of $3.1 billion, investment performance and other activity of $2.7 billion and net inflows of $0.4 billion from SVW products, partially offset by benefit payments on the GIC, PRT and structured settlement products of $1.3 billion.

Spread Income, Fee Income and Underwriting Margin

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Premiums	$	34	$	175	$	542	$	1,980
Net investment income	617		451		1,168		900
Policyholder benefits	(262)		(378)		(987)		(2,384)
Interest credited to policyholder account balances	(216)		(160)		(418)		(302)

Total spread income (a)	$	173	$	88	$	305	$	194
SVW fees	$	16	$	15	$	31	$	31
Total fee income	$	16	$	15	$	31	$	31
Premiums	$	(9)	$	(8)	$	(17)	$	(17)
Policy fees (excluding SVW)	35		32		70		64
Net investment income	37		38		75		76
Other income	1		1		2		2
Policyholder benefits	(24)		(16)		(41)		(33)
Interest credited to policyholder account balances	(27)		(27)		(55)		(54)

Total underwriting margin (b)	$	13	$	20	$	34	$	38

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

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

Three Months Ended June 30, 2025 to Three Months Ended June 30, 2024 Comparison and Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024 Comparison

See “Financial Highlights.”

Premiums and Deposits

The following table presents the Institutional Markets premiums and deposits:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
PRT	$	—	$	127	$	469	$	1,894
GICs	1,024		1,791		2,349		2,391
Other*	111		130		259		349
Premiums and deposits	$	1,135	$	2,048	$	3,077	$	4,634

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

Corebridge | Second Quarter 2025 Form 10-Q 110

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Three Months Ended June 30, 2025 to Three Months Ended June 30, 2024 Comparison

Premiums and deposits decreased compared to the prior year period by $913 million, primarily due to lower deposits on new GICs of $767 million and lower premiums on new PRT business of $127 million.

Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024 Comparison

Premiums and deposits decreased compared to the prior year period by $1.6 billion, primarily due to lower premiums on new PRT business of $1.4 billion and lower deposits on new GICs of $42 million.

Corporate and Other

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

Corporate and Other Results


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Adjusted Revenues:
Premiums (a)	$	18	$	19	$	36	$	38
Net investment income	18		18		34		8
Net realized gains (losses) on real estate investments	(11)		(9)		2		(17)
Other income	6		8		13		31
Total adjusted revenues	31		36		85		60
Benefits and expenses:
Policyholder benefits	—		—		11		—
Non-deferrable insurance commissions	—		1		1		1
General operating expenses:
Corporate and other	56		60		118		126
Asset management (b)	13		15		27		35
Total general operating expenses	69		75		145		161
Interest expense:
Corporate	114		107		239		214
Asset management and other	24		25		45		55
Total interest expense	138		132		284		269
Total benefits and expenses	207		208		441		431
Noncontrolling interest (c)	8		24		1		75
Adjusted pre-tax operating loss before consolidation and eliminations	(168)		(148)		(355)		(296)
Consolidations and eliminations	(1)		—		2		(3)
Adjusted pre-tax operating (loss)	$	(169)	$	(148)	$	(353)	$	(299)

(a) Premiums include an expense allowance associated with Fortitude Re which is entirely offset in general operating expenses – Corporate and Other.

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

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

Corporate and Other Sources of Earnings

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Corporate expenses	$	(32)	$	(37)	$	(67)	$	(76)
Interest expense on financial debt	(114)		(107)		(239)		(214)
Asset management	—		2		(3)		16
Consolidated investment entities	—		2		3		1
Other	(23)		(8)		(47)		(26)
Adjusted pre-tax operating (loss)	$	(169)	$	(148)	$	(353)	$	(299)

Corebridge | Second Quarter 2025 Form 10-Q 111

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Financial Highlights

Three Months Ended June 30, 2025 to Three Months Ended June 30, 2024 APTOI Comparison

Adjusted pre-tax operating loss increased $21 million primarily due to:

• higher losses from Other sources of earnings of $15 million.

Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024 APTOI Comparison

Adjusted pre-tax operating loss increased $54 million primarily due to:

• higher interest expense of $25 million driven by new debt issuances in the third and fourth quarter of 2024 in anticipation of debt maturities in April and July 2025;

• lower asset management income of $19 million driven by lower income from legacy investments; and

• higher losses from Other sources of earnings of $21 million.

Investments

OVERVIEW

Our investment strategies are tailored to the specific business needs of each operating unit by targeting an asset allocation mix that supports estimated cash flows of our outstanding liabilities and provides diversification from asset class, sector, issuer and geographic perspectives. The primary objectives are generation of investment income, preservation of capital, liquidity management and growth of surplus. The majority of assets backing our insurance liabilities consist of fixed maturity securities, RMBS, CMBS, CLOs, other ABS and fixed maturity securities issued by government-sponsored entities and corporate entities. At June 30, 2025, of $227.4 billion of invested assets supporting our insurance operating companies, approximately 46% were in corporate debt securities. Mortgage-backed securities (“MBS”), ABS and CLOs represent 33% of our fixed income securities, and 99% were investment grade. At December 31, 2024, of $216.4 billion of invested assets supporting our insurance operating companies, approximately 45% were in corporate debt securities. MBS, ABS and CLOs represent 34% of our fixed income securities and 99% were investment grade.

See “Business - Investment Management” in the 2024 Form 10-K for further information, including current and future management of our investment portfolio.

Key Investment Strategies

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

In 2021, we entered into a long-term asset management relationship with Blackstone IM. Blackstone IM initially managed $50 billion of our existing investment portfolio, with that amount to increase to an aggregate of $92.5 billion by the third quarter of 2027.

The investments underlying the original $50 billion mandate with Blackstone IM began to run-off in 2022 and are being reinvested over time. As these assets run-off, we expect Blackstone to reinvest primarily in Blackstone-originated investments across a range of asset clas ses, including private and structured credit, and commercial and residential real estate securitized and whole loans. Blackstone’s preferred credit and lending strategy is to seek to control all significant components of the underwriting and pricing processes with the goal of facilitating bespoke opportunities with historically strong credit protection and attractive risk-adjusted returns. Blackstone seeks to capture enhanced economics to those available in the traditional fixed income markets by going directly to the borrowers.

We believe that Blackstone’s ability to originate attractive and privately sourced, fixed-income oriented assets, is accretive to our businesses and provides us with an enhanced competitive advantage as we have been able to expand our investment capabilities, access new asset classes and improve our investment yields. We continue to manage asset allocation and portfolio-level risk management decisions with respect to any assets managed by Blackstone, ensuring that we maintain a consistent level of oversight across our entire investment portfolio considering our asset-liability matching needs, risk appetite and capital position.

As of June 30, 2025, Blackstone managed $70.2 billion in book value of assets in our investment portfolio.

Corebridge | Second Quarter 2025 Form 10-Q 112

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Under the investment management agreements with BlackRock and its investment advisory affiliates, as of June 30, 2025, BlackRock managed approximately $89.7 billion in book value of assets in our investment portfolio, consisting of liquid fixed income and certain private placement assets. In addition, liquid fixed income assets associated with the Fortitude Re portfolio were separately transferred to BlackRock for management. The investment management agreements with BlackRock provide us with access to market-leading capabilities, including portfolio management, research and tactical strategies in addition to a larger pool of investment professionals. We believe BlackRock’s scale and fee structure make BlackRock an excellent outsourcing partner for certain asset classes and will allow us to further optimize our investment management operating model while improving overall performance. The investment management agreements contain detailed investment guidelines and reporting requirements.

Some of our key investment strategies are as follows:

• our fundamental strategy across the portfolios is to seek investments with similar characteristics to the associated insurance liabilities to the extent practicable;

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

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

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

• within the United States, investments are generally split between reserve-backing and surplus portfolios:

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

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

• we also utilize derivatives to manage our asset and liability duration as well as currency exposures.

Asset-Liability Management

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

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

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

Corebridge | Second Quarter 2025 Form 10-Q 113

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Investment Portfolio

The following table presents carrying amounts of our total investments:


(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
June 30, 2025
Bonds available-for-sale:
U.S. government and government-sponsored entities	$	1,035	$	243	$	1,278
Obligations of states, municipalities and political subdivisions	3,961		566		4,527
Non-U.S. governments	4,088		214		4,302
Corporate debt	103,470		10,330		113,800
Mortgage-backed, asset-backed and collateralized:
RMBS	15,534		483		16,017
CMBS	9,227		342		9,569
CLO	9,123		126		9,249
ABS	20,343		560		20,903
Total mortgage-backed, asset-backed and collateralized	54,227		1,511		55,738
Total bonds available-for-sale	166,781		12,864		179,645
Other bond securities	439		4,940		5,379
Total fixed maturities	167,220		17,804		185,024
Equity securities	911		—		911
Mortgage and other loans receivable:
Residential mortgages	12,903		—		12,903
Commercial mortgages	33,834		2,961		36,795
Life insurance policy loans	1,399		310		1,709
Commercial loans, other loans and notes receivable	2,801		126		2,927
Total mortgage and other loans receivable (a)	50,937		3,397		54,334
Other invested assets (b)	8,002		1,945		9,947
Short-term investments	3,488		323		3,811
Total (c)	$	230,558	$	23,469	$	254,027
December 31, 2024
Bonds available-for-sale:
U.S. government and government-sponsored entities	$	1,127	$	241	$	1,368
Obligations of states, municipalities and political subdivisions	4,085		576		4,661
Non-U.S. governments	3,670		234		3,904
Corporate debt	95,943		10,535		106,478
Mortgage-backed, asset-backed and collateralized:
RMBS	15,274		510		15,784
CMBS	9,127		450		9,577
CLO	9,985		133		10,118
ABS	18,375		575		18,950
Total mortgage-backed, asset-backed and collateralized	52,761		1,668		54,429
Total bonds available-for-sale	157,586		13,254		170,840
Other bond securities	348		4,914		5,262
Total fixed maturities	157,934		18,168		176,102
Equity securities	56		—		56
Mortgage and other loans receivable:
Residential mortgages	12,671		—		12,671
Commercial mortgages	32,094		3,075		35,169
Life insurance policy loans	1,411		315		1,726
Commercial loans, other loans and notes receivable	3,053		149		3,202
Total mortgage and other loans receivable (a)	49,229		3,539		52,768
Other invested assets (b)	7,800		2,051		9,851
Short-term investments	4,707		274		4,981
Total (c)	$	219,726	$	24,032	$	243,758

(a) Net of total allowance for credit losses for $719 million and $771 million at June 30, 2025 and December 31, 2024, respectively.

(b) Other invested assets, excluding Fortitude Re funds withheld assets, include $6.2 billion and $5.8 billion of private equity funds as of June 30, 2025 and December 31, 2024, respectively, which are generally reported on a one-quarter lag.

(c) Includes the consolidation of approximately $4.8 billion and $4.9 billion of consolidated investment entities at June 30, 2025 and December 31, 2024, respectively.

Corebridge | Second Quarter 2025 Form 10-Q 114

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


(in millions)	June 30, 2025		December 31, 2024
Bonds available-for-sale:
U.S. government and government-sponsored entities	$	1,035	$	1,127
Obligations of states, municipalities and political subdivisions	3,961		4,085
Non-U.S. governments	4,089		3,669
Corporate debt
Public credit	81,952		75,491
Private credit	22,117		20,802
Total corporate debt	104,069		96,293
Mortgage-backed, asset-backed and collateralized:
RMBS	16,060		15,754
CMBS	9,227		9,127
CLO	9,071		9,933
ABS	20,343		18,374
Total mortgage-backed, asset-backed and collateralized	54,701		53,188
Total bonds available-for-sale	167,855		158,362
Other bond securities	404		312
Total fixed maturities	168,259		158,674
Equity securities	911		53
Mortgage and other loans receivable:
Residential mortgages	11,427		11,128
Commercial mortgages	34,373		32,660
Commercial loans, other loans and notes receivable	2,863		3,133
Total mortgage and other loans receivable (a)(b)	48,663		46,921
Other invested assets
Hedge funds	104		132
Private equity (c)	5,938		5,540
Real estate investments	66		313
Other invested assets - All other	331		308
Total other invested assets	6,439		6,293
Short-term investments	3,140		4,428
Total (d)	$	227,412	$	216,369

(a) Does not reflect allowance for credit loss on mortgage loans of $670 million and $710 million at June 30, 2025 and December 31, 2024, respectively.

(b) Does not reflect policy loans of $1.4 billion and $1.4 billion at June 30, 2025 and December 31, 2024, respectively.

(d) Excludes approximately $4.8 billion and $4.9 billion of consolidated investment entities as well as $2.4 billion and $2.3 billion of eliminations primarily between the consolidated investment entities and the insurance operating companies at June 30, 2025 and December 31, 2024, respectively.

Credit Ratings

At June 30, 2025, nearly all our fixed maturity securities were held by our U.S. entities and 93% of these securities were rated investment grade by one or more of the principal rating agencies.

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

Corebridge | Second Quarter 2025 Form 10-Q 115

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NAIC Designations of Fixed Maturity Securities

The Securities Valuation Office (“SVO”) of the NAIC evaluates the investments of U.S. insurers for statutory reporting purposes and assigns fixed maturity securities to one of six categories called ‘NAIC Designations.’ In general, NAIC Designations of ‘1,’ highest quality, or ‘2,’ high quality, include fixed maturity securities considered investment grade, while NAIC Designations of ‘3’ through ‘6’ generally include fixed maturity securities referred to as below investment grade. NAIC Designations for non-agency RMBS and CMBS are calculated using third-party modeling results provided through the NAIC. These methodologies result in an improved NAIC Designation for such securities compared to the rating typically assigned by the three major rating agencies. The following tables summarize the ratings distribution of our subsidiaries’ fixed maturity security portfolio by NAIC Designation, and the distribution by composite our credit rating, which is generally based on ratings of the three major rating agencies. As of June 30, 2025 and December 31, 2024, 94% and 95%, respectively, of our fixed maturity security portfolio, excluding Fortitude Re funds withheld assets, were investment grade. The fixed maturity security portfolio of our insurance operating subsidiaries, excluding the Fortitude Re funds withheld assets, was 94% and 95% investment grade as of June 30, 2025 and December 31, 2024, respectively. The remaining below investment grade securities that are not included in consolidated investment entities relate to middle market and high yield bank loans securities.

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


NAIC Designation Excluding Fortitude Re Funds Withheld Assets (in millions)	1		2		Total Investment Grade		3		4 (a)		5 (a)		6		Total Below Investment Grade		Total
June 30, 2025
Other fixed maturity securities	$	48,085	$	55,832	$	103,917	$	5,375	$	2,781	$	471	$	101	$	8,728	$	112,645
Mortgage-backed, asset-backed and collateralized	45,194		8,656		53,850		377		178		59		17		631		54,481
Total (b)	$	93,279	$	64,488	$	157,767	$	5,752	$	2,959	$	530	$	118	$	9,359	$	167,126
Fortitude Re funds withheld assets																	$	17,804
Total fixed maturities																	$	184,930
December 31, 2024
Other fixed maturity securities	$	46,274	$	51,348	$	97,622	$	4,151	$	2,499	$	524	$	73	$	7,247	$	104,869
Mortgage-backed, asset-backed and collateralized	44,725		7,617		52,342		371		172		69		17		629		52,971
Total (b)	$	90,999	$	58,965	$	149,964	$	4,522	$	2,671	$	593	$	90	$	7,876	$	157,840
Fortitude Re funds withheld assets																	$	18,168
Total fixed maturities																	$	176,008

(a) Includes $0 million and $1 million of consolidated CLOs that are rated NAIC 4 and 5, respectively, as of June 30, 2025 and $2 million and $1 million of NAIC 4 and 5 securities, respectively, as of December 31, 2024. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(b) Excludes $94 million and $94 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2025 and December 31, 2024, respectively.

Corebridge | Second Quarter 2025 Form 10-Q 116

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


(in millions)	June 30, 2025		December 31, 2024
NAIC 1	$	93,803	$	91,475
NAIC 2	65,095		59,320
NAIC 3	5,755		4,525
NAIC 4	2,959		2,671
NAIC 5 and 6	647		683
Total*	$	168,259	$	158,674

* Excludes approximately $61 million and $61 million of consolidated investment entities and $1.1 billion and $800 million of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at June 30, 2025 and December 31, 2024, respectively.

Composite Corebridge Credit Ratings

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

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


Composite Corebridge Credit Rating Excluding Fortitude Re Funds Withheld Assets (in millions)	AAA/AA/A		BBB		Total Investment Grade		BB		B		CCC and Lower		Total Below Investment Grade (a)(b)		Total
June 30, 2025
Other fixed maturity securities	$	48,852	$	55,499	$	104,351	$	4,918	$	2,647	$	729	$	8,294	$	112,645
Mortgage-backed, asset-backed and collateralized	42,093		9,306		51,399		509		335		2,238		3,082		54,481
Total (c)	$	90,945	$	64,805	$	155,750	$	5,427	$	2,982	$	2,967	$	11,376	$	167,126
Fortitude Re funds withheld assets															$	17,804
Total fixed maturities															$	184,930
December 31, 2024
Other fixed maturity securities	$	46,770	$	50,941	$	97,711	$	4,058	$	2,538	$	562	$	7,158	$	104,869
Mortgage-backed, asset-backed and collateralized	41,521		8,358		49,879		427		371		2,294		3,092		52,971
Total (c)	$	88,291	$	59,299	$	147,590	$	4,485	$	2,909	$	2,856	$	10,250	$	157,840
Fortitude Re funds withheld assets															$	18,168
Total fixed maturities															$	176,008

(a) Includes $2.3 billion and $1.5 billion at June 30, 2025 and December 31, 2024, respectively, of certain RMBS that had experienced deterioration in credit quality since its origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

(b) Includes $1 million of consolidated CLOs as of June 30, 2025 and $3 million as of December 31, 2024. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(c) Excludes $94 million and $94 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2025 and December 31, 2024, respectively.

Corebridge | Second Quarter 2025 Form 10-Q 117

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


(in millions)	AAA/AA/A		BBB		Total Investment Grade		BB		B		CCC and Lower		Total Below Investment Grade		Total
June 30, 2025
Other fixed maturity securities	$	48,851	$	56,100	$	104,951	$	4,918	$	2,646	$	728	$	8,292	$	113,243
Mortgage-backed, asset-backed and collateralized	42,605		9,321		51,926		514		336		2,240		3,090		55,016
Total fixed maturities*	$	91,456	$	65,421	$	156,877	$	5,432	$	2,982	$	2,968	$	11,382	$	168,259
December 31, 2024
Other fixed maturity securities	$	46,770	$	51,291	$	98,061	$	4,055	$	2,537	$	561	$	7,153	$	105,214
Mortgage-backed, asset-backed and collateralized	41,985		8,375		50,360		433		373		2,294		3,100		53,460
Total fixed maturities*	$	88,755	$	59,666	$	148,421	$	4,488	$	2,910	$	2,855	$	10,253	$	158,674

For a discussion of credit risks associated with investments, see “Business—Investment Management—Credit Risk” in the 2024 Form 10-K.

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


	Available-for-Sale				Other Fixed Maturity Securities, at Fair Value				Total
Excluding Fortitude Funds Withheld Assets (in millions)	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Rating:
Other fixed maturity securities*
AAA	$	1,311	$	1,472	$	—	$	—	$	1,311	$	1,472
AA	22,110		21,297		30		16		22,140		21,313
A	25,400		23,985		1		—		25,401		23,985
BBB	55,448		50,924		51		17		55,499		50,941
Below investment grade	8,089		7,143		9		9		8,098		7,152
Non-rated	196		4		—		2		196		6
Total	$	112,554	$	104,825	$	91	$	44	$	112,645	$	104,869
Mortgage-backed, asset-backed and collateralized
AAA	$	10,617	$	10,679	$	11	$	12	$	10,628	$	10,691
AA	23,117		23,053		79		74		23,196		23,127
A	8,147		7,599		122		104		8,269		7,703
BBB	9,244		8,306		62		52		9,306		8,358
Below investment grade	3,048		3,070		33		21		3,081		3,091
Non-rated	54		54		41		41		95		95
Total	$	54,227	$	52,761	$	348	$	304	$	54,575	$	53,065
Total
AAA	$	11,928	$	12,151	$	11	$	12	$	11,939	$	12,163
AA	45,227		44,350		109		90		45,336		44,440
A	33,547		31,584		123		104		33,670		31,688
BBB	64,692		59,230		113		69		64,805		59,299
Below investment grade	11,137		10,213		42		30		11,179		10,243
Non-rated	250		58		41		43		291		101
Total	$	166,781	$	157,586	$	439	$	348	$	167,220	$	157,934

Corebridge | Second Quarter 2025 Form 10-Q 118

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	Available-for-Sale				Other Fixed Maturity Securities, at Fair Value				Total
Fortitude Re Funds Withheld Assets (in millions)	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Rating:
Other fixed maturity securities*
AAA	$	336	$	342	$	22	$	21	$	358	$	363
AA	3,120		3,128		1,106		1,092		4,226		4,220
A	3,286		3,217		138		142		3,424		3,359
BBB	4,258		4,513		1,529		1,461		5,787		5,974
Below investment grade	353		386		367		421		720		807
Non-rated	—		—		4		4		4		4
Total	$	11,353	$	11,586	$	3,166	$	3,141	$	14,519	$	14,727
Mortgage-backed, asset-backed and collateralized
AAA	$	93	$	117	$	84	$	80	$	177	$	197
AA	665		740		619		691		1,284		1,431
A	154		171		272		217		426		388
BBB	304		326		736		718		1,040		1,044
Below investment grade	295		314		62		66		357		380
Non-rated	—		—		1		1		1		1
Total	$	1,511	$	1,668	$	1,774	$	1,773	$	3,285	$	3,441
Total
AAA	$	429	$	459	$	106	$	101	$	535	$	560
AA	3,785		3,868		1,725		1,783		5,510		5,651
A	3,440		3,388		410		359		3,850		3,747
BBB	4,562		4,839		2,265		2,179		6,827		7,018
Below investment grade	648		700		429		487		1,077		1,187
Non-rated	—		—		5		5		5		5
Total	$	12,864	$	13,254	$	4,940	$	4,914	$	17,804	$	18,168

Corebridge | Second Quarter 2025 Form 10-Q 119

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	Available-for-Sale				Other Fixed Maturity Securities, at Fair Value				Total
Total (in millions)	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Rating:
Other fixed maturity securities*
AAA	$	1,647	$	1,814	$	22	$	21	$	1,669	$	1,835
AA	25,230		24,425		1,136		1,108		26,366		25,533
A	28,686		27,202		139		142		28,825		27,344
BBB	59,706		55,437		1,580		1,478		61,286		56,915
Below investment grade	8,442		7,529		376		430		8,818		7,959
Non-rated	196		4		4		6		200		10
Total	$	123,907	$	116,411	$	3,257	$	3,185	$	127,164	$	119,596
Mortgage-backed, asset-backed and collateralized
AAA	$	10,710	$	10,796	$	95	$	92	$	10,805	$	10,888
AA	23,782		23,793		698		765		24,480		24,558
A	8,301		7,770		394		321		8,695		8,091
BBB	9,548		8,632		798		770		10,346		9,402
Below investment grade	3,343		3,384		95		87		3,438		3,471
Non-rated	54		54		42		42		96		96
Total	$	55,738	$	54,429	$	2,122	$	2,077	$	57,860	$	56,506
Total
AAA	$	12,357	$	12,610	$	117	$	113	$	12,474	$	12,723
AA	49,012		48,218		1,834		1,873		50,846		50,091
A	36,987		34,972		533		463		37,520		35,435
BBB	69,254		64,069		2,378		2,248		71,632		66,317
Below investment grade	11,785		10,913		471		517		12,256		11,430
Non-rated	250		58		46		48		296		106
Total	$	179,645	$	170,840	$	5,379	$	5,262	$	185,024	$	176,102

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

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


	June 30, 2025						December 31, 2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Chile	$	449	$	21	$	470	$	425	$	13	$	438
France	409		18		427		262		18		280
Indonesia	301		31		332		322		30		352
Mexico	289		26		315		268		17		285
United Arab Emirates	207		1		208		205		1		206
Saudi Arabia	189		19		208		189		18		207
Qatar	184		35		219		191		41		232
Peru	173		13		186		140		4		144
Colombia	164		25		189		148		25		173
Panama	143		17		160		132		18		150
Other	1,581		78		1,659		1,389		75		1,464
Total*	$	4,089	$	284	$	4,373	$	3,671	$	260	$	3,931

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

Corebridge | Second Quarter 2025 Form 10-Q 120

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ITEM 2 | Investments

Investments in Corporate Debt Securities

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


	June 30, 2025						December 31, 2024
	Fair Value						Fair Value
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Industry Category:
Financial institutions	$	29,887	$	2,165	$	32,052	$	27,043	$	2,199	$	29,242
Utilities	16,076		2,277		18,353		14,815		2,327		17,142
Communications	6,254		588		6,842		5,757		593		6,350
Consumer noncyclical	11,374		1,216		12,590		11,553		1,247		12,800
Capital goods	4,021		358		4,379		3,767		360		4,127
Energy	9,424		903		10,327		9,238		929		10,167
Consumer cyclical	6,083		415		6,498		5,464		440		5,904
Basic materials	4,092		249		4,341		3,568		279		3,847
Other	16,259		2,159		18,418		14,738		2,161		16,899
Total*	$	103,470	$	10,330	$	113,800	$	95,943	$	10,535	$	106,478

* 93% and 93% of investments were rated investment grade at June 30, 2025 and December 31, 2024, respectively.

Corebridge | Second Quarter 2025 Form 10-Q 121

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ITEM 2 | Investments

Investments in RMBS

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


	June 30, 2025				December 31, 2024
(in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
Agency RMBS	$	3,909	26	%	$	3,683	25	%
AAA	5				5
AA	3,904				3,678
A	—				—
BBB	—				—
Below investment grade	—				—
Non-rated	—				—
Alt-A RMBS	3,148		20	%	3,349		22	%
AAA	875				975
AA	713				707
A	51				72
BBB	46				59
Below investment grade	1,463				1,536
Non-rated	—				—
Sub-prime RMBS	997		6	%	1,042		7	%
AAA	22				7
AA	56				74
A	82				87
BBB	26				28
Below investment grade	811				846
Non-rated	—				—
Prime non-agency	3,213		21	%	3,272		21	%
AAA	1,858				1,784
AA	808				823
A	344				299
BBB	107				258
Below investment grade	95				107
Non-rated	1				1
Other housing related	4,267		27	%	3,928		25	%
AAA	2,887				2,694
AA	750				628
A	467				397
BBB	151				197
Below investment grade	12				12
Non-rated	—				—
Total RMBS excluding Fortitude Re funds withheld assets	15,534		100	%	15,274		100	%
Total RMBS Fortitude Re funds withheld assets	483				510
Total RMBS*	$	16,017			$	15,784

* Includes $2.3 billion and $1.5 billion at June 30, 2025 and December 31, 2024, respectively, of certain RMBS that had experienced deterioration in credit quality since their origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

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

Corebridge | Second Quarter 2025 Form 10-Q 122

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ITEM 2 | Investments

Investments in CMBS

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


	June 30, 2025				December 31, 2024
(in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
CMBS (traditional)	$	8,193	89	%	$	8,098	88	%
AAA	2,955				3,143
AA	2,865				3,087
A	853				774
BBB	1,087				740
Below investment grade	433				354
Non-rated	—				—
Agency	878		9	%	871		10	%
AAA	3				3
AA	875				868
A	—				—
BBB	—				—
Below investment grade	—				—
Non-rated	—				—
Other	156		2	%	158		2	%
AAA	47				42
AA	4				4
A	17				15
BBB	88				97
Below investment grade	—				—
Non-rated	—				—
Total excluding Fortitude Re funds withheld assets	9,227		100	%	9,127		100	%
Total Fortitude Re funds withheld assets	342				450
Total	$	9,569			$	9,577

The fair value of CMBS holdings increased slightly during the six months ended June 30, 2025. The majority of our investments in CMBS are in tranches that contain substantial protection features through collateral subordination.

Corebridge | Second Quarter 2025 Form 10-Q 123

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ITEM 2 | Investments

Investments in ABS/CLOs

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


	June 30, 2025				December 31, 2024
(dollars in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
CDO - bank loan (CLO)	$	9,122	31	%	$	9,983	35	%
AAA	1,210				1,435
AA	4,027				4,929
A	2,463				2,548
BBB	1,367				1,008
Below investment grade	2				10
Non-rated	53				53
CDO - other	1		—	%	2		—	%
AAA	—				—
AA	—				—
A	—				—
BBB	—				—
Below investment grade	1				2
Non-rated	—				—
ABS	20,343		69	%	18,375		65	%
AAA	755				593
AA	9,115				8,252
A	3,870				3,407
BBB	6,372				5,919
Below investment grade	231				204
Non-rated	—				—
Total excluding Fortitude Re funds withheld assets	29,466		100	%	28,360		100	%
Total Fortitude Re funds withheld assets	686				708
Total	$	30,152			$	29,068

Unrealized Losses of Fixed Maturity Securities

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


June 30, 2025	Less Than or Equal to 20% of Cost (b)					Greater Than 20% to 50% of Cost (b)					Greater Than 50% of Cost (b)					Total
Aging (a) (dollars in millions)	Cost (c)		Unrealized Loss (e)		Items (d)	Cost (c)		Unrealized Loss (e)		Items (d)	Cost (c)		Unrealized Loss (e)		Items (d)	Cost (c)		Unrealized Loss (e)		Items (d)
Investment grade bonds
0-6 months	$	15,407	$	501	1,221	$	1,191	$	337	93	$	21	$	11	—	$	16,619	$	849	1,314
7-11 months	10,132		423		896	1,441		473		98	—		—		—	11,573		896		994
12 months or more	51,092		4,626		5,404	27,416		9,012		2,285	273		147		19	78,781		13,785		7,708
Total	76,631		5,550		7,521	30,048		9,822		2,476	294		158		19	106,973		15,530		10,016
Below investment grade bonds
0-6 months	1,266		26		239	23		6		11	2		2		6	1,291		34		256
7-11 months	914		34		161	69		22		10	21		16		1	1,004		72		172
12 months or more	2,723		181		603	511		153		98	12		7		6	3,246		341		707
Total	4,903		241		1,003	603		181		119	35		25		13	5,541		447		1,135
Total bonds
0-6 months	16,673		527		1,460	1,214		343		104	23		13		6	17,910		883		1,570
7-11 months	11,046		457		1,057	1,510		495		108	21		16		1	12,577		968		1,166
12 months or more	53,815		4,807		6,007	27,927		9,165		2,383	285		154		25	82,027		14,126		8,415
Total excluding Fortitude Re funds withheld assets	$	81,534	$	5,791	8,524	$	30,651	$	10,003	2,595	$	329	$	183	32	$	112,514	$	15,977	11,151
Total Fortitude Re funds withheld assets																$	14,801	$	3,198	620
Total																$	127,315	$	19,175	11,771

Corebridge | Second Quarter 2025 Form 10-Q 124

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ITEM 2 | Investments


December 31, 2024	Less Than or Equal to 20% of Cost (b)					Greater than 20% to 50% of Cost (b)					Greater than 50% of Cost (b)					Total
Aging (a) (dollars in millions)	Cost (c)		Unrealized Loss (e)		Items (d)	Cost (c)		Unrealized Loss (e)		Items (d)	Cost (c)		Unrealized Loss (e)		Items (d)	Cost (c)		Unrealized Loss (e)		Items (d)
Investment grade bonds
0-6 months	$	27,114	$	916	2,457	$	1,829	$	590	130	$	—	$	—	—	$	28,943	$	1,506	2,587
7-11 months	4,479		361		329	1,718		557		143	1		—		—	6,198		918		472
12 months or more	55,089		5,370		6,141	32,251		10,002		2,838	522		286		29	87,862		15,658		9,008
Total	86,682		6,647		8,927	35,798		11,149		3,111	523		286		29	123,003		18,082		12,067
Below Investment grade bonds
0-6 months	2,204		71		398	89		27		19	3		3		3	2,296		101		420
7-11 months	321		21		53	1		—		1	—		—		2	322		21		56
12 months or more	3,038		210		691	581		173		103	18		13		8	3,637		396		802
Total	5,563		302		1,142	671		200		123	21		16		13	6,255		518		1,278
Total bonds
0-6 months	29,318		987		2,855	1,918		617		149	3		3		3	31,239		1,607		3,007
7-11 months	4,800		382		382	1,719		557		144	1		—		2	6,520		939		528
12 months or more	58,127		5,580		6,832	32,832		10,175		2,941	540		299		37	91,499		16,054		9,810
Total excluding Fortitude Re funds withheld assets	$	92,245	$	6,949	10,069	$	36,469	$	11,349	3,234	$	544	$	302	42	$	129,258	$	18,600	13,345
Total Fortitude Re funds withheld assets																$	15,499	$	3,416	702
Total																$	144,757	$	22,016	14,047

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

(b) Represents the percentage by which fair value is less than amortized cost or cost at June 30, 2025 and December 31, 2024.

(d) Item count is by CUSIP by subsidiary.

(e) Includes MTM movement relating to embedded derivatives.

The allowance for credit losses was $10 million and $5 million for investment grade bonds, and $81 million and $114 million for below investment grade bonds as of June 30, 2025 and December 31, 2024, respectively.

Change in Unrealized Gains and Losses on Investments

The change in net unrealized gains and losses on investments for the three and six months ended June 30, 2025, was primarily attributable to a change in the fair value of fixed maturity securities. For the three months ended June 30, 2025, net unrealized gains related to fixed maturity securities were $1.6 billion due to narrowing of credit spreads. For the six months ended June 30, 2025, net unrealized gains were $3.6 billion primarily due to narrowing of credit spreads.

The change in net unrealized gains and losses on investments for the three and six months ended June 30, 2024 was primarily attributable to decreases in the fair value of fixed maturity securities. For the three months ended June 30, 2024, net unrealized losses related to fixed maturity securities increased by $1.2 billion due to higher interest rates. For the six months ended June 30, 2024, net unrealized losses related to fixed maturity securities increased by $2.3 billion due to higher interest rates.

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

Corebridge | Second Quarter 2025 Form 10-Q 125

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ITEM 2 | Investments

Commercial Mortgage Loans

At June 30, 2025 and December 31, 2024, we had direct commercial mortgage loan exposure of $37.4 billion and $35.8 billion, respectively. At June 30, 2025 and December 31, 2024, we had an allowance for credit losses of $586 million and $626 million, respectively.

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


	Number of Loans	Class													Total		Percent of Total
Excluding Fortitude Re Funds Withheld Assets (dollars in millions)			Apartments		Offices		Retail		Industrial		Hotel		Others
June 30, 2025
State:
New York	71		$	1,595	$	3,233	$	285	$	508	$	65	$	—	$	5,686	17	%
California	56		648		842		93		1,071		565		52		3,271		10	%
New Jersey	72		1,819		5		271		1,144		—		21		3,260		9	%
Florida	48		910		104		416		298		439		58		2,225		6	%
Texas	41		852		399		453		183		17		157		2,061		6	%
Massachusetts	18		354		982		522		14		—		—		1,872		5	%
Colorado	14		370		42		87		302		113		—		914		3	%
Pennsylvania	21		162		183		166		382		20		—		913		3	%
Illinois	21		379		350		2		115		—		57		903		3	%
North Carolina	12		359		27		—		112		14		—		512		1	%
Other States	113		2,411		96		560		1,507		287		83		4,944		14	%
Foreign	65		3,787		1,066		998		1,229		157		575		7,812		23	%
Total*	552		$	13,646	$	7,329	$	3,853	$	6,865	$	1,677	$	1,003	$	34,373	100	%
Fortitude Re funds withheld assets															$	3,008
Total Commercial Mortgages															$	37,381
December 31, 2024
State:
New York	70		$	1,417	$	3,467	$	280	$	512	$	67	$	—	$	5,743	18	%
California	57		740		823		96		1,118		570		12		3,359		10	%
New Jersey	71		1,770		5		267		1,128		—		21		3,191		10	%
Florida	46		738		105		356		298		454		—		1,951		6	%
Texas	40		806		461		454		227		17		156		2,121		6	%
Massachusetts	20		544		888		527		14		—		—		1,973		6	%
Colorado	16		369		42		87		242		155		—		895		3	%
Pennsylvania	20		145		136		189		233		21		—		724		2	%
Illinois	21		427		351		2		117		—		19		916		3	%
North Carolina	13		357		27		1		97		15		—		497		2	%
Other States	109		2,300		152		542		1,204		309		27		4,534		13	%
Foreign	64		3,450		965		792		1,059		272		218		6,756		21	%
Total*	547		$	13,063	$	7,422	$	3,593	$	6,249	$	1,880	$	453	$	32,660	100	%
Fortitude Re funds withheld assets															$	3,135
Total Commercial Mortgages															$	35,795

* Does not reflect allowance for credit losses.

Corebridge | Second Quarter 2025 Form 10-Q 126

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ITEM 2 | Investments

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


	Debt Service Coverage Ratios (a)
(in millions)	>1.20X		1.00X - 1.20X		<1.00X		Total
June 30, 2025
Loan-to-value ratios (b)
Less than 65%	$	22,220	$	1,900	$	174	$	24,294
65% to 75%	6,792		588		63		7,443
76% to 80%	178		174		—		352
Greater than 80%	1,311		307		666		2,284
Total commercial mortgages excluding Fortitude Re (c)	$	30,501	$	2,969	$	903	$	34,373
Total commercial mortgages including Fortitude Re							$	3,008
Total commercial mortgages							$	37,381
December 31, 2024
Loan-to-value ratios (b)
Less than 65%	$	20,375	$	2,049	$	209	$	22,633
65% to 75%	6,539		593		32		7,164
76% to 80%	552		158		—		710
Greater than 80%	1,036		311		806		2,153
Total commercial mortgages excluding Fortitude Re (c)	$	28,502	$	3,111	$	1,047	$	32,660
Total commercial mortgages including Fortitude Re							$	3,135
Total commercial mortgages							$	35,795

(a) The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X and 1.9X at periods ended June 30, 2025 and December 31, 2024, respectively. The debt service coverage ratios are updated when additional relevant information becomes available.

(b) The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 60% at June 30, 2025 and 60% at December 31, 2024. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

Corebridge | Second Quarter 2025 Form 10-Q 127

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ITEM 2 | Investments

Residential Mortgage Loans

At June 30, 2025 and December 31, 2024, we had direct residential mortgage loan exposure of $13.0 billion and $12.7 billion, respectively.

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


June 30, 2025
(in millions)	2025		2024		2023		2022		2021		Prior		Total
FICO: (a)
780 and greater	$	154	$	1,032	$	630	$	646	$	2,203	$	1,438	$	6,103
720 - 779	220		1,832		1,018		564		533		560		4,727
660 - 719	121		668		322		205		143		355		1,814
600 - 659	—		—		13		28		23		155		219
Less than 600	—		—		6		23		13		68		110
Total residential mortgages (b)(c)	$	495	$	3,532	$	1,989	$	1,466	$	2,915	$	2,576	$	12,973


December 31, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
FICO: (a)
780 and greater	$	1,075	$	667	$	690	$	2,258	$	617	$	863	$	6,170
720 - 779	1,647		1,095		579		582		149		440		4,492
660 - 719	609		355		235		150		38		336		1,723
600 - 659	15		12		34		25		10		146		242
Less than 600	3		2		19		12		5		67		108
Total residential mortgages (b)(c)	$	3,349	$	2,131	$	1,557	$	3,027	$	819	$	1,852	$	12,735

(a) Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On June 30, 2025 and December 31, 2024 residential loans direct to consumers totaled $8.1 billion and $8.4 billion, respectively.

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

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

Corebridge | Second Quarter 2025 Form 10-Q 128

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ITEM 2 | Investments

Net Realized Gains and Losses


Three Months Ended June 30,	2025						2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Sales of fixed maturity securities	$	(513)	$	(5)	$	(518)	$	(493)	$	(49)	$	(542)
Intent to Sell (a)	(250)		—		(250)		—		—		—
Change in allowance for credit losses on fixed maturity securities	(41)		(4)		(45)		(50)		(1)		(51)
Change in allowance for credit losses on loans	14		5		19		(34)		(5)		(39)
Foreign exchange transactions, net of related hedges	(445)		(3)		(448)		55		(1)		54
Index-linked interest credited embedded derivatives, net of related hedges	(248)		—		(248)		(172)		—		(172)
All other derivatives and hedge accounting (b)	(172)		(21)		(193)		18		(34)		(16)
Sale of alternative investments and real estate	(9)		(2)		(11)		11		(3)		8
Other	(30)		—		(30)		(25)		—		(25)
Net realized losses – excluding Fortitude Re funds withheld embedded derivative	(1,694)		(30)		(1,724)		(690)		(93)		(783)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		(251)		(251)		—		36		36
Net realized losses	$	(1,694)	$	(281)	$	(1,975)	$	(690)	$	(57)	$	(747)

Six Months Ended June 30,	2025						2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Sales of fixed maturity securities	$	(654)	$	(20)	$	(674)	$	(813)	$	(71)	$	(884)
Intent to Sell (a)	(250)		—		(250)		(15)		(32)		(47)
Change in allowance for credit losses on fixed maturity securities	(61)		(12)		(73)		(112)		(7)		(119)
Change in allowance for credit losses on loans	(2)		3		1		(48)		(3)		(51)
Foreign exchange transactions, net of related hedges	(566)		10		(556)		101		—		101
Index-linked interest credited embedded derivatives, net of related hedges	(536)		—		(536)		(82)		—		(82)
All other derivatives and hedge accounting (b)	(416)		16		(400)		123		(140)		(17)
Sale of alternative investments and real estate	3		(4)		(1)		31		(4)		27
Other	(34)		(19)		(53)		(53)		—		(53)
Net realized losses – excluding Fortitude Re funds withheld embedded derivative	(2,516)		(26)		(2,542)		(868)		(257)		(1,125)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		(847)		(847)		—		58		58
Net realized losses	$	(2,516)	$	(873)	$	(3,389)	$	(868)	$	(199)	$	(1,067)

(a) 2025 reflects impairment of fixed maturity securities that Corebridge expects to transfer or sell in conjunction with the Reinsurance Agreements discussed in Note 1.

(b) Derivative activity related to hedging certain MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 14 to the Condensed Consolidated Financial Statements.

Higher net realized losses excluding Fortitude Re funds withheld assets in the three and six months ended June 30, 2025 compared to same period in the prior period were due primarily to losses on derivatives and foreign exchange transactions in the current period compared to gains on derivatives and foreign exchange transactions in the same period in the prior year.

Index-linked interest credited embedded derivatives, net of related hedges, reflected higher losses in the three and six months ended June 30, 2025 compared to lower losses in the same period in the prior period. Fair value gains or losses in the hedging portfolio are typically not fully offset by increases or decreases in liabilities due to the non-performance or “own credit” risk adjustment used in the valuation of index-linked interest credited embedded derivatives, which are not hedged as part of our economic hedging program, and other risk margins used for valuation that cause the embedded derivatives to be less sensitive to changes in market rates than the hedge portfolio.

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ITEM 2 | Investments

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

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

Other Invested Assets

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

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


	June 30, 2025						December 31, 2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Alternative investments (a)	$	6,300	$	1,820	$	8,120	$	5,936	$	1,893	$	7,829
Investment real estate (b)	1,088		125		1,213		1,268		158		1,426
All other investments (c)	614		—		614		596		—		596
Total	$	8,002	$	1,945	$	9,947	$	7,800	$	2,051	$	9,851

(a) At June 30, 2025, included hedge funds of $180 million and private equity funds of $7.9 billion. At December 31, 2024, included hedge funds of $210 million and private equity funds of $7.6 billion.

(b) Net of accumulated depreciation of $484 million and $528 million as of June 30, 2025 and December 31, 2024, respectively.

(c) Includes Corebridge’s ownership interest in Fortitude Re Bermuda, which is recorded using the measurement alternative for equity securities. Our investment in Fortitude Re Bermuda totaled $156 million and $156 million at June 30, 2025 and December 31, 2024, respectively.

Derivatives and Hedge Accounting

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

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

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

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

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

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ITEM 2 | Investments

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:


	June 30, 2025								December 31, 2024
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments (a)
Interest rate contracts	$	9,619	$	390	$	8,433	$	199	$	2,378	$	217	$	11,853	$	414
Foreign exchange contracts	2,340		232		8,151		417		7,062		558		978		46
Derivatives not designated as hedging instruments (a)
Interest rate contracts	59,346		3,549		53,143		4,268		46,448		2,703		36,575		3,038
Foreign exchange contracts	4,989		520		9,134		457		10,360		713		2,857		222
Equity contracts	68,091		4,664		53,966		2,705		41,040		3,046		24,117		1,546
Credit contracts	6,880		312		1,400		103		—		—		5		—
Other contracts (b)	46,222		14		45		1		45,016		13		45		2
Total derivatives, excluding Fortitude Re funds withheld	$	197,487	$	9,681	$	134,272	$	8,150	$	152,304	$	7,250	$	76,430	$	5,268
Total derivatives, Fortitude Re funds withheld	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total derivatives, gross	$	197,487	$	9,681	$	134,272	$	8,150	$	152,304	$	7,250	$	76,430	$	5,268
Counterparty netting (c)			(7,022)				(7,022)				(4,494)				(4,494)
Cash collateral (d)			(2,069)				(1,000)				(2,563)				(664)
Total derivatives on Condensed Consolidated Balance Sheets (e)			$	590			$	128			$	193			$	110

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

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

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

(e) Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was zero at both June 30, 2025 and December 31, 2024. Fair value of liabilities related to bifurcated embedded derivatives was $13.9 billion and $11.8 billion, respectively, at June 30, 2025 and December 31, 2024. 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 to the Condensed Consolidated Financial Statements .

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

Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits

VARIABLE ANNUITY GUARANTEED BENEFITS AND HEDGING RESULTS

The following section provides discussion of our significant reinsurance agreements, variable annuity guaranteed benefits and hedging results regarding our business segments.

Variable Annuity Guaranteed Benefits and Hedging Results

In addition to risk-mitigating features in our variable annuity product design, we have an economic hedging program designed to manage market risk from GMWBs, including exposures to changes in interest rates, equity prices, credit spreads and volatility. The hedging program includes all in-force GMWB policies and utilizes derivative instruments, including but not limited to equity options, futures contracts and interest rate swap and option contracts, as well as fixed maturity securities.

For additional discussion of market risk management related to these product features, see “Quantitative and Qualitative Disclosures about Market Risk” in the 2024 Form 10-K.

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ITEM 2 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

Differences in Valuation of MRBs and Economic Hedge Target

Our variable annuity hedging program utilizes an economic hedge target, which represents an estimate of the underlying economic risks in our GMWB riders. The economic hedge target differs from the GAAP valuation of the MRBs, creating volatility in our net income (loss) primarily due to the following:

• the MRBs include both the GMWB riders and the GMDB riders while the hedge program is targeting the economic risks of just the GMWB rider;

• the hedge program is designed to offset moves in the GMWB economic liability and therefore has a lower sensitivity to equity market changes than the MRBs;

• the economic hedge target includes 100% of the GMWB rider fees in present value calculations;

• the GAAP valuation reflects those fees attributed to the MRBs such that the initial value at contract issue equals zero. Since the MRB includes GMWBs and GMDBs these attributed fees are typically larger than just the GMWB rider fees;

• the economic hedge target uses best estimate actuarial assumptions and excludes explicit risk margins used for GAAP valuation, such as margins for policyholder behavior, mortality and volatility; and

• the economic hedge target excludes our own credit risk changes (NPAs) used in the GAAP valuation, which are recognized in OCI. The GAAP valuation has different sensitivities to movements in interest rates and other market factors, and to changes from actuarial assumption updates, than the economic hedge target.

For additional information on our valuation methodology for MRBs, see Note 4 to the Condensed Consolidated Financial Statements.

The market value of the hedge portfolio compared to the economic hedge target at any point in time may be different and is not expected to be fully offsetting. In addition to the derivatives held in conjunction with the variable annuity hedging program, we generally have cash and invested assets available to cover future claims payable under these guarantees. The primary sources of difference between the change in the fair value of the hedging portfolio and the economic hedge target include:

• basis risk due to the variance between expected and actual fund returns, which may be either positive or negative;

• realized volatility versus implied volatility;

• actual versus expected changes in the hedge target driven by assumptions not subject to hedging, particularly policyholder behavior; and

• risk exposures that we have elected not to explicitly or fully hedge.

The following table presents a reconciliation between the fair value of the GAAP MRBs and the value of our economic hedge target:


	June 30,		December 31,
(in millions)	2025		2024
Reconciliation of market risk benefits and economic hedge target:
Market risk benefits liability, net	$	243	$	153
Exclude NPA	(620)		(618)
Market risk benefits liability, excluding NPA	(377)		(465)
Adjustments for risk margins and differences in valuation	444		544
Economic hedge target liability	$	67	$	79

Impact on Pre-tax Income (Loss)

The impact on our pre-tax income (loss) of variable annuity guaranteed benefits and related hedging results includes changes in the fair value of MRBs and changes in the fair value of related derivative hedging instruments, and along with attributed rider fees and net of benefits associated with MRBs are together recognized in Change in the fair value of market risk benefits, net, with the exception of NPA changes, which are recognized in OCI. Changes in the fair value of market risk benefits, net are excluded from APTOI of Individual Retirement and Group Retirement.

The change in the fair value of the MRBs and the change in the value of the hedging portfolio are not expected to be fully offsetting, primarily due to the differences in valuation between the economic hedge target, the GAAP MRBs and the fair value of the hedging portfolio, as discussed above. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair value of the MRBs liabilities, resulting in a gain in AOCI, and when corporate credit spreads tighten, the change in the NPA spread generally increases the fair value of the MRBs liabilities, resulting in a loss in AOCI. In addition to changes driven by credit market-related movements in the NPA spread, the NPA balance also reflects changes in business activity and in the net amount at risk from the underlying guaranteed living benefits.

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ITEM 2 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

Change in Economic Hedge Target

The decrease in the economic hedge target liability in the six months ended June 30, 2025, was primarily driven by higher equity markets.

The following table presents the impact on pre-tax income (loss) and Other comprehensive income (loss) of Variable Annuity MRBs and Hedging for the Individual Retirement and Group Retirement Segments:


	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
(in millions)	MRB Liability (*)		Hedge Assets		Net		MRB Liability (*)		Hedge Assets		Net
Issuances	$	—	$	—	$	—	$	(5)	$	—	$	(5)
Interest accrual	(1)		(73)		(74)		5		(119)		(114)
Attributed fees	(185)		—		(185)		(380)		—		(380)
Expected claims	18		—		18		34		—		34
Effect of changes in interest rates	31		55		86		(114)		199		85
Effect of changes in interest rate volatility	(6)		(2)		(8)		21		(9)		12
Effect of changes in equity markets	554		(239)		315		381		(111)		270
Effect of changes in equity index volatility	(42)		(3)		(45)		(1)		10		9
Actual outcome different from model expected outcome	(25)		—		(25)		(24)		—		(24)
Effect of changes in future expected policyholder behavior	—		—		—		(1)		—		(1)
Effect of changes in other future expected assumptions	—		—		—		—		—		—
Foreign exchange impact	(1)		—		(1)		(3)		—		(3)
Total impact on balance before other and changes in our own credit risk	343		(262)		81		(87)		(30)		(117)
Other	1		9		10		3		(8)		(5)
Effect of changes in our own credit risk	41		(1)		40		(2)		(12)		(14)
Total income (loss) impact on market risk benefits	385		(254)		131		(86)		(50)		(136)
Less: impact on OCI	41		(3)		38		(2)		9		7
Add: fees net of claims and ceded premiums and benefits	177		—		177		363		—		363
Net impact on pre-tax income (loss)	$	521	$	(251)	$	270	$	279	$	(59)	$	220
Net change in value of economic hedge target and related hedges
Net impact on economic gains (losses)					$	151					$	272

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ITEM 2 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit


	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
(in millions)	MRB Liability(*)		Hedge Assets		Net		MRB Liability(*)		Hedge Assets		Net
Issuances	$	(2)	$	—	$	(2)	$	(1)	$	—	$	(1)
Interest accrual	3		(60)		(57)		(6)		(121)		(127)
Attributed fees	(180)		—		(180)		(369)		—		(369)
Expected claims	16		—		16		34		—		34
Effect of changes in interest rates	75		(66)		9		372		(407)		(35)
Effect of changes in interest rate volatility	(45)		44		(1)		(31)		5		(26)
Effect of changes in equity markets	149		(82)		67		729		(441)		288
Effect of changes in equity index volatility	22		4		26		37		35		72
Actual outcome different from model expected outcome	(46)		—		(46)		(17)		—		(17)
Effect of changes in future expected policyholder behavior	—		—		—		—		—		—
Effect of changes in other future expected assumptions	(1)		—		(1)		(2)		—		(2)
Foreign exchange impact	2		—		2		4		—		4
Total impact on balance before other and changes in our own credit risk	(7)		(160)		(167)		750		(929)		(179)
Other	(2)		(3)		(5)		(4)		(1)		(5)
Effect of changes in our own credit risk	125		(36)		89		137		(19)		118
Total income (loss) impact on market risk benefits	116		(199)		(83)		883		(949)		(66)
Less: impact on OCI	125		(41)		84		137		(89)		48
Add: fees net of claims and ceded premiums and benefits	153		—		153		321		—		321
Net impact on pre-tax income (loss)	$	144	$	(158)	$	(14)	$	1,067	$	(860)	$	207
Net change in value of economic hedge target and related hedges
Net impact on economic gains (losses)					$	31					$	34

* MRB Liability is partially offset by MRB Assets.

Three Months Ended June 30, 2025

Net impact on pre-tax income of $270 million was primarily driven by increases in equity markets.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the three months ended June 30, 2025, we had a net mark-to-market gain of approximately $151 million from our hedging activities related to our economic hedge target principally driven by higher equity markets and interest rates .

Six Months Ended June 30, 2025

Net impact on pre-tax Income of $220 million was primarily driven by Increases in equity markets.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the six months ended June 30, 2025, we had a net mark-to-market gain of approximately $272 million from our hedging activities related to our economic hedge target partially due to increases in equity markets and interest rates.

Three Months Ended June 30, 2024

Net impact on pre-tax loss of $14 million was primarily driven by actual outcomes realizing differently than expected.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the three months ended June 30, 2024, we had a net mark-to-market gain of approximately $31 million from our hedging activities related to our economic hedge target principally driven by higher interest rates and equity markets.

Six Months Ended June 30, 2024

Net impact on pre-tax income of $207 million was primarily driven by increases in equity markets.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the six months ended June 30, 2024, we had a net mark-to-market gain of approximately $34 million from our hedging activities related to our economic hedge target principally driven by higher equity markets.

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ITEM 2 | Liquidity and Capital Resources

Liquidity and Capital Resources

OVERVIEW

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

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

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

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

For a discussion regarding risks associated with liquidity and capital, see “Risk Factors—Risks Relating to Our Investment Portfolio, Liquidity, Capital and Credit” in the 2024 Form 10-K.

LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE PARENT AND INTERMEDIATE HOLDING COMPANIES

As of June 30, 2025 and December 31, 2024, Corebridge Parent and its non-regulated intermediate holding companies (“Corebridge Hold Cos.”) had $4.3 billion and $4.7 billion, respectively, in liquidity sources. These liquidity sources were primarily held in the form of cash and short-term investments and included a $3.0 billion and $2.5 billion co mmitted revolving credit facility as of June 30, 2025 and December 31, 2024, respectively. Corebridge Hold Cos.’ primary sources of liquidity are dividends, loans and other payments from subsidiaries, sales of businesses and credit facilities. Corebridge Hold Cos.’ primary uses of liquidity are for debt service, capital and liability management, and operating expenses.

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

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

As of June 30, 2025, Corebridge Parent and certain of our subsidiaries were parties to several letter of credit agreements with various financial institutions which issue letters of credit from time to time in support of our insurance companies. Letters of credit issued in support of our subsidiaries (primarily, insurance companies) totaled $276 million and $226 million at June 30, 2025 and December 31, 2024, respectively.

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


	June 30,		December 31,
(in millions)	2025		2024

Cash and short-term investments	$	1,306	$	2,218
Total Corebridge Hold Cos. liquidity	1,306		2,218

Available capacity under committed, revolving credit facility	3,000		2,500
Total Corebridge Hold Cos. liquidity sources	$	4,306	$	4,718

COREBRIDGE HOLD COS. LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS

SOURCES

Liquidity to Corebridge Parent from Subsidiaries

During the three and six months ended June 30, 2025, Corebridge Hold Cos. received $600 million and $1.2 billion in dividends from subsidiaries, respectively.

In March 2025, CRBGLH issued a $250 million promissory note to AGL.

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ITEM 2 | Liquidity and Capital Resources

USES

Interest Payments

We made interest payments on our debt instruments totaling $172 million and $260 million , respectively, d uring the three and six months ended June 30, 2025.

Debt Maturity

On April 4, 2025, $1.0 billion aggregate principal amount of Corebridge Parent’s 3.50% Senior Notes matured. Corebridge Parent repaid the aggregate principal and accrued interest at maturity.

Dividends

During the three and six months ended June 30, 2025, Corebridge Parent paid cash dividends totaling $131 million and $264 million , respectively, consisting of a quarterly dividend of $0.24 per share of its common stock.

Repurchase of Common Stock

During the three and six months ended June 30, 2025, Corebridge Parent repurchased approximately 9.9 million and 19.9 million of shares of Corebridge Parent common stock, for an aggregate purchase price of approximately $311 million and $632 million.

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

Contribution

During the six months ended June 30, 2025, Corebridge Hold Cos. made a capital contribution of $150 million to CRBG Bermuda.

LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE INSURANCE SUBSIDIARIES

Insurance Companies

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

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

Certain of our U.S. insurance companies are members of the FHLBs in their respective districts. Our borrowings from FHLBs are non-puttable and are used to supplement liquidity or for other uses deemed appropriate by management. Our U.S. insurance companies had $5.9 billion which were due to FHLBs in their respective districts at June 30, 2025, under funding agreements which were reported in policyholder contract deposits. These investment contracts do not have mortality or morbidity risk. Proceeds from funding agreements are generally invested in investments intended to generate spread income. In addition, our U.S. insurance companies ha d no outstanding borrowings in the form of cash advances from FHLBs at June 30, 2025.

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

The aggregate amount of securities that a U.S. insurance company can lend under its program at any time is limited to 5% of its general account statutory-basis admitted assets. Our U.S. insurance companies had $2.7 billion and $2.4 billion of securities subject to these agreements at June 30, 2025 and December 31, 2024 and $2.7 billion and $2.2 billion liabilities to borrowers for collateral received at June 30, 2025 and December 31, 2024.

We manage the capital of our Life Fleet Risk-Based Capital (“RBC”) ratio targeting above 400%. AGC serves as an affiliate reinsurance company. The surplus of AGC is comprised predominantly of the statutory surplus of the Life Fleet. Given that AGC has no primary operations outside of this internal reinsurance, we believe that excluding AGC from the Life Fleet RBC ratio calculation presents a more accurate view of the overall capital position of our U.S. operating entities. Our Life Fleet RBC ratio was above our minimum target Life Fleet RBC ratio of 400% as of December 31, 2024.

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ITEM 2 | Liquidity and Capital Resources

Dividend Restrictions

Payments of dividends to Corebridge Hold Cos. by our U.S. insurance subsidiaries are subject to certain restrictions imposed by laws and regulations of their respective states of domicile. With respect to our domestic insurance subsidiaries, the payment of a dividend may require formal notice to the insurance department of the state in which the particular insurance subsidiary is domiciled, and prior approval of such insurance regulator is required when the amount of the dividend is above certain regulatory thresholds. See “ Business — Regulation — U.S. Regulation — State Insurance Regulation” in the 2024 Form 10-K. Bermuda law also restricts the ability of CRBG Bermuda to pay dividends.

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

ANALYSIS OF SOURCES AND USES OF CASH

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


	Six Months Ended June 30,
(in millions)	2025		2024
Sources:
Operating activities, net	$	116	$	589

Net changes in policyholder account balances	7,780		5,726

Issuance of debt of consolidated investment entities	52		101
Contributions from noncontrolling interests	38		53
Financing other, net	70		—
Issuance of common stock	—		1



Total Sources	8,056		6,470

Uses:


Investing activities, net	(6,545)		(3,964)
Repayments of debt of consolidated investment entities	(105)		(398)

Repayments of short-term debt	(1,000)		—

Distributions to noncontrolling interests	(32)		(31)
Dividends paid on common stock	(264)		(282)
Net change in securities lending and repurchase agreements	(5)		(893)
Repurchase of common stock	(632)		(679)
Financing other, net	—		(198)
Effect of exchange rate changes on cash and restricted cash	(1)		—
Total Uses	(8,584)		(6,445)
Net increase (decrease) in cash and cash equivalents	$	(528)	$	25

Operating Activities

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

Investing Activities

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

Financing Activities

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

CONTRACTUAL OBLIGATIONS

As of June 30, 2025, there have been no material changes in our contractual obligations from December 31, 2024 , a description of which may be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operation —Liquidity and Capital Resources — Contractual Obligations” in the 2024 Form 10-K.

Corebridge | Second Quarter 2025 Form 10-Q 137

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ITEM 2 | Liquidity and Capital Resources

SHORT-TERM AND LONG-TERM DEBT

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

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


(in millions)	Maturity Date(s)	Balance at December 31, 2024		Issuances		Maturities and Repayments		Other Changes		Balance at June 30, 2025
Current portion of long-term debt:*
Senior unsecured notes	2025	$	1,000	$	—	$	(1,000)	$	—	$	—
CRBGLH notes	2025	101		—		—		—		101
Total short-term debt		1,101		—		(1,000)		—		101
Long-term debt issued by Corebridge:
Senior unsecured notes	2027 - 2052	6,750		—		—		—		6,750
Hybrid junior subordinated notes	2052 - 2064	2,350		—		—		—		2,350
Long-term debt issued by Corebridge subsidiaries:
CRBGLH notes	2029	99		—		—		—		99
CRBGLH junior subordinated debentures	2030 - 2046	227		—		—		—		227
Total long-term debt		9,426		—		—		—		9,426
Debt issuance costs		(73)		—		—		2		(71)
Total long-term debt, net of debt issuance costs		9,353		—		—		2		9,355
Total debt, net of issuance costs		$	10,454	$	—	$	(1,000)	$	2	$	9,456

* Represents $1.0 billion of 3.50% senior notes that matured on April 4, 2025 and $101 million of 7.50% CRBGLH notes due July 15, 2025.

SENIOR UNSECURED NOTES

On April 4, 2025, $1.0 billion aggregate principal amount of Corebridge Parent’s 3.50% Senior Notes matured. Corebridge Parent repaid the aggregate principal and accrued interest at maturity.

REVOLVING CREDIT AGREEMENT

On March 26, 2025, Corebridge Parent entered into the Revolving Credit Agreement (the “2025 Revolving Credit Agreement”). The 2025 Revolving Credit Agreement replaces the 2022 Revolving Credit Agreement which was scheduled to mature in 2027. The 2025 Revolving Credit Agreement provides for a five year total commitment of $3.0 billion revolving credit facility. Under circumstances described in the 2025 Revolving Credit Agreement, the aggregate commitments may be increased by up to $500 million, for a total commitment under the 2025 Revolving Credit Agreement of $3.5 billion. Loans under the 2025 Revolving Credit Agreement will mature on March 26, 2030. Under the 2025 Revolving Credit Agreement, the applicable rate, commitment fee and letter of credit fee were determined by reference to the credit ratings of Corebridge Parent’s senior, unsecured, long-term indebtedness. Borrowings bear interest at a rate per annum equal to (i) with respect to loans in US Dollars, an alternative base rate plus an applicable margin or the adjusted Term SOFR Rate plus an applicable margin, (ii) with respect to loans in Euros, the adjusted European Union interbank Offer Rate (“EURIBOR”) plus an applicable margin, (iii) with respect to loans in Pounds Sterling, the adjusted Daily Simple Sterling Overnight Index Average (“SONIA”) Rate plus an applicable margin and (iv) with respect to loans in Japanese Yen, the adjusted Tokyo Interbank Offered Rate (“TIBOR”) plus an applicable margin.

For additional information on debt outstanding and revolving credit facilities, see Note 15 to the Consolidated Financial Statements in the 2024 Form 10-K.

Corebridge | Second Quarter 2025 Form 10-Q 138

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ITEM 2 | Liquidity and Capital Resources

DEBT OF CONSOLIDATED INVESTMENT ENTITIES

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


(in millions)	Balance at December 31, 2024		Issuances		Maturities and Repayments		Effect of Foreign Exchange		Other Changes		Balance at June 30, 2025
Debt of consolidated investment entities – not guaranteed by Corebridge (a)(b)	$	1,938	$	52	$	(105)	$	9	$	(1)	$	1,893

(a) At June 30, 2025, includes debt of consolidated investment entities related to real estate investments of $668 million and other securitization vehicles of $0.9 billion.

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

CREDIT RATINGS

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

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

Senior Unsecured Long-Term Debt

Hybrid Junior Subordinated Long-Term Debt

Moody’s (a)

S&P (b)

Fitch (c)

Moody’s (a)

S&P (b)

Fitch (c)

Baa2 (Stable)

BBB+ (Stable)

Baa3 (Stable)

BBB- (Stable)

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

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

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

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

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

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

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

INSURER FINANCIAL STRENGTH RATINGS

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

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

A.M. Best

S&P

Fitch

Moody’s

American General Life Insurance Company

A+

The Variable Annuity Life Insurance Company

A+

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

A+

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

OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS

As June 30, 2025, there have been no material changes in our off-balance-sheet arrangements and commercial commitments from December 31, 2024, a description of which may be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Liquidity and Capital Resources—Off-Balance Sheet Arrangements and Commercial Commitments” in the 2024 Form 10-K.

Corebridge | Second Quarter 2025 Form 10-Q 139

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ITEM 2 | Accounting Policies and Pronouncements

Accounting Policies and Pronouncements

CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. On a regular basis, we review estimates and assumptions used in the preparation of financial statements. Actual results may differ from these estimates under different assumptions or conditions. For a detailed discussion of our significant accounting policies and accounting pronouncements, see Note 2 in the 2024 Form 10-K.


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

• fair value measurements of certain financial assets and liabilities;

• valuation of MRBs related to guaranteed benefit features 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

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

For a complete discussion of our critical accounting estimates, see “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Accounting Policies and Pronouncements” in the 2024 Form 10-K.

ADOPTION OF ACCOUNTING PRONOUNCEMENTS

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

Glossary

For a list of defined terms see the “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Glossary” in our 2024 Form 10-K.

Certain Important Terms

For a list of certain important terms see “Management’s Discussion and Analysis of Financial Condition and Results of Operation— Certain Important Terms” in our 2024 Form 10-K.

Acronyms

For list of acronyms see “Management’s Discussion and Analysis of Financial Condition and Results of Operation— Acronyms” in our 2024 Form 10-K.

Corebridge | Second Quarter 2025 Form 10-Q 140

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ITEM 3 | Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes to the quantitative and qualitative disclosures about market risk described in “Quantitative and Qualitative Disclosures About Market Risk” in the 2024 Form 10-K.

ITEM 4 | Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by Corebridge management, with the participation of Corebridge’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of June 30, 2025. Based on this evaluation, Corebridge’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2025.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f)) that have occurred during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Corebridge | Second Quarter 2025 Form 10-Q 141

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Part II - Other Information

ITEM 1 | Legal Proceedings

For information regarding certain legal proceedings pending against us, see Note 16 to the Condensed Consolidated Financial Statements .

ITEM 1A | Risk Factors

Except as noted below, there have been no material changes in the Company’s risk factors from those disclosed in "Risk Factors" in our 2024 Form 10-K and “Risk Factors” in our first quarter 2025 Form 10-Q.

Failure to complete all or any portion of the transactions with Corporate Solutions Life Reinsurance Company and Venerable Holdings, Inc. may negatively impact our ongoing business and stock price.

The completion of the previously announced transactions with Corporate Solutions Life Reinsurance Company and Venerable Holdings, Inc. (the “Transactions”) is subject to the satisfaction or waiver of customary closing conditions for certain portions of the Transactions, including the entry into the USL reinsurance agreement and the receipt of required regulatory approvals, without imposing a burdensome condition. As a result, there can be no assurance that all or any portion of the Transactions will be completed as contemplated.

If all or any portion of the Transactions are not completed on a timely basis or at all, our ongoing business may be adversely affected as a result of the time and resources committed to such Transactions that could have been devoted to pursuing other opportunities, as well as possible reputational damage and resulting impact on sales of our annuity products, associated with announcing a material strategic transaction that cannot be consummated. In addition, the price of our common stock may decline to the extent that the current market price reflects a market assumption that the Transactions will be completed on the proposed timeline and that any anticipated benefits will be realized.

In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors discussed in “Risk Factors” in the 2024 Form 10-K.

ITEM 2 | Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information about purchases made by or on behalf of Corebridge Parent or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act) of Corebridge Parent common stock during the three months ended June 30, 2025:


Period	Total Number of Shares Repurchased	Average Price Paid per Share*		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)
04/01/25 through 04/30/25	2,740,000	$	28.06	2,740,000	$	2,312
05/01/25 through 05/31/25	3,020,433	31.98		3,020,433	2,215
06/01/25 through 06/30/25	4,180,400	33.00		4,180,400	4,077
Total	9,940,833	$	31.32	9,940,833	$	4,077

* Excludes excise tax of $3.1 million due to the Inflation Reduction Act of 2022 for the three months ended June 30, 2025.

On May 4, 2023, our Board of Directors authorized a share repurchase program, which has subsequently been expanded. Most recently, on June 23, 2025, our Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the share repurchase program. Under this program, Corebridge Parent may, from time to time, purchase shares of Corebridge Parent common stock but is not obligated to purchase any particular number of shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.

Corebridge | Second Quarter 2025 Form 10-Q 142

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Shares may be repurchased from time to time in the open market, through private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. For instance, on August 7, 2024, we purchased an aggregate of approximately $200 million of shares from AIG in a privately negotiated transaction. In addition, certain of our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans, including the share repurchase plan Corebridge Parent adopted on May 8, 2025, which, unless extended expires on August 6, 2025. The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.

During the three months ended June 30, 2025, Corebridge Parent repurchased approximately 9.9 million shares of Corebridge Parent common stock, par value $0.01 per share, for an aggregate purchase price of $311 million, pursuant to the share repurchase program.

As of June 30, 2025, approximately $4.1 billion remained under the share repurchase program authorizations.

For additional information related to share repurchases see Note 17 to the Condensed Consolidated Financial Statements.

ITEM 5 | Other Information

Not applicable.

Corebridge | Second Quarter 2025 Form 10-Q 143

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Exhibit Index


Exhibit Number			Description



















































































3 .1			Second Amended and Restated Certificate of Incorporation of Corebridge Financial, Inc., incorporated by reference to Exhibit 3.1 to the Form 8-K filed by Corebridge Financial, Inc. filed on July 9, 2025 (File No.001-41504).
10.1 *			Master Transaction Agreement dated June 25, 2025 by and among American General Life Insurance Company, The United States Life Insurance Company in the City of New York, Corporate Solutions Life Reinsurance Company and Venerable Holdings, Inc. (redacted).
1 0.2 *			Coinsurance and Modified Coinsurance Agreement, dated as of August 1, 2025, between American General Life Insurance Company and Corporate Solutions Life Reinsurance Company (redacted).
31.1*			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**			Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**			Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101**			Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, (ii) the Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2025 and 2024, (iii) the Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2025 and 2024, (iv) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024, (v) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2025 and 2024, and (vi) the Notes to the Condensed Consolidated Financial Statements
104*			Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in exhibits 101).
*			Filed herewith.
**			This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, as amended.
†			Identifies each management contract or compensatory plan or arrangement.

Corebridge | Second Quarter 2025 Form 10-Q 144

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Exhibit Index


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



			COREBRIDGE FINANCIAL, INC.
			(Registrant)
			/s/ ELIAS HABAYEB
			Elias Habayeb
			Executive Vice President and
			Chief Financial Officer
			(Principal Financial Officer)


			/s/ CHRISTOPHER FILIAGGI
			Christopher Filiaggi
			Senior Vice President and
			Chief Accounting Officer
			(Principal Accounting Officer)

Dated August 5, 2025

Corebridge | Second Quarter 2025 Form 10-Q 145

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Exhibits

3.1 Second Amended and Restated Certificate of Incorporation of Corebridge Financial, Inc., incorporated by reference to Exhibit 3.1 to the Form 8-K filed by Corebridge Financial, Inc. filed on July 9, 2025 (File No.001-41504). 10.1* Master Transaction Agreement dated June 25, 2025 by and among American General Life Insurance Company, The United States Life Insurance Company in the City of New York, Corporate Solutions Life Reinsurance Company and Venerable Holdings, Inc. (redacted). 10.2* Coinsurance and Modified Coinsurance Agreement, dated as of August 1, 2025, between American General Life Insurance Company and Corporate Solutions Life Reinsurance Company (redacted). 31.1* Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2* Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1** Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2** Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

CRBG 10-Q Quarter ended June 30, 2025

Exhibits