Corebridge Financial CRBG Form 10-Q filing Q2 FY2026

FORM 10-Q

Part I - Financial Information

ITEM 1 Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets at June 30, 2026 and December 31, 2025 6

Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2026 and 2025 7

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2026 and 2025 8

Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2026 and 2025 9

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 10

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 1. Overview and Basis of Presentation 12

NOTE 2. Summary of Significant Accounting Policies 13

NOTE 3. Segment Information 14

NOTE 4. Fair Value Measurements 18

NOTE 5. Investments 35

NOTE 6. Lending Activities 42

NOTE 7. Reinsurance 46

NOTE 8. Variable Interest Entities 48

NOTE 9. Derivatives and Hedge Accounting 50

NOTE 10. Deferred Policy Acquisition Costs 54

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 65

NOTE 15. Contingencies, Commitments and Guarantees 67

NOTE 16. Equity 69

NOTE 17. Earnings Per Common Share 74

NOTE 18. Income Taxes 74

NOTE 19. Related Parties 76

ITEM 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations 77

ITEM 3 Quantitative and Qualitative Disclosures About Market Risk 136

ITEM 4 Controls and Procedures 136

Part II – Other Information

ITEM 1 Legal Proceedings 137

ITEM 1A Risk Factors 137

ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds 138

ITEM 5 Other Information 138

Item 1. | Financial Statements

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

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

Corebridge | Second Quarter 2026 Form 10-Q 7

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

Corebridge | Second Quarter 2026 Form 10-Q 8

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

Corebridge | Second Quarter 2026 Form 10-Q 9

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

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

Corebridge | Second Quarter 2026 Form 10-Q 10

Corebridge | Second Quarter 2026 Form 10-Q 11

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

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

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

Corebridge | Second Quarter 2026 Form 10-Q 12

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

1. Overview and Basis of Presentation

OVERVIEW

Corebridge Financial, Inc. (“Corebridge Parent”) is a leading provider of retirement solutions and life insurance products in the United

States. Our primary business operations consist of sales of individual and group annuities, life insurance products to individuals and

institutional markets products. Corebridge Parent common stock, par value $0.01 per share, is listed on the New York Stock

Exchange (NYSE:CRBG). The terms “Corebridge,” “we,” “us,” “our” or the “Company” mean Corebridge Parent and its consolidated

subsidiaries, unless the context refers to Corebridge Parent only. Subsidiaries of Corebridge Parent include: AGC Life Insurance

Company (“AGC”), American General Life Insurance Company (“AGL”), The Variable Annuity Life Insurance Company (“VALIC”), The

United States Life Insurance Company in the City of New York (“USL”), Corebridge Insurance Company of Bermuda, Ltd. (“CRBG

Bermuda”) and SAFG Capital LLC and its subsidiaries.

As of June 30, 2026, Corebridge’s two largest shareholders, Nippon Life Insurance Company, a mutual company organized under the

laws of Japan (“Nippon”) and Argon Holdco LLC, a wholly-owned subsidiary of Blackstone, owned approximately 27.4% and 13.9% 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’’). The accompanying Condensed Consolidated Financial Statements reflect all normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary in the opinion of

management for a fair statement of our financial position, results of operations and cash flows for the periods presented.

Corebridge Financial and Equitable Holdings Merger

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

an all-stock merger.

Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of both companies, we

and Equitable will form a new parent company and each outstanding share of our common stock will be exchanged for the right to

receive 1.0000 share of the new parent company’s common stock, and each outstanding share of Equitable common stock will be

exchanged for the right to receive 1.55516 shares of the new parent company’s common stock.

The merger will be effected through a merger agreement, by and among us, Equitable, Mountain Holding, Inc., a newly formed

corporation and wholly-owned subsidiary of Corebridge (“New Equitable”), Palisade Holding, Inc., a newly formed corporation and a

wholly-owned subsidiary of New Equitable (“Corebridge Merger Sub”), and Marcy Holding, Inc., a newly formed corporation and a

wholly-owned subsidiary of New Equitable (“Equitable Merger Sub”). The mechanics of the merger are as follows: (a) Corebridge

Merger Sub merging with and into Corebridge Parent, with Corebridge Parent surviving such merger as a wholly-owned subsidiary of

New Equitable (the “Corebridge Merger”); (b) immediately following the consummation of the Corebridge Merger, Equitable Merger

Sub merging with and into Equitable, with Equitable surviving such merger as a wholly-owned subsidiary of New Equitable (the

“Equitable Merger” and, together with the Corebridge Merger, the “Mergers”); and (c) as of the closing of the Mergers (the “Closing”),

changing the name of New Equitable to “Equitable Holdings, Inc.”

Following the Closing of the transaction, our shareholders will own approximately 51% of the combined company and Equitable

shareholders will own approximately 49% of the combined company.

On July 30, 2026, shareholders of both Corebridge and Equitable voted to approve all shareholder proposals necessary to complete

the merger transaction at their respective special shareholder meetings. The transaction is expected to close by year-end 2026,

subject to customary closing conditions, including the receipt of required regulatory approvals.

Corebridge | Second Quarter 2026 Form 10-Q 13

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

VARIABLE ANNUITY REINSURANCE TRANSACTION

On June 25, 2025, AGL and USL (the “Ceding Companies” and each, a “Ceding Company”), entered into a Master Transaction

Agreement (the “Agreement”) with Corporate Solutions Life Reinsurance Company, an Iowa-domiciled insurance company (“CSLR”),

pursuant to which, among other things, AGL and CSLR, as well as USL and the CSLR, entered into coinsurance and modified

coinsurance agreements, (together the “Reinsurance Agreements” and each, a “Reinsurance Agreement”). Under the terms of the

Reinsurance Agreements, the applicable Ceding Company ceded to CSLR 100% of the applicable reinsured liabilities with respect to

(i) in-force individual variable annuity contracts issued prior to the effective time of the Reinsurance Agreements, and (ii) only with

respect to AGL, new individual variable annuity contracts issued after the effective date of the Reinsurance Agreement. In addition,

AGL sold all of its outstanding membership interests in SunAmerica Asset Management, LLC, an indirect wholly-owned subsidiary of

the Company (“SAAMCo”), to Venerable Holdings, Inc., a Delaware corporation (“Venerable”).

The closings with respect to the AGL Reinsurance Agreement occurred on August 1, 2025, while the sale of SAAMCo closed on

January 1, 2026 and the USL Reinsurance Agreement closed on January 2, 2026.

USE OF ESTIMATES

The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and

assumptions are considered our critical accounting estimates and are related to the determination of:

• fair value measurements of certain financial assets and liabilities;
• valuation of market risk benefits (“MRBs”), including ceded MRBs, related to guaranteed benefit features (collectively known as

“GMxBs”), of variable annuity, fixed annuity and fixed index annuity products;

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

products;

• valuation of future policy benefit liabilities and recognition of remeasurement gains and losses;
• reinsurance assets, including the allowance for credit losses;
• allowance for credit losses primarily on loans and available-for-sale fixed maturity securities; and
• income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating

profitability of the character necessary to realize the net deferred tax asset.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of

estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of

operations and cash flows could be materially affected.

2. Summary of Significant Accounting Policies

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

FUTURE APPLICATION OF ACCOUNTING STANDARDS

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued an ASU to improve the disclosures about a company’s business expenses. The standard

requires disclosure about specific types of expenses, such as depreciation, intangible asset amortization and employee

compensation, included in the expense captions presented on the face of the income statement as well as disclosures about selling

expenses. The standard is effective for public companies for annual periods beginning after December 15, 2026 and interim reporting

periods beginning after December 15, 2027. The standard is allowed to be applied on either a prospective or retrospective basis. We

are assessing the impact of this standard.

Corebridge | Second Quarter 2026 Form 10-Q 14

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 (“CODM”), reviews the business to assess performance and allocate resources.

We report our results of operations as five reportable segments:

• Individual Retirement – consists of fixed annuities, fixed index annuities and registered index-linked annuities.
• Group Retirement – consists of recordkeeping, plan administrative and compliance services, financial planning and advisory

solutions offered in-plan, along with proprietary and limited non-proprietary annuities, advisory and brokerage products offered

out-of-plan.

• Life Insurance – consists of traditional and universal life insurance products in the United States.
• Institutional Markets – consists of stable value wrap (“SVW”) products, structured settlement and pension risk transfer (“PRT”)

annuities, guaranteed investment contracts (“GICs”) and Corporate Markets products that include corporate- and bank-owned life

insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuity products.

• Corporate and Other – consists primarily of:

–corporate expenses not attributable to our other segments;

–interest expense on financial debt;

–results of our consolidated investment entities;

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

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

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

The closing with respect to the AGL Reinsurance Agreement occurred on August 1, 2025. Accordingly, retrospectively, effective in the

third quarter of 2025, our individual variable annuity business previously reported in the Individual Retirement segment, is now

included within Corporate and Other, consistent with how the CODM assesses its performance and allocates its resources. Prior

periods presented herein have been recast to conform to the new segment presentation. Additionally, the results of operations from

the variable annuity business have been excluded from Adjusted Pre-Tax Operating Income (“APTOI”) as they are not indicative of our

ongoing business operations.

The CODM assesses segment performance and allocates capital and resources to the segments based on an evaluation of each

segments’ adjusted revenues and APTOI. Adjusted revenues are derived by excluding certain items from total revenues. APTOI is

derived by excluding certain items from income from operations before income tax. These items generally fall into one or more of the

following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to

enhance transparency to the underlying economics of transactions; and adjustments that we believe to be common to the industry.

Legal entities are attributed to each segment based upon the predominance of activity in that legal entity.

APTOI excludes the impact of the following items:

Fortitude Re related adjustments:

The modified coinsurance (“modco”) reinsurance agreements with Fortitude Re transfer the economics of the invested assets

supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets

and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the

Fortitude Re funds withheld embedded derivative are also excluded from APTOI.

The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not

indicative of our ongoing business operations.

Corebridge | Second Quarter 2026 Form 10-Q 15

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

Investment-related adjustments:

APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net

realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of

sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods.

In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results,

including those used to economically hedge insurance liabilities, or those recognized as embedded derivatives at fair value, are also

included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and

changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned

income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the

economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).

Market Risk Benefits adjustments:

Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain guaranteed minimum withdrawal benefits

(“GMWBs”) and/or guaranteed minimum death benefits (“GMDBs”) which are accounted for as MRBs. Changes in the fair value of

these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs are excluded from

APTOI. MRBs related to the variable annuity business subject to the reinsurance agreements with CSLR are reported in the

“Businesses exited through reinsurance” line item.

Businesses exited through reinsurance:

Represents the results of businesses that have been or will be economically exited through reinsurance. This includes MRBs, along

with changes in the fair value of derivatives used to hedge MRBs which are recorded through “Change in the fair value of MRBs, net.”

The results of operations from these businesses have been excluded from APTOI as they are not indicative of our ongoing business

operations.

Other adjustments:

Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income

(losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:

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

organization;

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

accounting principles;

• separation costs;
• non-operating litigation reserves and settlements;
• loss (gain) on extinguishment of debt, if any;
• losses from the impairment of goodwill, if any; and
• income and loss from divested or run-off business, if any.

Corebridge | Second Quarter 2026 Form 10-Q 16

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

The following table presents Corebridge’s operations by segment:

Corebridge | Second Quarter 2026 Form 10-Q 17

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

(a)Adjustments include Fortitude Re activity of $(108) million and $62 million for the three months ended June 30, 2026 and 2025, respectively, and $145 million and

$(199) million for the six months ended June 30, 2026 and 2025, respectively.

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

(c)Adjustments include restructuring and other costs. For the three and six months ended June 30, 2026 and 2025, restructuring and other costs primarily include

severance related costs and ongoing modernization initiatives.

Corebridge | Second Quarter 2026 Form 10-Q 18

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.

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:

Corebridge | Second Quarter 2026 Form 10-Q 19

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

Corebridge | Second Quarter 2026 Form 10-Q 20

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

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

(b)Excludes private equity fund and hedge fund investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent). Total private

equity fund investments measured at NAV were $6.6 billion and $6.5 billion as of June 30, 2026 and December 31, 2025, respectively. Total hedge fund investments

measured at NAV were $96 million and $121 million as of June 30, 2026 and December 31, 2025.

(c)Excludes basis adjustments for fair value hedges.

(d)As discussed in Note 7, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments

supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s Condensed Consolidated Balance Sheets. This embedded derivative

is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge, which are primarily available-for-sale securities.

Corebridge | Second Quarter 2026 Form 10-Q 21

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, 2026 and 2025 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3

assets and liabilities in the Condensed Consolidated Balance Sheets at June 30, 2026 and 2025:

Corebridge | Second Quarter 2026 Form 10-Q 22

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

Corebridge | Second Quarter 2026 Form 10-Q 23

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

Corebridge | Second Quarter 2026 Form 10-Q 24

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

(a)Excludes MRB assets of $2.5 billion at June 30, 2026 and $1.3 billion at June 30, 2025. See Note 14 for additional information.

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

(c)Excludes MRB liabilities of $7.7 billion at June 30, 2026 and $6.3 billion at June 30, 2025. See Note 14 for additional information.

Corebridge | Second Quarter 2026 Form 10-Q 25

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:

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

(b)Primarily embedded derivatives.

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

Corebridge | Second Quarter 2026 Form 10-Q 26

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, 2026 and 2025 related to Level 3 assets and liabilities in the Condensed

Consolidated Balance Sheets:

Corebridge | Second Quarter 2026 Form 10-Q 27

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

*There were no issuances during the three and six months ended June 30, 2026 and 2025 for invested assets.

Corebridge | Second Quarter 2026 Form 10-Q 28

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

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables

above. As a result, the unrealized gains (losses) on instruments held at June 30, 2026 and 2025 may include changes in fair value

that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in

unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

We record transfers of assets and liabilities into or out of Level 3 at their fair values as of the end of each reporting period, consistent

with the date of the determination of fair value. The Net realized and unrealized gains (losses) included in net income (loss) or OCI as

shown in the table above excludes $(21) million and $(34) million of net gains (losses) related to assets transferred into Level 3 during

the three months ended June 30, 2026 and 2025, respectively, and $(4) million and $(30) million of net gains (losses) related to

assets transferred into Level 3 during the six months ended June 30, 2026 and 2025, respectively, and includes $(7) million and $2

million of net gains (losses) related to assets transferred out of Level 3 during the three months ended June 30, 2026 and 2025,

respectively, and $(19) million and $16 million of net gains (losses) related to assets transferred out of Level 3 during the six months

ended June 30, 2026 and 2025, respectively.

Transfers of Level 3 Assets

During the three and six months ended June 30, 2026 and 2025, transfers into Level 3 assets primarily included certain investments

in private placement corporate debt, commercial mortgage backed securities (“CMBS”), collateralized loan obligations (“CLOs”), 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.

During the three and six months ended June 30, 2026, transfers out of Level 3 assets into Level 2 assets totaled $10.6 billion and

$12.3 billion respectively and primarily included certain investments in ABS and residential mortgage backed securities (“RMBS”). We

determined that there are less unobservable inputs due to increased trade volume of comparable securities as evidenced by

converging valuations from multiple price vendors which resulted in moving these securities into Level 2 assets.

During the three and six months ended June 30, 2025, transfers out of Level 3 assets primarily included private placement and other

corporate debt, CMBS, RMBS, CLO and ABS. Transfers of 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,

2026 and 2025.

Corebridge | Second Quarter 2026 Form 10-Q 29

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

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:

Corebridge | Second Quarter 2026 Form 10-Q 30

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

Corebridge | Second Quarter 2026 Form 10-Q 31

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

Corebridge | Second Quarter 2026 Form 10-Q 32

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 non-performance risk adjustment (“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 $2.4 billion and $2.0 billion at June 30, 2026 and December 31, 2025, respectively.

The ranges of reported inputs for obligations of states, municipalities and political subdivisions, corporate debt, RMBS, CLO/ABS and

CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value-weighted

average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3

assets and liabilities.

Interrelationships Between Unobservable Inputs

We consider unobservable inputs to be those for which market data is not available and that are developed using the best information

available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary

depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of

significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact

on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs

discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been

included in the discussion below. For each of the individual relationships described below, the inverse relationship would also

generally apply.

Fixed Maturity Securities

The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the

market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors, including constant

prepayment rates, loss severity and constant default rates. In general, increases in the yield would decrease the fair value of

investments, and conversely, decreases in the yield would increase the fair value of investments.

Corebridge | Second Quarter 2026 Form 10-Q 33

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

MRBs and Embedded Derivatives within Policyholder Contract Deposits

For MRBs (including ceded MRBs) and embedded derivatives, the assumptions for unobservable inputs vary throughout the period

over which cash flows are projected for valuation purposes. The following are applicable unobservable inputs:

• Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available.

Increases in assumed volatility will generally increase the fair value of both the projected cash flows from rider fees as well as the

projected cash flows related to benefit payments. Therefore, the net change in the fair value of the liability may be either a

decrease or an increase, depending on the relative changes in projected rider fees and projected benefit payments.

• Equity and interest rate correlation estimates the relationship between changes in equity returns and interest rates in the

economic scenario generator used to value our MRBs. In general, a higher positive correlation assumes that equity markets and

interest rates move in a more correlated fashion, which generally increases the fair value of the liability. Only our fixed index

annuities with a GMWB rider are subject to the equity and interest correlation assumption. Other policies such as accumulation

fixed index annuity and index universal life products do not use a correlation assumption.

• Base lapse rate assumptions are determined by company experience and judgment and are adjusted at the contract level using a

dynamic lapse function, which reduces the base lapse rate when the contract is in-the-money (when the contract holder’s

guaranteed value, as estimated by the company, is worth more than their underlying account value). Lapse rates are also

generally assumed to be lower in periods when a surrender charge applies. Increases in assumed lapse rates will generally

decrease the fair value of the liability as fewer policyholders would persist to collect guaranteed benefit amounts.

• Mortality rate assumptions, which vary by age and gender, are based on company experience and include a mortality

improvement assumption. Increases in assumed mortality rates will decrease the fair value of the GMWB liability, while lower

mortality rate assumptions will generally increase the fair value of the liability because guaranteed withdrawal payments will be

made for a longer period of time and generally exceed any decrease in guaranteed death benefits.

• Utilization assumptions estimate the timing when policyholders with a GMWB will elect to utilize their benefit and begin taking

withdrawals. The assumptions may vary by the type of guarantee, tax-qualified status, the contract’s withdrawal history and the

age of the policyholder. Utilization assumptions are based on company experience, which includes partial withdrawal behavior.

Increases in assumed utilization rates will generally increase the fair value of the liability.

• Non-performance or “own credit” risk adjustment used in the valuation of MRBs and embedded derivatives, which reflects a

market participant’s view of our claims-paying ability by incorporating a different spread (the “NPA spread”) to the curve used to

discount projected cash flows. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair

value of the MRBs and embedded derivatives, resulting in a gain in Accumulated other comprehensive income (“AOCI”) or Net

realized gains (losses), respectively, and when corporate credit spreads narrow or tighten, the change in the NPA spread

generally increases the fair value of the MRBs and embedded derivatives, resulting in a loss in AOCI or Net realized gains

(losses), respectively. Additionally, the nonperformance risk assumption includes the counterparty credit risk used in the fair value

measurement of ceded market risk benefits associated with reinsurance arrangements for certain individual variable annuities,

which is determined using the current market credit spreads based on the counterparty credit rating.

• Policyholder behavior assumptions including lapses, withdrawals, benefit utilization and mortality incorporate a risk margin that a

market participant would require to accept the risk and uncertainty of the projected cash flows.

• For embedded derivatives, option budgets estimate the expected long-term cost of options used to hedge exposures associated

with index price changes. The level of option budgets determines future costs of the options, which impacts the growth in account

value and the valuation of embedded derivatives.

Embedded Derivatives within Reinsurance Contracts

The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return

swap technique with reference to the fair value of the investments held by Corebridge related to Corebridge’s funds withheld payable.

The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques.

The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered

Level 3 in the fair value hierarchy.

Corebridge | Second Quarter 2026 Form 10-Q 34

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:

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

securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.

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

(c)Represents GICs.

We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest

rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of non-performance such as cash

collateral posted.

FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS

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

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:

Corebridge | Second Quarter 2026 Form 10-Q 35

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

*Primarily includes balances related to reinsurance deposit assets.

5. Investments

SECURITIES AVAILABLE-FOR-SALE

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

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

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

Corebridge | Second Quarter 2026 Form 10-Q 36

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:

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

At June 30, 2026, we held 12,677 individual fixed maturity securities that were in an unrealized loss position and for which no

allowance for credit losses has been recorded (including 8,313 individual fixed maturity securities that were in a continuous unrealized

loss position for 12 months or more). At December 31, 2025, we held 11,154 individual fixed maturity securities that were in an

unrealized loss position and for which no allowance for credit losses has been recorded (including 8,986 individual fixed maturity

securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in

earnings on these fixed maturity securities at June 30, 2026 because it was determined that such losses were due to non-credit

factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to

sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed

fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position,

expected defaults, industry and sector analysis, forecasts and available market data.

Contractual Maturities of Fixed Maturity Securities Available-for-Sale

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

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 2026 Form 10-Q 37

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:

For the three and six months ended June 30, 2026, the aggregate fair value of available-for-sale securities sold was $3.2 billion and

$5.6 billion, respectively, which resulted in Net realized gains (losses) of $(59) million and $(258) million, respectively. Included within

the Net realized gains (losses) are $0 million and $(13) million of realized gains (losses) for the three and six months ended June 30,

2026, respectively, which relate to the Fortitude Re funds withheld assets held by Corebridge in support of Fortitude Re’s reinsurance

obligations to Corebridge (Fortitude Re funds withheld assets). These realized gains (losses) are included in Net realized gains

(losses) on Fortitude Re funds withheld assets.

For the three and 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.

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:

OTHER INVESTED ASSETS

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

(a)At June 30, 2026, included hedge funds of $96 million and private equity funds of $8.1 billion. At December 31, 2025, included hedge funds of $121 million and private

equity funds of $8.0 billion.

(b)All liquid hedge fund investments have been redeemed. The remaining investments, excluding those in the modco agreement with Fortitude Re, are in illiquid and/or

side pocket vehicles whose liquidation horizons are uncertain and likely to extend over the coming quarters and/or years.

Corebridge | Second Quarter 2026 Form 10-Q 38

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

(c)Net of accumulated depreciation of $443 million and $406 million as of June 30, 2026 and December 31, 2025, respectively.

(d)Includes Corebridge’s ownership interest in Fortitude Re Bermuda, which is recorded using the measurement alternative for equity securities. Our investment in

Fortitude Re Bermuda totaled $156 million and $156 million at June 30, 2026 and December 31, 2025, respectively.

Other Invested Assets – Equity Method Investments

The carrying amount of equity method investments totaled $2.9 billion and $2.8 billion as of June 30, 2026 and December 31, 2025,

respectively, representing various ownership percentages each period.

NET INVESTMENT INCOME

The following table presents the components of Net investment income:

*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 2026 Form 10-Q 39

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):

*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:

Corebridge | Second Quarter 2026 Form 10-Q 40

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:

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:

Corebridge | Second Quarter 2026 Form 10-Q 41

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

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:

At June 30, 2026 and December 31, 2025, amounts borrowed under repurchase and securities lending agreements totaled

$3.6 billion and $4.5 billion, respectively.

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

The following table presents the fair value of securities pledged under our securities lending agreements by collateral type

and by remaining contractual maturity:

There were no reverse repurchase agreements at June 30, 2026 and December 31, 2025.

Corebridge | Second Quarter 2026 Form 10-Q 42

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

We do not currently offset any secured financing transactions. All such transactions are collateralized and margined daily consistent

with market standards and subject to enforceable master netting arrangements with rights of set off.

Insurance – Statutory and Other Deposits

The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or

other insurance-related arrangements, including certain annuity-related obligations and certain reinsurance treaties, was $11.9 billion

and $12.1 billion at June 30, 2026 and December 31, 2025, respectively.

Other Pledges and Restrictions

Certain of our subsidiaries are members of Federal Home Loan Banks (“FHLBs”) and such membership requires the members to own

stock in these FHLBs. We owned an aggregate of $292 million and $306 million of stock in FHLBs at June 30, 2026 and December

31, 2025, respectively. In addition, our subsidiaries have pledged securities available-for-sale and residential loans associated with

borrowings and funding agreements from FHLBs, with a fair value of $3.9 billion and $7.8 billion, respectively, at June 30, 2026 and

$2.9 billion and $8.5 billion, respectively, at December 31, 2025.

Certain GICs recorded in policyholder contract deposits with a carrying value of $48 million and $48 million at June 30, 2026 and

December 31, 2025, respectively, have provisions that require collateral to be posted or payments to be made by us upon a

downgrade of our Insurer Financial Strength (“IFS”) ratings. The actual amount of collateral required to be posted to the

counterparties in the event of such downgrades and the aggregate amount of payments that we could be required to make depend on

market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the

downgrade. The fair value of securities pledged as collateral with respect to these obligations was approximately $118 million and

$121 million at June 30, 2026 and December 31, 2025, respectively. This collateral primarily consists of securities of the U.S.

government and government-sponsored entities and generally cannot be repledged or resold by the counterparties.

As part of our collateralized reinsurance transactions, we pledge collateral to cedants as contractually required. The fair value of

securities pledged as excess collateral with respect to these obligations was approximately $634 million and $650 million at June 30,

2026 and December 31, 2025, respectively. Additionally, assets supporting these transactions are held solely for the benefit of the

cedants and insulated from obligations owed to our other policyholders and general creditors.

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

6. Lending Activities

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

(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, 2026, and 17% and 10%, respectively, at December 31, 2025). The

weighted average loan-to-value ratio for NY and CA was 67% and 57% at June 30, 2026, respectively, and 66% and 57% at December 31, 2025, respectively. The

debt service coverage ratio for NY and CA was 1.9X and 2.1X at June 30, 2026, respectively, and 1.9X and 2.1X at December 31, 2025, respectively.

(b)There were no loans that were held for sale which are carried at lower of cost or market as of June 30, 2026 and December 31, 2025.

(c)Does not include allowance for credit losses of $10 million and $7 million at June 30, 2026 and December 31, 2025, respectively, in relation to off-balance-sheet

commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired

loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed

when delinquent contractual principal and interest are repaid or when a portion of the delinquent contractual payments are made, and

the ongoing required contractual payments have been made for an appropriate period. As of June 30, 2026, $147 million and

$1.2 billion of residential mortgage loans and commercial mortgage loans, respectively, are in nonaccrual status. As of December 31,

2025, $128 million and $0.9 billion of residential mortgage loans and commercial mortgage loans, respectively, were placed on

nonaccrual status.

Corebridge | Second Quarter 2026 Form 10-Q 43

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

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance

Sheets. As of June 30, 2026, accrued interest receivable was $116 million and $154 million associated with residential mortgage

loans and commercial mortgage loans, respectively. As of December 31, 2025, accrued interest receivable was $107 million and

$175 million associated with residential mortgage loans and commercial mortgage loans, respectively.

A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for

specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the

provisions of a guarantee on a commercial real estate or mortgage loan.

Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due.

Nonperforming loans were approximately 1% of our loan portfolio for all periods presented.

CREDIT QUALITY OF COMMERCIAL AND RESIDENTIAL MORTGAGES

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

*The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt

service coverage ratio was 1.9X at both periods ended June 30, 2026 and December 31, 2025. The debt service coverage ratios are updated when additional relevant

information becomes available.

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

*The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our

weighted average loan-to-value ratio was 61% at June 30, 2026 and 60% at December 31, 2025. The loan-to-value ratios have been updated within the last three

months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least

once per year.

Corebridge | Second Quarter 2026 Form 10-Q 44

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

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

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

process of foreclosure, at June 30, 2026

(b)Does not reflect allowance for credit losses.

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

*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,

2026 and December 31, 2025 residential loans direct to consumers totaled $7.4 billion and $7.8 billion, respectively.

Corebridge | Second Quarter 2026 Form 10-Q 45

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

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*:

*Does not include allowance for credit losses of $10 million and $8 million, respectively at June 30, 2026 and, 2025, in relation to the off-balance-sheet commitments to

fund commercial mortgage loans, which is recorded in Other liabilities in the Condensed Consolidated Balance Sheets.

Our expectations and models used to estimate the allowance for losses on commercial and residential mortgage loans are regularly

updated to reflect the current economic environment.

LOAN MODIFICATIONS

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which

includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss

given default model to determine the allowance for credit losses for our commercial and residential mortgage loans. An assessment of

whether a borrower is experiencing financial difficulty is made on the date of a modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for

credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is

generally not recorded upon modification.

When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or

some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against

the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the

loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit

losses.

We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default

on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the

insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and

the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market

conditions for a non-troubled debtor.

Corebridge did not modify any loans to borrowers experiencing financial difficulty during the six months ended June 30, 2026. 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.

During the six months ended June 30, 2026, commercial mortgage loans with an amortized cost of $29 million, which were previously

extended, became delinquent. There were no loans that defaulted during the six months ended June 30, 2025 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.

Corebridge | Second Quarter 2026 Form 10-Q 46

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

7. Reinsurance

In the ordinary course of business, our companies may use ceded reinsurance to limit potential losses, provide additional capacity for

growth, minimize exposure to significant risks or to provide greater diversification of our businesses. We may also use assumed

reinsurance to diversify our business. Reinsurance premiums ceded are recognized when due, along with corresponding benefits.

Amounts recoverable from reinsurers are presented as a component of Reinsurance assets. In addition to contracts which qualify for

reinsurance accounting under U.S. GAAP, the Company also manages its risks through contracts which follow deposit accounting.

Certain of our reinsurers have sought rate increases on certain YRT agreements. We have disputed, and expect to continue disputing,

any requested rate increases under these agreements. These disputes may lead to and have resulted in arbitration over the terms of

the reinsurance contracts. To the extent reinsurers seek retroactive premium increases, our practice is to assess and accrue our

current estimate of probable loss with respect to these matters when appropriate.

On August 1, 2025 and January 2, 2026, AGL and USL closed their coinsurance and modco reinsurance agreements with CSLR,

effective as of August 1, 2025 and January 1, 2026, respectively. Under the terms of these reinsurance agreements, AGL and USL

reinsured 100% of their individual variable annuity contracts. The majority of the variable annuity contracts are considered investment

contracts as they do not contain significant insurance risk; therefore, the reinsurance of such contracts are accounted for under

deposit accounting. As of the closing dates, we transferred to the reinsurer $2.1 billion of assets primarily consisting of fixed maturity

securities supporting the general account liabilities, net of a ceding commission. At inception, we recorded a net deposit asset of $2.8

billion, which includes a $2.2 billion deferred gain, reported in Other assets in the Condensed Consolidated Balance Sheets. The net

deposit asset was $2.6 billion and $2.5 billion as of June 30, 2026 and December 31, 2025, respectively. The deferred gain is

amortized into income over the estimated remaining life of the reinsured contracts. Additionally, $48.7 billion of separate account

liabilities were ceded under the modco portion of the agreement. Refer to Note 1 for additional information related to the reinsurance

agreement.

FORTITUDE RE

AGL and USL have modco reinsurance agreements with Fortitude Re, a registered Class 4 and Class E reinsurer in Bermuda.

VALIC’s modco agreement with Fortitude Re was recaptured effective January 1, 2025, resulting in a $45 million charge to pre-tax

earnings.

In the modco arrangement, the investments supporting the reinsurance agreements are withheld by, and therefore continue to reside

on the balance sheet of, the ceding company (i.e., Corebridge), thereby creating an obligation for the ceding company to pay the

reinsurer (i.e., Fortitude Re) at a later date. Additionally, as Corebridge maintains ownership of these investments, Corebridge

maintains its existing accounting for these assets (e.g., the changes in fair value of available-for-sale securities will be recognized

within OCI). Corebridge has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance

asset representing liabilities for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an

embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in

earnings through realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are

attributable to various assets and liabilities associated with these reinsurance agreements. As the majority of the invested assets

supporting the modco are fixed income securities that are available-for-sale, there is a mismatch between the accounting for the

embedded derivative as its changes in fair value are recorded through net income while changes in the fair value of the fixed maturity

securities available-for-sale are recorded through OCI.

Corebridge | Second Quarter 2026 Form 10-Q 47

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

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:

(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 $716 million, respectively, as of June 30, 2026. The derivative assets and liabilities supporting the Fortitude Re

funds withheld arrangements had a fair market value of $0 million and $615 million, respectively, as of December 31, 2025. These derivative assets and liabilities are

fully collateralized either by cash or securities.

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

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

*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.

REINSURANCE – CREDIT LOSSES

The total reinsurance recoverables as of June 30, 2026 were $25.6 billion. As of that date, utilizing Corebridge’s Obligor Risk Ratings,

(i) approximately 100% of the reinsurance recoverables were investment grade, (ii) approximately 0% were non-investment grade

reinsurance recoverables and (iii) none of the reinsurance recoverables were related to entities that were not rated by Corebridge.

Reinsurance Recoverable Allowance

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

There were no material recoveries of credit losses previously written off for the six months ended June 30, 2026 or 2025.

Corebridge | Second Quarter 2026 Form 10-Q 48

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

Past-Due Status

We consider a reinsurance asset to be past due when it is 90 days past due and record an allowance for disputes when there is

reasonable uncertainty of the collectability of a disputed amount during the reporting period. Past-due balances were not significant

for any of the periods presented.

8. Variable Interest Entities

A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial

support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations

through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary

beneficiary is not based on majority voting interest but is based on other criteria discussed below.

We enter into various arrangements with VIEs in the normal course of business and consolidate the VIEs when we determine we are

the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms,

nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing

the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to

expose the variable interest holders.

The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the

entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially

significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-

making ability and our ability to influence activities that significantly affect the economic performance of the VIE.

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:

Corebridge | Second Quarter 2026 Form 10-Q 49

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

(a)Composed primarily of investments in real estate joint ventures at June 30, 2026 and December 31, 2025.

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

(c)Off-balance-sheet exposure primarily consisting of commitments by insurance operations and affiliates into real estate and investment entities. At June 30, 2026 and

December 31, 2025, the Company had commitments to internal parties of $0.8 billion and $0.9 billion and commitments to external parties of $0.2 billion and

$0.3 billion, respectively.

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

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.

Corebridge | Second Quarter 2026 Form 10-Q 50

TABLEOF CONTENTS

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

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:

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

(b)At June 30, 2026 and December 31, 2025, $6.3 billion and $6.2 billion, respectively, of our total unconsolidated VIE assets were recorded as other invested assets.

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

Additionally, Corebridge is a passive investor in certain investment vehicles that securitized certain secured loans, bank loans and

residential mortgage loans. The notes held by Corebridge and their related fair values are included in the available-for-sale

disclosures that are reported in Notes 4 and 5. As of June 30, 2026, the total VIE assets of these securitizations are $2.4 billion, of

which Corebridge’s maximum exposure to loss including unfunded commitments is $2.5 billion. As of December 31, 2025, the total

VIE assets of these securitizations are $2.5 billion, of which Corebridge’s maximum exposure to loss is $2.5 billion.

9. Derivatives and Hedge Accounting

We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment

operations. Interest rate derivatives (such as interest rate futures, swaps, options and bond forwards), equity derivatives (such as

equity futures, swaps and options) and fixed maturity securities are used to economically mitigate interest rate risk, equity risk and

credit spread exposure associated with MRBs and embedded derivatives contained in insurance contract liabilities. Interest rate

derivatives are used to manage interest rate risk associated with fixed maturity securities as well as other interest rate sensitive

assets and liabilities. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives and

MRBs in certain insurance liabilities. 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 2026 Form 10-Q 51

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:

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

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

representation within the index.

(c)Consists primarily of stable value wraps and contracts with multiple underlying exposures.

(d)Includes $13.9 billion and $20.5 billion of notional amounts associated with reinsurance agreements at June 30, 2026 and December 31, 2025.

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

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

(g)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities,

respectively. All derivative transactions are with third parties. The fair value of assets related to bifurcated embedded derivatives were both zero at June 30, 2026 and

December 31, 2025. The fair value of liabilities related to bifurcated embedded derivatives was $17.6 billion and $16.0 billion at June 30, 2026 and December 31,

2025, respectively. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded

derivatives are primarily related to guarantee features in fixed index annuities and index universal life contracts, which include equity and interest rate components;

bonds available-for-sale and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7.

As of June 30, 2026 and December 31, 2025, the following amounts were recorded on the Condensed Consolidated Balance

Sheets related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the

carrying amount for fair value hedges:

(a)These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be

remaining at the end of the hedging relationship. At June 30, 2026, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.0

billion, the amount of the designated hedged item was $2.7 billion, and the cumulative basis adjustment associated with these hedging relationships was $(49) million.

At December 31, 2025, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.0 billion, the amount of the designated hedged

item was $2.7 billion, and the cumulative basis adjustment associated with these hedging relationships was $(7) million.

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

the remaining life of the loan.

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

Corebridge | Second Quarter 2026 Form 10-Q 52

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

COLLATERAL

We engage in derivative transactions that are not subject to a clearing requirement directly with third parties, in most cases under

International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements. Many of the ISDA Master Agreements also include

Credit Support Annex (“CSA”) provisions, which provide for collateral postings that may vary based on criteria such as ratings and

threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be

obtained from a counterparty on an up-front or contingent basis. We minimize the risk that counterparties might be unable to fulfill

their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional

collateral to be posted upon the occurrence of certain events or circumstances. Additionally, in the case reinsurance agreements

involve derivative transactions, cash collateral is provided to us by reinsurers and can be posted to third parties under the respective

ISDA and CSA provisions.

Collateral posted by us to third parties for derivative transactions was $1.6 billion and $1.2 billion at June 30, 2026 and December 31,

2025, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can

generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was

$5.4 billion and $4.0 billion at June 30, 2026 and December 31, 2025, respectively. In the case of collateral provided to us under

derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.

OFFSETTING

We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a

net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and

our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two

counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative

transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement

provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a

specified group of, derivative transactions governed by the ISDA Master Agreement.

HEDGE ACCOUNTING

We designated certain derivatives entered into with third parties as fair value hedges of available-for-sale securities held by our

insurance subsidiaries. The fair value hedges include foreign currency forwards and cross-currency swaps designated as hedges of

the change in fair value of foreign currency denominated available-for-sale securities attributable to changes in foreign exchange

rates. We also designated certain interest rate swaps entered into with third parties as fair value hedges of fixed rate GICs attributable

to changes in benchmark interest rates. In December 2025, we also entered into certain interest rate swap contracts designated as

fair value portfolio layer hedges of available-for-sale investment securities.

In 2022, we designated certain interest rate swaps entered into with related parties as cash flow hedges of forecasted coupon

payments associated with anticipated long-term debt issuances and we recognized derivative gains in AOCI. For the three and six

months ended June 30, 2026, $7 million and $14 million, respectively, and for the three and six months ended June 30, 2025, $7

million and $14 million, respectively, have been reclassified into Interest expense. The remaining amount in AOCI, of $104 million, will

be reclassified into Interest expense over the life of the hedging relationship, which can extend up to 30 years. We expect $28 million

to be reclassified into Interest expense over the next 12 months. There are no amounts excluded from the assessment of hedge

effectiveness that are recognized in earnings.

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

We also designated certain interest rate swaps as cash flow hedges of floating-rate investment assets. Related to such swaps, for the

three and six months ended June 30, 2026, we recognized derivative gains (losses) of $(99) million and

$(145) million

, respectively, in

AOCI and $2 million and $2 million, respectively, in net investment income. 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. 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, 2026 of $1 million and $3 million, respectively, and

for the three and six months ended June 30, 2025 of $(5) million and $(9) 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.

Corebridge | Second Quarter 2026 Form 10-Q 53

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

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):

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

(b)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and

recognized in earnings on a mark-to-market basis.

Corebridge | Second Quarter 2026 Form 10-Q 54

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

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

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

In addition to embedded derivatives within policyholder contract deposits, certain guaranteed benefits within insurance contracts are

classified as MRBs. The change in the fair value of these benefits is disclosed in Note 14. The change in the fair value of MRBs and

the derivative instruments that hedge those risks are recognized in “Change in the fair value of MRBs, net” in the Condensed

Consolidated Statements of Income (Loss).

10. Deferred Policy Acquisition Costs

Deferred policy acquisition costs (“DAC”) represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the

acquisition or renewal of an insurance contract. Such DAC generally include agent or broker commissions and bonuses, and medical

fees that would not have been incurred if the insurance contract had not been acquired or renewed. Each cost is analyzed to assess

whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is

directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in Non-

deferrable insurance commissions in the Condensed Consolidated Statements of Income (Loss).

We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing

specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and

processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution

channel and/or cost center from which the cost originates.

DAC for all contracts, except for those with limited to no exposure to policyholder behavior risk, (i.e., certain investment contracts), is

grouped and amortized on a constant level basis (i.e., approximating straight line amortization with adjustments for expected

terminations) over the expected term of the related contracts.

Corebridge | Second Quarter 2026 Form 10-Q 55

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

The following table presents a rollforward of deferred policy acquisition costs related to long-duration contracts for the six months ended June 30, 2026 and 2025:

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

(b)Excludes value of business acquired (“VOBA”) of $9 million and $11 million at June 30, 2026 and 2025, respectively.

DEFERRED SALES INDUCEMENTS

We offer deferred sales inducements (“DSI”) which include enhanced crediting rates or bonus payments to contract holders (bonus

interest) on certain annuity and investment contract products. To qualify for accounting treatment as an asset, the bonus interest must

be explicitly identified in the contract at inception. We must also demonstrate that such amounts are incremental to amounts we credit

on similar contracts without bonus interest and are higher than the contracts’ expected ongoing crediting rates for periods after the

bonus period. DSI is reported in Other assets, while amortization related to DSI is recorded in Interest credited to policyholder account

balances. DSI amounts are deferred and amortized on a constant level basis over the life of the contract consistent with DAC.

The following table presents a rollforward of deferred sales inducement assets related to long-duration contracts for the six months ended June 30, 2026 and 2025:

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

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

Corebridge | Second Quarter 2026 Form 10-Q 56

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:

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

Corebridge | Second Quarter 2026 Form 10-Q 57

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

*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.

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:

Corebridge | Second Quarter 2026 Form 10-Q 58

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

Corebridge | Second Quarter 2026 Form 10-Q 59

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, 2026 and 2025 in the traditional and term life insurance block, capping of net premium ratios at

100% caused a (credit)/charge to net income of $0 million and $1 million, respectively. The discount rate was updated based on

market observable information.

Corebridge | Second Quarter 2026 Form 10-Q 60

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

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

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:

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

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 2026 Form 10-Q 61

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

Additional Liabilities: For universal-life type products, insurance benefits in excess of the account balance are generally recognized as expenses in the period incurred unless the design of the product is such that future charges are insufficient to cover the benefits, in

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

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

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

*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:

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

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

level, and are represented as an annual rate.

The following table presents details concerning our universal life policies:

Corebridge | Second Quarter 2026 Form 10-Q 62

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

13. Policyholder Contract Deposits and Other Policyholder Funds

POLICYHOLDER CONTRACT DEPOSITS

The liability for Policyholder contract deposits is primarily recorded at accumulated value (deposits received and net transfers from

separate accounts, plus accrued interest credited, less withdrawals and assessed fees). Deposits collected on investment-oriented

products are not reflected as revenues. They are recorded directly to Policyholder contract deposits upon receipt. Amounts assessed

against the contract holders for mortality, administrative, and other services are included as Policy fees in revenues.

In addition to liabilities for universal life, fixed annuities, fixed options within variable annuities, annuities without life contingencies,

funding agreements and GICs, policyholder contract deposits also include our liability for (i) index-linked interest credited features

accounted for as embedded derivatives at fair value, (ii) annuities issued in a structured settlement arrangement with no life

contingency and (iii) certain contracts we have elected to account for at fair value. Changes in the fair value of the embedded

derivatives related to policy index-linked interest credited features and the fair value of derivatives hedging these liabilities are

recognized in realized gains and losses.

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

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

(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 $1,160 million and

$893 million that are recorded in policyholder contract deposits as of June 30, 2026 and 2025, respectively.

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

value).

Corebridge | Second Quarter 2026 Form 10-Q 63

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

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

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

guaranteed minimums:

Corebridge | Second Quarter 2026 Form 10-Q 64

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

*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 2026 Form 10-Q 65

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, 2026 and

2025:

*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 policyholder and expose the insurance entity 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 2026 Form 10-Q 66

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

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

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

Corebridge | Second Quarter 2026 Form 10-Q 67

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:

*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. 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.

Corebridge | Second Quarter 2026 Form 10-Q 68

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 15. Contingencies, Commitments and Guarantees

California Lapse Statute Litigation

The Company continues to defend itself against actions involving Sections 10113.71 and 10113.72 of the California Insurance Code.

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. 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. in connection with all California policies issued

before 2013 that lapsed for nonpayment of premiums since January 1, 2013. On January 27, 2025, AGL filed a demurrer to the

complaint. That demurrer was heard on July 10, 2025. The trial court sustained AGL’s demurrer as to misjoinder on August 25, 2025,

but granted leave to amend. The plaintiff filed an Amended Complaint on September 11, 2025, and AGL filed an answer to that

pleading on October 14, 2025. Discovery has since commenced. A trial date is currently set for March 5, 2027. AGL has accrued its

current estimate of probable loss with respect to this litigation matter.

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 $5.0 billion at June 30, 2026.

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.

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, American International Group, Inc. (“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, 2026 or 2025.

AIG provides a full and unconditional guarantee of all outstanding notes and junior subordinated debentures of 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 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 19.

Corebridge | Second Quarter 2026 Form 10-Q 69

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. Equity

16. Equity

PREFERRED STOCK

Issuance of Corebridge Preferred Stock

On November 18, 2025, Corebridge Parent issued 500,000 shares of its 6.875% Fixed Rate Reset Non-Cumulative Preferred Stock,

Series A (the “Series A Preferred Stock”), $1.00 par value per share, with a liquidation preference of $1,000 per share, for aggregate

net cash proceeds of $493 million ($500 million gross). The preferred stock rank senior to Corebridge common stock with respect to

the payment of dividends and liquidation. Corebridge will pay dividends on the Series A Preferred Stock on a noncumulative basis

only when, as and if declared by the Company’s Board of Directors (or a duly authorized committee of the Board) and will be payable

semi-annually in arrears, commencing on June 1, 2026. Dividends will accrue on a noncumulative basis at a fixed rate per annum of

6.875% and from, and including, December 1, 2030, during each reset period at a rate per annum equal to the five-year treasury rate

plus 3.181%. In connection with the issuance of the Series A Preferred Stock we incurred $7 million of issuance costs, which has

been recorded as a reduction of additional paid-in capital. The Series A Preferred Stock is redeemable at Corebridge’s option, in

whole or in part, on any dividend payment date on or after December 1, 2030, at a redemption price of $1,000 per share plus declared

and unpaid dividends.

COMMON STOCK

The following table presents a rollforward of outstanding shares:

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:

• The authorization remaining at June 30, 2026 does not reflect the applicable excise tax payable due to the Inflation Reduction Act of 2022.

Corebridge | Second Quarter 2026 Form 10-Q 70

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. Equity

RETAINED EARNINGS

Dividends

Common Stock Dividends

Declaration Date Record Date Payment Date Dividend Paid Per Common Share

May 4, 2026 June 16, 2026 June 30, 2026 $0.25

February 9, 2026 March 17, 2026 March 31, 2026 $0.25

Preferred Stock Dividends

Declaration Date Record Date Payment Date Dividend Paid Per Common Share

May 5, 2026 May 15, 2026 June 1, 2026 $36.86

Common Stock Dividends Declared

On August 4, 2026, the Company declared a cash dividend on Corebridge Parent common stock of $0.25 per share, payable on

September 30, 2026 to shareholders of record at close of business on September 16, 2026.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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

Corebridge | Second Quarter 2026 Form 10-Q 71

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. Equity

Corebridge | Second Quarter 2026 Form 10-Q 72

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. Equity

The following table presents the OCI reclassification adjustments for the three and six months ended June 30, 2026 and

2025, respectively:

Corebridge | Second Quarter 2026 Form 10-Q 73

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. 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)*:

*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:

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

Corebridge | Second Quarter 2026 Form 10-Q 74

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) 17. Earnings Per Common Share

17. 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 three and six months ended June 30, 2026

and 2025:

*Potential dilutive common shares include our share-based employee compensation plans. The number of common shares excluded from dilutive shares outstanding

was approximately 2.7 million and 0.8 million for the three months ended June 30, 2026 and 2025, respectively, and 3.1 million and 0.6 million for the six months ended June 30, 2026 and 2025, respectively, because the effect of including those common shares in the calculation would ha ve been anti-dilutive.

18. 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. The U.S. Treasury and Internal Revenue Service (“IRS”) have published proposed regulations, as well as

interim guidance, with respect to the CAMT which we rely upon to calculate our estimated CAMT liability. Our estimated CAMT liability

may be refined as additional guidance is issued.

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 when

recognized in AOCI. 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 excluded from the

estimated annual effective tax rate, including the reclassification of certain tax effects from AOCI and changes in the realizability of

deferred tax assets, and are recorded in the period in which they occur.

Corebridge | Second Quarter 2026 Form 10-Q 75

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 18. Income Taxes

INTERIM TAX EXPENSE (BENEFIT)

For the three and six months ended June 30, 2026, the effective tax rate on income from operations was 96.2% and 139.6%,

respectively. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to tax charges

associated with increase in U.S. federal valuation allowance and state and local income taxes, partially offset by tax benefits

associated with dividends received deduction, tax adjustments related to prior year returns including interest, reclassifications from

AOCI to income from operations related to the disposal of available-for-sale securities, and non-controlling interest.

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.

ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE

In evaluating the recoverability of our deferred tax assets and the need for a valuation allowance, we consider recent events, changes

in interest rates, significant market volatility, forecasts of future income for each of our businesses, and any potential impact of these

factors on our tax planning strategies. Our assessment of the realization of deferred tax assets, including net operating loss and

capital loss carryforwards, is performed for each separate U.S. federal tax filing group and separate U.S. tax filer. This assessment

considers, among other factors, the five-year waiting period during which certain life insurance subsidiaries are not permitted to join in

the filing of the U.S. consolidated federal income tax return. We also consider the impact of Sec. 382 limitations on pre-ownership

change net operating losses and other built-in losses and deductions. After evaluating all positive and negative evidence, if we

determine that it is more-likely-than-not that some portion of the deferred tax asset will not be realized, a valuation allowance is

recorded.

Based on management’s analysis, as of June 30, 2026, we have a U.S. federal valuation allowance of $1.7 billion, of which

$179 million is related to NOLs and other ordinary DTAs and $1.5 billion ($1.1 billion reflected in AOCI) is related to realized and

unrealized capital losses. For the three months ended June 30, 2026, we recorded an increase in valuation allowance of $8 million

related to NOLs and other ordinary DTAs and net increase of $92 million related to investment losses, of which $51 million was

recorded through the Condensed Consolidated Statements of Income (Loss) and $41 million was recorded in OCI. For the six months

ended June 30, 2026, we recorded an increase in valuation allowance of $19 million related to NOLs and other ordinary DTAs and

net increase of $319 million related to investment losses, of which $191 million was recorded through the Condensed Consolidated

Statements of Income (Loss) and $128 million was recorded in OCI.

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.

Corebridge | Second Quarter 2026 Form 10-Q 76

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 19. Related Parties

19. 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

On February 12, 2026, we purchased an aggregate of approximately $750 million of shares from AIG in a privately negotiated

transaction. Following the decrease in AIG’s ownership interest in the Company from approximately 10% to approximately 6% on

February 12, 2026, AIG is no longer considered a related party of the Company. Transactions with AIG continue to be reported as

related party transactions for periods prior to the February 12, 2026. From January 1, 2026 through February 11, 2026 there were no

material transactions with AIG. On May 5, 2026, AIG sold its remaining interest in Corebridge.

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

On December 30, 2025, funds managed by affiliates of Blackstone acquired AIG’s interests in certain real estate funds and other

investments which are managed by the Company. We also receive management and advisory fee income for Investment Services

related to these ventures.

We also have a long-term asset management relationship with Blackstone to manage a portion of our investment portfolio. The

investment expense incurred was $91 million and $176 million for the three and six months ended June 30, 2026, respectively, and

$80 million and $156 million for the three and six months ended June 30, 2025, respectively.

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 related parties, and in

other instances, related parties may have variable interests in a VIE that is consolidated by us. The total debt of consolidated VIEs

held by related parties was $0 million and $24 million as of June 30, 2026 and December 31, 2025, respectively.

The noncontrolling interest included in the Condensed Consolidated Balance Sheets related to the VIEs held by related parties was

$257 million and $334 million as of June 30, 2026 and December 31, 2025, respectively. The gain/(loss) attributable to noncontrolling

interest of consolidated VIEs held by related parties were $(20) million and $(14) million three and six months ended June 30, 2026,

respectively, and $(12) million and $(8) million for the three and six months ended June 30, 2025, 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 related parties. 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 related parties of $0.5 billion and $0.6 billion at June 30, 2026 and December 31, 2025, respectively.

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

Corebridge | Second Quarter 2026 Form 10-Q 77