株探米国株
英語
エドガーで原本を確認する
0001889539FALSE00018895392025-10-012025-10-010001889539us-gaap:CommonStockMember2025-10-012025-10-010001889539crbg:A6.375JuniorSubordinatedNotesDue2064Member2025-10-012025-10-01

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 1, 2025
Corebridge Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware 001-41504 95-4715639
(State or Other Jurisdiction
of Incorporation)		 (Commission File Number) (IRS Employer
Identification No.)
2919 Allen Parkway, Woodson Tower,
Houston, Texas 77019
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone number, including area code: 1-877-375-2422
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s)		 Name of each exchange on which registered
Common Stock CRBG New York Stock Exchange
6.375% Junior Subordinated Notes CRBD New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 7.01
Regulation FD Disclosure.
As previously reported by Corebridge Financial, Inc. (the “Company”) in its quarterly report on Form 10-Q filed with the Securities and Exchange Commission on August 5, 2025, a portion of the transactions contemplated by the Master Transaction Agreement by and among American General Life Insurance Company (“AGL”), The United States Life Insurance Company in the City of New York (“USL”) and Corporate Solutions Life Reinsurance Company, closed on August 1, 2025 (the “Closing”). As a result of the Closing, the Company announced that, retrospectively, beginning in the third quarter of 2025, it is making certain changes to its segment reporting to (1) report its variable annuity business previously reported in the Individual Retirement segment in the Corporate and Other segment, and (2) exclude the results of this business from Adjusted Pre-tax Operating Income (“APTOI”).
Exhibit 99.1 to this Form 8-K contains information that the company has published on its Investor Relations website providing recast historical segment financial results. The financial supplement is not intended to be a complete presentation of the Company’s financial position or results of operations as of and for the periods presented. The changes in the segment structure affect only the manner in which the results for the Company’s operating segments were previously reported. The historical segment information provided under the new segment structure has no other impact on the Company’s previously reported Consolidated Financial Statements or Consolidated Condensed Financial Statements. In addition, it includes reconciliations of certain non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (“GAAP”).
The information in this Item 7.01, including the corresponding Exhibit 99.1, is being furnished with the Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934.
Item 9.01
Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.
Description of Exhibit
 
 
Corebridge Financial, Inc. Recast of Historical Segment Results, dated October 1, 2025 (furnished herewith and not filed).
 
 
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Corebridge Financial, Inc.
Date:
October 1, 2025
 By:  /s/ Elias Habayeb
Name: Elias Habayeb
Title: Executive Vice President and
Chief Financial Officer

EX-99.1 2 recastcorebridgefinancial-.htm EX-99.1 Document

Recast of Historical Segment Results
Quarterly Financial Supplement










image.jpg

The information in this financial supplement is unaudited and has been recast for all periods presented to reflect the Company’s decision to (1) report its variable annuity business previously reported in the Individual Retirement segment in the Corporate and Other segment, and (2) exclude the results of this business from Adjusted Pre-tax Operating Income (“APTOI”). This financial supplement is not intended to be a complete presentation of the Company’s financial position or results of operations as of and for the periods presented. The changes in the segment structure affect only the manner in which the results for the Company's operating segments were previously reported. The historical segment information provided under the new segment structure has no other impact on the Company's previously reported Consolidated Financial Statements or Consolidated Condensed Financial Statements. The Company’s segment reporting and presentation of APTOI will reflect these changes retrospectively beginning in the third quarter of 2025.
Quarterly Financial Supplement
1
Corebridge Financial, Inc.
Contact: Investor Relations
Işıl Müderrisoğlu - Isil.Muderrisoglu@corebridgefinancial.com
Investor Relations Mailbox: InvestorRelations@corebridgefinancial.com
Table of Contents
Page(s)
Consolidated Results
Overview of Recast historical results
Consolidated Financial Highlights
 4-5
Operating Results by Segment
Individual Retirement
 9-10
11-12
Group Variable Annuity Account Value by Type
14-15
Investments
21-22
23
24
25-43
corebridgelogo.jpg
Table of Contents
2
Table of Contents


Corebridge Financial, Inc.
Overview of Recast Historical Results
On June 25, 2025, American General Life Insurance Company (“AGL”) and The United States Life Insurance Company in the City of New York (“USL”) entered into a Master Transaction Agreement (the “Agreement”) with Corporate Solutions Life Reinsurance Company, an Iowa-domiciled insurance company (“CSLR”), pursuant to which, among other things, subject to the terms and conditions thereof, at the applicable closing of the transactions contemplated thereby, AGL and the CSLR, as well as USL and CSLR , will each enter into coinsurance and modified coinsurance agreements, (together the “Reinsurance Agreements” and each, a “Reinsurance Agreement”). Under the terms of the Reinsurance Agreements, the applicable company will cede to CSLR 100% of the applicable reinsured liabilities with respect to (i) in-force individual retirement variable annuity contracts issued prior to the effective time of the Reinsurance Agreements, and (ii) only with respect to AGL, new individual retirement variable annuity contracts issued after the effective date of the Reinsurance Agreement.
The closing with respect to the Reinsurance Agreement with AGL and the Reinsurance Agreement with USL are bifurcated. The closing with respect to the Reinsurance Agreement with AGL occurred on August 1, 2025. Accordingly, effective in the third quarter of 2025, Corebridge Financial Inc.’s (the “Company”) variable annuity business previously reported in the Individual Retirement segment, has been reclassified to Corporate and Other, consistent with how the Chief Operating Decision Maker (“CODM”) now assesses its performance and allocates its resources given the closing of AGL Reinsurance Agreement. 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 given the AGL Reinsurance Agreement.


corebridgelogo.jpg
Overview
3
Table of Contents


Corebridge Financial, Inc.
Consolidated Financial Highlights
(in millions, except per share data) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Results of Operations Data (attributable to Corebridge common shareholders)
Net income (loss) $ (660) $ (664) $ 2,171 $ (1,184) $ 365 $ 878 $ (1,324) $ 1,243 $ 2,230
Net income (loss) per share:
Common stock - basic $ (1.20) $ (1.19) $ 3.81 $ (2.02) $ 0.60 $ 1.41 $ (2.39) $ 2.01 $ 3.73
Common stock - diluted $ (1.20) $ (1.19) $ 3.80 $ (2.02) $ 0.59 $ 1.41 $ (2.39) $ 2.01 $ 3.72
Weighted average shares outstanding:
Common stock - basic 550.3 558.0 569.8 587.1 611.6 624.0 554.1 617.8 598.0
Common stock - diluted 550.3 558.0 571.4 587.1 612.6 624.9 554.1 618.7 599.2
Effective tax rate (9.9) % 23.8  % 24.0  % 25.5  % 25.2  % 18.6  % 9.9  % 20.7  % 21.4  %
Adjusted after-tax operating income $ 672 $ 570 $ 606 $ 724 $ 613  $ 604  $ 1,242 $ 1,217  $ 2,547 
Operating earnings per common share $ 1.22 $ 1.02 $ 1.06 $ 1.23 $ 1.00 $ 0.97 $ 2.22 $ 1.97 $ 4.25
Weighted average shares outstanding - operating 551.3 559.4 571.4 588.3 612.6 624.9 555.3 618.7 599.2
Adjusted effective tax rate 20.2  % 19.7  % 20.1  % 21.4  % 19.1  % 17.3  % 20.0  % 18.2  % 19.6  %
Adjusted pre-tax/after-tax operating income (loss)
Individual Retirement $ 523  $ 454  $ 458  $ 547  $ 520  $ 515  $ 977  $ 1,035  $ 2,040 
Group Retirement 182  195  161  188  195  200  377  395  744 
Life Insurance 133  108  156  156  95  54  241  149  461 
Institutional Markets 173  137  133  154  96  112  310  208  495 
Corporate and Other (168) (187) (152) (126) (148) (148) (355) (296) (574)
Consolidation and elimination (1) 3  2  2  —  (3) 2  (3) 1 
Adjusted pre-tax operating income 842  710  758  921  758  730  1,552  1,488  3,167 
Income tax expense 170  140  152  197  145  126  310  271  620 
Adjusted after-tax operating income $ 672  $ 570  $ 606  $ 724  $ 613  $ 604  $ 1,242  $ 1,217  $ 2,547 
Sources of Income
Base spread income $ 862  $ 895  $ 849  $ 887  $ 915  $ 977  $ 1,757  $ 1,892  $ 3,628 
Variable investment income 186  83  95  106  44  1  269  45  246 
Spread income 1,048  978  944  993  959  978  $ 2,026  $ 1,937  $ 3,874 
Fee income 282  277  286  287  274  267  559  541  1,114 
Underwriting margin 357  346  388  417  329  315  703  644  1,449 
Total $ 1,687  $ 1,601  $ 1,618  $ 1,697  $ 1,562  $ 1,560  $ 3,288  $ 3,122  $ 6,437 
Adjusted Return On Average Equity (ROAE)
ROAE (21.7) % (22.7) % 69.3  % (38.5) % 12.9  % 30.1  % (22.2) % 21.7  % 18.8  %
Adjusted ROAE 12.9  % 10.4  % 11.1  % 13.1  % 10.7  % 10.5  % 11.6  % 10.6  % 11.3  %
corebridgelogo.jpg
Consolidated Financial Highlights
4
Table of Contents


Corebridge Financial, Inc.
Consolidated Financial Highlights
(in millions, except per share data) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Total Premiums and Deposits $ 10,466  $ 8,920  $ 9,399  $ 9,160  $ 11,263  $ 10,229  $ 19,386  $ 21,492  $ 40,051 
Corebridge Capitalization
Adjusted book value $ 20,348  $ 21,476  $ 22,345  $ 21,434  $ 22,783  $ 23,218  $ 20,348  $ 22,783  $ 22,345 
Financial debt 9,456  10,454  10,454  9,865  9,371  9,368  9,456  9,371  10,454 
Amounts drawn under revolving credit facility —  —  —  —  —  —  —  —  — 
Non-redeemable noncontrolling interest 867  856  864  834  816  810  867  816  864 
Total capital $ 30,671  $ 32,786  $ 33,663  $ 32,133  $ 32,970  $ 33,396  $ 30,671  $ 32,970  $ 33,663 
Interest Expense - Financial Debt $ 114  $ 125  $ 119  $ 110  $ 107  $ 107  $ 239  $ 214  $ 443 
Leverage Ratio
Financial debt / total capital 30.8  % 31.9  % 31.1  % 30.7  % 28.4  % 28.1  % 30.8  % 28.4  % 31.1  %
Common Stock Repurchases
Aggregate repurchase of common stock $ 311  $ 321  $ 398  $ 715  $ 436  $ 243  $ 632  $ 679  $ 1,792 
Number of common shares repurchased 9.9  10.0  12.9  25.9  15.1  9.5  19.9  24.6  63.4 
Average price paid per share of common stock $ 31.32  $ 32.26  $ 30.81  $ 27.56  $ 28.77  $ 25.71  $ 31.79  $ 27.59  $ 28.23 
Dividends
Dividends declared per common share $ 0.24  $ 0.24  $ 0.23  $ 0.23  $ 0.23  $ 0.23  $ 0.48  $ 0.46  $ 0.92 
Total dividends declared on common stock $ 131  $ 133  $ 129  $ 133  $ 139  $ 143  $ 264  $ 282  $ 544 
Adjusted Book Value Per Common Share
Total Corebridge shareholders' equity (a) $ 12,302  $ 11,980  $ 11,462  $ 13,608  $ 10,996  $ 11,576  $ 12,302  $ 10,996  $ 11,462 
Less: Accumulated other comprehensive income (loss) (AOCI) (10,633) (12,049) (13,681) (9,884) (14,508) (14,139) (10,633) (14,508) (13,681)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (2,587) (2,553) (2,798) (2,058) (2,721) (2,497) (2,587) (2,721) (2,798)
Total adjusted book value (b) $ 20,348  $ 21,476  $ 22,345  $ 21,434  $ 22,783  $ 23,218  $ 20,348  $ 22,783  $ 22,345 
Total common shares outstanding (c)(1) 543.2  553.1  561.5  574.4  600.3  615.4  543.2  600.3  561.5 
Book value per common share (a/c) $ 22.65  $ 21.66  $ 20.41  $ 23.69  $ 18.32  $ 18.81  $ 22.65  $ 18.32  $ 20.41 
Adjusted book value per common share (b/c) $ 37.46  $ 38.83  $ 39.80  $ 37.32  $ 37.95  $ 37.73  $ 37.46  $ 37.95  $ 39.80 
Closing share price $ 35.50  $ 31.57  $ 29.93  $ 28.57  $ 29.12  $ 28.73  $ 35.50  $ 29.12  $ 29.93 
(1) Total common shares outstanding are presented net of treasury stock.
corebridgelogo.jpg
Consolidated Financial Highlights
5
Table of Contents


Corebridge Financial, Inc.
Consolidated Statement of Operations
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Revenues
Premiums (1) $ 446 $ 871 $ 1,120 $ 602 $ 528 $ 2,276 $ 1,317 $ 2,804 $ 4,526
Policy fees 721 720 738 728 721 714 1,441 1,435 2,901
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets 2,995 2,858 2,822 2,781 2,663 2,592 5,853 5,255 10,858
Net investment income - Fortitude Re funds withheld assets 343 331 198 515 325 332 674 657 1,370
Total net investment income 3,338 3,189 3,020 3,296 2,988 2,924 6,527 5,912 12,228
Net realized gains (losses):
Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative (1,694) (822) 726 (975) (690) (178) (2,516) (868) (1,117)
Net realized gains (losses) on Fortitude Re funds withheld assets (30) 4 (148) 157 (93) (164) (26) (257) (248)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative (251) (596) 933 (1,509) 36 22 (847) 58 (518)
Total net realized gains (losses) (1,975) (1,414) 1,511 (2,327) (747) (320) (3,389) (1,067) (1,883)
Advisory fee income 121 125 130 128 124 124 246 248 506
Other income 75 81 81 172 77 99 156 176 429
Total revenues 2,726 3,572 6,600 2,599 3,691 5,817 6,298 9,508 18,707
Benefits and expenses
Policyholder benefits (1) 982 1,457 1,627 1,149 1,049 2,807 2,439 3,856 6,632
Change in the fair value of market risk benefits, net (2) (279) 385 (486) 603 25 (369) 106 (344) (227)
Interest credited to policyholder account balances 1,486 1,417 1,409 1,358 1,274 1,199 2,903 2,473 5,240
Amortization of deferred policy acquisition costs and value of business acquired 275 275 273 260 260 267 550 527 1,060
Non-deferrable insurance commissions 152 156 158 141 146 143 308 289 588
Advisory fee expenses 64 70 74 73 71 68 134 139 286
General operating expenses 517 526 475 475 513 553 1,043 1,066 2,016
Interest expense 137 148 145 133 138 138 285 276 554
Net (gain) loss on divestitures — — — 1 (241) (5) — (246) (245)
Total benefits and expenses 3,334 4,434 3,675 4,193 3,235 4,801 7,768 8,036 15,904
Income (loss) before income tax expense (608) (862) 2,925 (1,594) 456 1,016 (1,470) 1,472 2,803
Income tax expense (benefit) 60 (205) 703 (407) 115 189 (145) 304 600
Net income (loss) (668) (657) 2,222 (1,187) 341 827 (1,325) 1,168 2,203
Less net income (loss) attributable to noncontrolling interests (8) 7 51 (3) (24) (51) (1) (75) (27)
Net income (loss) attributable to Corebridge $ (660) $ (664) $ 2,171 $ (1,184) $ 365 $ 878 $ (1,324) $ 1,243 $ 2,230
(1) Includes PRT and SS sales activity of: $ 34 $ 508 $ 732 $ 217 $ 175 $ 1,805 $ 542 $ 1,980 $ 2,929
(2) Represents changes in fair value of market risk benefits compared to prior periods, except for our own credit risk changes (non-performance adjustments) which are recognized in other comprehensive income.
corebridgelogo.jpg
Consolidated Statement of Operations
6
Table of Contents

Corebridge Financial, Inc.
Consolidated Balance Sheets
(in millions) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
Assets
Investments:
Fixed maturity securities
Bonds available-for-sale, at fair value $ 179,645 $ 174,352 $ 170,840 $ 178,224 $ 167,320 $ 168,826
Other bond securities, at fair value 5,379 5,342 5,262 5,319 5,043 4,646
Equity securities, at fair value 911 947 56 258 73 76
Mortgage and other loans receivable, net of allowance 54,334 53,332 52,768 51,653 48,663 47,830
Other invested assets 9,947 9,959 9,851 10,087 9,957 10,036
Short-term investments 3,811 6,232 4,981 4,898 4,998 4,144
Total Investments 254,027 250,164 243,758 250,439 236,054 235,558
Cash 290 393 806 530 637 410
Accrued investment income 2,238 2,201 2,169 2,197 2,092 2,132
Premiums and other receivables, net of allowance 674 668 713 690 620 586
Reinsurance assets - Fortitude Re, net of allowance 24,463 24,646 24,933 26,323 25,462 26,078
Reinsurance assets - other, net of allowance 1,700 1,650 1,560 1,531 1,513 1,592
Deferred income taxes 7,426 7,614 7,903 7,626 8,219 8,347
Deferred policy acquisition costs and value of business acquired 10,435 10,328 10,293 10,204 10,133 10,049
Market risk benefit assets, at fair value 1,329 1,151 1,332 1,164 1,187 1,172
Other assets, including restricted cash 2,340 2,137 1,844 2,239 2,340 2,142
Separate account assets 94,064 89,070 93,888 96,368 94,122 95,173
Assets held-for-sale 177 — 198 111 113 2,349
   Total assets $ 399,163 $ 390,022 $ 389,397 $ 399,422 $ 382,492 $ 385,588
Liabilities
Future policy benefits for life and accident and health insurance contracts $ 57,485 $ 57,086 $ 56,272 $ 59,416 $ 56,355 $ 57,587
Policyholder contract deposits 182,187 176,312 173,695 172,177 168,324 163,783
Market risk benefit liabilities, at fair value 6,265 6,339 5,616 6,276 5,124 5,167
Other policyholder funds 2,903 2,889 2,873 2,852 2,853 2,864
Fortitude Re funds withheld payable 23,820 24,072 24,291 25,909 24,940 25,323
Other liabilities 7,921 9,103 8,044 9,968 7,227 9,634
Short-term and long-term debt 9,456 10,454 10,454 9,865 9,371 9,368
Debt of consolidated investment entities 1,893 1,861 1,938 2,149 2,364 2,530
Separate account liabilities 94,064 89,070 93,888 96,368 94,122 95,173
Liabilities held-for-sale — — — — — 1,773
   Total liabilities $ 385,994 $ 377,186 $ 377,071 $ 384,980 $ 370,680 $ 373,202
Corebridge shareholders' equity
Common stock $ 7 $ 7 $ 7 $ 7 $ 7 $ 7
Treasury stock (2,881) (2,568) (2,282) (1,881) (1,161) (717)
Additional paid-in capital 8,140 8,129 8,161 8,148 8,122 8,115
Retained earnings 17,669 18,461 19,257 17,218 18,536 18,310
Accumulated other comprehensive income (loss) (10,633) (12,049) (13,681) (9,884) (14,508) (14,139)
Total Corebridge shareholders' equity 12,302 11,980 11,462 13,608 10,996 11,576
Non-redeemable noncontrolling interests 867 856 864 834 816 810
Total equity 13,169 12,836 12,326 14,442 11,812 12,386
Total liabilities and equity $ 399,163 $ 390,022 $ 389,397 $ 399,422 $ 382,492 $ 385,588
corebridgelogo.jpg
Consolidated Balance Sheet
7
Table of Contents


Corebridge Financial, Inc.
Assets Under Management and Administration (AUMA)
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Individual Retirement
Beginning AUMA balance $ 108,482 $ 105,743 $ 106,774 $ 99,786 $ 96,814 $ 94,860 $ 105,743 $ 94,860 $ 94,860
Premiums and deposits 6,487 4,298 4,539 5,078 6,371 4,495 10,785 10,866 20,483
Surrenders and other withdrawals (2,641) (2,486) (2,338) (2,773) (2,986) (3,424) (5,127) (6,410) (11,521)
Death benefits/other (589) (569) (517) (525) (239) (332) (1,158) (571) (1,613)
Interest credited and investment performance 751 1,496 (2,715) 5,208 (174) 1,215 2,247 1,041 3,534
Ending AUMA balance $ 112,490 $ 108,482 $ 105,743 $ 106,774 $ 99,786 $ 96,814 $ 112,490 $ 99,786 $ 105,743
Group Retirement
Beginning AUMA balance $ 121,390 $ 124,299 $ 129,895 $ 124,396 $ 126,215 $ 122,181 $ 124,299 $ 122,181 $ 122,181
Premiums and deposits 1,976 1,824 1,616 1,963 1,998 2,054 3,800 4,052 7,631
Surrenders and other withdrawals (3,571) (3,425) (4,905) (3,507) (3,615) (3,710) (6,996) (7,325) (15,737)
Death benefits/other (238) (235) (248) (240) (257) (235) (473) (492) (980)
Interest credited and investment performance/other (1) 6,792 (1,073) (2,059) 7,283 55 5,925 5,719 5,980 11,204
Ending AUMA balance $ 126,349 $ 121,390 $ 124,299 $ 129,895 $ 124,396 $ 126,215 $ 126,349 $ 124,396 $ 124,299
Life Insurance
Beginning AUMA balance $ 26,964 $ 26,466 $ 27,972 $ 26,668 $ 26,989 $ 26,691 $ 26,466 $ 26,691 $ 26,691
Premiums and deposits 868 856 879 856 846 1,094 1,724 1,940 3,675
Surrenders and other withdrawals (111) (90) (101) (102) (103) (103) (201) (206) (409)
Death benefits/other (787) (765) (657) (785) (721) (922) (1,552) (1,643) (3,085)
Interest credited and investment performance/other (2) (502) 497 (1,627) 1,335 (343) 229 (5) (114) (406)
Ending AUMA balance $ 26,432 $ 26,964 $ 26,466 $ 27,972 $ 26,668 $ 26,989 $ 26,432 $ 26,668 $ 26,466
Institutional Markets
Beginning AUMA balance $ 95,570 $ 93,112 $ 92,213 $ 87,922 $ 86,444 $ 85,285 $ 93,112 $ 85,285 $ 85,285
Premiums and deposits 1,135 1,942 2,365 1,263 2,048 2,586 3,077 4,634 8,262
Surrenders and other withdrawals (1) (71) (28) (29) (53) (62) (72) (115) (172)
Death benefit/other (3) (556) (639) (899) (518) (1,162) (469) (1,195) (1,631) (3,048)
Interest credited and investment performance/other (4) 1,868 1,226 (539) 3,575 645 (896) 3,094 (251) 2,785
Ending AUMA balance $ 98,016 $ 95,570 $ 93,112 $ 92,213 $ 87,922 $ 86,444 $ 98,016 $ 87,922 $ 93,112
Total Corebridge AUMA $ 363,287 $ 352,406 $ 349,620 $ 356,854 $ 338,772 $ 336,462 $ 363,287 $ 338,772 $ 349,620
(1) Other represents the total change in off-balance sheet advisory and brokerage assets.
(2) Includes $105 million assets reclassified to held-for-sale in 1Q24 and year ended 2024.
(3) Includes guaranteed investment contract maturities.
(4) Other represents the change in notional value of the stable value wrap products.
corebridgelogo.jpg
Assets Under Management and Administration (AUMA)
8
Table of Contents

Corebridge Financial, Inc.
Individual Retirement Sources of Earnings and Operating Statistics
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Sources of Earnings
Spread income (1) $ 704  $ 654  $ 657  $ 684  $ 680  $ 672  $ 1,358  $ 1,352  $ 2,693 
Fee income 76  67  67  71  68  61  143  129  267 
Policyholder benefits, net of premiums (5) (6) (12) 18  (3) 5  (11) 2  8 
Non deferrable insurance commissions (41) (42) (41) (33) (29) (29) (83) (58) (132)
Amortization of DAC and DSI (121) (122) (120) (111) (108) (107) (243) (215) (446)
General operating expense (87) (91) (88) (78) (82) (84) (178) (166) (332)
Other (2) (3) (6) (5) (4) (6) (3) (9) (9) (18)
Adjusted pre-tax operating income $ 523  $ 454  $ 458  $ 547  $ 520  $ 515  $ 977  $ 1,035  $ 2,040 
Spread income
Base portfolio income $ 1,445  $ 1,396  $ 1,370  $ 1,355  $ 1,311  $ 1,272  $ 2,841  $ 2,583  $ 5,308 
Interest credited to policyholder account balances (1) (815) (765) (749) (710) (659) (602) (1,580) (1,261) (2,720)
Base spread income 630  631  621  645  652  670  1,261  1,322  2,588 
Variable investment income 74  23  36  39  28  2  97  30  105 
Total spread income $ 704  $ 654  $ 657  $ 684  $ 680  $ 672  $ 1,358  $ 1,352  $ 2,693 
Net investment spread (annualized)
Base yield (3) 5.19  % 5.17  % 5.14  % 5.28  % 5.21  % 5.23  % 5.18  % 5.22  % 5.22  %
Cost of funds (1) (3.21) % (3.15) % (3.08) % (3.02) % (2.94) % (2.76) % (3.18) % (2.85) % (2.95) %
Base net investment spread (4) 1.98  % 2.02  % 2.06  % 2.26  % 2.27  % 2.47  % 2.00  % 2.37  % 2.27  %
Variable investment income (5) 0.16  % (0.02) % 0.04  % —  % (0.04) % (0.15) % 0.07  % (0.10) % (0.04) %
Total net investment spread 2.14  % 2.00  % 2.10  % 2.26  % 2.23  % 2.32  % 2.07  % 2.27  % 2.23  %
Assets and Reserves
Average base assets $ 111,318  $ 108,132  $ 106,569  $ 102,635  $ 100,649  $ 97,231  $ 109,725  $ 98,940  $ 101,771 
Average reserves $ 101,620  $ 98,562  $ 96,465  $ 93,366  $ 89,942  $ 87,395  $ 100,100  $ 88,669  $ 91,809 
(1) Excludes amortization of Deferred Sales Inducement (DSI) of: $ 9  $ 10  $ 10  $ 10  $ 10  $ 11  $ 19  $ 21  $ 41 
(2) Other represents advisory fee expenses.
(3) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments.
(4) Excludes the impact of variable investment income.
(5) Includes incremental effect on base yield of variable investment income.
corebridgelogo.jpg
Individual Retirement
9
Table of Contents


Corebridge Financial, Inc.
Individual Retirement Sources of Earnings and Operating Statistics
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Premiums and deposits
Fixed annuities $ 3,216  $ 1,999  $ 1,856  $ 2,780  $ 4,132  $ 2,612  $ 5,215  $ 6,744  $ 11,380 
Fixed index annuities 2,779  2,036  2,593  2,298  2,239  1,883  4,815  4,122  9,013 
Registered index-linked annuities 492  263  90  —  —  —  755  —  90 
Total premiums and deposits $ 6,487  $ 4,298  $ 4,539  $ 5,078  $ 6,371  $ 4,495  $ 10,785  $ 10,866  $ 20,483 
Surrender rates by product
Fixed annuities 11.3  % 10.5  % 9.8  % 13.2  % 15.5  % 20.8  % 10.9  % 18.0  % 14.7  %
Fixed index annuities 8.5  % 8.8  % 8.7  % 9.1  % 9.4  % 8.0  % 8.7  % 8.7  % 8.8  %
Registered index-linked annuities 0.2  % 0.1  % 0.1  % —  % —  % —  % 0.2  % —  % —  %
Total surrender rate 9.8  % 9.6  % 9.2  % 11.2  % 12.5  % 14.8  % 9.7  % 13.6  % 11.8  %
Net flows by product
Fixed annuities $ 1,181  $ 118  $ 126  $ 634  $ 2,044  $ (186) $ 1,299  $ 1,858  $ 2,618 
Fixed index annuities 1,584  862  1,468  1,146  1,102  925  2,446  2,027  4,641 
Registered index-linked annuities 492  263  90  —  —  —  755  —  90 
Total net flows $ 3,257  $ 1,243  $ 1,684  $ 1,780  $ 3,146  $ 739  $ 4,500  $ 3,885  $ 7,349 
Market risk benefit liabilities, net of reinsurance $ 4,274  $ 4,152  $ 3,757  $ 4,001  $ 3,147  $ 3,099  $ 4,274  $ 3,147  $ 3,757 
DAC/VOBA rollforward
Balance at beginning of period $ 3,083  $ 3,021  $ 2,909  $ 2,820  $ 2,714  $ 2,658  $ 3,021  $ 2,658  $ 2,658 
Capitalization 243  174  222  190  204  152  417  356  768 
Amortization expense (112) (112) (110) (101) (98) (96) (224) (194) (405)
Balance at end of period $ 3,214  $ 3,083  $ 3,021  $ 2,909  $ 2,820  $ 2,714  $ 3,214  $ 2,820  $ 3,021 
corebridgelogo.jpg
Individual Retirement
10
Table of Contents


Corebridge Financial, Inc.
Group Retirement Sources of Earnings and Operating Statistics
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Sources of Earnings
Spread income (1) $ 171  $ 192  $ 160  $ 176  $ 191  $ 200  $ 363  $ 391  $ 727 
Fee income 190  195  203  201  191  190  385  381  785 
Policyholder benefits, net of premiums (2) (1) (1) (4) 2  2  (3) 4  (1)
Non deferrable insurance commissions (30) (30) (31) (30) (30) (29) (60) (59) (120)
Amortization of DAC and DSI (24) (25) (25) (24) (25) (24) (49) (49) (98)
General operating expense (93) (103) (110) (97) (102) (106) (196) (208) (415)
Other (2) (30) (33) (35) (34) (32) (33) (63) (65) (134)
Adjusted pre-tax operating income $ 182  $ 195  $ 161  $ 188  $ 195  $ 200  $ 377  $ 395  $ 744 
Operating Statistics
Assets under management and administration by asset type
In-plan spread based $ 21,900  $ 22,369  $ 22,330  $ 24,062  $ 23,361  $ 24,619  $ 21,900  $ 23,361  $ 22,330 
In-plan fee based 59,781  55,606  57,961  60,410  57,968  58,002  59,781  57,968  57,961 
Total in-plan assets under management and administration 81,681  77,975  80,291  84,472  81,329  82,621  81,681  81,329  80,291 
Out-of-plan proprietary general account 16,880  17,013  16,765  17,604  16,517  16,925  16,880  16,517  16,765 
Out-of-plan proprietary separate account 11,008  10,464  11,116  11,482  11,228  11,432  11,008  11,228  11,116 
Total out-of-plan proprietary annuities 27,888  27,477  27,881  29,086  27,745  28,357  27,888  27,745  27,881 
Advisory and brokerage assets 16,780  15,938  16,127  16,337  15,322  15,237  16,780  15,322  16,127 
Total out-of-plan assets under management and administration 44,668  43,415  44,008  45,423  43,067  43,594  44,668  43,067  44,008 
Total assets under management and administration $ 126,349  $ 121,390  $ 124,299  $ 129,895  $ 124,396  $ 126,215  $ 126,349  $ 124,396  $ 124,299 
Surrender rates 13.2  % 12.8  % 17.7  % 12.6  % 13.1  % 13.6  % 12.9  % 13.4  % 14.3  %
Net Flows $ (1,833) $ (1,836) $ (3,537) $ (1,784) $ (1,874) $ (1,891) $ (3,669) $ (3,765) $ (9,086)
(1) Excludes the amortization of DSI of: $ 3  $ 3  $ 3  $ 3  $ 4  $ 3  $ 6  $ 7  $ 13 
(2) Other consists of advisory fee expenses.
corebridgelogo.jpg
Group Retirement
11
Table of Contents


Corebridge Financial, Inc.
Group Retirement Sources of Earnings and Operating Statistics
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Spread income
Base portfolio income $ 445  $ 461  $ 443  $ 451  $ 476  $ 494  $ 906  $ 970  $ 1,864 
Interest credited to policyholder account balances (1) (298) (293) (300) (302) (296) (295) (591) (591) (1,193)
Base spread income 147  168  143  149  180  199  315  379  671 
Variable investment income 24  24  17  27  11  1  48  12  56 
Total spread income $ 171 $ 192 $ 160 $ 176 $ 191 $ 200 $ 363 $ 391 $ 727
Net investment spread (annualized)
Base yield (2) 4.26  % 4.39  % 4.13  % 4.18  % 4.28  % 4.42  % 4.32  % 4.35  % 4.25  %
Cost of funds (1) (3.09) % (3.04) % (3.00) % (3.00) % (2.95) % (2.89) % (3.07) % (2.92) % (2.96) %
Base net investment spread (3) 1.17  % 1.35  % 1.13  % 1.18  % 1.33  % 1.53  % 1.25  % 1.43  % 1.29  %
Variable investment income (4) 0.10  % 0.10  % 0.06  % 0.13  % (0.01) % (0.11) % 0.10  % (0.06) % 0.02  %
Total net investment spread 1.27  % 1.45  % 1.19  % 1.31  % 1.32  % 1.42  % 1.35  % 1.37  % 1.31  %
Assets and Reserves
Average base assets $ 41,756  $ 42,062  $ 42,834  $ 43,248  $ 44,389  $ 44,720  $ 41,909  $ 44,555  $ 43,798 
Average reserves $ 38,680  $ 38,996  $ 39,577  $ 39,823  $ 40,332  $ 40,853  $ 38,837  $ 40,593  $ 40,143 
Market risk benefit liabilities, net of reinsurance $ 310  $ 332  $ 278  $ 350  $ 243  $ 249  $ 310  $ 243  $ 278 
DAC/VOBA rollforward
Balance at beginning of period $ 1,046 $ 1,049 $ 1,053 $ 1,055 $ 1,057 $ 1,056 $ 1,049 $ 1,056 $ 1,056
Capitalization 23 19 18 19 19 22 42 41 78
Amortization expense (21) (22) (22) (21) (21) (21) (43) (42) (85)
Balance at end of period $ 1,048 $ 1,046 $ 1,049 $ 1,053 $ 1,055 $ 1,057 $ 1,048 $ 1,055 $ 1,049
(1) Excludes amortization of Deferred Sales Inducement (DSI) of: 3  3  3  3  4  3  6  7  13
(2) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments.
(3) Excludes the impact of variable investment income.
(4) Includes incremental effect on base yield of variable investment income.


corebridgelogo.jpg
Group Retirement
12
Table of Contents


Corebridge Financial, Inc.
Group Variable Annuity Account Value by Benefit Type
(in millions) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
Account value by benefit type for contracts with GMDB features (1)
Guaranteed minimum death benefits (2) $ 55,100 $ 52,973 $ 55,566 $ 56,931 $ 56,476 $ 57,413
Guaranteed minimum withdrawal benefits (3) $ 1,893 $ 1,865 $ 1,973 $ 2,072 $ 2,064 $ 2,151
(1) Excludes assumed reinsurance.
(2) A guaranteed minimum death benefit is an amount paid from a variable annuity upon the death of the owner. This benefit protects beneficiaries from market volatility and may be different than the account value. This benefit may be subject to a maximum amount based on age of owner or dollar amount. "Guaranteed Minimum Death Benefits only" signifies that no other guarantees are present in the contract. Contracts with a guaranteed living benefit may also have a guaranteed minimum death benefit, but a policyholder can generally only receive payout from one guaranteed feature, i.e. the features are generally mutually exclusive.
(3) A guaranteed minimum withdrawal benefit creates a guaranteed income stream which, within certain parameters, may continue for the life of the annuitant even if the entire contract value has been reduced to zero. The fair value of GMWB market risk benefits is based on actuarial and capital market assumptions related to projected cash flows of rider fees and claims over the expected lives of the contracts.


corebridgelogo.jpg
Variable Annuity Account Value by Benefit Type
13
Table of Contents


Corebridge Financial, Inc.
Life Insurance Sources of Earnings and Operating Statistics
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Sources of Earnings
Underwriting margin (1) $ 344  $ 325  $ 370  $ 392  $ 309  $ 297  $ 669  $ 606  $ 1,368 
General operating expense (111) (118) (114) (112) (113) (130) (229) (243) (469)
Non-deferrable insurance commissions (2) (15) (14) (16) (7) (16) (19) (29) (35) (58)
Amortization of deferred policy acquisition costs (84) (85) (84) (82) (84) (94) (169) (178) (344)
Impact of annual actuarial assumption update —  —  —  (34) —  —  —  —  (34)
Other (1) —  —  (1) (1) —  (1) (1) (2)
Adjusted pre-tax operating income $ 133  $ 108  $ 156  $ 156  $ 95  $ 54  $ 241  $ 149  $ 461 
Underwriting margin ratio 39.6  % 38.0  % 42.1  % 45.8  % 36.5  % 27.1  % 38.8  % 31.2  % 37.2  %
Operating Statistics
Gross life insurance in force, end of period (3)
Traditional life $ 870,751  $ 871,477  $ 872,613  $ 872,979  $ 872,654  $ 871,528  $ 870,751  $ 872,654  $ 872,613 
Universal life 127,329  127,244  127,221  126,738  126,525  126,183  127,329  126,525  127,221 
International life (4) —  —  —  —  —  253,628  —  —  — 
Total gross life insurance in force $ 998,080  $ 998,721  $ 999,834  $ 999,717  $ 999,179  $ 1,251,339  $ 998,080  $ 999,179  $ 999,834 
Life insurance CPPE sales (5)
Traditional life $ 54  $ 49  $ 50  $ 51  $ 50  $ 47  $ 103  $ 97  $ 198 
Universal life 24  26  32  30  27  25  50  52  114 
International life (4) —  —  —  —  —  52  —  52  52 
Total sales $ 78  $ 75  $ 82  $ 81  $ 77  $ 124  $ 153  $ 201  $ 364 
Surrender/lapse rates (6) 5.65  % 5.51  % 5.52  % 5.70  % 5.63  % 4.96  % 5.58  % 5.30  % 5.45  %
(1) Includes variable investment income (loss) of: $ 6  $ 4  $ 8  $ 5  $ 7  $ (1) $ 10  $ 6  $ 19 
(2) 3Q 2024 and YE 2024 includes a $5 million favorable impact from the of annual actuarial assumption update.
(3) Gross in force includes direct and assumed business.
(4) Corebridge closed on the sale of AIG Life U.K. on April 8, 2024.
(5) Life insurance sales are shown on a continuous payment premium equivalent (CPPE) basis. Life insurance sales include periodic premiums from new business expected to be collected over a one- year period and 10 percent of unscheduled and single premiums from new and existing policyholders.
(6) Surrender/lapse rates are reported on a 90-day lag basis to include grace period processing.
corebridgelogo.jpg
Life Insurance
14
Table of Contents


Corebridge Financial, Inc.
Life Insurance Sources of Earnings and Operating Statistics
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
DAC/VOBA rollforward
Balance at beginning of period $ 4,143  $ 4,138  $ 4,128  $ 4,119  $ 4,112  $ 4,106  $ 4,138  $ 4,106  $ 4,106 
Capitalization 93  90  94  91  91  135  183  226  411 
Amortization expense (84) (85) (84) (82) (84) (94) (169) (178) (344)
Other, including foreign exchange —  —  —  —  —  (8) —  (8) (8)
Dispositions —  —  —  —  —  (27) —  (27) (27)
Balance at end of period $ 4,152  $ 4,143  $ 4,138  $ 4,128  $ 4,119  $ 4,112  $ 4,152  $ 4,119  $ 4,138 
GAAP Reserves by financial statement line
Future policy benefits $ 13,350  $ 13,324  $ 13,170  $ 13,900  $ 13,128  $ 13,346  $ 13,350  $ 13,128  $ 13,170 
Policyholder contract deposits 10,445  10,488  10,394  10,565  10,423  10,375  10,445  10,423  10,394 
Separate account liabilities 1,098  996  1,059  1,064  1,031  1,016  1,098  1,031  1,059 
Total GAAP reserves by financial statement line $ 24,893  $ 24,808  $ 24,623  $ 25,529  $ 24,582  $ 24,737  $ 24,893  $ 24,582  $ 24,623 
GAAP Reserves by product
Traditional life $ 9,245  $ 9,232  $ 9,137  $ 9,730  $ 9,221  $ 9,426  $ 9,245  $ 9,221  $ 9,137 
Universal life 15,648  15,576  15,486  15,799  15,361  15,311  15,648  15,361  15,486 
Total GAAP reserves by product $ 24,893  $ 24,808  $ 24,623  $ 25,529  $ 24,582  $ 24,737  $ 24,893  $ 24,582  $ 24,623 



corebridgelogo.jpg
Life Insurance
15
Table of Contents


Corebridge Financial, Inc.
Institutional Markets Sources of Earnings and Operating Statistics
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Sources of Earnings
Spread income (1) $ 173 $ 132 $ 127 $ 133 $ 88 $ 106 $ 305 $ 194 $ 454
Fee income 16 15 16 15 15 16 31 31 62
Underwriting margin (2) 13 21 18 25 20 18 34 38 81
Non deferrable insurance commissions (5) (5) (5) (5) (5) (5) (10) (10) (20)
General operating expenses (20) (22) (20) (19) (19) (20) (42) (39) (78)
Other (4) (4) (3) 5 (3) (3) (8) (6) (4)
Adjusted pre-tax operating income $ 173 $ 137 $ 133 $ 154 $ 96 $ 112 $ 310 $ 208 $ 495
Operating Statistics
Premiums and deposits by line of business
Pension risk transfer $ — $ 469 $ 702 $ 169 $ 127 $ 1,767 $ 469 $ 1,894 $ 2,765
Guaranteed investment contracts 1,024 1,325 1,567 1,000 1,791 600 2,349 2,391 4,958
Corporate markets 40 32 29 11 14 69 72 83 123
Structured settlements 71 116 67 83 116 150 187 266 416
Total premiums and deposits by line of business $ 1,135 $ 1,942 $ 2,365 $ 1,263 $ 2,048 $ 2,586 $ 3,077 $ 4,634 $ 8,262
GAAP Reserves by financial statement line
Future policy benefits (3) $ 22,327 $ 21,844 $ 21,074 $ 22,118 $ 20,792 $ 21,214 $ 22,327 $ 20,792 $ 21,074
Policyholder contract deposits 20,542 19,375 18,015 16,985 15,764 14,370 20,542 15,764 18,015
Separate account liabilities 4,367 4,282 4,339 4,319 4,204 4,154 4,367 4,204 4,339
Total GAAP reserves by financial statement line $ 47,236 $ 45,501 $ 43,428 $ 43,422 $ 40,760 $ 39,738 $ 47,236 $ 40,760 $ 43,428
GAAP Reserves by product
Pension risk transfer $ 19,379 $ 18,908 $ 18,424 $ 19,327 $ 18,159 $ 18,558 $ 19,379 $ 18,159 $ 18,424
Guaranteed investment contracts 16,227 15,097 13,806 12,787 11,559 10,228 16,227 11,559 13,806
Corporate markets 7,096 6,994 7,046 7,036 6,927 6,867 7,096 6,927 7,046
Structured settlements 4,534 4,502 4,152 4,272 4,115 4,085 4,534 4,115 4,152
Total GAAP reserves by product $ 47,236 $ 45,501 $ 43,428 $ 43,422 $ 40,760 $ 39,738 $ 47,236 $ 40,760 $ 43,428
Pension risk transfer reserves at original discount rate (4) $ 21,017 $ 20,508 $ 19,832 $ 19,844 $ 19,194 $ 19,141 $ 21,017 $ 19,194 $ 19,832
Stable value wraps (401k and bank-owned life insurance) - assets
  under administration (5)		 $ 46,212 $ 45,353 $ 45,000 $ 44,417 $ 43,714 $ 43,168 $ 46,212 $ 43,714 $ 45,000
(1) Includes variable investment income of: $ 88 $ 36 $ 42 $ 40 $ 5 $ (2) $ 124 $ 3 $ 85
(2) Includes variable investment income of: $ 1 $ 1 $ — $ 1 $ — $ — $ 2 $ — $ 1
(3) Future policy benefits include liability for future policy benefits and deferred profit liability.
(4) Represents liability for future policy benefits only.
(5) Comprises the notional value of stable value wrap contracts, excluding the portion included in total insurance reserves.
corebridgelogo.jpg
Institutional Markets
16
Table of Contents


Corebridge Financial, Inc.
Annual Actuarial Assumption Updates
(in millions)
Assumption update - 2024
Individual Retirement
Fixed Index Annuities Fixed Annuities Total Individual Retirement Group Retirement Life Insurance Institutional Markets Corp & Other Total
Spread income $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Fee income —  —  —  —  —  —  —  — 
Underwriting margin —  —  —  —  —  —  —  — 
Policyholder benefits, net of premium (2) —  18  18  (1) (34) 9  —  (8)
Non-deferrable insurance commissions —  —  —  —  5  —  —  5 
Increase (decrease) to adjusted pre-tax operating income (loss) $ —  $ 18  $ 18  $ (1) $ (29) $ 9  $ —  $ (3)
Net realized gains (losses) 2  3  5  3  —  —  —  8 
Change in the fair value of market risk benefits, net (103) (58) (161) (25) —  —  102  (84)
Increase (decrease) to pre-tax income (loss) $ (101) $ (37) $ (138) $ (23) $ (29) $ 9  $ 102  $ (79)
(1) Life insurance results also includes the impact to policy fees.
(2) Corporate & Other includes assumption updates related to our individual variable annuity business.
corebridgelogo.jpg
Annual Actuarial Assumption Updates
17
Table of Contents


Corebridge Financial, Inc.
Corporate and Other Sources of Earnings
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Sources of Earnings
Corporate expenses $ (32) $ (35) $ (29) $ (32) $ (37) $ (39) $ (67) $ (76) $ (137)
Interest expense on financial debt (114) (125) (119) (110) (107) (107) (239) (214) (443)
Asset management — (3) 5 39 2 14 (3) 16 60
Consolidated investment entities — 3 5 (10) 2 (1) 3 1 (4)
Other (23) (24) (12) (11) (8) (18) (47) (26) (49)
Adjusted pre-tax operating (loss) $ (169) $ (184) $ (150) $ (124) $ (148) $ (151) $ (353) $ (299) $ (573)


corebridgelogo.jpg
Corporate and Other Sources of Earnings
18
Table of Contents


Corebridge Financial, Inc.
Total Investments
June 30, 2025 December 31, 2024
(in millions)
(amounts presented are carrying amounts)		 Excluding Fortitude Re Funds Withheld Asset Fortitude Re Funds Withheld Assets Total Excluding Fortitude Re Funds Withheld Asset Fortitude Re Funds Withheld Assets Total
Bonds available-for-sale
U.S. government and government sponsored entities $ 1,035 $ 243 $ 1,278 $ 1,127 $ 241 $ 1,368
Obligations of states, municipalities and political subdivisions 3,961 566 4,527 4,085 576 4,661
Non-U.S. governments 4,088 214 4,302 3,670 234 3,904
Corporate debt 103,470 10,330 113,800 95,943 10,535 106,478
Total bonds available for sale, excl. MBS, CLO, and ABS 112,554 11,353 123,907 104,825 11,586 116,411
Mortgage-backed, asset-backed and collateralized
RMBS 15,534 483 16,017 15,274 510 15,784
CMBS 9,227 342 9,569 9,127 450 9,577
CLO 9,123 126 9,249 9,985 133 10,118
ABS 20,343 560 20,903 18,375 575 18,950
Total mortgage-backed, asset-backed and collateralized 54,227 1,511 55,738 52,761 1,668 54,429
Total bonds available for sale 166,781 12,864 179,645 157,586 13,254 170,840
Other bond securities 439 4,940 5,379 348 4,914 5,262
Total fixed maturities 167,220 17,804 185,024 157,934 18,168 176,102
Equity securities 911 — 911 56 — 56
Mortgage and other loans receivable
Residential mortgages 12,903 — 12,903 12,671 — 12,671
Commercial mortgages 33,834 2,961 36,795 32,094 3,075 35,169
Life insurance policy loans 1,399 310 1,709 1,411 315 1,726
Commercial loans, other loans and notes receivable 2,801 126 2,927 3,053 149 3,202
Total mortgage and other loans receivable 50,937 3,397 54,334 49,229 3,539 52,768
Other invested assets 8,002 1,945 9,947 7,800 2,051 9,851
Short term investments 3,488 323 3,811 4,707 274 4,981
Total $ 230,558 $ 23,469 $ 254,027 $ 219,726 $ 24,032 $ 243,758
NAIC Designation
NAIC 1 $ 93,279 $ — $ 93,279 $ 90,999 $ — $ 90,999
NAIC 2 64,488 — 64,488 58,965 — 58,965
NAIC 3 5,752 — 5,752 4,522 — 4,522
NAIC 4 2,959 — 2,959 2,671 — 2,671
NAIC 5 & 6 648 — 648 683 — 683
No designation 94 — 94 94 — 94
Fortitude Re funds withheld assets — 17,804 17,804 — 18,168 18,168
Total $ 167,220 $ 17,804 $ 185,024 $ 157,934 $ 18,168 $ 176,102
corebridgelogo.jpg
Total Investments
19
Table of Contents


Corebridge Financial, Inc.
Total Investments, Insurance Operating Subsidiaries Excluding the Fortitude Re Funds Withheld Assets:
(in millions)
(amounts presented are carrying amounts) June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024
Bonds available-for-sale Fixed maturities NAIC designation:
U.S. government and government-sponsored entities $ 1,035 $ 1,127 NAIC 1 $ 93,803 $ 91,475
Obligations of states, municipalities and political subdivisions 3,961 4,085 NAIC 2 65,095 59,320
Non-U.S. governments 4,089 3,669 NAIC 3 5,755 4,525
Corporate debt 104,069 96,293 NAIC 4 2,959 2,671
Mortgage-backed, asset-backed and collateralized: NAIC 5 and 6 647 683
RMBS 16,060 15,754 No designation — —
CMBS 9,227 9,127 Total (5) $ 168,259 $ 158,674
CLO 9,071 9,933
ABS 20,343 18,374
Total mortgage-backed, asset-backed and collateralized 54,701 53,188
Total bonds available for sale 167,855 158,362
Other bond securities 404 312
Total fixed maturities 168,259 158,674
Equity securities 911 53
Mortgage and other loans receivable:
Residential mortgages 11,427 11,128
Commercial mortgages 34,373 32,660
Commercial loans, other loans and notes receivable 2,863 3,133
Total mortgage and other loans receivable (1) 48,663 46,921
Other invested assets:
Hedge funds 104 132
Private equity (4) 5,938 5,540
Real estate investments 66 313
Other invested assets - all other 331 308
Total other invested assets 6,439 6,293
Short-term investments 3,140 4,428
Total (2)(3) $ 227,412 $ 216,369
(1) Does not reflect allowance for credit loss on mortgage loans of $670 million and $710 million at June 30, 2025 and December 31, 2024, respectively.
(2) Does not reflect policy loans of $1.4 billion and $1.4 billion at June 30, 2025 and December 31, 2024, respectively.
(3) Excludes approximately $4.8 billion and $4.9 billion of consolidated investment entities as well as $2.4 billion and $2.3 billion of eliminations primarily between the consolidated investment entities and the insurance operating companies at June 30, 2025 and December 31, 2024, respectively.
(4) Private equity funds are generally reported on a one-quarter lag.
(5) Excludes approximately $61 million and $61 million of consolidated investment entities and $1.1 billion and $800 million of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at June 30, 2025 and December 31, 2024, respectively.
corebridgelogo.jpg
Invested Assets Summary, at Carrying Value
20
Table of Contents


Corebridge Financial, Inc.
Commercial Mortgage Loan Exposure by Location and Class of Loan Based on Amortized Cost
June 30, 2025
(dollars in millions) Class Total
Excluding Fortitude Re Funds Withheld Assets Number of Loans Apartments Offices Retail Industrial Hotel Others Percent of Total
State:
New York 71 $ 1,595 $ 3,233 $ 285 $ 508 $ 65 $ —  $ 5,686 17  %
California 56 648 842 93 1,071 565 52 3,271 10  %
New Jersey 72 1,819 5 271 1,144 — 21 3,260 9  %
Florida 48 910 104 416 298 439 58 2,225 6  %
Texas 41 852 399 453 183 17 157 2,061 6  %
Massachusetts 18 354 982 522 14 — — 1,872 5  %
Colorado 14 370 42 87 302 113 — 914 3  %
Pennsylvania 21 162 183 166 382 20 — 913 3  %
Illinois 21 379 350 2 115 — 57 903 3  %
North Carolina 12 359 27 — 112 14 — 512 1  %
Other States 113 2,411 96 560 1,507 287 83 4,944 14  %
Foreign 65 3,787 1,066 998 1,229 157 575 7,812 23  %
Total excluding Fortitude Re funds withheld assets (1) 552 $ 13,646 $ 7,329 $ 3,853 $ 6,865 $ 1,677 $ 1,003 $ 34,373 100  %
Fortitude Re funds withheld assets 3,008
Total $ 37,381
June 30, 2025
Class
(dollars in millions) Number of Loans Apartments Offices Retail Industrial Hotel Others Total (2) Percent of Total
Credit Quality Indicator:
In good standing (1) 548 $ 13,646 $ 6,988 $ 3,687 $ 6,865 $ 1,677 $ 1,003 $ 33,866 99%
90 days or less delinquent — — — — — — — — —%
>90 days delinquent or in process of foreclosure 4 — 341 166 — — — 507 1%
Total excluding Fortitude Re funds withheld assets (2) 552 $ 13,646 $ 7,329 $ 3,853 $ 6,865 $ 1,677 $ 1,003 $ 34,373 100%
Fortitude Re funds withheld assets 3,008
Total $ 37,381
(1)    During the six months ended June 30, 2025, commercial mortgage loans with an amortized cost of $108 million, none of which were supporting the funds withheld arrangements with Fortitude Re, were granted term extensions.
(2)    Does not reflect allowance for credit losses.
corebridgelogo.jpg
Investments - Commercial Mortgage Loans
21
Table of Contents


Corebridge Financial, Inc.
Commercial Mortgages - Debt Service Coverage Ratios and Loan-to-Value Ratios by Vintage Year

June 30, 2025
Debt Service Coverage Ratios (1)
(in millions) >1.20X 1.00X - 1.20X <1.00X Total
Loan-to-value ratios (2)
Less than 65% $ 22,220 $ 1,900 $ 174 $ 24,294
65% to 75% 6,792 588 63 7,443
76% to 80% 178 174 — 352
Greater than 80% 1,311 307 666 2,284
Total excluding Fortitude Re funds withheld assets (3) $ 30,501 $ 2,969 $ 903 $ 34,373
Fortitude Re funds withheld assets 3,008
Total $ 37,381

June 30, 2025
Vintage Year
(in millions) 2025 2024 2023 2022 2021 Prior Total
Loan-to-value ratios (2)
Less than 65% $ 1,818 $ 3,945 $ 1,881 $ 4,112 $ 1,758 $ 10,780 $ 24,294
65% to 75% 256 429 185 2,289 283 4,000 7,442
76% to 80% — — — 17 71 265 353
Greater than 80% — — 20 315 206 1,743 2,284
Total excluding Fortitude Re funds withheld assets (3) $ 2,074 $ 4,374 $ 2,086 $ 6,733 $ 2,318 $ 16,788 $ 34,373
Fortitude Re funds withheld assets 3,008
Total $ 37,381



(1)    The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9 at June 30, 2025. The debt service coverage ratios are updated when additional information becomes available.
(2)    The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 60% at June 30, 2025. The loan-to-value ratios reflect the latest obtained valuations of the collateral properties by obtaining independent appraisals, generally at least once per year.
(3)    Does not reflect allowance for credit losses.
corebridgelogo.jpg
Investments - Commercial Mortgage Loans
22
Corebridge Financial, Inc.
Net Investment Income
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Net investment income by asset class
Fixed maturity securities - AFS $ 2,240 $ 2,187 $ 2,187 $ 2,184 $ 2,137 $ 2,116 $ 4,427 $ 4,253 $ 8,624
Equity securities 15 10 8 — — — 25 — 8
Mortgage and other loans receivable 653 637 620 594 580 563 1,290 1,143 2,357
Other invested assets 1 1 — 1 — 1 2 1 2
Cash and short-term investments 47 76 60 57 51 62 123 113 230
Total base portfolio gross investment income - insurance operations 2,956 2,911 2,875 2,836 2,768 2,742 5,867 5,510 11,221
Investment expenses 172 170 192 172 182 160 342 342 706
Total base portfolio investment income (APTOI basis) - insurance operations 2,784 2,741 2,683 2,664 2,586 2,582 5,525 5,168 10,515
Alternatives 158 70 90 92 51 (23) 228 28 210
Call and tender (12) 16 4 (11) (15) — 4 (15) (22)
Fair value option 17 13 (6) 21 7 6 30 13 28
Other variable investment income 30 (11) 15 10 8 17 19 25 50
Total variable investment income (loss) - insurance operations 193 88 103 112 51 — 281 51 266
Corporate and Other (includes eliminations) 7 12 25 (9) 13 (18) 19 (5) 11
Total net investment income (APTOI basis) $ 2,984 $ 2,841 $ 2,811 $ 2,767 $ 2,650 $ 2,564 $ 5,825 $ 5,214 $ 10,792
Breakdown by Segment
Individual Retirement $ 1,519 $ 1,419 $ 1,406 $ 1,394 $ 1,339 $ 1,274 $ 2,938 $ 2,613 $ 5,413
Group Retirement 469 485 460 478 487 495 954 982 1,920
Life Insurance 335 336 337 336 322 326 671 648 1,321
Institutional Markets 654 589 583 568 489 487 1,243 976 2,127
Corporate and Other (includes eliminations) 7 12 25 (9) 13 (18) 19 (5) 11
Total net investment income (APTOI basis) $ 2,984 $ 2,841 $ 2,811 $ 2,767 $ 2,650 $ 2,564 $ 5,825 $ 5,214 $ 10,792
Reconciliation to Net Investment Income (Net income basis)
Net investment income on Fortitude Re funds withheld assets 343 331 198 515 325 332 674 657 1,370
Net investment income related to businesses exited through reinsurance 80 81 82 80 79 83 161 162 324
Change in fair value of securities used to hedge guaranteed living benefits
Derivative (income) reclass to net realized investment gains (losses) (77) (72) (78) (72) (77) (61) (149) (138) (288)
Other adjustments 8 8 7 6 11 6 16 17 30
Total adjustments 354 348 209 529 338 360 702 698 1,436
Net investment income (Net income basis) $ 3,338 $ 3,189 $ 3,020 $ 3,296 $ 2,988 $ 2,924 $ 6,527 $ 5,912 $ 12,228
corebridgelogo.jpg
Net Investment Income
23
Table of Contents


Corebridge Financial, Inc.
Net Realized Gains (Losses)
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Sales of securities (fixed maturity and equity) $ (513) $ (141) $ (241) $ (87) $ (493) $ (320) $ (654) $ (813) $ (1,141)
Intent to sell (250) — — — — (15) (250) (15) (15)
Change in allowance for credit losses on fixed maturity securities (41) (20) (40) (85) (50) (62) (61) (112) (237)
Change in allowance for credit losses on loans 14 (16) (3) (15) (34) (14) (2) (48) (66)
Foreign exchange transactions, net of related hedges (445) (121) 387 (354) 55 46 (566) 101 134
Index-linked interest credited embedded derivatives, net of related hedges (248) (288) 348 (285) (172) 90 (536) (82) (19)
All other derivatives and hedge accounting (1) (172) (244) 200 (195) 18 105 (416) 123 128
Sales of alternative investments and real estate investments (9) 12 70 58 11 20 3 31 159
Other (30) (4) 5 (12) (25) (28) (34) (53) (60)
Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative (1,694) (822) 726 (975) (690) (178) (2,516) (868) (1,117)
Net realized gains (losses) on Fortitude Re funds withheld assets (30) 4 (148) 157 (93) (164) (26) (257) (248)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative (251) (596) 933 (1,509) 36 22 (847) 58 (518)
Total net realized gains (losses) $ (1,975) $ (1,414) $ 1,511 $ (2,327) $ (747) $ (320) $ (3,389) $ (1,067) $ (1,883)
(1) Derivative activity related to hedging certain MRBs is recorded in change in the fair value of market risk benefits, net.

corebridgelogo.jpg
Net Realized Gains (Losses)
24
Table of Contents


Corebridge Financial, Inc.
Supplemental Information Table of Contents

corebridgelogo.jpg
Supplemental Information
25
Table of Contents


Corebridge Financial, Inc.
Non-GAAP Financial Measures
Throughout this Financial Supplement, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are ‘‘Non-GAAP financial measures’’ under Securities and Exchange Commission rules and regulations. We believe presentation of these non-GAAP financial measures allows for a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. These measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with GAAP and should not be viewed as a substitute for GAAP measures. The non-GAAP financial measures we present may not be comparable to similarly-named measures reported by other companies.
Adjusted pre-tax operating income (“APTOI”) is derived by excluding the items set forth below from income (loss) before income tax expense (benefit). These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and recording adjustments to APTOI that we believe to be common in our industry. We believe the adjustments to pre-tax income are useful for gaining an understanding of our overall results of operations.

APTOI excludes the impact of the following items:

FORTITUDE RE RELATED ADJUSTMENTS:
The modified coinsurance (“modco”) reinsurance agreements with Fortitude Re transfer the economics of the invested assets supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the Fortitude Re funds withheld embedded derivative are also excluded from APTOI.
The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not indicative of our ongoing business operations.
INVESTMENT RELATED ADJUSTMENTS:
APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods. In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results, including those used to economically hedge insurance liabilities, or those recognized as embedded derivatives at fair value, are also included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).

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

BUSINESSES EXITED THROUGH REINSURANCE:
Represents the results of businesses that have been 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.



corebridgelogo.jpg
Non-GAAP Financial Measures
26
Table of Contents


Corebridge Financial, Inc.
Non-GAAP Financial Measures

OTHER ADJUSTMENTS:
Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:
•restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;
•non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles;
•separation costs;
•non-operating litigation reserves and settlements;
•loss (gain) on extinguishment of debt, if any;
•losses from the impairment of goodwill, if any; and
•income and loss from divested or run-off business, if any.
Adjusted after-tax operating income attributable to our common shareholders (“Adjusted After-tax Operating Income” or “AATOI”) is derived by excluding the tax effected APTOI adjustments described above, as well as the following tax items from net income attributable to us:
•reclassifications of disproportionate tax effects from AOCI, changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance; and
•deferred income tax valuation allowance releases and charges.
Adjusted Book Value is derived by excluding AOCI, adjusted for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re.
Adjusted Book Value per Common Share is computed as adjusted book value divided by total common shares outstanding.
Adjusted Return on Average Equity (“Adjusted ROAE”) is derived by dividing AATOI by average Adjusted Book Value and is used by management to evaluate our recurring profitability and evaluate trends in our business. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re.
Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments, revenues from businesses exited through reinsurance, income from non-operating litigation settlements (included in Other income for GAAP purposes) and changes in fair value of securities used to hedge guaranteed living benefits (included in Net investment income for GAAP purposes).
Net investment income (APTOI basis) is the sum of base portfolio income and variable investment income. We believe that presenting net investment income on an APTOI basis is useful for gaining an understanding of the main drivers of investment income.

corebridgelogo.jpg
Non-GAAP Financial Measures
27
Table of Contents


Corebridge Financial, Inc.
Non-GAAP Financial Measures

Operating Earnings per Common Share is derived by dividing AATOI by weighted average diluted shares.
Premiums and deposits is a non-GAAP financial measure that includes direct and assumed premiums received and earned on traditional life insurance policies and life-contingent payout annuities, as well as deposits received on universal life insurance, investment-type annuity contracts and GICs. We believe the measure of premiums and deposits is useful in understanding customer demand for our products, evolving product trends and our sales performance period over period.
Assets Under Management and Administration
•Assets Under Management (AUM) include assets in the general and separate accounts of our subsidiaries that support liabilities and surplus related to our life and annuity insurance products.
•Assets Under Administration (AUA) include Group Retirement mutual fund assets and other third-party assets that we sell or administer and the notional value of Stable Value Wrap (SVW) contracts.
•Assets Under Management and Administration (AUMA) is the cumulative amount of AUM and AUA.
Key Terms - Throughout this Financial Supplement, we use the following terms:
•Base net investment spread means base yield less cost of funds, excluding the amortization of deferred sales inducement assets.
•Base portfolio income includes interest, dividends and foreclosed real estate income, net of investment expenses and non-qualifying (economic) hedges.
•Base spread income means base portfolio income less interest credited to policyholder account balances, excluding the amortization of deferred sales inducement assets.
•Base yield means the returns from base portfolio income including accretion and impacts from holding cash and short-term investments.
•Fee Income is defined as policy fees plus advisory fees plus other fee income. For our Institutional Markets segment, its SVW products generate fee income.
•Life Insurance CPPE sales are shown on a continuous payment premium equivalent (CPPE) basis. Life insurance sales include periodic premiums from new business expected to be collected over a one-year period and 10 percent of unscheduled and single premiums from new and existing policyholders.
•Spread income is defined as net investment income less interest credited to policyholder account balances, exclusive of amortization of deferred sales inducement assets. Spread income is comprised of both base spread income and variable investment income. For our Institutional Markets segment, its structured settlements, PRT and GIC products generate spread income, which includes premiums, net investment income, less interest credited and policyholder benefits and excludes the annual assumption update.
•Surrender rate represents annualized surrenders and withdrawals as a percentage of average reserves and Group Retirement mutual fund assets under administration.
•Underwriting margin for our Life Insurance segment includes premiums, policy fees, other income, net investment income, less interest credited to policyholder account balances and policyholder benefits and excludes the annual assumption update. For our Institutional Markets segment, its Corporate Markets products generate underwriting margin, which includes premiums, net investment income, policy and advisory fee income, less interest credited and policyholder benefits and excludes the annual assumption update.
•Underwriting margin ratio equals the underwriting margin divided by premiums and deposits.
•Variable investment income includes call and tender income from make-whole payments on commercial mortgage loan prepayments, changes in market value of investments accounted for under the fair value option, interest received on defaulted investments (other than foreclosed real estate), income from alternative investments and other miscellaneous investment income, including income of certain partnership entities that are required to be consolidated. Alternative investments include private equity funds which are generally reported on a one-quarter lag.
corebridgelogo.jpg
Non-GAAP Financial Measures
28
Table of Contents


Corebridge Financial, Inc.
Earnings Per Share
(in millions, except per share data) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
GAAP Basis
Numerator for EPS
Net income (loss) $ (668) $ (657) $ 2,222 $ (1,187) $ 341 $ 827 $ (1,325) $ 1,168 $ 2,203
Less: Net income (loss) attributable to noncontrolling interests (8) 7 51 (3) (24) (51) (1) (75) (27)
Net income (loss) attributable to Corebridge common shareholders $ (660) $ (664) $ 2,171 $ (1,184) $ 365 $ 878 $ (1,324) $ 1,243 $ 2,230
Denominator for EPS
Weighted average common shares outstanding - basic (1) 550.3 558.0 569.8 587.1 611.6 624.0 554.1 617.8 598.0
Dilutive common shares (2) — — 1.6 — 1.0 0.9 — 0.9 1.2
Weighted average common shares outstanding - diluted 550.3 558.0 571.4 587.1 612.6 624.9 554.1 618.7 599.2
Income per common share attributable to Corebridge common shareholders
Common stock - basic $ (1.20) $ (1.19) $ 3.81 $ (2.02) $ 0.60 $ 1.41 $ (2.39) $ 2.01 $ 3.73
Common stock - diluted $ (1.20) $ (1.19) $ 3.80 $ (2.02) $ 0.59 $ 1.41 $ (2.39) $ 2.01 $ 3.72
Operating Basis
Adjusted after-tax operating income attributable to Corebridge common shareholders $ 672  $ 570  $ 606  $ 724  $ 613  $ 604  $ 1,242  $ 1,217  $ 2,547 
Weighted average common shares outstanding - diluted 551.3  559.4  571.4  588.3  612.6  624.9  555.3  618.7  599.2 
Operating earnings per common share $ 1.22  $ 1.02  $ 1.06  $ 1.23  $ 1.00  $ 0.97  $ 2.22  $ 1.97  $ 4.25 
Common Shares Outstanding
Common shares outstanding, beginning of period 553.1  561.5  574.4  600.3  615.4  621.7  561.5  621.7  621.7 
Share repurchases (9.9) (10.0) (12.9) (25.9) (15.1) (9.5) (19.9) (24.6) (63.4)
Newly issued shares — 1.6 — — — 3.2 1.6 3.2 3.2
Common shares outstanding, end of period 543.2  553.1  561.5  574.4  600.3  615.4  543.2  600.3  561.5 

(1) Includes vested shares under our share-based employee compensation plans.
(2) Potential dilutive common shares include our share-based employee compensation plans.
corebridgelogo.jpg
Earnings Per Share Computations
29
Table of Contents


Corebridge Financial, Inc.
Reconciliation of Return On Average Equity (ROAE)
(in millions, unless otherwise noted) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Return on Equity Computations
Actual or annualized net income (loss) attributable to Corebridge shareholders (a) $ (2,640) $ (2,656) $ 8,684  $ (4,736) $ 1,460  $ 3,512  $ (2,648) $ 2,486  $ 2,230 
Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b) $ 2,688  $ 2,280  $ 2,424  $ 2,896  $ 2,452  $ 2,416  $ 2,484  2,434  $ 2,547 
Average Corebridge Shareholders’ equity (c) $ 12,141  $ 11,721  $ 12,535  $ 12,302  $ 11,286  $ 11,671  $ 11,915  $ 11,446  $ 11,882 
Less: Average AOCI (11,341) (12,865) (11,783) (12,196) (14,324) (13,799) (12,121) (14,035) (13,134)
Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (2,570) (2,676) (2,428) (2,390) (2,609) (2,415) (2,646) (2,517) (2,481)
Average Adjusted Book Value (d) $ 20,912  $ 21,910  $ 21,890  $ 22,108  $ 23,001  $ 23,055  $ 21,390  $ 22,964  $ 22,535 
ROAE (a/c) (21.7) % (22.7) % 69.3  % (38.5) % 12.9  % 30.1  % (22.2) % 21.7  % 18.8  %
Adjusted ROAE (b/d) 12.9  % 10.4  % 11.1  % 13.1  % 10.7  % 10.5  % 11.6  % 10.6  % 11.3  %
corebridgelogo.jpg
Reconciliation of Return On Average Equity
30
Table of Contents


Corebridge Financial, Inc.
Reconciliation of Adjusted Pre-tax Operating Income - Consolidated
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Pre-tax income (loss) $ (608) $ (862) $ 2,925 $ (1,594) $ 456 $ 1,016 $ (1,470) $ 1,472 $ 2,803
Fortitude Re related items
Net investment (income) on Fortitude Re funds withheld assets (343) (331) (198) (515) (325) (332) (674) (657) (1,370)
Net realized (gains) losses on Fortitude Re funds withheld assets 30 (4) 148 (157) 93 164 26 257 248
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative 251 596 (933) 1,509 (36) (22) 847 (58) 518
Subtotal – Fortitude Re related items (62) 261 (983) 837 (268) (190) 199 (458) (604)
Other reconciling items
Change in the fair value of market risk benefits, net (44) 335 (469) 654 12 (165) 291 (153) 32
Change in benefit reserves related to net realized gains (losses) (4) 31 — (2) (3) (3) 27 (6) (8)
Net realized (gains) losses (1) 1,758 905 (604) 1,093 748 222 2,663 970 1,459
Non-operating litigation reserves and settlements — — (1) — — — — — (1)
Separation costs — — — — 27 67 — 94 94
Restructuring and other costs 129 97 68 87 85 47 226 132 287
Non-recurring costs related to regulatory or accounting changes 1 1 1 1 1 — 2 1 3
Net (gain) loss on divestiture — — — 1 (241) (5) — (246) (245)
Businesses exited through reinsurance (336) (51) (135) (159) (83) (310) (387) (393) (687)
Noncontrolling interests 8 (7) (44) 3 24 51 1 75 34
Subtotal - Other non-Fortitude Re reconciling items 1,512 1,311 (1,184) 1,678 570 (96) 2,823 474 968
Total adjustments 1,450 1,572 (2,167) 2,515 302 (286) 3,022 16 364
Adjusted pre-tax operating income $ 842 $ 710 $ 758 $ 921 $ 758 $ 730 $ 1,552 $ 1,488 $ 3,167
(1) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Additionally, gains (losses) related to the disposition of real estate investments are also excluded from this adjustment.
corebridgelogo.jpg
Reconciliation of Adjusted Pre-Tax Operating Income
31
Table of Contents


Corebridge Financial, Inc.
Reconciliation of Adjusted After-tax Operating Income - Consolidated
(in millions, unless otherwise noted) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Net income (loss) $ (668) $ (657) $ 2,222  $ (1,187) $ 341  $ 827  $ (1,325) $ 1,168  $ 2,203 
Less net income (loss) attributable to noncontrolling interests (8) 7  51  (3) (24) (51) (1) (75) (27)
Net income (loss) attributable to Corebridge (660) (664) 2,171  (1,184) 365  878  (1,324) 1,243  2,230 
Fortitude Re related items
Net investment (income) on Fortitude Re funds withheld assets (270) (260) (155) (405) (256) (261) (530) (517) (1,077)
Net realized (gains) losses on Fortitude Re funds withheld assets 23  (3) 116  (123) 73  129  20  202  195 
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative 198  469  (732) 1,185  (29) (17) 667  (46) 407 
Subtotal – Fortitude Re related items (49) 206  (771) 657  (212) (149) 157  (361) (475)
Other reconciling items
Reclassification of disproportionate tax effects from AOCI and other tax adjustments. 6  (21) 7  22  (52) (26) (15) (78) (49)
Deferred income tax valuation allowance (releases) charges 186  8  84  (91) 87  17  194  104  97 
Change in the fair value of market risk benefits, net (35) 265  (371) 517  9  (130) 230  (121) 25 
Changes in benefit reserves related to net realized gains (losses) (3) 24  (1) (1) (3) (2) 21  (5) (7)
Net realized (gains) losses (1) 1,389  715  (467) 858  588  175  2,104  763  1,154 
Non-operating litigation reserves and settlements —  —  (1) —  —  —  —  —  (1)
Separation costs —  —  —  —  21  53  —  74  74 
Restructuring and other costs 101  77  54  69  67  37  178  104  227 
Non-recurring costs related to regulatory or accounting changes 1  1  —  1  1  —  2  1  2 
Net (gain) loss on divestiture —  —  7  1  (194) (4) —  (198) (190)
Businesses exited through reinsurance (264) (41) (106) (125) (64) (245) (305) (309) (540)
Subtotal - Other non-Fortitude Re reconciling items 1,381  1,028  (794) 1,251  460  (125) 2,409  335  792 
Total adjustments 1,332  1,234  (1,565) 1,908  248  (274) 2,566  (26) 317 
Adjusted after-tax operating income attributable to Corebridge $ 672  $ 570  $ 606  $ 724  $ 613  $ 604  $ 1,242  $ 1,217  $ 2,547 
Calculation of Effective Tax Rates
Adjusted pre-tax operating income $ 842  $ 710  $ 758  $ 921  $ 758  $ 730  $ 1,552  $ 1,488  $ 3,167 
Income tax expense 170  140  152  197  145  126  310  271  620 
Adjusted after-tax operating income attributable to Corebridge $ 672  $ 570  $ 606  $ 724  $ 613  $ 604  $ 1,242  $ 1,217  $ 2,547 
Effective tax rates on adjusted pre-tax operating income 20.2  % 19.7  % 20.1  % 21.4  % 19.1  % 17.3  % 20.0  % 18.2  % 19.6  %
(1) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Additionally, gains (losses) related to the disposition of real estate investments are also excluded from this adjustment.
corebridgelogo.jpg
Reconciliation of Adjusted After-tax Operating Income
32
Table of Contents


Corebridge Financial, Inc.
Notable Items and Alternative Investment Returns vs. long-term return expectations
(in millions, unless otherwise noted) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Individual Retirement:
Alternative investments returns versus long-term return expectations $ 12  $ (24) $ (11) $ (12) $ (12) $ (43) $ (12) $ (55) $ (78)
Investments —  10  —  —  —  35  10  35  35 
Annual actuarial assumption review —  —  —  18  —  —  —  —  18 
General operating expenses —  —  (2) —  —  —  —  —  (2)
Total adjustments $ 12  $ (14) $ (13) $ 6  $ (12) $ (8) $ (2) $ (20) $ (27)
Group Retirement:
Alternative investments returns versus long-term return expectations $ (6) $ 2  $ (5) $ 3  $ (7) $ (27) $ (4) (34) (36)
Investments —  4  —  —  —  8  4  8  8 
Annual actuarial assumption review —  —  —  (1) —  —  —  —  (1)
General operating expenses —  —  (9) —  —  —  —  —  (9)
Total adjustments $ (6) $ 6  $ (14) $ 2  $ (7) $ (19) $ —  $ (26) $ (38)
Life Insurance:
Alternative investments returns versus long-term return expectations $ 1  $ (6) $ (3) $ (3) $ (3) $ (11) $ (5) (14) (20)
Investments —  2  —  —  —  8  2  8  8 
Annual actuarial assumption review —  —  —  (29) —  —  —  —  (29)
Reinsurance —  —  —  62  —  (30) —  (30) 32 
General operating expenses —  —  (5) —  —  —  —  —  (5)
Total adjustments $ 1  $ (4) $ (8) $ 30  $ (3) $ (33) $ (3) $ (36) $ (14)
Institutional Markets:
Alternative investments returns versus long-term return expectations $ 33  $ (15) $ (6) $ (6) $ (37) $ (51) $ 18  (88) (100)
Investments —  4  —  —  —  17  4  17  17 
Annual actuarial assumption review —  —  —  9  —  —  —  —  9 
Reinsurance —  —  —  5  —  —  —  —  5 
General operating expenses —  —  (1) —  —  —  —  —  (1)
Total adjustments $ 33  $ (11) $ (7) $ 8  $ (37) $ (34) $ 22  $ (71) $ (70)
Total Corebridge:
Alternative investments returns versus long-term return expectations $ 40  $ (43) $ (25) $ (18) $ (59) $ (132) $ (3) $ (191) $ (234)
Investments —  20  —  —  —  68  20  68  68 
Annual actuarial assumption review —  —  —  (3) —  —  —  —  (3)
Reinsurance —  —  —  67  —  (30) —  (30) 37 
General operating expenses —  —  (17) —  —  —  —  —  (17)
Corporate & other —  (12) —  32  —  —  (12) —  32 
Total adjustments $ 40  $ (35) $ (42) $ 78  $ (59) $ (94) $ 5  $ (153) $ (117)
Discrete tax items - income tax expense (benefit) $ —  $ —  $ —  $ (10) $ —  $ —  $ —  $ —  $ (10)
corebridgelogo.jpg
Notable Items
33
Table of Contents


Corebridge Financial, Inc.
Non-GAAP Reconciliation - Premiums to Premiums and Deposits
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Individual Retirement (Fixed annuities)
Premiums $ 31 $ 17 $ 22 $ 30 $ 24 $ 31 $ 48 $ 55 $ 107
Deposits 3,186 1,984 1,834 2,753 4,111 2,582 5,170 6,693 11,280
Other (1) (2) — (3) (3) (1) (3) (4) (7)
Premiums and deposits $ 3,216 $ 1,999 $ 1,856 $ 2,780 $ 4,132 $ 2,612 $ 5,215 $ 6,744 $ 11,380
Individual Retirement (Fixed index annuities)
Premiums $ — $ — $ — $ — $ — $ — $ — $ — $ —
Deposits 2,779 2,036 2,593 2,298 2,239 1,883 4,815 4,122 9,013
Other — — — — — — — — —
Premiums and deposits $ 2,779 $ 2,036 $ 2,593 $ 2,298 $ 2,239 $ 1,883 $ 4,815 $ 4,122 $ 9,013
Individual Retirement (Registered index-linked annuities)
Premiums $ — $ — $ — $ — $ — $ — $ — $ — $ —
Deposits 492 263 90 — — — 755 — 90
Other — — — — — — — — —
Premiums and deposits $ 492 $ 263 $ 90 $ — $ — $ — $ 755 $ — $ 90
Individual Retirement (Total)
Premiums $ 31 $ 17 $ 22 $ 30 $ 24 $ 31 $ 48 $ 55 $ 107
Deposits 6,457 4,283 4,517 5,051 6,350 4,465 10,740 10,815 20,383
Other (1) (1) (2) — (3) (3) (1) (3) (4) (7)
Premiums and deposits $ 6,487 $ 4,298 $ 4,539 $ 5,078 $ 6,371 $ 4,495 $ 10,785 $ 10,866 $ 20,483
corebridgelogo.jpg
Premiums to Premiums and Deposits
34
Table of Contents


Corebridge Financial, Inc.
Non-GAAP Reconciliation - Premiums to Premiums and Deposits
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Group Retirement
Premiums $ — $ 4 $ 2 $ 5 $ — $ 5 $ 4 $ 5 $ 12
Deposits 1,976 1,820 1,614 1,958 1,998 2,049 3,796 4,047 7,619
Premiums and deposits (2)(3) $ 1,976 $ 1,824 $ 1,616 $ 1,963 $ 1,998 $ 2,054 $ 3,800 $ 4,052 $ 7,631
Life Insurance
Premiums $ 377 $ 340 $ 366 $ 352 $ 331 $ 434 $ 717 $ 765 $ 1,483
Deposits 393 397 411 386 389 393 790 782 1,579
Other (1) 98 119 102 118 126 267 217 393 613
Premiums and deposits $ 868 $ 856 $ 879 $ 856 $ 846 $ 1,094 $ 1,724 $ 1,940 $ 3,675
Institutional Markets
Premiums $ 25 $ 500 $ 723 $ 208 $ 167 $ 1,796 $ 525 $ 1,963 $ 2,894
Deposits 1,102 1,433 1,635 1,045 1,871 781 2,535 2,652 5,332
Other (1) 8 9 7 10 10 9 17 19 36
Premiums and deposits $ 1,135 $ 1,942 $ 2,365 $ 1,263 $ 2,048 $ 2,586 $ 3,077 $ 4,634 $ 8,262
Total
Premiums $ 433 $ 861 $ 1,113 $ 595 $ 522 $ 2,266 $ 1,294 $ 2,788 $ 4,496
Deposits 9,928 7,933 8,177 8,440 10,608 7,688 17,861 18,296 34,913
Other (1) 105 126 109 125 133 275 231 408 642
Premiums and deposits $ 10,466 $ 8,920 $ 9,399 $ 9,160 $ 11,263 $ 10,229 $ 19,386 $ 21,492 $ 40,051
(1) Other principally consists of ceded premiums, in order to reflect gross premiums and deposits.
(2) Includes premiums and deposits related to in-plan mutual funds of: $ 842 $ 775 $ 714 $ 770 $ 790 $ 791 $ 1,617 $ 1,581 $ 3,065
(3) Excludes client deposits into advisory and brokerage accounts of: $ 744 $ 707 $ 788 $ 761 $ 783 $ 730 $ 1,451 $ 1,513 $ 3,062





corebridgelogo.jpg
Premiums to Premiums and Deposits
35
Table of Contents


Corebridge Financial, Inc.
Consolidated Adjusted Pre-tax Operating Income


(in millions)		 Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Revenues
Premiums (1)
 $ 433 $ 861 $ 1,113 $ 595 $ 522 $ 2,266 $ 1,294 $ 2,788 $ 4,496
Policy fees 598 589 603 594 589 584 1,187 1,173 2,370
Net investment income:
Base portfolio income 2,784 2,741 2,683 2,664 2,586 2,582 5,525 5,168 10,515
Variable investment income (loss) 193 88 103 112 51 — 281 51 266
Corporate and other (includes eliminations) 7 12 25 (9) 13 (18) 19 (5) 11
Net investment income 2,984 2,841 2,811 2,767 2,650 2,564 5,825 5,214 10,792
Net realized gains (losses) (11) 13 49 53 (9) (8) 2 (17) 85
Advisory fee and other income 92 96 97 184 93 107 188 200 481
Total adjusted revenues 4,096 4,400 4,673 4,193 3,845 5,513 8,496 9,358 18,224
Benefits and expenses
Policyholder benefits (1) 974 1,417 1,625 1,143 1,046 2,800 2,391 3,846 6,614
Interest credited to policyholder account balances 1,452 1,381 1,375 1,324 1,240 1,163 2,833 2,403 5,102
Amortization of deferred policy acquisition costs 221 223 219 208 206 214 444 420 847
Non-deferrable insurance commissions 91 92 94 75 81 82 183 163 332
Advisory fee expenses 34 39 40 39 39 36 73 75 154
General operating expenses 361 391 380 359 372 407 752 779 1,518
Interest expense 129 140 138 127 127 132 269 259 524
Total benefits and expenses 3,262 3,683 3,871 3,275 3,111 4,834 6,945 7,945 15,091
Adjusted pre-tax operating income before NCI 834 717 802 918 734 679 1,551 1,413 3,133
Noncontrolling interest 8 (7) (44) 3 24 51 1 75 34
Adjusted pre-tax operating income 842 710 758 921 758 730 1,552 1,488 3,167
Income tax expense (170) (140) (152) (197) (145) (126) (310) (271) (620)
Adjusted after-tax operating income $ 672 $ 570 $ 606 $ 724 $ 613 $ 604 $ 1,242 $ 1,217 $ 2,547
(1) Includes PRT and SS sales activity of: $ 34 $ 508 $ 732 $ 217 $ 175 $ 1,805 $ 542 $ 1,980 $ 2,929
corebridgelogo.jpg
Consolidated Adjusted Pre-Tax Operating Income
36
Table of Contents


Corebridge Financial, Inc.
Individual Retirement Results


(in millions)		 Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Adjusted Revenues
Premiums
 $ 31 $ 17 $ 22 $ 30 $ 24 $ 31 $ 48 $ 55 $ 107
Policy fees 76 67 66 71 68 61 143 129 266
Net investment income:
Base portfolio income 1,445 1,396 1,370 1,355 1,311 1,272 2,841 2,583 5,308
Variable investment income 74 23 36 39 28 2 97 30 105
Total net investment income 1,519 1,419 1,406 1,394 1,339 1,274 2,938 2,613 5,413
Advisory fee and other income — — 1 — — — — — 1
Total adjusted revenues 1,626 1,503 1,495 1,495 1,431 1,366 3,129 2,797 5,787
Benefits and expenses
Policyholder benefits 36 23 34 12 27 26 59 53 99
Interest credited to policyholder account balances (1) 824 775 759 720 669 613 1,599 1,282 2,761
Amortization of deferred policy acquisition costs 112 112 110 101 98 96 224 194 405
Non-deferrable insurance commissions 41 42 41 33 29 29 83 58 132
Advisory fee expenses 3 6 5 4 6 3 9 9 18
General operating expenses 87 91 88 78 82 84 178 166 332
Interest expense — — — — — — — — —
Total benefits and expenses 1,103 1,049 1,037 948 911 851 2,152 1,762 3,747
Adjusted pre-tax operating income $ 523 $ 454 $ 458 $ 547 $ 520 $ 515 $ 977 $ 1,035 $ 2,040
(1) Includes amortization of DSI of: $ 9  $ 10  $ 10  $ 10  $ 10  $ 11  $ 19  $ 21  $ 41 
corebridgelogo.jpg
Individual Retirement Results
37
Table of Contents


Corebridge Financial, Inc.
Group Retirement Results
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Adjusted Revenues
Premiums $ — $ 4 $ 2 $ 5 $ — $ 5 $ 4 $ 5 $ 12
Policy fees 105 108 114 113 108 107 213 215 442
Net investment income:
Base portfolio income 445 461 443 451 476 494 906 970 1,864
Variable investment income 24 24 17 27 11 1 48 12 56
Total net investment income 469 485 460 478 487 495 954 982 1,920
Advisory fee and other income 85 87 89 88 83 83 172 166 343
Total adjusted revenues 659 684 665 684 678 690 1,343 1,368 2,717
Benefits and expenses
Policyholder benefits 2 5 3 9 (2) 3 7 1 13
Interest credited to policyholder account balances (1) 301 296 303 305 300 298 597 598 1,206
Amortization of deferred policy acquisition costs 21 22 22 21 21 21 43 42 85
Non-deferrable insurance commissions 30 30 31 30 30 29 60 59 120
Advisory fee expenses 30 33 35 34 32 33 63 65 134
General operating expenses 93 103 110 97 102 106 196 208 415
Total benefits and expenses 477 489 504 496 483 490 966 973 1,973
Adjusted pre-tax operating income $ 182 $ 195 $ 161 $ 188 $ 195 $ 200 $ 377 $ 395 $ 744
(1) Includes amortization of DSI of: $ 3  $ 3  $ 3  $ 3  $ 4  $ 3  $ 6  $ 7  $ 13 
corebridgelogo.jpg
Group Retirement Results
38
Table of Contents


Corebridge Financial, Inc.
Life Insurance Results


(in millions)		 Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Adjusted Revenues
Premiums (1) $ 377 $ 340 $ 366 $ 352 $ 331 $ 434 $ 717 $ 765 $ 1,483
Policy fees (1) 366 364 371 360 366 368 730 734 1,465
Net investment income:
Base portfolio income 329 332 329 331 315 327 661 642 1,302
Variable investment income 6 4 8 5 7 (1) 10 6 19
Total net investment income 335 336 337 336 322 326 671 648 1,321
Other income (1)(2) — 1 — 81 1 — 1 1 82
Total adjusted revenues 1,078 1,041 1,074 1,129 1,020 1,128 2,119 2,148 4,351
Benefits and expenses
Policyholder benefits (1) 650 636 619 687 627 748 1,286 1,375 2,681
Interest credited to policyholder account balances (1) 84 80 85 84 84 83 164 167 336
Amortization of deferred policy acquisition costs 84 85 84 82 84 94 169 178 344
Non-deferrable insurance commissions 15 14 16 7 16 19 29 35 58
Advisory fee expenses 1 — — 1 1 — 1 1 2
General operating expenses 111 118 114 112 113 130 229 243 469
Total benefits and expenses 945 933 918 973 925 1,074 1,878 1,999 3,890
Adjusted pre-tax operating income $ 133 $ 108 $ 156 $ 156 $ 95 $ 54 $ 241 $ 149 $ 461
(1) Underwriting margin represents premiums, policy fees, net investment income and other income, less policyholder benefits and interest credited to policyholder account balances. Underwriting margin is also exclusive of the impacts from the annual assumption update. See next page for breakout.
(2) 3Q24 Other income is primarily related to reinsurance recapture.
corebridgelogo.jpg
Life Insurance Results
39


Corebridge Financial, Inc.
Life Insurance Results - Underwriting Margin
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Premiums $ 377 $ 340 $ 366 $ 352 $ 331 $ 434 $ 717 $ 765 $ 1,483
Policy fees 366 364 371 360 366 368 730 734 1,465
Net investment income 335 336 337 336 322 326 671 648 1,321
Other income — 1 — 81 1 — 1 1 82
Policyholder benefits (650) (636) (619) (687) (627) (748) (1,286) (1,375) (2,681)
Interest credited to policyholder account balances (84) (80) (85) (84) (84) (83) (164) (167) (336)
Less: Impact of annual actuarial assumption update — — — 34 — — — — 34
Underwriting margin $ 344 $ 325 $ 370 $ 392 $ 309 $ 297 $ 669 $ 606 $ 1,368
corebridgelogo.jpg
Life Insurance Results - Underwriting Margin
40
Table of Contents


Corebridge Financial, Inc.
Institutional Markets Results
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Adjusted Revenues
Premiums (1) $ 25 $ 500 $ 723 $ 208 $ 167 $ 1,796 $ 525 $ 1,963 $ 2,894
Policy fees 51 50 52 50 47 48 101 95 197
Net investment income:
Base portfolio income 565 552 541 527 484 489 1,117 973 2,041
Variable investment income 89 37 42 41 5 (2) 126 3 86
Total net investment income 654 589 583 568 489 487 1,243 976 2,127
Other income 1 1 — 6 1 1 2 2 8
Total adjusted revenues 731 1,140 1,358 832 704 2,332 1,871 3,036 5,226
Benefits and expenses
Policyholder benefits (1) 286 742 969 435 394 2,023 1,028 2,417 3,821
Interest credited to policyholder account balances 243 230 228 215 187 169 473 356 799
Amortization of deferred policy acquisition costs 4 4 3 4 3 3 8 6 13
Non-deferrable insurance commissions 5 5 5 5 5 5 10 10 20
General operating expenses 20 22 20 19 19 20 42 39 78
Total benefits and expenses 558 1,003 1,225 678 608 2,220 1,561 2,828 4,731
Adjusted pre-tax operating income $ 173 $ 137 $ 133 $ 154 $ 96 $ 112 $ 310 $ 208 $ 495
(1) Includes PRT and SS sales activity of: $ 34 $ 508 $ 732 $ 217 $ 175 $ 1,805 $ 542 $ 1,980 $ 2,929




corebridgelogo.jpg
Institutional Markets Results
41
Table of Contents


Corebridge Financial, Inc.
Institutional Markets Results - Spread Income, Fee Income, and Underwriting Margin
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Premiums $ 34 $ 508 $ 732 $ 217 $ 175 $ 1,805 $ 542 $ 1,980 $ 2,929
Net investment income 617 551 547 531 451 449 1,168 900 1,978
Policyholder benefits (262) (725) (952) (418) (378) (2,006) (987) (2,384) (3,754)
Interest credited to policyholder account balances (216) (202) (200) (187) (160) (142) (418) (302) (689)
Less: Impact of annual actuarial assumption update — — — (10) — — — — (10)
Total spread income (1) $ 173 $ 132 $ 127 $ 133 $ 88 $ 106 $ 305 $ 194 $ 454
Stable Value Wrap (SVW) fees $ 16 $ 15 $ 16 $ 15 $ 15 $ 16 $ 31 $ 31 $ 62
Total fee income $ 16 $ 15 $ 16 $ 15 $ 15 $ 16 $ 31 $ 31 $ 62
Premiums $ (9) $ (8) $ (9) $ (9) $ (8) $ (9) $ (17) $ (17) $ (35)
Policy fees (excluding SVW) 35 35 36 35 32 32 70 64 135
Net investment income 37 38 36 37 38 38 75 76 149
Other income 1 1 — 6 1 1 2 2 8
Policyholder benefits (24) (17) (17) (17) (16) (17) (41) (33) (67)
Interest credited to policyholder account balances (27) (28) (28) (28) (27) (27) (55) (54) (110)
Less: Impact of annual actuarial assumption update — — — 1 — — — — 1
Total underwriting margin (2) $ 13 $ 21 $ 18 $ 25 $ 20 $ 18 $ 34 $ 38 $ 81
(1) Represents spread income from GIC, PRT and SS products.
(2) Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products.
corebridgelogo.jpg
Institutional Markets Results - Spread Income, Fee Income, and Underwriting Margin
42
Table of Contents


Corebridge Financial, Inc.
Corporate & Other Operations Results
(in millions) Quarterly Six Months Ended
June 30,		 Year Ended
2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 2025 2024 2024
Adjusted Revenues
Premiums $ — $ — $ — $ — $ — $ — $ — $ — $ —
Net investment income (loss) 18 16 30 (5) 18 (10) 34 8 33
Net realized gains (losses) (11) 13 49 53 (9) (8) 2 (17) 85
Other income 6 7 7 9 8 23 13 31 47
Total adjusted revenues 13 36 86 57 17 5 49 22 165
Benefits and expenses
Policyholder benefits — 11 — — — — 11 — —
Non-deferrable insurance commissions — 1 1 — 1 — 1 1 2
General operating expenses
Corporate and other 38 44 33 40 41 47 82 88 161
Asset Management 13 14 18 14 15 20 27 35 67
Total general operating expenses 51 58 51 54 56 67 109 123 228
Interest expense
Corporate expenses 114 125 119 110 107 107 239 214 443
Asset Management and other 24 21 23 22 25 30 45 55 100
Total interest expense 138 146 142 132 132 137 284 269 543
Total benefits and expenses 189 216 194 186 189 204 405 393 773
Adjusted pre-tax operating (loss) before NCI (176) (180) (108) (129) (172) (199) (356) (371) (608)
Noncontrolling interests 8 (7) (44) 3 24 51 1 75 34
Adjusted pre-tax operating (loss) before consolidations and eliminations (168) (187) (152) (126) (148) (148) (355) (296) (574)
Total consolidations and eliminations (1) 3 2 2 — (3) 2 (3) 1
Adjusted pre-tax operating (loss) $ (169) $ (184) $ (150) $ (124) $ (148) $ (151) $ (353) $ (299) $ (573)





corebridgelogo.jpg
Corporate & Other Operations Results
43





corebridgelogo.jpg
Corebridge Financial, Inc. (NYSE: CRBG) makes it possible for more people to take action in their financial lives. With more than $360 billion in assets under management and administration as of June 30, 2025, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States. We proudly partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. For more information, visit corebridgefinancial.com and follow us on LinkedIn, YouTube and Instagram.





corebridgelogo.jpg