Corebridge Financial, Inc.
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 5, 2025
CRBG$34.09-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-06.
0001889539-25-000036
Item 2. |Management’s Discussion and Analysis of Financial Condition and Results of OperationsOverviewCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001889539-25-000053
Item 2. |Management’s Discussion and Analysis of Financial Condition and Results of OperationsOverviewThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 681 previous paragraphs and 652 current paragraphs.
423 unchanged; 96 reworded; 123 added; 154 removed; 8 previous and 10 current paragraphs rearranged.
Tables are not compared: 77 previous and 79 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (123)
Current report
Corebridge | Second Quarter 2025 Form 10-Q 81
Current report
Corebridge | Second Quarter 2025 Form 10-Q 82
Current report
•higher net realized losses of $1.2 billion primarily driven by higher losses on foreign exchange transactions, losses from derivatives, losses from index-linked interest credited embedded derivatives, net of related hedges, higher losses on the Fortitude Re balances including, the funds withheld embedded derivative and higher realized losses on sales of AFS securities including, a $250 million intent to sell realized loss recognized in 2025;
Current report
•Net gain of $241 million from the sale of AIG Life U.K. in 2024;
Current report
•higher interest credited to policyholder account balances of $212 million primarily due to higher sales activity in fixed, fixed index and registered index-linked annuities and growing GIC business; and
Current report
•lower premiums of $83 million primarily on new pension risk transfer business.
Current report
•higher net investment income of $350 million primarily driven by higher base portfolio income and higher variable investment income;
Current report
•lower policyholder benefits of $67 million primarily on new pension risk transfer business.
Current report
•lower premiums of $1.5 billion primarily on new pension risk transfer business;
Current report
•higher interest credited to policyholder account balances of $430 million primarily due to higher sales activity in fixed, fixed index and registered index-linked annuities and growing GIC business; and
Current report
•Net gain of $246 million from the sale of AIG Life U.K. in 2024.
Current report
•higher net investment income of $615 million primarily driven by higher base portfolio income and higher variable investment income.
Current report
•higher net investment income of $334 million primarily driven by higher base portfolio income and higher variable investment income; and
Current report
•lower policyholder benefits of $66 million primarily on new pension risk transfer business.
Current report
•higher interest credited to policyholder account balances of $209 million primarily due to higher sales activity in fixed, fixed index and registered index-linked annuities and growing GIC business; and
Current report
•lower premiums of $83 million primarily on new pension risk transfer business.
Current report
•lower policyholder benefits of $1.5 billion primarily on new pension risk transfer business;
Current report
•higher net investment income of $613 million primarily driven by higher base portfolio income and higher variable investment income; and
Current report
•lower premiums of $1.5 billion primarily on new pension risk transfer business; and
Current report
•higher interest credited to policyholder account balances of $426 million primarily due to higher sales activity in fixed, fixed index and registered index-linked annuities and growing GIC business.
Showing the first 40 of 123 passages. Open the source sections for the rest.
Removed paragraphs (154)
Previous report
Corebridge | First Quarter 2025 Form 10-Q 72
Previous report
Corebridge | First Quarter 2025 Form 10-Q 73
Previous report
For example, on March 6, 2024, the SEC adopted final rules that require registrants, including Corebridge, to disclose certain climate-related information in registration statements and annual reports. Numerous legal challenges were filed after the rule’s adoption, which lawsuits have been consolidated in the Eighth Circuit. On April 4, 2024, the SEC exercised its discretion to stay the final rules pending completion of judicial review in the U.S. Court of Appeals for the Eighth Circuit. Corebridge is evaluating the potential impacts of these new requirements. On March 27, 2025, the SEC voted to end its defense of the final rules. However, if these requirements are implemented following completion of judicial review or otherwise, they may increase the complexity of Corebridge’s periodic reporting as a U.S. public company and are expected to result in additional compliance and reporting costs.
Previous report
•lower premiums of $1.4 billion primarily on new pension risk transfer business;
Previous report
•higher interest credited to policyholder account balances of $218 million primarily due to higher interest rates and higher sales activity in fixed and fixed index annuities and higher interest rates on the growing GIC business.
Previous report
•higher net investment income of $265 million primarily driven by higher base portfolio income and higher variable investment income.
Previous report
•lower premiums of $1.4 billion primarily on new pension risk transfer business;
Previous report
•higher interest credited to policyholder account balances of $217 million primarily due to higher interest rates and higher sales activity in fixed and fixed index annuities and higher interest rates on the growing GIC business; and
Previous report
•higher net investment income of $279 million primarily driven by higher base portfolio income partially offset by lower variable investment income.
Previous report
•lower spread income of $15 million driven by non-recurring items in 2024 and changes in short-term interest rates partially offset by higher income from alternative investments;
Previous report
In-plan and out-of-plan annuity assets decreased by $2.3 billion and $404 million, respectively, driven by declines in equity markets and negative net flows. The decrease of advisory and brokerage assets of $189 million was driven by lower new client deposits and declines in equity markets, partially offset by positive net flows.
Showing the first 40 of 154 passages. Open the source sections for the rest.
Reworded paragraphs (96)
Previous wording
Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), we use certain terms and abbreviations, which are summarized in the Glossary and Acronyms.
Current wording
Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), we use certain terms and abbreviations, which are summarized in the Glossary and Acronymsin the 2024 Form 10-K.
Previous wording
This MD&A addresses the consolidated financial condition of Corebridge as of March 31, 2025, compared with December 31, 2024, and its consolidated results of operations for the three months ended March 31, 2025 and 2024. In addition to historical data, this discussion contains forward-looking statements about our business operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. You should read the following analysis of our consolidated financial condition and results of operations in conjunction with the (unaudited)Condensed Consolidated Financial Statements and the statements under “Cautionary Statements Regarding Forward-Looking Information,” included elsewhere in this Quarterly Report and the “Management’s Discussion and Analysis of Results of Operations and Financial Condition,” and the “Risk Factors” section in the 2024 Form 10-K.
Current wording
This MD&A addresses the consolidated financial condition of Corebridge as of June 30, 2025, compared with December 31, 2024, and its consolidated results of operations for the three and six months ended June 30, 2025 and 2024. In addition to historical data, this discussion contains forward-looking statements about our business operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. You should read the following analysis of our consolidated financial condition and results of operations in conjunction with the (unaudited)Condensed Consolidated Financial Statements and the statements under “Cautionary Statements Regarding Forward-Looking Information,” included elsewhere in this Quarterly Report and the “Management’s Discussion and Analysis of Results of Operations and Financial Condition,” and the “Risk Factors” section in the 2024 Form 10-K.
Previous wording
Our net income experiences ongoing volatility as a result of the reinsurance agreements, which, as described above, give rise to a funds withheld payable that contains an embedded derivative. However, this net income volatility is almost entirely offset with a corresponding change in OCI, which reflects the fair value change from the investment portfolio supporting the funds withheld payable, which is primarily available-for-sale securities, resulting in minimal impact to our comprehensive income (loss) and equity attributable to Corebridge. The Company has also elected the fair value option on the acquisition of certain new fixed maturity securities, helping reduce the mismatch over time. VALIC’s modco agreement with Fortitude Re was recaptured effective January 1, 2025, resulting in a $45 million charge to pre-tax earnings. As of March 31, 2025, $24.6 billion of reserves had been ceded to Fortitude Re.
Current wording
Our net income experiences ongoing volatility as a result of the reinsurance agreements, which, as described above, give rise to a funds withheld payable that contains an embedded derivative. However, this net income volatility is almost entirely offset with a corresponding change in OCI, which reflects the fair value change from the investment portfolio supporting the funds withheld payable, which is primarily available-for-sale securities, resulting in minimal impact to our comprehensive income (loss) and equity attributable to Corebridge. The Company has also elected the fair value option on the acquisition of certain new fixed maturity securities, helping reduce the mismatch over time. VALIC’s modco agreement with Fortitude Re was recaptured effective January 1, 2025, resulting in a $45 million charge to pre-tax earnings. As of June 30, 2025, $24.5 billion of reserves had been ceded to Fortitude Re.
Previous wording
For additional information regarding Corebridge’s impact of Variable Annuity Guaranteed Benefit Riders and Hedging, see “Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits and Update of Actuarial Assumptions and Models — Variable Annuity Guaranteed Benefits and Hedging Results.”
Current wording
For additional information regarding Corebridge’s impact of Variable Annuity Guaranteed Benefit Riders and Hedging, see “Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits — Variable Annuity Guaranteed Benefits and Hedging Results.”
Previous wording
In 2021, we entered into a long-term asset management relationship with Blackstone IM. As of March 31, 2025, Blackstone managed approximately $69.7 billion in book value of assets in our investment portfolio.
Current wording
In 2021, we entered into a long-term asset management relationship with Blackstone IM. As of June 30, 2025, Blackstone managed approximately $70.2 billion in book value of assets in our investment portfolio.
Previous wording
Since April 2022, we entered into investment management agreements with BlackRock and its investment advisory affiliates. As of March 31, 2025, BlackRock managed approximately $87.2 billion in book value of assets in our investment portfolio, consisting of liquid fixed income and certain private placement assets.
Current wording
Since April 2022, we entered into investment management agreements with BlackRock and its investment advisory affiliates. As of June 30, 2025, BlackRock managed approximately $89.7 billion in book value of assets in our investment portfolio, consisting of liquid fixed income and certain private placement assets.
Previous wording
Our business is affected by industry and economic factors such as changes in interest rates and credit spreads; geopolitical tensions (including theongoing armed conflicts between Ukraine and Russia and in the Middle East); credit and equity market conditions; currency exchange rates; regulation; tax policy; competition; and general economic, market and political conditions. We continued to operate under market conditions in 2025 and 2024 characterized by factors such as higher interest rates, inflationary pressures, an uneven global economic recovery and global trade tensions. Responses by central banks and monetary authorities with respect to inflation, growth concerns and other macroeconomic factors have also affected global exchange rates and volatility.
Current wording
Our business is affected by industry and economic factors such as changes in interest rates and credit spreads; geopolitical tensions (including theongoing armed conflicts between Ukraine and Russia and in the Middle East); credit and equity market conditions; currency exchange rates; regulation; tax policy; competition; trade disputes with other countries, including the effect of sanctions and trade restrictions, such as tariffs and trade barriers imposed by the U.S. government and any countermeasures by other governments in response to such tariffs; and general economic, market and political conditions. We continued to operate under market conditions in 2025 and 2024 characterized by factors such as higher interest rates, inflationary pressures, an uneven global economic recovery and global trade tensions. Responses by central banks and monetary authorities with respect to inflation, growth concerns and other macroeconomic factors have also affected global exchange rates and volatility.
Previous wording
Alternative investments include private equity funds which are generally reported on a one-quarter lag. Accordingly, changes in valuations driven by equity market conditions during the first quarter of 2025 may impact the private equity investments in the alternative investments portfolio in the second quarter of 2025.
Current wording
Alternative investments include private equity funds which are generally reported on a one-quarter lag. Accordingly, changes in valuations driven by equity market conditions during the second quarter of 2025 may impact the private equity investments in the alternative investments portfolio in the third quarter of 2025.
Previous wording
Of the aggregate fixed account values of our Individual Retirement and Group Retirement annuity products, 46% and 47% were crediting at the contractual minimum guaranteed interest rate at March 31, 2025 and December 31, 2024, respectively. In the universal life insurance products in our Life Insurance business, 59% and 59% of the account values were crediting at the contractual minimum guaranteed interest rate at March 31, 2025 and December 31, 2024, respectively. These businesses continue to focus on pricing discipline and strategies to manage the minimum guaranteed interest crediting rates offered on new sales in the context of regulatory requirements and competitive positioning.
Current wording
Of the aggregate fixed account values of our Individual Retirement and Group Retirement annuity products, 44% and 47% were crediting at the contractual minimum guaranteed interest rate at June 30, 2025 and December 31, 2024, respectively. In the universal life insurance products in our Life Insurance business, 59% and 59% of the account values were crediting at the contractual minimum guaranteed interest rate at June 30, 2025 and December 31, 2024, respectively. These businesses continue to focus on pricing discipline and strategies to manage the minimum guaranteed interest crediting rates offered on new sales in the context of regulatory requirements and competitive positioning.
Previous wording
In addition, on April 25, 2024, the Department of Labor (“DOL”) published a final rule in the Federal Register updating the definition for when a person is an “investment advice fiduciary” for purposes of transactions with ERISA qualified plans, related plan participants and IRAs. The DOL also published changes with respect to existing prohibited transactions exemptions (“PTEs”) relating to such advice, including PTE 84-24 and PTE 2020-02. Orders staying the rule’s September 23, 2024 effective date were issued by the U.S. District Courts for the Eastern District of Texas and the Northern District of Texas on July 25, 2024 and July 26, 2024, respectively, in connection with separate lawsuits challenging the rule. On December 20, 2024, DOL filed a consolidated opening brief, appealing these two orders to the United States Court of Appeals for the Fifth Circuit. Since filing this appeal, DOL has asked the Fifth Circuit to hold the case in abeyance on two occasions. The matter is currently stayed until June 16, 2025. We are actively monitoring the progress of the litigation while continuing to evaluate potential impact of the DOL rule to our business.
Current wording
For example, on April 25, 2024, the Department of Labor (“DOL”) published a final rule in the Federal Register updating the definition for when a person is an “investment advice fiduciary” for purposes of transactions with ERISA qualified plans, related plan participants and IRAs. The DOL also published changes with respect to existing prohibited transactions exemptions (“PTEs”) relating to such advice, including PTE 84-24 and PTE 2020-02. Orders staying the rule’s September 23, 2024 effective date were issued by the U.S. District Courts for the Eastern District of Texas and the Northern District of Texas on July 25, 2024 and July 26, 2024, respectively, in connection with separate lawsuits challenging the rule. On December 20, 2024, DOL filed a consolidated opening brief, appealing these two orders to the United States Court of Appeals for the Fifth Circuit. Since filing this appeal, DOL has asked the Fifth Circuit to hold the case in abeyance on three occasions. The matter is currently stayed until August 15, 2025. We are actively monitoring the progress of the litigation while continuing to evaluate potential impact of the DOL rule to our business.
Previous wording
In March 2025, the NAIC exposed for comment proposed updates to actuarial guidelines intended to enhance asset adequacy analysis for asset-intensive, life insurance and annuity reinsurance treaties above certain thresholds. Specifically, the proposal would require the use of cash flow testing methodology in evaluating the adequacy of assets supporting ceded reserves. The updated actuarial guidelines will initially be designed as a testing and disclosure regime, but such disclosure could be used by regulators in their supervision of insurance companies. If approved, certain disclosure requirements are expected to be in effect for year-end 2025. In addition, the NAIC plans to review the disclosures following adoption of the guidelines to identify concerns with insurers’ approaches to asset adequacy testing, with the possibility of making additional changes that could lead to higher reserves for certain reinsurance agreements. We are actively monitoring developments associated with this NAIC initiative, which may be applicable to certain transactions that involve our life insurance subsidiaries acting as cedants.
Current wording
In March 2025, the NAIC exposed for comment and in June 2025 the Life Actuarial Task Force adopted updates to actuarial guidelines intended to enhance asset adequacy analysis for asset-intensive, life insurance and annuity reinsurance treaties above certain thresholds. The updated guidelines are still subject to vote by additional NAIC committees before being sent to the states for adoption. The updated guidelines require the use of cash flow testing methodology in evaluating the adequacy of assets supporting ceded reserves. The updated guidelines are designed as a testing and disclosure regime, but such disclosure could be used by regulators in their supervision of insurance companies. The Life Actuarial Task Force expects the first reinsurance asset testing reports to be due in April 2026. In addition, the NAIC plans to review the disclosures following adoption of the guidelines to identify concerns with insurers’ approaches to asset adequacy testing, with the possibility of making additional changes that could lead to higher reserves for certain reinsurance agreements. We are actively monitoring developments associated with this NAIC initiative, which may be applicable to certain transactions that involve our life insurance subsidiaries acting as cedants.
Previous wording
(b)Excludes client deposits into advisory and brokerage accounts of $707 million and $730 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
(b)Excludes client deposits into advisory and brokerage accounts of $744 million and $783 million for the three months ended June 30, 2025 and 2024, respectively, and $1.5 billion and $1.5 billion for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
(c)Includes inflows related to in-plan mutual funds of $775 million and $791 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
(c)Includes inflows related to in-plan mutual funds of $842 million and $790 million for the three months ended June 30, 2025 and 2024, respectively, and $1.6 billion and $1.6 billion for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three months ended March 31, 2025 and 2024. For factors that relate primarily to a specific business, see “— Business Segment Operations.”
Current wording
The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three and six months ended June 30, 2025 and 2024. For factors that relate primarily to a specific business, see “— Business Segment Operations.”
Previous wording
We recorded a pre-tax loss of $862 million in the three months ended March 31, 2025 compared to pre-tax income of $1.0 billion in the three months ended March 31, 2024. The change in pre-tax income was primarily due to:
Current wording
We recorded a pre-tax loss of $608 million in the three months ended June 30, 2025 compared to pre-tax income of $456 million in the three months ended June 30, 2024. The change in pre-tax results was primarily due to:
Previous wording
For the three months ended March 31, 2025, there was an income tax benefit of $205 million on loss from operations, resulting in an effective tax rate on income from operations of 23.8%.
Current wording
For the three months ended June 30, 2025, there was an income tax expense of $60 million on loss from operations, resulting in an effective tax rate on loss from operations of (9.9)%.
Previous wording
•higher net realized losses of $1.1 billion primarily driven by higher losses on the Fortitude Re balances, losses from derivatives and index-linked interest credited embedded derivatives, net of related hedges;
Current wording
•higher net realized losses of $2.3 billion primarily driven by higher losses on foreign exchange transactions, losses from derivatives, losses from index-linked interest credited embedded derivatives, net of related hedges, higher losses on the Fortitude Re balances including, the funds withheld embedded derivative and higher realized losses on sales of AFS securities including, $203 million higher intent to sell realized losses;
Previous wording
•unfavorable change in the fair value of market risk benefits, net of $754 million primarily driven by the impacts of relative changes in interest rates and lower equity market performance compared to the comparable period in the prior year; and
Current wording
•unfavorable change in the fair value of market risk benefits, net of $450 million primarily driven by the impacts of relative changes in interest rates and lower equity market performance compared to the comparable period in the prior year;
Previous wording
•higher income attributable to noncontrolling interest of $58 million.
Current wording
•lower income attributable to noncontrolling interest of $74 million.
Previous wording
•Institutional Markets –consists of SVW products, structured settlement and PRT annuities, Corporate Markets products that include corporate- and bank-owned life insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuities products and GICs.
Current wording
•Institutional Markets –consists of SVW products, structured settlement and PRT annuities, GICs and Corporate Markets products that include corporate- and bank-owned life insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuities products.
Previous wording
(a)Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $12 million and $13 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
(a)Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $11 million and $13 million for the three months ended June 30, 2025 and 2024, respectively, and $23 million and $26 million for the six months ended June 30, 2025 and 2024 respectively.
Previous wording
•higher amortization of DAC and DSI of $14 million due to growth in fixed and fixed index annuity business and higher interest rates; and
Current wording
•higher amortization of DAC and DSI of $12 million due to growth in fixed and fixed index annuity business and registered index-linked annuity business; and
Previous wording
•higher non-deferrable insurance commissions of $16 million primarily due to continued growth in the fixed index annuity business;
Current wording
•higher non-deferrable insurance commissions of $8 million primarily due to continued growth in the fixed index annuity business.
Previous wording
AUMA increased $316 million driven by an increase of $2.7 billion in the general account, offset by lower separate accounts asset values of $2.4 billion. The general account increased primarily due to positive general account net flows and lower interest rates resulting in unrealized gains from fixed maturities securities. The separate account decreased primarily due to outflows from separate accounts and declines in the equity markets.
Current wording
AUMA increased $6.2 billion driven by an increase of $6.4 billion in the general account partially offset by lower separate accounts asset values of $0.2 billion. The general account increased primarily due to positive general account net flows and lower interest rates resulting in unrealized gains from fixed maturities securities. The separate account decreased primarily due to outflows from separate accounts, partially offset by increases in the equity markets.
Previous wording
*Excludes amortization of DSI assets of $12 million and $13 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
*Excludes amortization of DSI assets of $11 million and $13 million for the three months ended June 30, 2025 and 2024, respectively, and $23 million and $26 million for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
Fixed Annuities Net inflows increased by $302 million over the prior year, primarily due to lower surrenders and withdrawals of $1.2 billion, partially offset by lower premiums and deposits of $613 million and higher death benefits of $246 million.
Current wording
Fixed Annuities Net inflows decreased by $860 million over the prior year, primarily due to lower premiums and deposits of $916 million and higher death benefits of $343 million, partially offset by lower surrenders and withdrawals of $399 million.
Previous wording
Fixed Index Annuities and Registered Index-Linked Annuities Net inflows increased by $200 million primarily due to higher premiums and deposits of $416 million, partially offset by higher surrenders and withdrawals of $225 million.
Current wording
Fixed Index Annuities Net inflows increased by $482 million primarily due to higher premiums and deposits of $540 million, partially offset by higher surrenders and withdrawals of $53 million and higher death benefits of $4 million.
Previous wording
Variable Annuities Net outflows increased by $65 million primarily due to higher surrenders and withdrawals of $112 million, partially offset by higher premium and deposits of $37 million and lower death benefits of $9 million.
Current wording
Variable Annuities Net outflows decreased by $8 million primarily due to lower surrenders and withdrawals of $17 million and lower death benefits of $3 million, partially offset by lower premium and deposits of $12 million.
Previous wording
The following table presents account values for fixed annuities, fixed index annuities and registered index-linked annuities and variable annuities by surrender charge category:
Current wording
The following table presents account values for fixed annuities, fixed index annuities, registered index-linked annuities and variable annuities by surrender charge category:
Previous wording
Individual Retirement annuities are typically subject to a three- to ten-year surrender charge period, depending on the product. For fixed annuities, the proportion of account value subject to surrender charge at March 31, 2025 increased compared to December 31, 2024 primarily due to growth in the business. For fixed index annuities and registered index-linked annuities, the proportion of account value subject to surrender charge at March 31, 2025 was slightly lower compared to December 31, 2024 due to the aging of the business. The proportion of account value with no surrender charge for variable annuities as of March 31, 2025 compared to December 31, 2024 was mostly flat.
Current wording
Individual Retirement annuities are typically subject to a three- to ten-year surrender charge period, depending on the product. For fixed annuities, the proportion of account value subject to surrender charge at June 30, 2025 increased compared to December 31, 2024 primarily due to growth in the business. For fixed index annuities, the proportion of account value subject to surrender charge at June 30, 2025 was slightly lower compared to December 31, 2024 due to the aging of the business. The proportion of account value with no surrender charge for variable annuities as of June 30, 2025 was slightly higher compared to December 31, 2024 due to aging of the business.
Previous wording
•lower spread income of $8 million due to lower base spread income of $31 million reflecting lower base portfolio income, partially offset by higher variable investment income of $23 million primarily driven by higher alternative investment income.
Current wording
•lower spread income of $28 million due to lower base spread income of $64 million reflecting lower base portfolio income, partially offset by higher variable investment income of $36 million primarily driven by higher alternative investment income.
Previous wording
(a)Includes $12.9 billion of AUMA at March 31, 2025 and $13.1 billion of AUMA at December 31, 2024 that is associated with our in-plan investment advisory service that we offer to participants at an additional fee.
Current wording
(a)Includes $13.6 billion of AUMA at June 30, 2025 and $13.1 billion of AUMA at December 31, 2024 that is associated with our in-plan investment advisory service that we offer to participants at an additional fee.
Previous wording
(b) Includes $13.2 billion of AUMA at March 31, 2025 and $13.4 billion of AUMA at December 31, 2024 that is associated with our out-of-plan investment advisory service that we offer to participants at an additional fee.
Current wording
(b) Includes $14.0 billion of AUMA at June 30, 2025 and $13.4 billion of AUMA at December 31, 2024 that is associated with our out-of-plan investment advisory service that we offer to participants at an additional fee.
Previous wording
*Excludes amortization of DSI assets of $3 million and $3 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
*Excludes amortization of DSI assets of $3 million and $4 million for the three months ended June 30, 2025 and 2024, respectively, and $6 million and $7 million for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
(b)Includes inflows related to in-plan mutual funds of $775 million and $791 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
(b)Includes inflows related to in-plan mutual funds of $842 million and $790 million for the three months ended June 30, 2025 and 2024, respectively, and $1.6 billion and $1.6 billion for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
(c)Excludes client deposits into advisory and brokerage accounts of $707 million and $730 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
(c)Excludes client deposits into advisory and brokerage accounts of $744 million and $783 million for the three months ended June 30, 2025 and 2024, respectively, and $1.5 billion and $1.5 billion for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
Net flows remained negative and improved by $55 million primarily due to a decrease in surrenders and withdrawals of $285 million in both in-plan and out-of-plan annuities, partially offset by a decrease in deposits of $230 million.
Current wording
Net flows remained negative and improved by $96 million primarily due to a decrease in surrenders and withdrawals of $329 million in both in-plan and out-of-plan annuities, partially offset by a decrease in deposits of $252 million.
Previous wording
(a)Group Retirement amounts in this category include account values in the general account of approximately $3.7 billion and $3.7 billion at March 31, 2025 and December 31, 2024, respectively, which are subject to 20% percent annual withdrawal limitations at the participant level and account values in the general account of $4.8 billion, and $4.9 billion at March 31, 2025 and December 31, 2024, respectively, which are subject to 20 percent annual withdrawal limitations at the plan level.
Current wording
(a)Group Retirement amounts in this category include account values in the general account of approximately $3.6 billion and $3.7 billion at June 30, 2025 and December 31, 2024, respectively, which are subject to 20% percent annual withdrawal limitations at the participant level and account values in the general account of $4.8 billion, and $4.9 billion at June 30, 2025 and December 31, 2024, respectively, which are subject to 20 percent annual withdrawal limitations at the plan level.
Previous wording
(b)Excludes mutual fund assets under administration of $28.8 billion and $29.5 billion at March 31, 2025 and December 31, 2024, respectively.
Current wording
(b)Excludes mutual fund assets under administration of $30.9 billion and $29.5 billion at June 30, 2025 and December 31, 2024, respectively.
Showing the first 40 of 96 pairs. Open the source sections for the rest.
Rearranged current paragraphs (10)
Current report — wording carried from elsewhere
Income (loss) before income tax expense (benefit)
Current report — wording carried from elsewhere
•favorable change in the fair value of market risk benefits, net of $304 million primarily driven by higher equity market performance compared to the comparable period in the prior year; and
Current report — wording carried from elsewhere
Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024 Net Income Comparison
Current report — wording carried from elsewhere
We recorded a pre-tax loss of $1.5 billion in the six months ended June 30, 2025 compared to pre-tax income of $1.5 billion in the six months ended June 30, 2024. The change in pre-tax results was primarily due to:
Current report — wording carried from elsewhere
For the six months ended June 30, 2025, there was an income tax benefit of $145 million on loss from operations, resulting in an effective tax rate on loss from operations of 9.9%.
Current report — wording carried from elsewhere
•higher amortization of DAC and DSI of $26 million due to growth in fixed and fixed index annuity and registered index-linked annuity business;
Current report — wording carried from elsewhere
•higher non-deferrable insurance commissions of $24 million primarily due to continued growth in the fixed index annuity; and
Current report — wording carried from elsewhere
Net flows remained negative and improved by $41 million primarily due to a decrease in surrenders and withdrawals of $44 million in both in-plan and out-of-plan annuities.
Current report — wording carried from elsewhere
Premiums and deposits decreased compared to the prior year period by $1.6 billion, primarily due to lower premiums on new PRT business of $1.4 billion and lower deposits on new GICs of $42 million.
Current report — wording carried from elsewhere
Variable Annuity Guaranteed Benefits and Hedging Results
Rearranged previous paragraphs (8)
Previous report — wording carried elsewhere
•lower policyholder benefits of $1.4 billion primarily on new pension risk transfer business; and
Previous report — wording carried elsewhere
(a)Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $3 million and $3 million for the three months ended March 31, 2025 and 2024, respectively.
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
“Corebridge Parent” means Corebridge Financial, Inc., a Delaware corporation;
Previous report — wording carried elsewhere
•“AATOI” — adjusted after-tax operating income attributable to our common stockholders;
Previous report — wording carried elsewhere
•“S&P” — Standard & Poor’s Financial Services LLC;