Corebridge Financial, Inc.

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

REVENUES

Our revenues come from five principal sources:

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

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

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

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

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

BENEFITS AND EXPENSES

Our benefits and expenses come from six principal sources:

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

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

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

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

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

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

SIGNIFICANT FACTORS IMPACTING OUR RESULTS

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

Impact of Fortitude Re

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

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

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

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

Impact of Variable Annuity Guaranteed Benefit Riders and Hedging

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

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

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

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

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

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

Our Strategic Partnership with Blackstone

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

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

Our Investment Management Agreements with BlackRock

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

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

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

Fair Value Option Bond Securities

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

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

COREBRIDGE’S MACROECONOMIC, INDUSTRY AND REGULATORY TRENDS

Our business is affected by industry and economic factors such as changes in interest rates and credit spreads; geopolitical tensions (including 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.

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

Equity Markets

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

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

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

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

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

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

Impact of Changes in the Interest Rate Environment

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

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

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

Annuity Sales and Surrenders

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

Reinvestment and Spread Management

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

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

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

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

Regulatory Environment

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

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

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

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

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

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

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Use of Non-GAAP Financial Measures and Key Operating Metrics

NON-GAAP FINANCIAL MEASURES

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

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

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

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

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

APTOI excludes the impact of the following items:

FORTITUDE RE RELATED ADJUSTMENTS:

The 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.

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

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

OTHER ADJUSTMENTS:

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

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

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

•separation costs;

•non-operating litigation reserves and settlements;

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

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

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

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.

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

Corebridge | Second Quarter 2025 Form 10-Q 90

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

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

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

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

The following table presents the reconciliation of Adjusted ROAE:

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

The following table presents the premiums and deposits:

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

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

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

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

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

KEY OPERATING METRICS

Assets Under Management and Administration

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

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

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

The following table presents a summary of our AUMA:

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Fee and Spread income and Underwriting Margin

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

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

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

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

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

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

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

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

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

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Net Investment Income (APTOI Basis)

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

Net Flows

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

The following table presents a summary of our Net Flows:

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Consolidated Results of Operations

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

The following table presents certain balance sheet data:.

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

Income (loss) before income tax expense (benefit)

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

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

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

Corebridge | Second Quarter 2025 Form 10-Q 96

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

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

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

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

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

Income tax expense (benefit)

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

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

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

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

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

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

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

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

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

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

Income tax expense (benefit)

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

Corebridge | Second Quarter 2025 Form 10-Q 97

Adjusted pre-tax operating income

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

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

APTOI increased $83 million, primarily due to:

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

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

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

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

APTOI increased $56 million, primarily due to:

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

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

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

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

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

Corebridge | Second Quarter 2025 Form 10-Q 98

Business Segment Operations

Our business operations consist of five reportable segments:

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

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

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

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

•Corporate and Other – consists primarily of:

–corporate expenses not attributable to our other segments;

–interest expense on financial debt;

–results of our consolidated investment entities;

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

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

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

See Note 3 to the Condensed Consolidated Financial Statements.

Corebridge | Second Quarter 2025 Form 10-Q 99

DISCUSSION OF SEGMENT RESULTS

Individual Retirement

Individual Retirement Results

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

Individual Retirement Sources of Earnings

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

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

(b)Other represents advisory fee expenses.

APTOI increased $2 million, primarily due to:

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

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

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

Corebridge | Second Quarter 2025 Form 10-Q 100

APTOI decreased $66 million, primarily due to:

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

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

•higher general operating expenses of $15 million.

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

AUMA

The following table presents Individual Retirement AUMA by account type:

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

Spread and Fee Income

The following table presents Individual Retirement spread and fee income:

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

The following table presents Individual Retirement net investment spread:

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

Corebridge | Second Quarter 2025 Form 10-Q 101

Premiums and Deposits and Net Flows

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

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

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

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

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

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

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

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

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

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

Corebridge | Second Quarter 2025 Form 10-Q 102

Surrenders

The following table presents Individual Retirement surrender rates:

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

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

(b) Includes payout Immediate Annuities and funding agreements.

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

Corebridge | Second Quarter 2025 Form 10-Q 103

Group Retirement

Group Retirement Results

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

Group Retirement Sources of Earnings

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

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

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

(c)Other consists of advisory fee expenses.

APTOI decreased $13 million, primarily due to:

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

•lower general operating expenses of $9 million.

Corebridge | Second Quarter 2025 Form 10-Q 104

APTOI decreased $18 million, primarily due to:

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

•lower general operating expenses of $12 million.

AUMA

The following table presents Group Retirement AUMA by product:

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

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

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

Spread and Fee Income

The following table presents Group Retirement spread and fee income:

*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.

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

Corebridge | Second Quarter 2025 Form 10-Q 105

Premiums and Deposits and Net Flows

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

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

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

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

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

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.

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

Surrenders

The following table presents Group Retirement surrender rates:

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

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

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

(c)Includes payout Immediate Annuities and funding agreements.

Corebridge | Second Quarter 2025 Form 10-Q 106

June 30, 2025 to December 31, 2024 Comparison

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

Life Insurance

Life Insurance Results

Life Insurance Sources of Earnings

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

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

(b)Other primarily represents advisory fee expenses.

APTOI increased $38 million, primarily due to:

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

Corebridge | Second Quarter 2025 Form 10-Q 107

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

APTOI increased $92 million, primarily due to:

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

AUMA

The following table presents Life Insurance AUMA:

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

Underwriting Margin

The following table presents Life Insurance underwriting margin:

Premiums and Deposits

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

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

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

Corebridge | Second Quarter 2025 Form 10-Q 108

Institutional Markets

Institutional Markets Results

Institutional Markets Sources of Earnings

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

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

(b)Represents fee income on SVW products.

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

APTOI increased $77 million, primarily due to:

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

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

APTOI increased $102 million, primarily due to:

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

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

Corebridge | Second Quarter 2025 Form 10-Q 109

AUMA

The following table presents Institutional Markets AUMA:

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

Spread Income, Fee Income and Underwriting Margin

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

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

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

Premiums and Deposits

The following table presents the Institutional Markets premiums and deposits:

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

Corebridge | Second Quarter 2025 Form 10-Q 110

Premiums and deposits decreased compared to the prior year period by $913 million, primarily due to lower deposits on new GICs of $767 million and lower premiums on new PRT business of $127 million.

Premiums and deposits decreased compared to the prior year period by $1.6 billion, primarily due to lower premiums on new PRT business of $1.4 billion and lower deposits on new GICs of $42 million.

Corporate and Other

Corporate and Other primarily consists of interest expense on financial debt, parent expenses not attributable to other segments, institutional asset management business, which includes managing assets for non-consolidated affiliates, results of our consolidated investment entities, results of our legacy insurance lines ceded to Fortitude Re and intercompany eliminations.

Corporate and Other Results

(a)Premiums include an expense allowance associated with Fortitude Re which is entirely offset in general operating expenses – Corporate and Other.

(b)General operating expenses – Asset management primarily represent the costs to manage the investment portfolio for affiliates that are not included in the consolidated financial statements of Corebridge.

(c)Noncontrolling interests represent the third-party or Corebridge affiliated interest in internally managed consolidated investment vehicles and are almost entirely offset within net investment income, net realized gains (losses) and interest expense.

Corporate and Other Sources of Earnings

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

Corebridge | Second Quarter 2025 Form 10-Q 111

Adjusted pre-tax operating loss increased $21 million primarily due to:

•higher losses from Other sources of earnings of $15 million.

Adjusted pre-tax operating loss increased $54 million primarily due to:

•higher interest expense of $25 million driven by new debt issuances in the third and fourth quarter of 2024 in anticipation of debt maturities in April and July 2025;

•lower asset management income of $19 million driven by lower income from legacy investments; and

•higher losses from Other sources of earnings of $21 million.

Investments

Our investment strategies are tailored to the specific business needs of each operating unit by targeting an asset allocation mix that supports estimated cash flows of our outstanding liabilities and provides diversification from asset class, sector, issuer and geographic perspectives. The primary objectives are generation of investment income, preservation of capital, liquidity management and growth of surplus. The majority of assets backing our insurance liabilities consist of fixed maturity securities, RMBS, CMBS, CLOs, other ABS and fixed maturity securities issued by government-sponsored entities and corporate entities. At June 30, 2025, of $227.4 billion of invested assets supporting our insurance operating companies, approximately 46% were in corporate debt securities. Mortgage-backed securities (“MBS”), ABS and CLOs represent 33% of our fixed income securities, and 99% were investment grade. At December 31, 2024, of $216.4 billion of invested assets supporting our insurance operating companies, approximately 45% were in corporate debt securities. MBS, ABS and CLOs represent 34% of our fixed income securities and 99% were investment grade.

See “Business - Investment Management” in the 2024 Form 10-K for further information, including current and future management of our investment portfolio.

Key Investment Strategies

Investment strategies are assessed at the segment level and involve considerations that include local and general market and economic conditions, duration and cash flow management, risk appetite and volatility constraints, rating agency and regulatory capital considerations, tax, regulatory and legal investment limitations, and, as applicable, environmental, social and governance considerations.

In 2021, we entered into a long-term asset management relationship with Blackstone IM. Blackstone IM initially managed $50 billion of our existing investment portfolio, with that amount to increase to an aggregate of $92.5 billion by the third quarter of 2027.

The investments underlying the original $50 billion mandate with Blackstone IM began to run-off in 2022 and are being reinvested over time. As these assets run-off, we expect Blackstone to reinvest primarily in Blackstone-originated investments across a range of asset classes, including private and structured credit, and commercial and residential real estate securitized and whole loans. Blackstone’s preferred credit and lending strategy is to seek to control all significant components of the underwriting and pricing processes with the goal of facilitating bespoke opportunities with historically strong credit protection and attractive risk-adjusted returns. Blackstone seeks to capture enhanced economics to those available in the traditional fixed income markets by going directly to the borrowers.

We believe that Blackstone’s ability to originate attractive and privately sourced, fixed-income oriented assets, is accretive to our businesses and provides us with an enhanced competitive advantage as we have been able to expand our investment capabilities, access new asset classes and improve our investment yields. We continue to manage asset allocation and portfolio-level risk management decisions with respect to any assets managed by Blackstone, ensuring that we maintain a consistent level of oversight across our entire investment portfolio considering our asset-liability matching needs, risk appetite and capital position.

As of June 30, 2025, Blackstone managed $70.2 billion in book value of assets in our investment portfolio.

Corebridge | Second Quarter 2025 Form 10-Q 112

Under the investment management agreements with BlackRock and its investment advisory affiliates, as of June 30, 2025, BlackRock managed approximately $89.7 billion in book value of assets in our investment portfolio, consisting of liquid fixed income and certain private placement assets. In addition, liquid fixed income assets associated with the Fortitude Re portfolio were separately transferred to BlackRock for management. The investment management agreements with BlackRock provide us with access to market-leading capabilities, including portfolio management, research and tactical strategies in addition to a larger pool of investment professionals. We believe BlackRock’s scale and fee structure make BlackRock an excellent outsourcing partner for certain asset classes and will allow us to further optimize our investment management operating model while improving overall performance. The investment management agreements contain detailed investment guidelines and reporting requirements.

Some of our key investment strategies are as follows:

•our fundamental strategy across the portfolios is to seek investments with similar characteristics to the associated insurance liabilities to the extent practicable;

•we seek to purchase investments that offer enhanced yield through illiquidity premiums, such as private placements and commercial mortgage and residential loans, which also add portfolio diversification. These assets typically afford credit protections through covenants, ability to customize structures that meet our insurance liability needs and deeper due diligence given information access;

•we seek investments that provide diversification from assets available in local markets. To the extent we purchase these investments, we generally hedge any currency risk using derivatives, which could provide opportunities to earn higher risk-adjusted returns compared to investments in the functional currency;

•we actively manage our assets and liabilities, counterparties and duration. Our liquidity sources are held primarily in the form of cash, short-term investments and publicly traded, investment grade rated fixed maturity securities that can be readily monetized through sales or repurchase agreements. Certain of our subsidiaries are members of the FHLBs in their respective districts, and we borrow from the FHLB utilizing its funding agreement program. Borrowings from FHLBs are used to supplement liquidity or for other uses deemed appropriate by management. This strategy allows us to both diversify our sources of liquidity and reduce the cost of maintaining sufficient liquidity;

•within the United States, investments are generally split between reserve-backing and surplus portfolios:

–insurance liabilities are backed mainly by investment grade fixed maturity securities that meet our duration, risk-return, tax liquidity, credit quality and diversification objectives. We assess asset classes based on their fundamental underlying risk factors, including credit (public and private), commercial real estate and residential real estate, regardless of whether such investments are bonds, loans or structured products; and

–surplus investments seek to enhance portfolio returns and are generally comprised of a mix of fixed maturity investment grade and below investment grade securities and various alternative asset classes, including private equity, real estate equity and hedge funds. Over the past few years, hedge fund investments have been reduced; and

•we also utilize derivatives to manage our asset and liability duration as well as currency exposures.

Asset-Liability Management

Our investment strategy is to invest in assets that generate net investment income to back policyholder benefit and deposit liabilities that result in stable distributable earnings and enhance portfolio value, subject to asset-liability management, capital, liquidity and regulatory constraints.

We use asset-liability management as a primary tool to monitor and manage interest rate and duration risk in our businesses. We maintain a diversified, high quality portfolio of fixed maturity securities issued by corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential and commercial real estate; and commercial mortgage loans that, to the extent practicable, match the duration characteristics of the liabilities. We seek to diversify the portfolio across asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks. The investment portfolio of each product line is tailored to the specific characteristics of its insurance liabilities, and as a result, duration varies between distinct portfolios. The interest rate environment has a direct impact on the asset liability management profile of the businesses, and changes in the interest rate environment may result in the need to lengthen or shorten the duration of the portfolio. In a rising rate environment, we may shorten the duration of the investment portfolio.

In addition, we seek to enhance surplus portfolio returns through investments in a diversified portfolio of alternative investments. Although these alternative investments are subject to earnings fluctuations, they have historically achieved accumulative returns over time in excess of the fixed maturity portfolio returns.

Corebridge | Second Quarter 2025 Form 10-Q 113

Investment Portfolio

The following table presents carrying amounts of our total investments:

(a)Net of total allowance for credit losses for $719 million and $771 million at June 30, 2025 and December 31, 2024, respectively.

(b)Other invested assets, excluding Fortitude Re funds withheld assets, include $6.2 billion and $5.8 billion of private equity funds as of June 30, 2025 and December 31, 2024, respectively, which are generally reported on a one-quarter lag.

(c)Includes the consolidation of approximately $4.8 billion and $4.9 billion of consolidated investment entities at June 30, 2025 and December 31, 2024, respectively.

Corebridge | Second Quarter 2025 Form 10-Q 114

The following table presents carrying amounts of our total investments for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

(a)Does not reflect allowance for credit loss on mortgage loans of $670 million and $710 million at June 30, 2025 and December 31, 2024, respectively.

(b)Does not reflect policy loans of $1.4 billion and $1.4 billion at June 30, 2025 and December 31, 2024, respectively.

(c)Private equity funds are generally reported on a one-quarter lag.

(d)Excludes approximately $4.8 billion and $4.9 billion of consolidated investment entities as well as $2.4 billion and $2.3 billion of eliminations primarily between the consolidated investment entities and the insurance operating companies at June 30, 2025 and December 31, 2024, respectively.

Credit Ratings

At June 30, 2025, nearly all our fixed maturity securities were held by our U.S. entities and 93% of these securities were rated investment grade by one or more of the principal rating agencies.

Moody’s, Standard & Poor’s Financial Services LLC (“S&P”), Fitch or similar foreign rating services rate a significant portion of our foreign entities’ fixed maturity securities portfolio. Rating services are not available for some foreign-issued securities. Our Investments team, with oversight from credit risk management, closely reviews the credit quality of the foreign portfolio’s non-rated fixed maturity securities.

Corebridge | Second Quarter 2025 Form 10-Q 115

NAIC Designations of Fixed Maturity Securities

The Securities Valuation Office (“SVO”) of the NAIC evaluates the investments of U.S. insurers for statutory reporting purposes and assigns fixed maturity securities to one of six categories called ‘NAIC Designations.’ In general, NAIC Designations of ‘1,’ highest quality, or ‘2,’ high quality, include fixed maturity securities considered investment grade, while NAIC Designations of ‘3’ through ‘6’ generally include fixed maturity securities referred to as below investment grade. NAIC Designations for non-agency RMBS and CMBS are calculated using third-party modeling results provided through the NAIC. These methodologies result in an improved NAIC Designation for such securities compared to the rating typically assigned by the three major rating agencies. The following tables summarize the ratings distribution of our subsidiaries’ fixed maturity security portfolio by NAIC Designation, and the distribution by composite our credit rating, which is generally based on ratings of the three major rating agencies. As of June 30, 2025 and December 31, 2024, 94% and 95%, respectively, of our fixed maturity security portfolio, excluding Fortitude Re funds withheld assets, were investment grade. The fixed maturity security portfolio of our insurance operating subsidiaries, excluding the Fortitude Re funds withheld assets, was 94% and 95% investment grade as of June 30, 2025 and December 31, 2024, respectively. The remaining below investment grade securities that are not included in consolidated investment entities relate to middle market and high yield bank loans securities.

The following tables present the fixed maturity security portfolio categorized by NAIC Designation, at fair value:

(a)Includes $0 million and $1 million of consolidated CLOs that are rated NAIC 4 and 5, respectively, as of June 30, 2025 and $2 million and $1 million of NAIC 4 and 5 securities, respectively, as of December 31, 2024. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(b)Excludes $94 million and $94 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2025 and December 31, 2024, respectively.

Corebridge | Second Quarter 2025 Form 10-Q 116

The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value, for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

• Excludes approximately $61 million and $61 million of consolidated investment entities and $1.1 billion and $800 million of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at June 30, 2025 and December 31, 2024, respectively.

Composite Corebridge Credit Ratings

With respect to our fixed maturity securities, the credit ratings in the table below and in subsequent tables reflect: (i) a composite of the ratings of the three major rating agencies, or when agency ratings are not available, the rating assigned by the NAIC SVO (100% of total fixed maturity securities), or (ii) our equivalent internal ratings when these investments have not been rated by any of the major rating agencies or the NAIC. The “Non-rated” category in those tables consists of fixed maturity securities that have not been rated by any of the major rating agencies, the NAIC or us.

The following tables present the fixed maturity security portfolio categorized by composite Corebridge credit rating (as described below), at fair value:

(a)Includes $2.3 billion and $1.5 billion at June 30, 2025 and December 31, 2024, respectively, of certain RMBS that had experienced deterioration in credit quality since its origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

(b)Includes $1 million of consolidated CLOs as of June 30, 2025 and $3 million as of December 31, 2024. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(c)Excludes $94 million and $94 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2025 and December 31, 2024, respectively.

Corebridge | Second Quarter 2025 Form 10-Q 117

The following table presents the fixed maturity security portfolio categorized by composite Corebridge credit rating (as described below), at fair value for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

• 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.

For a discussion of credit risks associated with investments, see “Business—Investment Management—Credit Risk” in the 2024 Form 10-K.

The following tables present the composite Corebridge credit ratings of our fixed maturity securities calculated based on their fair value:

Corebridge | Second Quarter 2025 Form 10-Q 118

Corebridge | Second Quarter 2025 Form 10-Q 119

*Consists of assets including U.S. government and government sponsored entities, obligations of states, municipalities and political subdivisions, non-U.S. governments, and corporate debt.

The following table presents the fair value of our aggregate credit exposures to non-U.S. governments for our fixed maturity securities:

*Includes bonds available-for-sale and other bond securities.

Corebridge | Second Quarter 2025 Form 10-Q 120

Investments in Corporate Debt Securities

The following table presents the industry categories of our available-for-sale corporate debt securities:

• 93% and 93% of investments were rated investment grade at June 30, 2025 and December 31, 2024, respectively.

Corebridge | Second Quarter 2025 Form 10-Q 121

Investments in RMBS

The following table presents our RMBS available-for-sale securities:

• Includes $2.3 billion and $1.5 billion at June 30, 2025 and December 31, 2024, respectively, of certain RMBS that had experienced deterioration in credit quality since their origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

Our underwriting principles for investing in RMBS, other ABS and CLOs take into consideration the quality of the originator, the manager, the servicer, security credit ratings, underlying characteristics of the mortgages, borrower characteristics and the level of credit enhancement in the transaction.

Corebridge | Second Quarter 2025 Form 10-Q 122

Investments in CMBS

The following table presents our CMBS available-for-sale securities:

The fair value of CMBS holdings increased slightly during the six months ended June 30, 2025. The majority of our investments in CMBS are in tranches that contain substantial protection features through collateral subordination.

Corebridge | Second Quarter 2025 Form 10-Q 123

Investments in ABS/CLOs

The following table presents our ABS/CLO available-for-sale securities by collateral type:

Unrealized Losses of Fixed Maturity Securities

The following tables show the aging of the unrealized losses on available-for-sale fixed maturity securities, the extent to which the fair value is less than amortized cost or cost, and the number of respective items in each category:

Corebridge | Second Quarter 2025 Form 10-Q 124

(a)Represents the number of consecutive months that fair value has been less than amortized cost or cost by any amount.

(b)Represents the percentage by which fair value is less than amortized cost or cost at June 30, 2025 and December 31, 2024.

(c)For bonds, represents amortized cost net of allowance.

(d)Item count is by CUSIP by subsidiary.

(e)Includes MTM movement relating to embedded derivatives.

The allowance for credit losses was $10 million and $5 million for investment grade bonds, and $81 million and $114 million for below investment grade bonds as of June 30, 2025 and December 31, 2024, respectively.

Change in Unrealized Gains and Losses on Investments

The change in net unrealized gains and losses on investments for the three and six months ended June 30, 2025, was primarily attributable to a change in the fair value of fixed maturity securities. For the three months ended June 30, 2025, net unrealized gains related to fixed maturity securities were $1.6 billion due to narrowing of credit spreads. For the six months ended June 30, 2025, net unrealized gains were $3.6 billion primarily due to narrowing of credit spreads.

The change in net unrealized gains and losses on investments for the three and six months ended June 30, 2024 was primarily attributable to decreases in the fair value of fixed maturity securities. For the three months ended June 30, 2024, net unrealized losses related to fixed maturity securities increased by $1.2 billion due to higher interest rates. For the six months ended June 30, 2024, net unrealized losses related to fixed maturity securities increased by $2.3 billion due to higher interest rates.

For further discussion of our investment portfolio, see Notes 4 and 5 to the Condensed Consolidated Financial Statements

Corebridge | Second Quarter 2025 Form 10-Q 125

Commercial Mortgage Loans

At June 30, 2025 and December 31, 2024, we had direct commercial mortgage loan exposure of $37.4 billion and $35.8 billion, respectively. At June 30, 2025 and December 31, 2024, we had an allowance for credit losses of $586 million and $626 million, respectively.

The following tables present the commercial mortgage loan exposure by location and class of loan based on amortized cost:

*Does not reflect allowance for credit losses.

Corebridge | Second Quarter 2025 Form 10-Q 126

The following tables present debt service coverage ratios and loan-to-value ratios for commercial mortgages:

(a)The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X and 1.9X at periods ended June 30, 2025 and December 31, 2024, respectively. The debt service coverage ratios are updated when additional relevant information becomes available.

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

(c)Does not reflect allowance for credit losses.

Corebridge | Second Quarter 2025 Form 10-Q 127

Residential Mortgage Loans

At June 30, 2025 and December 31, 2024, we had direct residential mortgage loan exposure of $13.0 billion and $12.7 billion, respectively.

The following tables present credit quality performance indicators for residential mortgages by year of vintage:

(a)Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On June 30, 2025 and December 31, 2024 residential loans direct to consumers totaled $8.1 billion and $8.4 billion, respectively.

(b)There are no residential mortgage loans under Fortitude Re funds withheld assets.

(c)Does not include allowance for credit losses.

For additional discussion on credit losses, see Note 5 and for additional discussion on commercial mortgage loans, see Note 6 to the Condensed Consolidated Financial Statements.

Corebridge | Second Quarter 2025 Form 10-Q 128

Net Realized Gains and Losses

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

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

Higher net realized losses excluding Fortitude Re funds withheld assets in the three and six months ended June 30, 2025 compared to same period in the prior period were due primarily to losses on derivatives and foreign exchange transactions in the current period compared to gains on derivatives and foreign exchange transactions in the same period in the prior year.

Index-linked interest credited embedded derivatives, net of related hedges, reflected higher losses in the three and six months ended June 30, 2025 compared to lower losses in the same period in the prior period. Fair value gains or losses in the hedging portfolio are typically not fully offset by increases or decreases in liabilities due to the non-performance or “own credit” risk adjustment used in the valuation of index-linked interest credited embedded derivatives, which are not hedged as part of our economic hedging program, and other risk margins used for valuation that cause the embedded derivatives to be less sensitive to changes in market rates than the hedge portfolio.

Corebridge | Second Quarter 2025 Form 10-Q 129

Net realized gains (losses) on Fortitude Re funds withheld assets primarily reflect changes in the valuation of the modified coinsurance and funds withheld assets. Increases in the valuation of these assets result in losses to Corebridge as the appreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. Decreases in valuation of the assets result in gains to Corebridge as the depreciation on the assets under those reinsurance agreements must be transferred to Fortitude Re.

For further discussion of our investment portfolio, see Note 5 to the Condensed Consolidated Financial Statements.

Other Invested Assets

We seek to enhance returns through investment in a diversified portfolio of alternative asset classes, including private equity, real estate equity and hedge funds.

The following table presents the carrying value of our other invested assets by type:

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

(b)Net of accumulated depreciation of $484 million and $528 million as of June 30, 2025 and December 31, 2024, respectively.

(c)Includes Corebridge’s ownership interest in Fortitude Re Bermuda, which is recorded using the measurement alternative for equity securities. Our investment in Fortitude Re Bermuda totaled $156 million and $156 million at June 30, 2025 and December 31, 2024, respectively.

Derivatives and Hedge Accounting

We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate swaps) are used to manage interest rate risk associated with both embedded derivatives and MRBs contained in insurance contract liabilities and fixed maturity securities as well as other interest rate sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with foreign denominated investments, net capital exposures and foreign currency transactions. Equity derivatives are used to mitigate financial risk embedded in certain insurance liabilities and economically hedge certain investments. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative instruments with respect to investment operations, which may include, among other things, credit default swaps (“CDS”) and purchases of investments with embedded derivatives, such as equity linked notes and convertible bonds.

We designated certain derivatives entered into with related parties as fair value hedges of available-for-sale investment securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross-currency swaps designated as hedges of the change in fair value of foreign currency denominated available-for-sale securities attributable to changes in foreign exchange rates. We also designated certain interest rate swaps entered into with both third parties and related parties as fair value hedges of fixed rate GICs and commercial mortgage loans attributable to changes in benchmark interest rates.

Credit risk associated with derivative counterparties exists for a derivative contract when that contract has a positive fair value to us. The maximum potential exposure may increase or decrease during the life of the derivative commitments as a function of maturity and market conditions. All derivative transactions must be transacted within counterparty limits.

We utilize various credit enhancements, including guarantees, collateral, credit triggers and margin agreements, to reduce the credit risk related to outstanding financial derivative transactions. We require credit enhancements in connection with specific transactions based on, among other things, the creditworthiness of the counterparties and the transaction size and maturity. Furthermore, we enter into certain agreements that have the benefit of set-off and close-out netting provisions, such as ISDA Master Agreements. These provisions provide that, in the case of an early termination of a transaction, we can set off receivables from a counterparty against payables to the same counterparty arising out of all covered transactions. As a result, where a legally enforceable netting agreement exists, the fair value of the transaction with the counterparty represents the net sum of estimated fair values.

For additional information on embedded derivatives, see Notes 4 and 9 to the Condensed Consolidated Financial Statements.

Corebridge | Second Quarter 2025 Form 10-Q 130

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

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

(b)Consists primarily of SVWs and contracts with multiple underlying exposures.

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

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

(e)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was zero at both June 30, 2025 and December 31, 2024. Fair value of liabilities related to bifurcated embedded derivatives was $13.9 billion and $11.8 billion, respectively, at June 30, 2025 and December 31, 2024. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities and index universal life contracts, which include equity and interest rate components, bonds available-for-sale and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7 to the Condensed Consolidated Financial Statements.

For additional information, see Note 9 to the Condensed Consolidated Financial Statements.

Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits

VARIABLE ANNUITY GUARANTEED BENEFITS AND HEDGING RESULTS

The following section provides discussion of our significant reinsurance agreements, variable annuity guaranteed benefits and hedging results regarding our business segments.

Variable Annuity Guaranteed Benefits and Hedging Results

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

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

For additional discussion of market risk management related to these product features, see “Quantitative and Qualitative Disclosures about Market Risk” in the 2024 Form 10-K.

Corebridge | Second Quarter 2025 Form 10-Q 131

Differences in Valuation of MRBs and Economic Hedge Target

Our variable annuity hedging program utilizes an economic hedge target, which represents an estimate of the underlying economic risks in our GMWB riders. The economic hedge target differs from the GAAP valuation of the MRBs, creating volatility in our net income (loss) primarily due to the following:

•the MRBs include both the GMWB riders and the GMDB riders while the hedge program is targeting the economic risks of just the GMWB rider;

•the hedge program is designed to offset moves in the GMWB economic liability and therefore has a lower sensitivity to equity market changes than the MRBs;

•the economic hedge target includes 100% of the GMWB rider fees in present value calculations;

•the GAAP valuation reflects those fees attributed to the MRBs such that the initial value at contract issue equals zero. Since the MRB includes GMWBs and GMDBs these attributed fees are typically larger than just the GMWB rider fees;

•the economic hedge target uses best estimate actuarial assumptions and excludes explicit risk margins used for GAAP valuation, such as margins for policyholder behavior, mortality and volatility; and

•the economic hedge target excludes our own credit risk changes (NPAs) used in the GAAP valuation, which are recognized in OCI. The GAAP valuation has different sensitivities to movements in interest rates and other market factors, and to changes from actuarial assumption updates, than the economic hedge target.

For additional information on our valuation methodology for MRBs, see Note 4 to the Condensed Consolidated Financial Statements.

The market value of the hedge portfolio compared to the economic hedge target at any point in time may be different and is not expected to be fully offsetting. In addition to the derivatives held in conjunction with the variable annuity hedging program, we generally have cash and invested assets available to cover future claims payable under these guarantees. The primary sources of difference between the change in the fair value of the hedging portfolio and the economic hedge target include:

•basis risk due to the variance between expected and actual fund returns, which may be either positive or negative;

•realized volatility versus implied volatility;

•actual versus expected changes in the hedge target driven by assumptions not subject to hedging, particularly policyholder behavior; and

•risk exposures that we have elected not to explicitly or fully hedge.

The following table presents a reconciliation between the fair value of the GAAP MRBs and the value of our economic hedge target:

Impact on Pre-tax Income (Loss)

The impact on our pre-tax income (loss) of variable annuity guaranteed benefits and related hedging results includes changes in the fair value of MRBs and changes in the fair value of related derivative hedging instruments, and along with attributed rider fees and net of benefits associated with MRBs are together recognized in Change in the fair value of market risk benefits, net, with the exception of NPA changes, which are recognized in OCI. Changes in the fair value of market risk benefits, net are excluded from APTOI of Individual Retirement and Group Retirement.

The change in the fair value of the MRBs and the change in the value of the hedging portfolio are not expected to be fully offsetting, primarily due to the differences in valuation between the economic hedge target, the GAAP MRBs and the fair value of the hedging portfolio, as discussed above. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair value of the MRBs liabilities, resulting in a gain in AOCI, and when corporate credit spreads tighten, the change in the NPA spread generally increases the fair value of the MRBs liabilities, resulting in a loss in AOCI. In addition to changes driven by credit market-related movements in the NPA spread, the NPA balance also reflects changes in business activity and in the net amount at risk from the underlying guaranteed living benefits.

Corebridge | Second Quarter 2025 Form 10-Q 132

Change in Economic Hedge Target

The decrease in the economic hedge target liability in the six months ended June 30, 2025, was primarily driven by higher equity markets.

The following table presents the impact on pre-tax income (loss) and Other comprehensive income (loss) of Variable Annuity MRBs and Hedging for the Individual Retirement and Group Retirement Segments:

Corebridge | Second Quarter 2025 Form 10-Q 133

*MRB Liability is partially offset by MRB Assets.

Three Months Ended June 30, 2025

Net impact on pre-tax income of $270 million was primarily driven by increases in equity markets.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the three months ended June 30, 2025, we had a net mark-to-market gain of approximately $151 million from our hedging activities related to our economic hedge target principally driven by higher equity markets and interest rates.

Six Months Ended June 30, 2025

Net impact on pre-tax Income of $220 million was primarily driven by Increases in equity markets.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the six months ended June 30, 2025, we had a net mark-to-market gain of approximately $272 million from our hedging activities related to our economic hedge target partially due to increases in equity markets and interest rates.

Three Months Ended June 30, 2024

Net impact on pre-tax loss of $14 million was primarily driven by actual outcomes realizing differently than expected.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the three months ended June 30, 2024, we had a net mark-to-market gain of approximately $31 million from our hedging activities related to our economic hedge target principally driven by higher interest rates and equity markets.

Six Months Ended June 30, 2024

Net impact on pre-tax income of $207 million was primarily driven by increases in equity markets.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the six months ended June 30, 2024, we had a net mark-to-market gain of approximately $34 million from our hedging activities related to our economic hedge target principally driven by higher equity markets.

Corebridge | Second Quarter 2025 Form 10-Q 134

Liquidity and Capital Resources

Liquidity is defined as cash and unencumbered assets that can be monetized in a short period of time at a reasonable cost. In addition to the on-balance-sheet liquid assets, liquidity resources include availability under committed bank credit facilities.

Capital refers to the long-term financial resources available to support the operation of our businesses, fund business growth, and cover financial and operational needs that arise from adverse circumstances.

We aim to manage our liquidity and capital resources prudently through a well-defined risk management framework that involves various target operating thresholds, as well as minimum requirements during periods of stress.

We believe that we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations to policyholders, customers, creditors and debt-holders, including those arising from reasonably foreseeable contingencies or events.

For a discussion regarding risks associated with liquidity and capital, see “Risk Factors—Risks Relating to Our Investment Portfolio, Liquidity, Capital and Credit” in the 2024 Form 10-K.

LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE PARENT AND INTERMEDIATE HOLDING COMPANIES

As of June 30, 2025 and December 31, 2024, Corebridge Parent and its non-regulated intermediate holding companies (“Corebridge Hold Cos.”) had $4.3 billion and $4.7 billion, respectively, in liquidity sources. These liquidity sources were primarily held in the form of cash and short-term investments and included a $3.0 billion and$2.5 billion committed revolving credit facility as of June 30, 2025 and December 31, 2024, respectively. Corebridge Hold Cos.’ primary sources of liquidity are dividends, loans and other payments from subsidiaries, sales of businesses and credit facilities. Corebridge Hold Cos.’ primary uses of liquidity are for debt service, capital and liability management, and operating expenses.

Corebridge Parent expects to maintain liquidity that is sufficient to at least cover one year of its expenses. We expect that the Corebridge Hold Cos. may access the debt and equity markets from time to time to meet funding requirements as needed.

We utilize our capital resources to support our businesses, with the majority of capital held by our insurance businesses. Corebridge Hold Cos. intend to manage capital between Corebridge Hold Cos. and our insurance companies through internal, Board-approved policies as well as management standards. Nevertheless, regulatory and other legal restrictions could limit our ability to transfer capital freely, either to or from our subsidiaries.

As of June 30, 2025, Corebridge Parent and certain of our subsidiaries were parties to several letter of credit agreements with various financial institutions which issue letters of credit from time to time in support of our insurance companies. Letters of credit issued in support of our subsidiaries (primarily, insurance companies) totaled $276 million and $226 million at June 30, 2025 and December 31, 2024, respectively.

The following table presents Corebridge Hold Cos.’ liquidity sources:

COREBRIDGE HOLD COS. LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS

SOURCES

Liquidity to Corebridge Parent from Subsidiaries

During the three and six months ended June 30, 2025, Corebridge Hold Cos. received $600 million and $1.2 billion in dividends from subsidiaries, respectively.

In March 2025, CRBGLH issued a $250 million promissory note to AGL.

Corebridge | Second Quarter 2025 Form 10-Q 135

USES

Interest Payments

We made interest payments on our debt instruments totaling $172 million and $260 million, respectively, during the three and six months ended June 30, 2025.

Debt Maturity

Dividends

During the three and six months ended June 30, 2025, Corebridge Parent paid cash dividends totaling $131 million and $264 million, respectively, consisting of a quarterly dividend of $0.24 per share of its common stock.

Repurchase of Common Stock

During the three and six months ended June 30, 2025, Corebridge Parent repurchased approximately 9.9 million and 19.9 million of shares of Corebridge Parent common stock, for an aggregate purchase price of approximately $311 million and $632 million.

For additional information, see Note 17 to the Condensed Consolidated Financial Statements.

Contribution

During the six months ended June 30, 2025, Corebridge Hold Cos. made a capital contribution of $150 million to CRBG Bermuda.

LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE INSURANCE SUBSIDIARIES

Insurance Companies

We believe that our insurance companies have sufficient liquidity and capital resources to satisfy reasonably foreseeable future liquidity requirements and meet their obligations, including those arising from reasonably foreseeable contingencies or events, through cash from operations and, to the extent necessary, monetization of invested assets. Our insurance companies’ liquidity resources are primarily held in the form of cash, short-term investments and publicly traded, investment grade-rated fixed maturity securities.

The liquidity of each of our material insurance companies is monitored through various internal liquidity risk measures. The primary sources of liquidity are premiums, deposits, fees, reinsurance recoverables, investment income and maturities. The primary uses of liquidity are paid losses, reinsurance payments, benefit claims, surrenders, withdrawals, interest payments, dividends, expenses, investment purchases and collateral requirements.

Certain of our U.S. insurance companies are members of the FHLBs in their respective districts. Our borrowings from FHLBs are non-puttable and are used to supplement liquidity or for other uses deemed appropriate by management. Our U.S. insurance companieshad$5.9 billion which were due to FHLBs in their respective districts at June 30, 2025, under funding agreements which were reported in policyholder contract deposits. These investment contracts do not have mortality or morbidity risk. Proceeds from funding agreements are generally invested in investments intended to generate spread income. In addition, our U.S. insurance companies had no outstanding borrowings in the form of cash advances from FHLBs at June 30, 2025.

Certain of our U.S. insurance companies have securities lending programs that lend securities from their investment portfolios to supplement liquidity or for other uses deemed appropriate by management. Under these programs, these U.S. insurance companies lend securities to financial institutions and receive cash as collateral equal to 102% of the fair value of the loaned securities. Cash collateral received is kept in cash or invested in short-term investments or used for short-term liquidity purposes.

The aggregate amount of securities that a U.S. insurance company can lend under its program at any time is limited to 5% of its general account statutory-basis admitted assets. Our U.S. insurance companies had $2.7 billion and $2.4 billion of securities subject to these agreements at June 30, 2025 and December 31, 2024 and $2.7 billion and $2.2 billion liabilities to borrowers for collateral received at June 30, 2025 and December 31, 2024.

We manage the capital of our Life Fleet Risk-Based Capital (“RBC”) ratio targeting above 400%. AGC serves as an affiliate reinsurance company. The surplus of AGC is comprised predominantly of the statutory surplus of the Life Fleet. Given that AGC has no primary operations outside of this internal reinsurance, we believe that excluding AGC from the Life Fleet RBC ratio calculation presents a more accurate view of the overall capital position of our U.S. operating entities. Our Life Fleet RBC ratio was above our minimum target Life Fleet RBC ratio of 400% as of December 31, 2024.

Corebridge | Second Quarter 2025 Form 10-Q 136

Dividend Restrictions

Payments of dividends to Corebridge Hold Cos. by our U.S. insurance subsidiaries are subject to certain restrictions imposed by laws and regulations of their respective states of domicile. With respect to our domestic insurance subsidiaries, the payment of a dividend may require formal notice to the insurance department of the state in which the particular insurance subsidiary is domiciled, and prior approval of such insurance regulator is required when the amount of the dividend is above certain regulatory thresholds. See “Business — Regulation — U.S. Regulation — State Insurance Regulation” in the 2024 Form 10-K. Bermuda law also restricts the ability of CRBG Bermuda to pay dividends.

To our knowledge, no Corebridge insurance company is currently on any regulatory or similar “watch list” with regard to solvency.

ANALYSIS OF SOURCES AND USES OF CASH

Our primary sources and uses of liquidity are summarized as follows: