Corebridge Financial, Inc.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
CRBG$34.09-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001889539-26-000116
Item 2. |Management’s Discussion and Analysis of Financial Condition and Results of OperationsOverviewCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001889539-26-000141
Item 2. |Management’s Discussion and Analysis of FinancialOverviewThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 555 previous paragraphs and 1251 current paragraphs.
218 unchanged; 254 reworded; 308 added; 82 removed; 1 previous and 471 current paragraphs rearranged.
Tables are not compared: 76 previous and 81 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (308)
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Condition and Results of Operations
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Corebridge |Second Quarter 2026 Form 10-Q 78
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Corebridge |Second Quarter 2026 Form 10-Q 79
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On July 30, 2026, shareholders of both Corebridge and Equitable voted to approve all shareholder proposals necessary to complete
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2026, the Financial Condition (E) Committee of the NAIC approved new Life RBC factors, to be effective December 31, 2026, for
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CLOs, collateralized bond obligations (“CBOs”) and collateralized debt obligations (“CDOs”). This framework includes (i) lower RBC
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factors for senior investment-grade tranches (NAIC Designation Category 1.A through 1.G) and higher RBC factors for lower rated
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tranches (NAIC Designation Category 2.A or below) and (ii) an 11.77% pretax surcharge that will apply to below-investment-grade
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tranches (NAIC Designation Category 2.C or below) of only broadly syndicated loan CLOs (not middle market CLOs) with a thickness
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of 4% or less. The NAIC and its related working groups continue to consider the treatment of other investment products which would
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VM-22 principles-based reserving applicable to non-variable annuity contracts is effective on January 1, 2026, and Companies have
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three years to implement VM-22 requirements with mandatory adoption January 1, 2029. The NAIC’s Life Actuarial Task Force VM-22
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(A) Subgroup is considering allowing optional election of VM-22 for non-variable annuity business issued on or after January 1, 2017.
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Relatedly, the Generator of Economic Scenarios statutory reserve and capital calculations applicable to new non-variable annuity
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business is effective January 1, 2026. Corebridge has considered, and will be considering, appropriate implementation of these
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frameworks, and continues to closely monitor these developments.
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Finally, the NAIC Life Insurance and Annuities (A) Committee has created a working group to contemplate updating NAIC guidance
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for life insurance and annuity illustrations and disclosures. Suggested revisions could include changes to illustration requirements for
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fixed index annuities pertaining to back-casting performance results. We are monitoring these developments and any model guidance
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that may flow from the Life Insurance and Annuities Committee’s work on this subject.
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Corebridge | First Quarter 2026 Form 10-Q 67
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Corebridge | First Quarter 2026 Form 10-Q 68
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Further, in March 2026, the Life Actuarial (A) Task Force exposed proposed revisions to VM-22 relating to the reinvestment guardrail for pension risk transfer products, aimed at further refining reserve requirements. A key function of the proposal is to allow an additional 50 basis points of illiquidity spread in reinvestment assumptions. Changes to reserve requirements could impact pricing, reserving and reinsurance strategy for our pension risk transfer business, and we are actively monitoring developments associated with this initiative.
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•lower net realized losses of $1.1 billion primarily driven by lower losses from Fortitude Re related balances, favorable changes in foreign exchange transactions and lower losses from derivatives and index-linked interest credited embedded derivatives, net of related hedges; and
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•lower policyholder benefits of $483 million primarily due to lower new pension risk transfer business;
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•lower premiums of $484 million primarily due to lower new pension risk transfer business;
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•lower policy fees of $110 million due to fees ceded to CSLR ; and
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•lower premiums of $474 million primarily due to lower new pension risk transfer business;
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•higher interest credited to policyholder account balances of $187 million primarily due to growth in fixed, fixed index and registered index-linked annuities and growing GIC business.
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•lower policyholder benefits of $435 million primarily due to lower new pension risk transfer business; and
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•higher amortization of DAC and DSI of $17 million primarily due to growth in the fixed index annuity and RILA business.
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*Excludes amortization of DSI assets of $9 million and $10 million for the three months ended March 31, 2026 and 2025, respectively.
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(a)Excludes amortization of DSI assets of $3 million and $3 million for the three months ended March 31, 2026 and 2025, respectively
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•lower spread income of $55 million due to lower base spread income of $32 million reflecting lower base portfolio income, primarily due to negative general account flows and higher crediting rates; and a decrease in variable investment income of $23 million.
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Total assets decreased by $3.7 billion, primarily driven by a decrease of $2.7 billion in in-plan fee earning assets and $951 million in out-of-plan proprietary annuities, due to lower equity markets and negative net flows.
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*Excludes amortization of DSI assets of $3 million and $3 million for the three months ended March 31, 2026 and 2025, respectively
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Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), we use certain terms and abbreviations, which are summarized in the Glossary and Acronyms in the 2025 Form 10-K.
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Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), we use certain
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Corebridge has incorporated into this discussion a number of cross-references to additional information included throughout this Quarterly Report to assist readers seeking additional information related to a particular subject.
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Corebridge has incorporated into this discussion a number of cross-references to additional information included throughout this
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In this Quarterly Report, unless otherwise mentioned or unless the context indicates otherwise, we use the terms “Corebridge,” “we,” “us” and “our” to refer to Corebridge Financial, Inc., a Delaware corporation, and its consolidated subsidiaries. We use the term “Corebridge Parent” to refer solely to Corebridge Financial, Inc., and not to any of its consolidated subsidiaries.
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In this Quarterly Report, unless otherwise mentioned or unless the context indicates otherwise, we use the terms “Corebridge,” “we,”
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This MD&A addresses the consolidated financial condition of Corebridge as of March 31, 2026, compared with December 31, 2025, and its consolidated results of operations for the three months ended March 31, 2026 and 2025. In addition to historical data, this discussion contains forward-looking statements about our business operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. You should read the following analysis of our consolidated financial condition and results of operations in conjunction with the (unaudited)Condensed Consolidated Financial Statements and the statements under “Cautionary Statements Regarding Forward-Looking Information,” included elsewhere in this Quarterly Report and the “Management’s Discussion and Analysis of Results of Operations and Financial Condition,” and the “Risk Factors” section in the 2025 Form 10-K.
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This MD&A addresses the consolidated financial condition of Corebridge as of June 30, 2026, compared with December 31, 2025,
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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.
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We are one of the largest providers of retirement solutions and insurance products in the United States, committed to helping
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On March 26, 2026, we and Equitable Holdings, Inc. (“Equitable”) announced the entering into of a definitive agreement to combine in an all-stock merger.
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On March 26, 2026, we and Equitable Holdings, Inc. (“Equitable”) announced the entering into of a definitive agreement to combine in
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Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of both companies, we and Equitable will form a new parent company and each outstanding share of our common stock will be exchanged for the right to receive 1.0000 shares of the new parent company’s common stock, and each outstanding share of Equitable common stock will be exchanged for the right to receive 1.55516 shares of the new parent company’s common stock.
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Under the terms ofthe merger agreement, which has been unanimously approved by the boards of directors of both companies, we
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Following the closing of the transaction, Corebridge shareholders will own approximately 51% of the combined company and Equitable shareholders will own approximately 49% of the combined company.
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Following the closing of the transaction, Corebridge shareholders will own approximately 51% of the combined company and
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The transaction is expected to close by year-end 2026, subject to customary closing conditions, including the receipt of required regulatory approvals and approval of shareholders of both companies.
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the merger transaction at their respective special shareholder meetings. The transaction is expected to close by year-end 2026,
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•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;
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•Premiums are principally derived from our traditional life insurance and certain annuity products including PRT transactions and
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•Policy fees are principally derived from our universal life insurance, group retirement, individual retirement, Corporate Markets and SVW products. Our policy fees typically vary directly with the underlying assets under administration, 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;
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•Policy fees are principally derived from our universal life insurance, group retirement, individual retirement, Corporate Markets
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•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;
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portfolio, which are, in turn, a function of capital market conditions and net flows into our total investments, as well as the
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•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
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•Net realized gains (losses), netinclude changes in the Fortitude Re funds withheld embedded derivative, risk management
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•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.
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•Advisory fee income and other income includes fees from registered investment advisory services, 12b-1 fees (marketing and
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•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;
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•Poli cyholder benefits are driven primarily by customer withdrawals and surrenders from traditional products which change in
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•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;
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•Interest credited to policyholder account balances varies in relation to the amount of the underlying account value or benefit
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•Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”)for all applicable 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;
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•Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) for all applicable
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•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;
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•General operating expenses include expenses associated with conducting our business, including salaries, other employee-
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•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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•Change in the fair value of market risk benefits, net represents the changes in fair value of MRBs contained within certain
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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.
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•Interest expense represents the charges associated with our external debt obligations, including debt of consolidated investment
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The following significant factors have impacted, and may in the future impact, our business, results of operations, financial condition and liquidity.
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The following significant factors have impacted, and may in the future impact, our business, results of operations, financial condition
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On August 1, 2025 and January 2, 2026, respectively, AGL and USL entered into a coinsurance and modco reinsurance agreement with CSLR to reinsure 100% of their individual variable annuity contracts. Under these agreements, AGL and USL transferred to the reinsurer $2.1 billion of assets primarily consisting of fixed maturity securities supporting the general account liabilities net of a ceding commission. Additionally, $48.7 billion of separate account liabilities were ceded under the modco portion of the agreement. In addition, the closing of the sale to Venerable of all outstanding membership interests of SAAMCo held by AGL occurred on January 1, 2026.
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On August 1, 2025 and January 2, 2026, respectively, AGL and USL entered into a coinsurance and modco reinsurance agreement
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In February 2018, AGL, VALIC and USL entered into modco agreements with Fortitude Re, a wholly-owned subsidiary of Fortitude Group Holdings, LLC (“Fortitude Holdings”), a registered Class 4 and Class E reinsurer in Bermuda.
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In February 2018, AGL, VALIC and USL entered into modco agreements with Fortitude Re, a wholly-owned subsidiary of Fortitude
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In the modco arrangement, the investments supporting the reinsurance agreements are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AGL and USL) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. 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.
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In the modco arrangement, the investments supporting the reinsurance agreements are withheld by, and therefore continue to reside
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Our net income experiences ongoing volatility as a result of the reinsurance agreements and gives rise to a funds withheld payable that contains an embedded derivative. However, this net income volatility is almost entirely offset with a corresponding change in OCI, which reflects the fair value change from the investment portfolio supporting the funds withheld payable, which is primarily available-for-sale securities, resulting in minimal impact to our comprehensive income (loss) and equity attributable to Corebridge. The Company has also elected the fair value option on the acquisition of certain new fixed maturity securities, helping reduce the mismatch over time. VALIC’s modco agreement with Fortitude Re was recaptured effective January 1, 2025, resulting in a $45 million charge to pre-tax earnings. As of March 31, 2026, $23.7 billion of reserves had been ceded to Fortitude Re.
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Our net income experiences ongoing volatility as a result of the reinsurance agreements and gives rise to a funds withheld payable
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For additional information on our reinsurance agreements with Fortitude Re, see Note 7 to the Condensed Consolidated Financial Statements.
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For additional information on our reinsurance agreements with Fortitude Re, see Note 7 to the Condensed Consolidated Financial
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Embedded Derivatives for Fixed Index Annuity, Registered Index-Linked Annuity and Index Universal Life Products
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Embedded Derivatives for Fixed Index Annuity, Registered Index-Linked Annuity and Index Universal
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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-linked interest credited features 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 rates and caps on index-linked interest credited features.
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Fixed index annuity and registered index-linked annuity contracts contain index interest credits which are accounted for as embedded
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The following table summarizes the fair values of the embedded derivatives for fixed index annuity, registered index-linked annuity and index universal life products:
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The following table summarizes the fair values of the embedded derivatives for fixed index annuity, registered index-linked
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In 2021, we entered into a long-term asset management relationship with Blackstone. As of March 31, 2026, Blackstone managed approximately $71.5 billion in book value of assets in our investment portfolio.
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In 2021, we entered into a long-term asset management relationship with Blackstone. As of June 30, 2026, Blackstone managed
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Since April 2022, we entered into investment management agreements with BlackRock and its investment advisory affiliates. As of March 31, 2026, BlackRock managed approximately $91.2 billion in book value of assets in our investment portfolio, consisting of liquid fixed income and certain private placement assets.
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Since April 2022, we entered into investment management agreements with BlackRock and its investment advisory affiliates. As of
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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.
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We elect the fair value option on certain bond securities. When the fair value option is elected, the realized and unrealized gains and
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Our business is affected by industry and economic factors such as changes in interest rates and credit spreads; geopolitical tensions; 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 2026 and 2025 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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Our business is affected by industry and economic factors such as changes in interest rates and credit spreads; geopolitical tensions;
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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 Group Retirement 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.
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Our financial results are impacted by the performance of equity markets, which impacts the performance of our alternative investment
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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.
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Our hedging costs could also be significantly impacted by changes in the level of equity markets as rebalancing and option costs are
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For additional information see “Risk Factors—Risks Relating to Market Conditions—We are exposed to risk from equity market declines or volatility.” in the 2025 Form 10-K.
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For additional information see “Risk Factors—Risks Relating to Market Conditions—We are exposed to risk from equity market
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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.
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Market and other economic factors may result in increased credit impairments, downgrades and losses across single or numerous
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For additional information see “Risk Factors—Risks Relating to Market Conditions—Our business is highly dependent on economic and capital market conditions.” in the 2025 Form 10-K.
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For additional information see “Risk Factors—Risks Relating to Market Conditions—Our business is highly dependent on economic
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Alternative investments include private equity funds which are generally reported on a one-quarter lag. Accordingly, changes in valuations driven by equity market conditions during the first quarter of 2026 may impact the private equity investments in the alternative investments portfolio in the second quarter of 2026.
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Alternative investments include private equity funds which are generally reported on a one-quarter lag. Accordingly, changes in
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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.
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A rising interest rate environment benefits our spread income as we reinvest cash flows from existing business at higher rates and
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terms and abbreviations, which are summarized in the Glossary and Acronyms in the 2025 Form 10-K.
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Quarterly Report to assist readers seeking additional information related to a particular subject.
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“us” and “our” to refer to Corebridge Financial, Inc., a Delaware corporation, and its consolidated subsidiaries. We use the term
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“Corebridge Parent” to refer solely to Corebridge Financial, Inc., and not to any of its consolidated subsidiaries.
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and its consolidated results of operations for thethree and six months ended June 30, 2026 and 2025. In addition to historical data,
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this discussion contains forward-looking statements about our business operations and financial performance based on current
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expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the
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forward-looking statements as a result of various factors. You should read the following analysis of our consolidated financial condition
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and results of operations in conjunction with the (unaudited)Condensed Consolidated Financial Statements and the statements under
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“Cautionary Statements Regarding Forward-Looking Information,” included elsewhere in this Quarterly Report and the“Management’s
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Discussion and Analysis of Results of Operations and Financial Condition,” andthe“Risk Factors” section in the 2025 Form 10-K.
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individuals plan, save for and achieve secure financial futures. We offer a broad set of products and services through our market
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leading Individual Retirement, Group Retirement, Life Insurance and Institutional Markets businesses, each of which features
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capabilities and industry experience we believe are difficult to replicate. These four businesses collectively seek to enhance
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stockholder returns while maintaining our attractive risk profile, which has historically resulted in consistent and strong cash flow
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and Equitable will form a new parent company and each outstanding share of our common stock will be exchanged for the right to
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receive 1.0000 share of the new parent company’s common stock, and each outstanding share of Equitable common stock will be
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exchanged for the right to receive 1.55516 shares of the new parent company’s common stock.
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Equitable shareholders will own approximately 49% of the combined company.
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subject to customary closing conditions, including the receipt of required regulatory approvals.
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structured settlements with life contingencies. Our premium income is driven by growth in new policies and contracts written and
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persistency of our in-force policies, both of which are influenced by a combination of factors including our efforts to attract and
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retain customers and market conditions that influence demand for our products;
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and SVW products. Our policy fees typically vary directly with the underlying assets under administration, account value or
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benefit base of our annuities. Account value and benefit base are influenced by changes in economic conditions, including
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changes in levels of equity prices, and changes in levels of interest rates and credit spreads, as well as net flows;
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•Net investment income from our investment portfolio varies as a result of the yield, allocation and size of our investment
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expenses associated with managing our investment portfolio;
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related derivative activities(excluding hedges of certain MRBs), changes in the fair value of embedded derivatives in certain of
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our insurance products and trading activity within our investment portfolio, including trading activity related to the Fortitude Re
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modco arrangement. Net realized gains (losses) vary due to the timing of sales of investments as well as changes in the fair
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value of embedded derivatives in certain of our insurance products and derivatives utilized to hedge certain embedded
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distribution fees paid by mutual funds), other asset management fee income and commission-based broker-dealer services.
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response to changes in capital market conditions and changes in policy reserves, as well as life contingent benefit payments on
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life and annuity contracts and updates to assumptions related to future policyholder behavior, mortality and longevity;
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base and also includes changes in the fair value of certain embedded derivatives related to our insurance products and
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amortization of deferred sales inducement assets;
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contracts is amortized, on a constant level basis over the expected term of the related contracts, using assumptions consistent
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with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding
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contracts, as applicable. VOBA is determined at the time of acquisition and is reported with DAC. This value is based on the
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Income (loss) before income tax expense (benefit)