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.

COREBRIDGE FINANCIAL AND EQUITABLE HOLDINGS MERGER

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

an all-stock merger.

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

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

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

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

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.

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

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

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

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 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;

•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:

•Poli cyholder 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;

Corebridge |Second Quarter 2026 Form 10-Q 80

•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 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;

•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

•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 Variable Annuity Reinsurance Transaction

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,

Impact of Fortitude Re

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.

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.

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 June 30, 2026,$23.6 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

Corebridge |Second Quarter 2026 Form 10-Q 81

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 strate gies 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.

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. As of June 30, 2026, Blackstone managed

approximately$70.3 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, 2026, BlackRock managed approximately$91.8 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 2025 Form10-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 |Second Quarter 2026 Form 10-Q 82

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;

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.

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 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.

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.

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.

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 2025 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 thesecond quarter of 2026 may impact the private equity investments in the

alternative investments portfolio in thethird quarter of 2026.

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, 2026, 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 asset adequacy 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.

Corebridge |Second Quarter 2026 Form 10-Q 83

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.

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,38% and 40% were

crediting at the contractual minimum guaranteed interest rate at June 30, 2026 and December 31, 2025, respectively. In the universal

life insurance products in our Life Insurance business,58% and 59% of the account values were crediting at the contractual minimum

guaranteed interest rate at June 30, 2026 and December 31, 2025, 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.

Corebridge |Second Quarter 2026 Form 10-Q 84

For example, the Risk-Based Capital (“RBC”) framework and RBC charges and treatment applicable to our U.S. life insurance

subsidiaries have been a subject of focus for regulators in recent years. In February 2025, the NAIC announced the creation of a new

Risk-Based Capital Model Governance (EX) Task Force (“Task Force”) as part of its efforts to update and strengthen the governance

framework around RBC requirements. The Task Force adopted governing principles in December 2025 and soon after began a

comprehensive gap analysis and consistency assessment of the existing RBC framework to identify potential issues. The work of the

Task Force is ongoing and could result in changes to RBC requirements and calculations in the future, which could affect our capital

planning, investment strategies, reporting obligations and permitted disclosures. Relatedly, the inaugural meeting of the Invested

Assets (E) Task Force took place in March 2026. It was established for the purpose of better understanding investment products with

characteristics that pose unique risks to insurers and developing investment-related solvency policy changes. For example, in July

2026, the Financial Condition (E) Committee of the NAIC approved new Life RBC factors, to be effective December 31, 2026, for

CLOs, collateralized bond obligations (“CBOs”) and collateralized debt obligations (“CDOs”). This framework includes (i) lower RBC

factors for senior investment-grade tranches (NAIC Designation Category 1.A through 1.G) and higher RBC factors for lower rated

tranches (NAIC Designation Category 2.A or below) and (ii) an 11.77% pretax surcharge that will apply to below-investment-grade

tranches (NAIC Designation Category 2.C or below) of only broadly syndicated loan CLOs (not middle market CLOs) with a thickness

of 4% or less. The NAIC and its related working groups continue to consider the treatment of other investment products which would

result in changes to accounting policies and RBC requirements. We are actively monitoring these developments associated with these

RBC-related NAIC initiatives and their potential impacts on our life insurance subsidiaries.

As another example, during 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, referred to as Actuarial Guideline LV (“AG 55”), are designed as a testing and disclosure regime, and the first AG 55

reports were filed in April 2026. The NAIC plans to review the disclosures to identify any 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 are applicable to certain

transactions that involve our life insurance subsidiaries acting as cedants.

VM-22 principles-based reserving applicable to non-variable annuity contracts is effective on January 1, 2026, and Companies have

three years to implement VM-22 requirements with mandatory adoption January 1, 2029. The NAIC’s Life Actuarial Task Force VM-22

(A) Subgroup is considering allowing optional election of VM-22 for non-variable annuity business issued on or after January 1, 2017.

Relatedly, the Generator of Economic Scenarios statutory reserve and capital calculations applicable to new non-variable annuity

business is effective January 1, 2026. Corebridge has considered, and will be considering, appropriate implementation of these

frameworks, and continues to closely monitor these developments.

Finally, the NAIC Life Insurance and Annuities (A) Committee has created a working group to contemplate updating NAIC guidance

for life insurance and annuity illustrations and disclosures. Suggested revisions could include changes to illustration requirements for

fixed index annuities pertaining to back-casting performance results. We are monitoring these developments and any model guidance

that may flow from the Life Insurance and Annuities Committee’s work on this subject.

In addition to regulatory developments at the NAIC, we are also subject to accounting practices and standards prescribed and/or

permitted by our domiciliary insurance regulators. In December 2025, the NAIC approved agenda item 2024-06: Risk Transfer

Analysis of Combination Reinsurance Contracts in respect of SSAP No. 61 and Appendix A-791 (the “Adoption”), clarifying the

treatment of combination treaties with interdependent features under statutory accounting for new and newly amended contracts

effective immediately and for in-force contracts effective for the year ending December 31, 2026. In response, we received a statutory

permitted accounting practice from the Texas Department of Insurance related to an existing reinsurance treaty that fell within the

scope of the Adoption. The permitted accounting practice is effective December 31, 2026.

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 2025 Form 10-K.

Corebridge |Second Quarter 2026 Form 10-Q 85

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,

revenues from businesses exited through reinsurance, and income from non-operating litigation settlements (included in Other 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.

Corebridge |Second Quarter 2026 Form 10-Q 86

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 whichare accounted

for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees

attributed to the MRBs are excluded from APTOI. MRBs related to the variable annuity business subject to the reinsurance

agreements with CSLR are reported in the “Businesses exited through reinsurance” line item.

BUSINESSES EXITED THROUGH REINSURANCE:

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

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

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

operations.

OTHER ADJUSTMENTS:

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

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

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

organization;

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

accounting principles;

•separation costs;

•non-operating litigation reserves and settlements;

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

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

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

Adjusted After-tax Operating Income Available to Corebridge Common Shareholders (“Adjusted After-tax Operating

Income” or “AATOI”) is derived by excluding the tax effected APTOI adjustments described above and preferred stock dividends, 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.

Corebridge |Second Quarter 2026 Form 10-Q 87

The following tables present a reconciliation of pre-tax income (loss)/net income (loss) available to Corebridge common

shareholders to adjusted pre-tax operating income (loss)/adjusted after-tax operating income (loss) available to Corebridge

common shareholders:

Corebridge |Second Quarter 2026 Form 10-Q 88

*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.

Corebridge |Second Quarter 2026 Form 10-Q 89

Adjusted Book Value Available to Corebridge Common Shareholders isderived by excluding preferred stock as well as 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:

Adjusted Return on Average Equity Available to Common Shareholders (“Adjusted ROAE”)is derived by dividing AATOI by

average Adjusted Book Value available to Common Shareholders 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 available to common shareholders:

Corebridge |Second Quarter 2026 Form 10-Q 90

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 $935 million and $744 million for the three months ended June 30, 2026 and 2025, respectively, and

$1.9 billion and $1.5 billion for the six months ended June 30, 2026 and 2025, respectively.

(c)Includes inflows related to in-plan mutual funds of $781 million and $842 million for the three months ended June 30, 2026 and 2025, respectively, and $1.5 billion and

$1.6 billion for the six months ended June 30, 2026 and 2025, respectively.

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):

Corebridge |Second Quarter 2026 Form 10-Q 91

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:

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, excluding the

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 and 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 on bonds, 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 on certain partnership

entities that are required to be consolidated. Alternative investments include private equity and real estate 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.

Corebridge |Second Quarter 2026 Form 10-Q 92

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:

Net Investment Income (APTOI Basis)

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

basis:

Corebridge |Second Quarter 2026 Form 10-Q 93

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:

Corebridge |Second Quarter 2026 Form 10-Q 94

Consolidated Results of Operations

The following section provides a comparative discussion of our consolidated results of operations on a reported basis for thethree

and six months ended June 30, 2026 and 2025. 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, 2026 to Three Months Ended June 30, 2025 Net Income Comparison

We recorded pre-taxincome of$52 million in thethree months ended June 30, 2026 compared to pre-taxloss of$608 million in the

three months ended June 30, 2025. The change in pre-tax loss was primarily due to:

•lower net realized losses of$1.4 billion primarily driven by lower losses on sales of fixed maturity securities and lower losses from

changes in foreign exchange rates.

Corebridge |Second Quarter 2026 Form 10-Q 95

•unfavorable change in the fair value of market risk benefits, net of$180 million in the second quarter of 2026 compared to a

favorable change in the fair value of market risk benefits, net of $279 million in the second quarter of 2025 primarily driven by the

impact of the reinsurance agreement with CSLR partially offset by higher equity markets compared to the prior year.

•higher interest credited to policyholder account balances of$84 million primarily due to higher interest rates and higher sales

activity in fixed and fixed index annuities and growing GIC business; and

•lower advisory fee income of$84 million driven by the reinsurance agreement with CSLR.

Income tax expense (benefit)

For thethree months ended June 30, 2026, there was an income taxexpense of$50 million, resulting in an effective tax rate of 96.2%

primarily due to an increase in valuation allowance and expense on pre-tax income from operations.

Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 Net Income Comparison

We recorded pre-taxincome of$149 million in thesix months ended June 30, 2026 compared to pre-taxloss of $1.5 billion in thesix

months ended June 30, 2025. The change in pre-tax income was primarily due to:

•lower net realized losses of$2.5 billion primarily driven by lower losses from changes in foreign exchange rates, lower losses on

sales of fixed maturity securities, lower losses from Fortitude Re related balances and lower losses from certain derivatives and

hedge accounting;

•lower policyholder benefits of$345 million primarily on new pension risk transfer business.

•higher unfavorable change in the fair value of market risk benefits, net of$452 million primarily driven by impact of the

reinsurance agreement with CSLR, partially offset by impacts of higher equity markets and interest rates compared to the prior

year;

•lower premiums of$388 million primarily on new pension risk transfer business;

•higher interest credited to policyholder account balances of$192 million primarily due to higher crediting rates and higher sales

activity in fixed, fixed index and registered index-linked annuities and growing GIC business; and

•lower net investment income of$140 million primarily driven by lower variable investment income and lower income on Fortitude

Re funds withheld assets partially offset by higher base portfolio income .

Income tax expense (benefit)

For thesix months ended June 30, 2026, there was an income taxexpense of$208 million, resulting in an effective tax rate of 139.6%

primarily due to an increase in valuation allowance and expense on pre-tax income from operations.

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.

Corebridge |Second Quarter 2026 Form 10-Q 96

APTOI decreased$178 million, primarily due to:

•higher policyholder benefits of$149 million primarily due to higher new pension risk transfer business; and

•higher interest credited to policyholder account balances of$149 million primarily due to growth in fixed, fixed index and

registered index-linked annuities and growing GIC business.

•higher premiums of$108 million primarily due to higher new pension risk transfer business; and

•higher net investment income of$47 million primarily driven byhigher base portfolio income partially offset by lower variable

investment income.

APTOI decreased$259 million, primarily due to:

•lower premiums of$366 million primarily due to lower new pension risk transfer business;

•higher interest credited to policyholder account balances of$336 million primarily due to growth in fixed, fixed index and

registered index-linked annuities and growing GIC business.

•lower policyholder benefits of$286 million primarily due to lower new pension risk transfer business; and

•higher net investment income of$195 million primarily driven byhigher base portfolio income partially offset by lower variable

investment income.

Corebridge |Second Quarter 2026 Form 10-Q 97

Business Segment Operations

Our business operations consist of five reportable segments:

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

•Group Retirement – consists of recordkeeping, plan administrative and compliance services, financial planning and advisory

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

out-of-plan.

•Life Insurance – consists of traditional and universal life insurance products in the United States.

•Institutional Markets –consists of 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;

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

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

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

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

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

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

the variable annuity business have been excluded from APTOI as they are not indicative of our ongoing business operations.

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 2026 Form 10-Q 98

DISCUSSION OF SEGMENT RESULTS

Individual Retirement

Individual Retirement Results

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 deferred sales inducements

(“DSI”) of $7 million and$9 million for thethree months ended June 30,2026 and 2025, respectively, and$16 million and$19 million for thesix months ended June 30,

2026 and 2025 respectively.

(b)Other represents advisory fee expenses.

APTOI decreased $56 million, primarily due to:

•lower spread income of $39 million driven bya decrease in variable investment income of$54 million mostly due to lower

alternative investment income, partially offset byhigher base spread income of$15 million primarily due to general account

growth and asset optimization initiatives; and

•higher amortization of DAC and DSI of$17 million primarily due to growth in the business.

•higher policy fee income of$13 million, primarily due to higher GMWB fees from fixed and fixed index annuity growth.

Corebridge |Second Quarter 2026 Form 10-Q 99

APTOI decreased $95 million, primarily due to:

•lower spread income of$69 million driven bya decrease in variable investment income of$88 million due to lower alternative

investment and yield enhancement income, partially offset byhigher base spread income of$19 million, primarily due to general

account growth and asset optimization initiatives; and

•higher amortization of DAC and DSI of$34 million primarily due to growth in the business.

•higher policy fee income of$23 million, primarily due to higher GMWB fees from fixed and fixed index annuity growth.

AUMA

The following table presents Individual Retirement AUMA:

AUMA increased $1.2 billion primarily due to positive general account net flows and interest credited to policyholders’ account

balance.

Spread and Fee Income

The following table presents Individual Retirement spread and fee income:

*Excludes amortization of DSI assets of $7 million and $9 million for the three months ended June 30, 2026 and 2025, respectively, and $16 million and $19 million for

the six months ended June 30, 2026 and 2025, 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 2026 Form 10-Q 100

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 flows decreased by$1.6 billion over the prior year, primarily due to lower premiums and deposits of$1.7 billion,

partially offset by lower death benefits of$41 million andlower surrenders and withdrawals of$27 million.

Fixed Index Annuities Net flows decreased by$1.7 billion primarily due tolower premiums and deposits of$1.1 billion andhigher

surrenders and withdrawals of$595 million.

Registered Index-Linked Annuities Net inflows increased by $103 million primarily due to higher premiums and deposits of

$110 million.

Fixed Annuities Net flows decreased by$2.3 billion over the prior year, primarily due to lower premiums and deposits of$2.1 billion,

higher surrenders and withdrawals of$317 million, partially offset bylower death benefits of$77 million.

Fixed Index Annuities Net inflows decreased by$2.1 billion primarily due to higher surrenders and withdrawals of$1.1 billion and

lower premiums and deposits of$971 million.

Registered Index-Linked Annuities Net inflows increased by$439 million primarily due to higher premiums and deposits of

$449 million.

Surrenders

The following table presents Individual Retirement surrender rates:

Corebridge |Second Quarter 2026 Form 10-Q 101

The following table presents account values for fixed annuities, fixed index annuities and registered index-linked annuities

by surrender charge category:

*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, 2026 increased compared to December 31,

2025 primarily due to prior year’s growth in the business. For fixed index annuities, the proportion of account value subject to

surrender charge at June 30, 2026 was flat compared to December 31, 2025.

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.

Corebridge |Second Quarter 2026 Form 10-Q 102

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 $4 million and $3 million for the three months ended June 30, 2026 and 2025, respectively, and $7 million and $6 million for the

six months ended June 30, 2026 and 2025, respectively.

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

(c)Other consists of advisory fee expenses.

APTOI decreased $31 million, primarily due to:

•lower spread income of$31 million driven bya decrease in variable investment income of$20 million due to lower alternative

investment and yield enhancement income, andlower base spread income of$11 million primarily due to the impact of lower

federal funds rate;

•higher general operating expenses of$10 million; and

•higher amortization of DAC and DSI of$8 million mostly due to prior year actuarial assumption updates.

•higher fee income, net of advisory fee expenses of$20 million, mostly due to higher average separate account and mutual fund

assets driven by improved equity market performance.

APTOI decreased $86 million, primarily due to:

•lower spread income of$86 million driven bya decrease in variable investment income of$43 million due to lower alternative

investment and yield enhancement income, andlower base spread income of$43 million primarily due to the impact of lower

federal funds rate and negative general account flows;

•higher general operating expenses of$11 million; and

•higher amortization of DAC and DSI of$13 million mostly due to prior year actuarial assumption updates.

•higher fee income, net of advisory fee expenses of$28 million, mostly due to higher average separate account and mutual fund

assets driven by improved equity market performance.

Corebridge |Second Quarter 2026 Form 10-Q 103

AUMA

The following table presents Group Retirement AUMA by product:

(a)Includes$14.2 billion of AUMA at June 30, 2026 and$14.1 billion of AUMA at December 31, 2025 that is associated with our in-plan investment advisory service that

we offer to participants at an additional fee.

(b)Includes$16.7 billion of AUMA at June 30, 2026 and$15.1 billion of AUMA at December 31, 2025 that is associated with our out-of-plan investment advisory service

that we offer to participants at an additional fee.

Total assets increased by$1.4 billion, primarily driven by an increase in advisory and brokerage assets of$1.7 billion due to improved

equity market performance. Both In-plan and Out- of-plan assets remained relatively flat from year end where negative net flows were

offset by improved equity market performance.

Spread and Fee Income

The following table presents Group Retirement spread and fee income:

*Excludes amortization of DSI assets of $4 million and $3 million for the three months ended June 30, 2026 and 2025, respectively, and $7 million and $6 million for the

six months ended June 30, 2026 and 2025, respectively

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

Corebridge |Second Quarter 2026 Form 10-Q 104

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 $781 million and $842 million for the three months ended June 30, 2026 and 2025, respectively, and $1.5 billion and

$1.6 billion for the six months ended June 30, 2026 and 2025, respectively.

(c)Excludes client deposits into advisory and brokerage accounts of $935 million and $744 million for the three months ended June 30, 2026 and 2025, respectively, and

$1.9 billion and $1.5 billion for the six months ended June 30, 2026 and 2025, respectively.

Net flows remained negative and increased by $3.7 billion primarily due to$3.1 billion higher large plan surrenders,$377 million

higher other surrender and withdrawals and$207 million lower deposits.

Net flows remained negative and increased by $3.8 billion primarily due to$2.8 billion higher large plan surrenders,$604 million

higher other surrender and withdrawals and$280 million lower deposits.

Surrenders

The following table presents Group Retirement surrender rates:

*Increase in surrender rates forthree and six months ended June 30, 2026 is primarily driven by higher large plan surrenders.

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$3.5 billion and$3.6 billion at June 30, 2026 and

December 31, 2025, respectively, which are subject to 20% annual withdrawal limitations at the participant level and account values in the general account of$4.4

billion and$4.6 billion at June 30, 2026 and December 31, 2025, respectively, which are subject to 20 percent annual withdrawal limitations at the plan level.

(b)Excludes mutual fund assets under administration of$30.8 billion and$31.9 billion at June 30, 2026 and December 31, 2025, respectively.

(c)Includes payout Immediate Annuities and funding agreements.

June 30, 2026 to December 31, 2025 Comparison

Group Retirement annuity deposits are typically subject to a four- 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,

2026, Group Retirement annuity account values with no surrender charge increased compared to December 31, 2025 primarily due to

an increase in assets under management driven by higher equity markets, partially offset by negative net flows.

Corebridge |Second Quarter 2026 Form 10-Q 105

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 decreased $21 million, primarily due to:

•unfavorable underwriting margin of$13 million, driven by lower variable investment income and less favorable mortality results;

and

•higher general operating expenses of$11 million consistent with business growth and trends.

APTOI decreased $33 million, primarily due to:

•unfavorable underwriting margin of$22 million, driven by lower variable investment income and less favorable mortality results;

and

•higher general operating expenses of$16 million consistent with business growth and trends.

Corebridge |Second Quarter 2026 Form 10-Q 106

AUMA

The following table presents Life Insurance AUMA:

AUMA decreased $15 million in thesix months ended June 30, 2026 remaining relatively flat compared to the prior year-end.

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 $2 million for thethree months ended June 30, 2026, anddecreased $4 million for thesix months

ended June 30, 2026, remaining relatively flat for both traditional and universal life products when compared to prior year periods.

Corebridge |Second Quarter 2026 Form 10-Q 107

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 decreased $54 million, primarily due to:

•lower spread income of$51 million driven by$83 million lower variable investment income from private equity investments,

partially offset byhigher base spread income, reflecting growth in the business.

APTOI decreased $48 million, primarily due to:

•lower spread income of$38 million driven by$86 million lower variable investment income from private equity investments,

partially offset byhigher base spread income, reflecting growth in the business; and

•lower underwriting margin of$7 million driven bylower net investment income.

Corebridge |Second Quarter 2026 Form 10-Q 108

AUMA

The following table presents Institutional Markets AUMA:

AUMA increased $2.0 billion, primarily due to premiums and deposits of GIC and Corporate Market products of $3.7 billion and

investment performance and other activity of $1.0 billion, partially offset by benefit payments on the GIC, PRT and structured

settlement products of $2.5 billion and net outflows of $253 million from SVW products.

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 2026 Form 10-Q 109

Premiums and deposits increased compared to the prior year period by$1.5 billion, primarily due tohigher deposits on new GICs of

$824 million, higher deposits on new Corporate Markets business of$573 million andhigher premiums on new PRT business of$105

million.

Premiums and deposits increased compared to the prior year period by$594 million, primarily due tohigher deposits on new GICs of

$510 million andhigher deposits on new Corporate Markets business of$558 million, partially offset bylower premiums on new PRT

business of$358 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)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.

(b)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 2026 Form 10-Q 110

Adjusted pre-tax operating loss increased $16 million primarily due to lower net investment income andhigher corporate expenses.

Adjusted pre-tax operating loss decreased $3 million primarily due to:

•lower interest expense on financial debt of$12 million primarily driven by debt issuances in the third and fourth quarter of 2024 in

anticipation of debt maturities in April and July 2025.

•higher corporate expenses of$9 million.

Corebridge |Second Quarter 2026 Form 10-Q 111

Investments

We regularly run strategic asset allocations (“SAA”) both at the specific business level portfolio as well as the overall portfolio. This

SAA informs our investment strategies for each business operating unit. The SAA provides an asset mix that supports estimated cash

flows of our outstanding liabilities and provides diversification from asset class, sector issuer and geographic perspectives.

The primary objectives of our portfolio optimization 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, 2026, of

$239.6 billion of invested assets supporting our insurance operating companies, approximately 47% were in corporate debt securities.

Mortgage-backed securities (“MBS”), ABS and CLOs represent 32% of our fixed income securities, of which 99% were investment

grade. At December 31, 2025, of$239.3 billion of invested assets supporting our insurance operating companies, approximately 47%

were in corporate debt securities. MBS, ABS and CLOs represent 32% of our fixed income securities and 99% were investment

grade.

See “Business -Investment Management”in the 2025 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 the insurance subsidiary 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.

Some of our key investment strategies are as follows:

•we adhere to a strong asset-liability management discipline;

•we perform portfolio optimizations to determine strategic asset allocations. This informs portfolio construction that seeks

investments with similar characteristics to the associated 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

and borrower transparency;

•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 have a highly functioning, hybrid-origination model. We are able to originate attractive assets from both our deeply

experienced internal teams as well as from our two major partners, Blackstone and BlackRock. This supports the growth of our

business segments;

•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;

•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 interest rate, credit and currency derivatives to manage our asset and liability duration as well as credit and

currency exposure.

Corebridge |Second Quarter 2026 Form 10-Q 112

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.

Investment Portfolio

The following table presents carrying amounts of our total investments:

Corebridge |Second Quarter 2026 Form 10-Q 113

(a)Net of total allowance for credit losses for$783 million and$727 million at June 30, 2026 and December 31, 2025, respectively.

(b)Other invested assets, excluding Fortitude Re funds withheld assets, include$6.4 billion and$6.3 billion of private equity funds as of June 30, 2026 and December 31,

2025, respectively, which are generally reported on a one-quarter lag.

(c)Includes the consolidation of approximately$4.7 billion and$5.1 billion of consolidated investment entities at June 30, 2026 and December 31, 2025, respectively.

Corebridge |Second Quarter 2026 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$729 million and$692 million at June 30, 2026 and December 31, 2025, respectively.

(b)Does not reflect policy loans of$1.4 billion and$1.4 billion at June 30, 2026 and December 31, 2025, respectively.

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

(d)Excludes approximately$4.7 billion and$5.1 billion of consolidated investment entities as well as$2.5 billion and$2.9 billion of eliminations primarily between the

consolidated investment entities and the insurance operating companies at June 30, 2026 and December 31, 2025, respectively.

Corebridge |Second Quarter 2026 Form 10-Q 115

Credit Ratings

At June 30, 2026, nearly all our fixed maturity securities were held by our U.S. entities and 95% 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.

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, 2026 and

December 31, 2025,96% 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 96% and 96% investment grade as of June 30, 2026 and December 31, 2025, 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, 2026 and$0 million and$1 million of NAIC 4 and 5

securities, respectively, as of December 31, 2025. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s

insurance subsidiaries.

(b)Excludes$56 million and$80 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2026 and December 31, 2025, respectively.

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:

a)Excludes approximately$39 million and$53 million of consolidated investment entities and$1.3 billion and$1.3 billion of eliminations primarily related to the

consolidated investment entities and the insurance operating subsidiaries at June 30, 2026 and December 31, 2025, respectively.

b)Excludes$2 million and$0 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2026 and December 31, 2025, respectively.

Corebridge |Second Quarter 2026 Form 10-Q 116

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$2.0 billion and$2.2 billion at June 30, 2026 and December 31, 2025, 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$4 million of consolidated CLOs as of June 30, 2026 and$1 million as of December 31, 2025. These are assets of consolidated investment entities and do

not represent direct investment of Corebridge’s insurance subsidiaries.

(c)Excludes$56 million and$80 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2026 and December 31, 2025, respectively.

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:

(a)Excludes approximately$39 million and$53 million of consolidated investment entities and$1.3 billion and$1.3 billion of eliminations primarily related to the

consolidated investment entities and the insurance operating subsidiaries at June 30, 2026 and December 31, 2025, respectively.

(b) Excludes$2 million and$0 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2026 and December 31, 2025, respectively

For a discussion of credit risks associated with investments, see “Business—Investment Management—Credit Risk” in the 2025 Form

10-K.

Corebridge |Second Quarter 2026 Form 10-Q 117

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

their fair value:

Corebridge |Second Quarter 2026 Form 10-Q 118

*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.

Corebridge |Second Quarter 2026 Form 10-Q 119

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.

Investments in Corporate Debt Securities

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

*94% and 94% of investments were rated investment grade at June 30, 2026 and December 31, 2025, respectively.

Corebridge |Second Quarter 2026 Form 10-Q 120

Investments in RMBS

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

*Includes$2.0 billion and$2.2 billion at June 30, 2026 and December 31, 2025, 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 2026 Form 10-Q 121

Investments in CMBS

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

The fair value of CMBS holdings increased slightly during thesix months ended June 30, 2026. The majority of our investments in

CMBS are in tranches that contain substantial protection features through collateral subordination.

Corebridge |Second Quarter 2026 Form 10-Q 122

Investments in ABS/CLOs

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

Unrealized Losses of Fixed Maturity Securities

The following tables show the aging of the unrealized losses onavailable-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 2026 Form 10-Q 123

(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, 2026 and December 31, 2025.

(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 and fair value hedge basis adjustment.

The allowance for credit losses was$8 million and$3 million for investment grade bonds, and$152 million and$127 million for below

investment grade bonds as of June 30, 2026 and December 31, 2025, respectively.

Private Debt Investments

We invest in an array of private debt strategies, private debt consists of debt investments that are privately originated or privately

negotiated rather than broadly syndicated or traded in active public markets. At June 30, 2026, Corebridge had private debt

investments with a combined aggregate carrying value of$50.4 billion. As of June 30, 2026,91% of our private debt portfolio had an

investment grade rating. Our below investment grade exposure is primarily concentrated in middle market loans, which represented

6.5% of the private debt portfolio as of June 30, 2026. For all other asset classes noted below, we generally invest in investment

grade assets and in senior tranches of structured securities.

The following table shows the composition of our private debt portfolio on an NAIC statutory accounting basis as of June

30, 2026.

(a)Corporate Private Placements – includes, the origination of direct or privately negotiated forms of debt to a corporation or entity and the origination of debt which has a

guarantee from a corporation or entity. The substantial majority of these investments are investment-grade.

(b)Infrastructure – direct or privately negotiated debt issued to facilitate investments in categories including, but not limited to, essential social, economic, physical and

digital assets. Some examples include investments in oil and gas pipelines, water pipelines, airports, roads, parking lots and data centers. Infrastructure investments

are generally senior secured project finance investments and senior unsecured corporate debt obligations.

(c)Private ABS – direct or privately negotiated debt that is securitized by underlying cash flows from specific pools of collateral. Some examples include aircraft leases,

music royalties, data center leases and oil and gas properties. The substantial majority of these investments are in the most senior tranches and investment-grade.

(d)Middle Market Lending – direct or privately negotiated debt issued to mid-sized companies (as measured by revenue or EBITDA) that are either unable to, or choose

not to, access the public debt or broadly syndicated loan market. These loans usually have a below investment grade rating.

Corebridge |Second Quarter 2026 Form 10-Q 124

Change in Unrealized Gains and Losses on Investments

The change in net unrealized gains and losses on investments for the three andsix months ended June 30, 2026, was primarily

attributable to a change in the fair value of fixed maturity securities. For thethree months ended June 30, 2026, net unrealized gains

related to fixed maturity securities were$1.1 billion due to narrowing of credit spreads. For thesix months ended June 30, 2026, net

unrealized losses were$1.5 billion due to higher interest rates, partially offset by narrowing of credit spreads.

The change in net unrealized gains and losses on investments for the three andsix months ended June 30, 2025 was primarily

attributable to decreases in the fair value of fixed maturity securities. For thethree months ended June 30, 2025, net unrealized gains

related to fixed maturity securities increased by$1.6 billion due primarily to narrowing of credit spreads. For thesix months ended

June 30, 2025, net unrealized gains related to fixed maturity securities increased by$3.6 billion due primarily to narrowing of credit

spreads.

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

Commercial Mortgage Loans

At June 30, 2026 and December 31, 2025, we had direct commercial mortgage loan exposure of$36.9 billion and$37.0 billion,

respectively. At June 30, 2026 and December 31, 2025, we had an allowance for credit losses of$629 million and$594 million,

respectively.

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

cost:

Corebridge |Second Quarter 2026 Form 10-Q 125

*Does not reflect allowance for credit losses.

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 1.9 X at both periods ended June 30, 2026 and December 31, 2025, 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 61% and 60% at both periods ended June 30, 2026 and December 31, 2025, respectively. 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 2026 Form 10-Q 126

Residential Mortgage Loans

At June 30, 2026 and December 31, 2025, we had direct residential mortgage loan exposure of$13.5 billion and$13.8 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,

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

Net Realized Gains and Losses

Corebridge |Second Quarter 2026 Form 10-Q 127

*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.

Lower net realized losses, excluding Fortitude Re funds withheld assets, in thethree and six months ended June 30, 2026, compared

to same period in the prior year, were primarily due to gain on derivatives and foreign exchange transactions in the current period

compared to losses 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 lower losses in thethree and six months ended

June 30, 2026 compared to the same period in the prior year. 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.

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

equity funds of$8.0 billion.

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

Corebridge |Second Quarter 2026 Form 10-Q 128

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 and bond forwards) 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 (such as equity futures, swaps and options) are used to mitigate financial risk embedded in certain

insurance liabilities. 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 ofavailable-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.

The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in

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

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

representation within the index.

Corebridge |Second Quarter 2026 Form 10-Q 129

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

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

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

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

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

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

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

December 31, 2025. 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

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

Corebridge |Second Quarter 2026 Form 10-Q 130

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 2025 Form 10-K.

LIQUIDITY AND CAPITAL RESOURCES OFCOREBRIDGE PARENT AND INTERMEDIATE HOLDING

COMPANIES

As of June 30, 2026 and December 31, 2025, Corebridge Parent and its non-regulated intermediate holding companies (“Corebridge

Hold Cos.”) had$4.4 billion and$5.3 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$3.0 billion committed revolving credit facility as of June 30, 2026

and December 31, 2025, 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, 2026, 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 subsidiaries (primarily, insurance companies) which

totaled$276 million and$276 million at June 30, 2026 and December 31, 2025, 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 thethree and six months ended June 30, 2026, Corebridge Hold Cos. received$475 million and$1.4 billion in dividends from

subsidiaries, the six months ended June 30, 2026 includes dividends sourced from a portion of the proceeds received from the

reinsurance agreement with CSLR.

Corebridge |Second Quarter 2026 Form 10-Q 131

USES

Interest Payments

We made interest payments on our debt instruments totaling$155 million and$237 million, respectively, during thethree and six

months ended June 30, 2026.

Dividends

During thethree and six months ended June 30, 2026, we paid cash dividends totaling$112 million and $226 million, respectively,

consisting of a quarterly dividend of $0.25 per share of Corebridge Parent common stock.

During thethree and six months ended June 30, 2026, we paid cash dividends totaling$18 million, consisting of a semi-annual

dividend of $36.86 per share of Corebridge Parent preferred stock.

Repurchase of Common Stock

During thethree and six months ended June 30, 2026, we repurchased approximately 11 million and 52 million of shares of

Corebridge Parent common stock, for an aggregate purchase price of approximately$300 million and$1.6 billion.

For additional information, see Note 16 to the Condensed Consolidated Financial Statements.

Contributions

During thethree and six months ended June 30, 2026, Corebridge Hold Cos. made capital contributions totaling$75 million and$150

million to CRBG Bermuda.

LIQUIDITY AND CAPITAL RESOURCES OFCOREBRIDGE 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 companies

had$6.1 billion which were due to FHLBs in their respective districts at June 30, 2026, 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

hadno outstanding borrowings in the form of cash advances from FHLBs at June 30, 2026.

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$2.3 billion and$3.4 billion of securities subject

to these agreements at June 30, 2026 and December 31, 2025 and$2.4 billion and$3.3 billion liabilities to borrowers for collateral

received at June 30, 2026 and December 31, 2025.

We manage the capital of our Life Fleet 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, 2025.

Corebridge |Second Quarter 2026 Form 10-Q 132

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 2025 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:

Operating Activities

Cash inflows from operating activities primarily include insurance premiums, fees and investment income. Cash outflows from

operating activities primarily include benefit payments, general operating expenses and servicing of debt. Operating cash flow will

fluctuate based on the timing of premiums received and benefit payments to policyholders, as well as other core business activities.

Investing Activities

Cash inflows from investing activities primarily include sales and maturities of underlying assets, mainly fixed maturities available-for-

sale and principal payments on mortgage and other loans. The primary cash outflows for investing activities relate to the purchases of

new securities, mainly fixed maturities available-for-sale.

Financing Activities

Cash inflows from financing activities primarily include policyholder deposits on investment-type contracts, issuances of debt and

inflows from the settlement of securities lending and repurchase agreements. Cash outflows primarily relate to policyholder withdrawal

activity on investment-type contracts, repayments of debt of consolidated investment entities, repayments of short and long-term debt,

repurchases of common stock, issuance of preferred stock, shareholder dividends, distributions to noncontrolling interests and

outflows for the settlement of securities lending and repurchase agreements.

CONTRACTUAL OBLIGATIONS

As of June 30, 2026, there have been no material changes in our contractual obligations from December 31, 2025, a description of

which may be found in“Management’s Discussion and Analysis of Financial Condition and Results of Operation —Liquidity and

Capital Resources—Contractual Obligations” in the 2025 Form 10-K.

Corebridge |Second Quarter 2026 Form 10-Q 133

SHORT-TERM AND LONG-TERM DEBT

We expect to repay the short-term and long-term debt maturities and interest accrued on these borrowings through cash flows

generated from invested assets, future cash flows from operations, and future debt and other financing arrangements.

The following tables provide therollforward of our total debt outstanding: