Corebridge Financial, Inc.
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 3, 2026
CRBG$34.09-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001889539-26-000141
Item 2. |Management’s Discussion and Analysis of FinancialOverviewCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-03.
0001889539-26-000159
Item 2. |Management’s Discussion and Analysis of FinancialOverviewThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 1251 previous paragraphs and 1330 current paragraphs.
900 unchanged; 249 reworded; 168 added; 97 removed; 5 previous and 13 current paragraphs rearranged.
Tables are not compared: 81 previous and 83 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (168)
Current report
Most of the fixed annuities, fixed index annuities, registered index-linked annuities, variable annuities and universal life insurance
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products we offer maintain policyholder deposits that are reported as liabilities and classified within either separate account liabilities
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or policyholder contract deposits. Our products and riders also impact liabilities for future policyholder benefits and unearned
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revenues and assets for DAC and DSI. The valuation of these assets and liabilities (other than deposits) is based on differing
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accounting methods depending on the product, each of which requires numerous assumptions and considerable judgment. The
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accounting guidance applied in the valuation of these assets and liabilities includes, but is not limited to, the following:(i) traditional life
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and limited pay insurance products for which actual experience is reflected in the liability and assumptions are reviewed and updated
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at least annually, if necessary, with the recognition and parenthetical presentation of any resulting re-measurement gain or loss in
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policyholder benefits (except for discount rate changes) in the income statement; (ii) certain product guarantees for which benefit
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liabilities are accrued over the life of the contract in proportion to actual and future expected policy assessments; (iii) certain product
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guarantees reported as market risk benefits or index-linked interest credited features accounted for as embedded derivatives which
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are carried at fair value; and (iv) unearned revenue and assets for DAC, VOBA and DSI which are amortized on a constant level basis
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At least annually, typically in the third quarter, we conduct a comprehensive review of the underlying assumptions within our
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actuarially determined assets and liabilities. These assumptions include, but are not limited to, policyholder behavior, mortality,
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expenses, investment returns and policy crediting rates. Changes in assumptions can result in a significant change to the carrying
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value of product liabilities and assets and, consequently, the impact could be material to earnings in the period of the change.
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For further details of our accounting policies and related judgments pertaining to assumption updates, see “Update of Actuarial
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Assumptions and Models”, herein and “Accounting Policies and Pronouncements—Critical Accounting Estimates—Market Risk
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Products, Guaranteed Benefit Features of Variable Annuity, Fixed Annuity and Fixed Index Annuity Products, and Future Policy
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Benefits for Life, Accident and Health Insurance Contracts” in the 2025 Form 10-K.
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other investment products which would result in changes to accounting policies and RBC requirements. In August 2026, the NAIC’s
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Executive Committee and Plenary adopted revisions to the Life and Fraternal RBC Blanks, Instructions and Formula to modify RBC
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charges for collateral loans by implementing a “look-through” approach to apply a capital charge based on the risk of the underlying
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collateral and to use a percentage reduction to reflect overcollateralization to be effective for year-end 2027 reporting. We are actively
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contemplate updating NAIC guidance for life insurance and annuity illustrations and disclosures and, on September 15, 2026, that
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Working Group formally opened its Annuity Disclosure Model Regulation 245 revisions. Suggested revisions could include changes to
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and $2.9 billion and $2.3 billion for the nine months ended September 30, 2026 and 2025, respectively.
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billion and $2.3 billion for the nine months ended September 30, 2026 and 2025, respectively.
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•higher net realized gains of$2.3 billion primarily driven by higher gains from Fortitude Re related balances and higher gains from
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•lower policyholder benefits of$1.4 billion primarily due to lower new pension risk transfer business; and
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•favorable change in the fair value of market risk benefits, net of$309 million compared to prior year primarily driven by impacts of
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higher interest rates partially offset by a lower increase in equity markets, the impacts of the annual actuarial assumption updates
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•lower premiums of$1.4 billion primarily due to lowernew pension risk transfer business;
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fixed, fixed index and registered index-linked annuities and GIC business; and
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•higher net realized gains of$4.8 billion primarily driven by lower losses from Fortitude Re related balances, higher gains from
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•lower policyholder benefits of$1.7 billion primarily due to lower new pension risk transfer business.
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Removed paragraphs (97)
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Corebridge |Second Quarter 2026 Form 10-Q 78
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Task Force is ongoing and could result in changes to RBC requirements and calculations in the future, which could affect our capital
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result in changes to accounting policies and RBC requirements. We are actively monitoring these developments associated with these
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for life insurance and annuity illustrations and disclosures. Suggested revisions could include changes to illustration requirements for
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$1.9 billion and $1.5 billion for the six months ended June 30, 2026 and 2025, respectively.
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$1.6 billion for the six months ended June 30, 2026 and 2025, respectively.
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•lower net realized losses of$1.4 billion primarily driven by lower losses on sales of fixed maturity securities and lower losses from
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•unfavorable change in the fair value of market risk benefits, net of$180 million in the second quarter of 2026 compared to a
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favorable change in the fair value of market risk benefits, net of $279 million in the second quarter of 2025 primarily driven by the
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impact of the reinsurance agreement with CSLR partially offset by higher equity markets compared to the prior year.
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•higher interest credited to policyholder account balances of$84 million primarily due to higher interest rates and higher sales
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activity in fixed and fixed index annuities and growing GIC business; and
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•lower policyholder benefits of$345 million primarily on new pension risk transfer business.
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reinsurance agreement with CSLR, partially offset by impacts of higher equity markets and interest rates compared to the prior
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•lower premiums of$388 million primarily on new pension risk transfer business;
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activity in fixed, fixed index and registered index-linked annuities and growing GIC business; and
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•lower net investment income of$140 million primarily driven by lower variable investment income and lower income on Fortitude
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•higher policyholder benefits of$149 million primarily due to higher new pension risk transfer business; and
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•higher interest credited to policyholder account balances of$149 million primarily due to growth in fixed, fixed index and
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•higher premiums of$108 million primarily due to higher new pension risk transfer business; and
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•lower premiums of$366 million primarily due to lower new pension risk transfer business;
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•lower policyholder benefits of$286 million primarily due to lower new pension risk transfer business; and
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•lower spread income of $39 million driven bya decrease in variable investment income of$54 million mostly due to lower
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•higher amortization of DAC and DSI of$17 million primarily due to growth in the business.
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•lower spread income of$69 million driven bya decrease in variable investment income of$88 million due to lower alternative
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•higher amortization of DAC and DSI of$34 million primarily due to growth in the business.
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Reworded paragraphs (249)
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and its consolidated results of operations for thethree and six months ended June 30, 2026 and 2025. In addition to historical data,
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2025, and its consolidated results of operations for thethree and nine months ended September 30, 2026 and 2025. In addition to
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this discussion contains forward-looking statements about our business operations and financial performance based on current
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historical data, this discussion contains forward-looking statements about our business operations and financial performance based
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expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the
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on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in
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forward-looking statements as a result of various factors. You should read the following analysis of our consolidated financial condition
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the forward-looking statements as a result of various factors. You should read the following analysis of our consolidated financial
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and results of operations in conjunction with the (unaudited)Condensed Consolidated Financial Statements and the statements under
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condition and results of operations in conjunction with the (unaudited)Condensed Consolidated Financial Statements and the
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“Cautionary Statements Regarding Forward-Looking Information,” included elsewhere in this Quarterly Report and the“Management’s
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statements under “Cautionary Statements Regarding Forward-Looking Information,” included elsewhere in this Quarterly Report and
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Discussion and Analysis of Results of Operations and Financial Condition,” andthe“Risk Factors” section in the 2025 Form 10-K.
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the“Management’s Discussion and Analysis of Results of Operations and Financial Condition,” andthe“Risk Factors” section in the
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Corebridge |Second Quarter 2026 Form 10-Q 79
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Corebridge |Third Quarter 2026 Form 10-Q 79
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Corebridge |Third Quarter 2026 Form 10-Q 80
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charge to pre-tax earnings. As of June 30, 2026,$23.6 billion of reserves had been ceded to Fortitude Re.
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charge to pre-tax earnings. As of September 30, 2026,$22.1 billion of reserves had been ceded to Fortitude Re.
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In 2021, we entered into a long-term asset management relationship with Blackstone. As of June 30, 2026, Blackstone managed
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In 2021, we entered into a long-term asset management relationship with Blackstone. As of September 30, 2026, Blackstone
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approximately$70.3 billion in book value of assets in our investment portfolio.
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managed approximately$74.4 billion in book value of assets in our investment portfolio.
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June 30, 2026, BlackRock managed approximately$91.8 billion in book value of assets in our investment portfolio, consisting of liquid
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September 30, 2026, BlackRock managed approximately$92.8 billion in book value of assets in our investment portfolio, consisting of
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valuations driven by equity market conditions during thesecond quarter of 2026 may impact the private equity investments in the
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valuations driven by equity market conditions during thethird quarter of 2026 may impact the private equity investments in the
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alternative investments portfolio in thethird quarter of 2026.
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alternative investments portfolio in thefourth quarter of 2026.
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Of the aggregate fixed account values of our Individual Retirement and Group Retirement annuity products,38% and 40% were
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Of the aggregate fixed account values of our Individual Retirement and Group Retirement annuity products,37% and 40% were
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crediting at the contractual minimum guaranteed interest rate at June 30, 2026 and December 31, 2025, respectively. In the universal
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crediting at the contractual minimum guaranteed interest rate at September 30, 2026 and December 31, 2025, respectively. In the
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life insurance products in our Life Insurance business,58% and 59% of the account values were crediting at the contractual minimum
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universal life insurance products in our Life Insurance business,58% and 59% of the account values were crediting at the contractual
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guaranteed interest rate at June 30, 2026 and December 31, 2025, respectively. These businesses continue to focus on pricing
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minimum guaranteed interest rate at September 30, 2026 and December 31, 2025, respectively. These businesses continue to focus
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discipline and strategies to manage the minimum guaranteed interest crediting rates offered on new sales in the context of regulatory
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on pricing discipline and strategies to manage the minimum guaranteed interest crediting rates offered on new sales in the context of
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comprehensive gap analysis and consistency assessment of the existing RBC framework to identify potential issues. The work of the
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comprehensive gap analysis and consistency assessment of the existing RBC framework to identify potential issues. Relatedly, the
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Assets (E) Task Force took place in March 2026. It was established for the purpose of better understanding investment products with
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inaugural meeting of the Invested Assets (E) Task Force took place in March 2026. It was established for the purpose of better
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characteristics that pose unique risks to insurers and developing investment-related solvency policy changes. For example, in July
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understanding investment products with characteristics that pose unique risks to insurers and developing investment-related solvency
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2026, the Financial Condition (E) Committee of the NAIC approved new Life RBC factors, to be effective December 31, 2026, for
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policy changes. Further to those efforts, in July 2026, the NAIC Financial Condition (E) Committee approved new Life RBC factors, to
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CLOs, collateralized bond obligations (“CBOs”) and collateralized debt obligations (“CDOs”). This framework includes (i) lower RBC
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be effective December 31, 2026, for CLOs, collateralized bond obligations (“CBOs”) and collateralized debt obligations (“CDOs”). This
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factors for senior investment-grade tranches (NAIC Designation Category 1.A through 1.G) and higher RBC factors for lower rated
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framework includes (i) lower RBC factors for senior investment-grade tranches (NAIC Designation Category 1.A through 1.G) and
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tranches (NAIC Designation Category 2.A or below) and (ii) an 11.77% pretax surcharge that will apply to below-investment-grade
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higher RBC factors for lower rated tranches (NAIC Designation Category 2.A or below) and (ii) an 11.77% pretax surcharge that will
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tranches (NAIC Designation Category 2.C or below) of only broadly syndicated loan CLOs (not middle market CLOs) with a thickness
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apply to below-investment-grade tranches (NAIC Designation Category 2.C or below) of only broadly syndicated loan CLOs (not
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of 4% or less. The NAIC and its related working groups continue to consider the treatment of other investment products which would
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middle market CLOs) with a thickness of 4% or less. The NAIC and its related working groups continue to consider the treatment of
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RBC-related NAIC initiatives and their potential impacts on our life insurance subsidiaries.
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monitoring these developments associated with these RBC-related NAIC initiatives and their potential impacts on our life insurance
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planning, investment strategies, reporting obligations and permitted disclosures. Relatedly, the inaugural meeting of the Invested
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subsidiaries, which changes could affect our capital planning, investment strategies, reporting obligations and permitted disclosures.
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VM-22 principles-based reserving applicable to non-variable annuity contracts is effective on January 1, 2026, and Companies have
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VM-22 principles-based reserving applicable to non-variable annuity contracts was effective on January 1, 2026, and Companies
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three years to implement VM-22 requirements with mandatory adoption January 1, 2029. The NAIC’s Life Actuarial Task Force VM-22
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have three years to implement VM-22 requirements with mandatory adoption January 1, 2029. The NAIC’s Life Actuarial Task Force
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over the expected term of the related contracts using assumptions consistent with those used in estimating the related liability for
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future policy benefits, or any other related balances, for those corresponding contracts, as applicable.
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Benefits, Valuation of Embedded Derivatives for Fixed Index Annuity, Registered Index-Linked Annuity and Index Universal Life
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index-linked interest credited embedded derivatives, net of related hedges;
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assets driven by growth in equity market performance.
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APTOI increased $16 million, primarily due to:
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Adjusted pre-tax operating loss increased$24 million primarily due to:
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period in the prior year, were primarily due to higher gains from index-linked interest credited embedded derivatives, net of related
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individual variable annuity business previously reported in the Individual Retirement segment, is now included within Corporate and Other. The results of operations from
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the variable annuity business have been excluded from APTOI.
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received from the reinsurance agreement with CSLR.
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notes will be used to repay a portion of the $1.25 billion of 3.65% senior notes that will mature on April 5, 2027.
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For a complete discussion of our critical accounting estimates, see “Management’s Discussion and Analysis of Financial Condition
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growth and asset optimization initiatives; and
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investment and yield enhancement income, andlower base spread income of$43 million primarily due to the impact of lower
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•higher fee income, net of advisory fee expenses of$28 million, mostly due to higher average separate account and mutual fund
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•higher general operating expenses of$16 million consistent with business growth and trends.
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partially offset byhigher base spread income, reflecting growth in the business; and