Corebridge Financial, Inc.

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards

updates (“ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.

FUTURE APPLICATION OF ACCOUNTING STANDARDS

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued an ASU to improve the disclosures about a company’s business expenses. The standard

requires disclosure about specific types of expenses, such as depreciation, intangible asset amortization and employee

compensation, included in the expense captions presented on the face of the income statement as well as disclosures about selling

expenses. The standard is effective for public companies for annual periods beginning after December 15, 2026 and interim reporting

periods beginning after December 15, 2027. The standard is allowed to be applied on either a prospective or retrospective basis. We

are assessing the impact of this standard.

Corebridge |Third Quarter 2026 Form 10-Q 14

3. Segment Information

We report our results of operations consistent with the manner in which our Chief Executive Officer, who is the chief operating

decision maker (“CODM”), reviews the business to assess performance and allocate resources.

We report our results of operations asfive 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 ofstable value wrap (“SVW”) products, structured settlement and pension risk transfer (“PRT”)

annuities, guaranteed investment contracts (“GICs”) and Corporate Markets products that include corporate- and bank-owned life

insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuity 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 Adjusted Pre-Tax Operating Income (“APTOI”) as they are not indicative of our

ongoing business operations.

The CODM assesses segment performance and allocates capital and resources to the segments based on an evaluation of each

segments’ adjusted revenues and APTOI. Adjusted revenues are derived by excluding certain items from total revenues. APTOI is

derived by excluding certain items from income from operations before income tax. 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 adjustments that we believe to be common to the industry.

Legal entities are attributed to each segment based upon the predominance of activity in that legal entity.

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 |Third Quarter 2026 Form 10-Q 15

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 Benefits adjustments:

Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain guaranteed minimum withdrawal benefits

(“GMWBs”)and/or guaranteed minimum death benefits (“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.

Corebridge |Third Quarter 2026 Form 10-Q 16

The following table presents Corebridge’s operations by segment:

Corebridge |Third Quarter 2026 Form 10-Q 17

(a)Adjustments include Fortitude Re activity of$944 million and$(312) million for thethree months ended September 30, 2026 and 2025, respectively, and$1,089 million

and$(511) million for thenine months ended September 30, 2026 and 2025, respectively.

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

(c)Adjustments for the three andnine months ended September 30, 2026 primarily include costs associated with the merger and ongoing modernization initiatives.

Adjustments for the three andnine months ended September 30, 2025 include restructuring and other costs, primarily severance related costs and ongoing

modernization initiatives.

Corebridge |Third Quarter 2026 Form 10-Q 18

4. Fair Value Measurements

FAIR VALUE MEASUREMENTS ON A RECURRING BASIS

Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in

accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

•Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for

identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted

price for such instruments.

•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset

or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted

prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are

observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both

observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances

for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we

must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level

in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input

that is significant to the fair value measurement in its entirety.

ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

The following table presents information about assets and liabilities measured at fair value on a recurring basis and

indicates the level of the fair value measurement based on the observability of the inputs used:

Corebridge |Third Quarter 2026 Form 10-Q 19

Corebridge |Third Quarter 2026 Form 10-Q 20

(a)Represents netting of derivative exposures covered by qualifying master netting agree ments.

(b)Excludes private equity fund and hedge fund investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent). Total private

equity fund investments measured at NAV were$7.1 billion and$6.5 billion as of September 30, 2026 and December 31, 2025, respectively. Total hedge fund

investments measured at NAV were$90 million and$121 million as of September 30, 2026 and December 31, 2025.

(c)Excludes basis adjustments for fair value hedges.

(d)As discussed in Note 7, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments

supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s Condensed Consolidated Balance Sheets. This embedded derivative

is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge, which are primarily available-for-sale securities.

Corebridge |Third Quarter 2026 Form 10-Q 21

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

The following tables present changes during thethree and nine months ended September 30, 2026 and 2025 in Level 3

assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to

the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at September 30, 2026 and 2025:

Corebridge |Third Quarter 2026 Form 10-Q 22

Corebridge |Third Quarter 2026 Form 10-Q 23

Corebridge |Third Quarter 2026 Form 10-Q 24

(a)Excludes MRB assets of $2.3 billion at September 30, 2026 and $2.5 billion at September 30, 2025. See Note 14 for additional information.

(b)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

(c)Excludes MRB liabilities of$7.2 billion at September 30, 2026 and $7.0 billion at September 30, 2025. See Note 14 for additional information.

Corebridge |Third Quarter 2026 Form 10-Q 25

Change in the fair value of market risk benefits, net and net realized and unrealized gains and losses included in income

related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income

(Loss) as follows:

(a)The portion of the fair value change attributable toour own credit risk is recognized in Other comprehensive income (loss) (“OCI”).

(b)Primarily embedded derivatives.

(c)Market risk benefit assets and liabilities have been netted in these tables for presentation purposes only.

Corebridge |Third Quarter 2026 Form 10-Q 26

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for

thethree and nine months ended September 30, 2026 and 2025 related to Level 3 assets and liabilities in the Condensed

Consolidated Balance Sheets:

Corebridge |Third Quarter 2026 Form 10-Q 27

*There wereno issuances during thethree and nine months ended September 30, 2026 and 2025 for invested assets.

Corebridge |Third Quarter 2026 Form 10-Q 28

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables

above. As a result, the unrealized gains (losses) on instruments held at September 30, 2026 and 2025 may include changes in fair

value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in

unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

We record transfers of assets and liabilities into or out of Level 3 at their fair values as of the end of each reporting period, consistent

with the date of the determination of fair value. The Net realized and unrealized gains (losses) included in net income (loss) or OCI as

shown in the table above excludes$(61) million and$15 million of net gains (losses) related to assets transferred into Level 3 during

thethree months ended September 30, 2026 and 2025, respectively, and$(65) million and$(15) million of net gains (losses) related

to assets transferred into Level 3 during thenine months ended September 30, 2026 and 2025, respectively, and includes$(28)

million and$(25) million of net gains (losses) related to assets transferred out of Level 3 during thethree months ended September

30, 2026 and 2025, respectively, and $(47) million and$(9) million of net gains (losses) related to assets transferred out of Level 3

during thenine months ended September 30, 2026 and 2025, respectively.

Transfers of Level 3 Assets

During thethree and nine months ended September 30, 2026 and 2025, transfers into Level 3 assets primarily included certain

investments in private placement corporate debt, commercial mortgage backed securities (“CMBS”), collateralized loan obligations

(“CLOs”), other asset-backed securities (“ABS”). Transfers of private placement corporate debt and certain ABS into Level 3 assets

were primarily the result of limited market pricing information that required us to determine fair value for these securities based on

inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market

liquidity. The transfers of investments in CMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency

and liquidity for individual security types.

During thethree and nine months ended September 30, 2026, transfers out of Level 3 assets into Level 2 assets totaled$1.1 billion

and$13.4 billion respectively and primarily included certain investments in ABS and residential mortgage backed securities (“RMBS”).

We determined that there are less unobservable inputs due to increased trade volume of comparable securities as evidenced by

converging valuations from multiple price vendors which resulted in moving these securities into Level 2 assets.

During thethree and nine months ended September 30, 2025, transfers out of Level 3 assets primarily included private placement

and other corporate debt, CMBS, RMBS, CLO and ABS. Transfers of corporate debt, RMBS, CMBS and CLO and ABS out of Level 3

assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for

these investments. Transfers of certain investments in private placement corporate debt and certain ABS out of Level 3 assets were

primarily the result of using observable pricing information that reflects the fair value of those securities without the need for

adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

Transfers of Level 3 Liabilities

There were no significant transfers of derivative or other liabilities into or out of Level 3 for thethree and nine months ended

September 30, 2026 and 2025.

Corebridge |Third Quarter 2026 Form 10-Q 29

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain

Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as

data from independent third-party valuation service providers and from internal valuation models. Because input information from third

parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below

may not equal total amounts reported for such Level 3 assets and liabilities:

Corebridge |Third Quarter 2026 Form 10-Q 30

Corebridge |Third Quarter 2026 Form 10-Q 31

Corebridge |Third Quarter 2026 Form 10-Q 32

(a)Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.

(b)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives

within policyholder contract deposits and MRBs uses a range of inputs that vary at the contract level over the cash flow projection period, management believes that

presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(c)Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default

rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not

necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the

tranches purchased by us because there are other factors relevant to the fair values of specific tranches owned by us, including, but not limited to, purchase price,

position in the waterfall, senior versus subordinated position and attachment points.

(d)The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 7, the Fortitude Re funds withheld payable is created through

modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on

Corebridge’s Condensed Consolidated Balance Sheets. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets

held by Corebridge. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the

reinsurance agreements that are held on Corebridge’s Condensed Consolidated Balance Sheets.

(e)The ranges for these inputs vary due to the different GMWB product specification and policyholder characteristics across in-force policies. Policyholder characteristics

that affect these ranges include age, policy duration, and gender.

(f)Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table.

(g)The partial withdrawal utilization unobservable input range shown applies only to policies with GMWB riders.

(h)The non-performance risk adjustment (“NPA”) is applied as a spread over risk-free curve for discounting. This spread includes direct and ceded NPA spreads, where

applicable.

(i)The fixed index annuities embedded derivative associated with index credits related to the contracts with guaranteed product features included in policyholder contract

deposits was$1.8 billion and$2.0 billion at September 30, 2026 and December 31, 2025, respectively.

The ranges of reported inputs for obligations of states, municipalities and political subdivisions, corporate debt, RMBS, CLO/ABS and

CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value-weighted

average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3

assets and liabilities.

Interrelationships Between Unobservable Inputs

We consider unobservable inputs to be those for which market data is not available and that are developed using the best information

available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary

depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of

significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact

on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs

discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been

included in the discussion below. For each of the individual relationships described below, the inverse relationship would also

generally apply.

Fixed Maturity Securities

The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the

market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors, including constant

prepayment rates, loss severity and constant default rates. In general, increases in the yield would decrease the fair value of

investments, and conversely, decreases in the yield would increase the fair value of investments.

Corebridge |Third Quarter 2026 Form 10-Q 33

MRBs and Embedded Derivatives within Policyholder Contract Deposits

For MRBs (including ceded MRBs) and embedded derivatives, the assumptions for unobservable inputs vary throughout the period

over which cash flows are projected for valuation purposes. The following are applicable unobservable inputs:

•Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available.

Increases in assumed volatility will generally increase the fair value of both the projected cash flows from rider fees as well as the

projected cash flows related to benefit payments. Therefore, the net change in the fair value of the liability may be either a

decrease or an increase, depending on the relative changes in projected rider fees and projected benefit payments.

•Equity and interest rate correlation estimates the relationship between changes in equity returns and interest rates in the

economic scenario generator used to value our MRBs. In general, a higher positive correlation assumes that equity markets and

interest rates move in a more correlated fashion, which generally increases the fair value of the liability. Only our fixed index

annuities with a GMWB rider are subject to the equity and interest correlation assumption. Other policies such as accumulation

fixed index annuity and index universal life products do not use a correlation assumption.

•Base lapse rate assumptions are determined by company experience and judgment and are adjusted at the contract level using a

dynamic lapse function, which reduces the base lapse rate when the contract is in-the-money (when the contract holder’s

guaranteed value, as estimated by the company, is worth more than their underlying account value). Lapse rates are also

generally assumed to be lower in periods when a surrender charge applies. Increases in assumed lapse rates will generally

decrease the fair value of the liability as fewer policyholders would persist to collect guaranteed benefit amounts.

•Mortality rate assumptions, which vary by age and gender, are based on company experience and include a mortality

improvement assumption. Increases in assumed mortality rates will decrease the fair value of the GMWB liability, while lower

mortality rate assumptions will generally increase the fair value of the liability because guaranteed withdrawal payments will be

made for a longer period of time and generally exceed any decrease in guaranteed death benefits.

•Utilization assumptions estimate the timing when policyholders with a GMWB will elect to utilize their benefit and begin taking

withdrawals. The assumptions may vary by the type of guarantee, tax-qualified status, the contract’s withdrawal history and the

age of the policyholder. Utilization assumptions are based on company experience, which includes partial withdrawal behavior.

Increases in assumed utilization rates will generally increase the fair value of the liability.

•Non-performance or “own credit” risk adjustment used in the valuation of MRBs and embedded derivatives, which reflects a

market participant’s view of our claims-paying ability by incorporating a different spread (the “NPA spread”) to the curve used to

discount projected cash flows. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair

value of the MRBs and embedded derivatives, resulting in a gain in Accumulated other comprehensive income (“AOCI”) or Net

realized gains (losses), respectively, and when corporate credit spreads narrow or tighten, the change in the NPA spread

generally increases the fair value of the MRBs and embedded derivatives, resulting in a loss in AOCI or Net realized gains

(losses), respectively. Additionally, the nonperformance risk assumption includes the counterparty credit risk used in the fair value

measurement of ceded market risk benefits associated with reinsurance arrangements for certain individual variable annuities,

which is determined using the current market credit spreads based on the counterparty credit rating.

•Policyholder behavior assumptions including lapses, withdrawals, benefit utilization and mortality incorporate a risk margin that a

market participant would require to accept the risk and uncertainty of the projected cash flows.

•For embedded derivatives, option budgets estimate the expected long-term cost of options used to hedge exposures associated

with index price changes. The level of option budgets determines future costs of the options, which impacts the growth in account

value and the valuation of embedded derivatives.

Embedded Derivatives within Reinsurance Contracts

The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return

swap technique with reference to the fair value of the investments held by Corebridge related to Corebridge’s funds withheld payable.

The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques.

The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered

Level 3 in the fair value hierarchy.

Corebridge |Third Quarter 2026 Form 10-Q 34

FAIR VALUE OPTION

The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair

value option:

(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond

securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.

(b)Includes certain hedge funds, private equity funds and other investment partnerships.

(c)Represents GICs.

We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest

rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of non-performance such as cash

collateral posted.

FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS

The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the

related impairment charges recorded during the periods presented:

Corebridge |Third Quarter 2026 Form 10-Q 35

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at

fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the

observability of the inputs used:

*Primarily includes balances related to reinsurance deposit assets.

Corebridge |Third Quarter 2026 Form 10-Q 36

5. Investments

SECURITIES AVAILABLE-FOR-SALE

The following table presents the amortized cost or cost and fair value of ouravailable-for-sale securities:

(a)Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI.

(b)Includes mark-to-market movement (“MTM”) relating to embedded derivatives and fair value hedge basis adjustment.

Corebridge |Third Quarter 2026 Form 10-Q 37

Securities Available-for-Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded

The following table summarizes the fair value and gross unrealized losses on ouravailable-for-sale securities, aggregated

by major investment category and length of time that individual securities have been in a continuous unrealized loss

position for which no allowance for credit loss has been recorded:

*Includes mark-to-market movement relating to embedded derivatives and fair value hedge basis adjustment.

At September 30, 2026, we held 15,918 individual fixed maturity securities that were in an unrealized loss position and for which no

allowance for credit losses has been recorded (including 8,372 individual fixed maturity securities that were in a continuous unrealized

loss position for 12 months or more). At December 31, 2025, we held 11,154 individual fixed maturity securities that were in an

unrealized loss position and for which no allowance for credit losses has been recorded (including 8,986 individual fixed maturity

securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in

earnings on these fixed maturity securities at September 30, 2026 because it was determined that such losses were due to non-credit

factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to

sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed

fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position,

expected defaults, industry and sector analysis, forecasts and available market data.

Contractual Maturities of Fixed Maturity Securities Available-for-Sale

The following table presents the amortized cost and fair value of fixed maturity securities available-for-sale by contractual

maturity:

Corebridge |Third Quarter 2026 Form 10-Q 38

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations

with or without call or prepayment penalties.

The following table presents the gross realized gains and gross realized losses from sales or maturities of ouravailable-for-

sale securities:

For the three andnine months ended September 30, 2026, the aggregate fair value ofavailable-for-sale securities sold was$0.7

billion and$6.3 billion, respectively, which resulted in Net realized gains (losses) of$23 million and$(235) million, respectively.

Included within the Net realized gains (losses) are$(16) million and$(29) million of realized gains (losses) for the three andnine

months ended September 30, 2026, respectively, which relate to the Fortitude Re funds withheld assets held by Corebridge in support

of Fortitude Re’s reinsurance obligations to Corebridge (Fortitude Re funds withheld assets). These realized gains (losses) are

included in Net realized gains (losses) on Fortitude Re funds withheld assets.

For the three andnine months ended September 30, 2025, the aggregate fair value ofavailable-for-sale securities sold was$4.1

billion and$11.0 billion, respectively, which resulted in Net realized gains (losses) of$(29) million and$(703) million, respectively.

Included within the Net realized gains (losses) are$0 million and$(20) million of realized gains (losses) for the three andnine months

ended September 30, 2025, respectively, which relate to the Fortitude Re funds withheld assets held by Corebridge in support of

Fortitude Re’s reinsurance obligations to Corebridge (Fortitude Re funds withheld assets). These realized gains (losses) are included

in Net realized gains (losses) on Fortitude Re funds withheld assets.

OTHER SECURITIES MEASURED AT FAIR VALUE

The following table presents the fair value of fixed maturity securities measured at fair value, including securities in the

modco agreement with Fortitude Re, based on our election of the fair value option and equity securities measured at fair

value:

Corebridge |Third Quarter 2026 Form 10-Q 39

OTHER INVESTED ASSETS

The following table summarizes the carrying amounts of other invested assets:

(a)At September 30, 2026, included hedge funds of$90 million and private equity funds of$8.2 billion. At December 31, 2025, included hedge funds of$121 million and

private equity funds of$8.0 billion.

(b)All liquid hedge fund investments have been redeemed. The remaining investments, excluding those in the modco agreement with Fortitude Re, are in illiquid and/or

side pocket vehicles whose liquidation horizons are uncertain and likely to extend over the coming quarters and/or years.

(c)Net of accumulated depreciation of $468 million and$406 million as of September 30, 2026 and December 31, 2025, respectively.

(d)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 September 30, 2026 and December 31, 2025, respectively.

Other Invested Assets – Equity Method Investments

The carrying amount of equity method investments totaled$3.2 billion and$2.8 billion as of September 30, 2026 and December 31,

2025, respectively, representing various ownership percentages each period.

NET INVESTMENT INCOME

The following table presents the components of Net investment income:

*Included income from hedge funds and private equity funds. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a

one-quarter lag.

Corebridge |Third Quarter 2026 Form 10-Q 40

NET REALIZED GAINS AND LOSSES

The following table presents the components of Net realized gains (losses):

(a)Includes the impairment of fixed maturity securities in second quarter 2025 that Corebridge intended to transfer or sell in conjunction with the Reinsurance Agreements

discussed in Note 1.

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

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

The following table presents the increase (decrease) in unrealized appreciation (depreciation) of ouravailable-for-sale

securities:

Corebridge |Third Quarter 2026 Form 10-Q 41

The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting

period on equity securities and other invested assets still held at the reporting date:

EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS

Credit Impairments

The following table presents arollforward of the changes in allowance for credit losses onavailable-for-sale fixed maturity

securities by major investment category:

Corebridge |Third Quarter 2026 Form 10-Q 42

PLEDGED INVESTMENTS

Secured Financing and Similar Arrangements

We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase

agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially

similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in

exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us

(pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus

accrued interest, other than those that are accounted for at fair value.

Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the

amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these

secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these

agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the

securities transferred, respectively.

The following table presents the fair value of securities pledged to counterparties under secured financing transactions,

including repurchase and securities lending agreements:

At September 30, 2026 and December 31, 2025, amounts borrowed under repurchase and securities lending agreements totaled

$3.4 billion and$4.5 billion, respectively.

The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by

remaining contractual maturity:

The following table presents the fair value of securities pledged under our securities lending agreements by collateral type

and by remaining contractual maturity:

There were no reverse repurchase agreements at September 30, 2026 and December 31, 2025.

Corebridge |Third Quarter 2026 Form 10-Q 43

We do not currently offset any secured financing transactions. All such transactions are collateralized and margined daily consistent

with market standards and subject to enforceable master netting arrangements with rights of set off.

Insurance – Statutory and Other Deposits

The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or

other insurance-related arrangements, including certain annuity-related obligations and certain reinsurance treaties, was $10.7 billion

and $12.1 billion at September 30, 2026 and December 31, 2025, respectively.

Other Pledges and Restrictions

Certain of our subsidiaries are members of Federal Home Loan Banks (“FHLBs”) and such membership requires the members to own

stock in these FHLBs. We owned an aggregate of$293 million and$306 million of stock in FHLBs at September 30, 2026 and

December 31, 2025, respectively. In addition, our subsidiaries have pledged securities available-for-sale and residential loans

associated with borrowings and funding agreements from FHLBs, with a fair value of$4.0 billion and$7.6 billion, respectively, at

September 30, 2026 and $2.9 billion and $8.5 billion, respectively, at December 31, 2025.

Certain GICs recorded in policyholder contract deposits with a carrying value of$107 million and$48 million at September 30, 2026

and December 31, 2025, respectively, have provisions that require collateral to be posted or payments to be made by us upon a

downgrade of our Insurer Financial Strength (“IFS”) ratings. The actual amount of collateral required to be posted to the

counterparties in the event of such downgrades and the aggregate amount of payments that we could be required to make depend on

market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the

downgrade. The fair value of securities pledged as collateral with respect to these obligations was approximately$118 million and

$121 million at September 30, 2026 and December 31, 2025, respectively. This collateral primarily consists of securities of the U.S.

government and government-sponsored entities and generally cannot be repledged or resold by the counterparties.

As part of our collateralized reinsurance transactions, we pledge collateral to cedants as contractually required. The fair value of

securities pledged as excess collateral with respect to these obligations was approximately$567 million and$650 million at

September 30, 2026 and December 31, 2025, respectively. Additionally, assets supporting these transactions are held solely for the

benefit of the cedants and insulated from obligations owed to our other policyholders and general creditors.

Reinsurance transactions between Corebridge and Fortitude Re were structured as modified coinsurance.

6. Lending Activities

The following table presents the composition of Mortgage and other loans receivable, net:

(a)Commercial mortgages primarily represent loans for apartments, offices and industrial properties, with exposures in New York and California representing the largest

geographic concentrations (aggregating approximately 18% and 9%, respectively, at September 30, 2026, and 17% and 10%, respectively, at December 31, 2025).

The weighted average loan-to-value ratio for NY and CA was 66% and 58% at September 30, 2026, respectively, and 66% and 57% at December 31, 2025,

respectively. The debt service coverage ratio for NY and CA was 1.9 Xand 2.0 Xat September 30, 2026, respectively, and 1.9 X and 2.1 X at December 31, 2025,

(b)There were no loans that were held for sale which are carried at lower of cost or market as of September 30, 2026 and December 31, 2025.

(c)Does not include allowance for credit losses of $8 million and$7 million at September 30, 2026 and December 31, 2025, respectively, in relation to off-balance-sheet

commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired

loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed

when delinquent contractual principal and interest are repaid or when a portion of the delinquent contractual payments are made, and

the ongoing required contractual payments have been made for an appropriate period. As of September 30, 2026,$168 million and

$1.4 billion of residential mortgage loans and commercial mortgage loans, respectively, are in nonaccrual status. As of December 31,

2025,$128 million and$0.9 billion of residential mortgage loans and commercial mortgage loans, respectively, were placed on

nonaccrual status.

Corebridge |Third Quarter 2026 Form 10-Q 44

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance

Sheets. As of September 30, 2026, accrued interest receivable was$112 million and$158 million associated with residential

mortgage loans and commercial mortgage loans, respectively. As of December 31, 2025, accrued interest receivable was$107 million

and$175 million associated with residential mortgage loans and commercial mortgage loans, respectively.

A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for

specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the

provisions of a guarantee on a commercial real estate or mortgage loan.

Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due.

Nonperforming loans were approximately 1% of our loan portfolio for all periods presented.

CREDIT QUALITY OF COMMERCIAL AND RESIDENTIAL MORTGAGES

The following table presents debt service coverage ratios for commercial mortgages by year of vintage*:

*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 1.8 X at both periods ended September 30, 2026 and December 31, 2025. The debt service coverage ratios are updated when additional

relevant information becomes available.

The following table presents loan-to-value ratios for commercial mortgages by year of vintage*:

*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% at September 30, 2026 and 60% at December 31, 2025. 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.

Corebridge |Third Quarter 2026 Form 10-Q 45

The following table presents the credit quality performance indicators for commercial mortgages:

(a)Includes$21 million of Retail loansand$13 million of Office loans supporting the Fortitude Re Funds Withheld arrangements, greater than 90 days delinquent or in

process of foreclosure, at September 30, 2026.

(b)Does not reflect allowance for credit losses.

The following table presents credit quality performance indicators for residential mortgages by year of vintage:

*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 September

30, 2026 and December 31, 2025 residential loans direct to consumers totaled$7.2 billion and$7.8 billion, respectively.

Corebridge |Third Quarter 2026 Form 10-Q 46

ALLOWANCE FOR CREDIT LOSSES

The following table presents arollforward of the changes in the allowance for credit losses on Mortgage and other loans

receivable*:

*Does not include allowance for credit losses of$8 million and$17 million, respectively at September 30, 2026 and,2025, in relation to the off-balance-sheet

commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Condensed Consolidated Balance Sheets.

Our expectations and models used to estimate the allowance for losses on commercial and residential mortgage loans are regularly

updated to reflect the current economic environment.

LOAN MODIFICATIONS

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset

origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which

includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss

given default model to determine the allowance for credit losses for our commercial and residential mortgage loans. An assessment of

whether a borrower is experiencing financial difficulty is made on the date of a modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for

credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is

generally not recorded upon modification.

When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or

some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against

the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the

loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit

losses.

We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default

on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the

insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and

the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market

conditions for a non-troubled debtor.

During thenine months ended September 30, 2026, commercial mortgage loans with an amortized cost of$470 million (including$11

million supporting the funds withheld arrangements with Fortitude Re) and commercial loans, other loans and notes receivable with an

amortized cost of$21 million (none of which were supporting the funds withheld arrangements with Fortitude Re) were granted term

extensions and/or changes in interest payment terms. During thenine months ended September 30, 2025, commercial mortgage

loans with an amortized cost of$150 million and commercial loans, other loans and notes receivable with an amortized cost of$10

million (none of which were supporting the funds withheld arrangements with Fortitude Re) were granted term extensions.The

modified loans represent 1% of each of these two portfolio segments. These modifications added less thanone year to the weighted

average life of loans in each of these two portfolio segments.

During thenine months ended September 30, 2026, commercial mortgage loans with an amortized cost of$28 million and

commercial loans, other loans and notes receivable with an amortized cost of$10 million, which were previously extended, became

delinquent. There wereno loans that defaulted during thenine months ended September 30, 2025 that had been previously modified

with borrowers experiencing financial difficulties.

Corebridge closely monitors the performance of the loans modified to borrowers experiencing financial difficulty to understand the

effectiveness of its modification efforts.

Corebridge |Third Quarter 2026 Form 10-Q 47

7. Reinsurance

In the ordinary course of business, our companies may use ceded reinsurance to limit potential losses, provide additional capacity for

growth, minimize exposure to significant risks or to provide greater diversification of our businesses. We may also use assumed

reinsurance to diversify our business. Reinsurance premiums ceded are recognized when due, along with corresponding benefits.

Amounts recoverable from reinsurers are presented as a component of Reinsurance assets. In addition to contracts which qualify for

reinsurance accounting under U.S. GAAP, the Company also manages its risks through contracts which follow deposit accounting.

Certain of our reinsurers have sought rate increases on certain Yearly Renewal Term (YRT) agreements. We have disputed, and

expect to continue disputing, any requested rate increases under these agreements. These disputes may lead to and have resulted in

arbitration over the terms of the reinsurance contracts. To the extent reinsurers seek retroactive premium increases, our practice is to

assess and accrue our current estimate of probable loss with respect to these matters when appropriate.

On August 1, 2025 and January 2, 2026, AGL and USL closed their coinsurance and modco reinsurance agreements with CSLR,

effective as of August 1, 2025 and January 1, 2026, respectively. Under the terms of these reinsurance agreements, AGL and USL

reinsured 100% of their individual variable annuity contracts. The majority of the variable annuity contracts are considered investment

contracts as they do not contain significant insurance risk; therefore, the reinsurance of such contracts is accounted for under deposit

accounting. As of the closing dates, we 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. At inception, we recorded a net deposit asset of$2.8

billion, which includes a$2.2 billion deferred gain, reported in Other assets in the Condensed Consolidated Balance Sheets. The net

deposit asset was$2.6 billion and$2.5 billion as of September 30, 2026 and December 31, 2025, respectively. The deferred gain is

amortized into income over the estimated remaining life of the reinsured contracts. Additionally,$48.7 billion of separate account

liabilities were ceded under the modco portion of the agreement. Refer to Note 1 for additional information related to the reinsurance

agreement.

FORTITUDE RE

AGL and USL have modco reinsurance agreements with Fortitude Re, a registered Class 4 and Class E reinsurer in Bermuda.

VALIC’s modco agreement with Fortitude Re was recaptured effective January 1, 2025, resulting in a$45 million charge to pre-tax

earnings.

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., Corebridge), thereby creating an obligation for the ceding company to pay the

reinsurer (i.e., Fortitude Re) at a later date. Additionally, as Corebridge maintains ownership of these investments, Corebridge

maintains its existing accounting for these assets (e.g., the changes in fair value of available-for-sale securities will be recognized

within OCI). Corebridge has 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 the embedded derivative related to the funds withheld payable are recognized in

earnings through realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are

attributable to various assets and liabilities associated with these reinsurance agreements. As the majority of the invested assets

supporting the modco are fixed income securities that are available-for-sale, there is a mismatch between the accounting for the

embedded derivative as its changes in fair value are recorded through net income while changes in the fair value of the fixed maturity

securities available-for-sale are recorded through OCI.

Corebridge |Third Quarter 2026 Form 10-Q 48

There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes

the composition of the pool of assets:

(a)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld

arrangements had a fair market value of$0 million and$912 million, respectively, as of September 30, 2026. The derivative assets and liabilities supporting the

Fortitude Re funds withheld arrangements had a fair market value of$0 million and$615 million, respectively, as of December 31, 2025. These derivative assets and

liabilities are fully collateralized either by cash or securities.

(b)Primarily comprised of Cash and Accrued investment income.

The impact of the funds withheld arrangements with Fortitude Re was as follows:

*The income tax expense (benefit) and the tax impact in OCI was computed using the U.S. statutory tax rate of 21%.

Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the

fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included

in the embedded derivative in the Fortitude Re funds withheld arrangement and the appreciation (depreciation) of the assets is the

primary driver of the comprehensive income (loss) reflected above.

REINSURANCE – CREDIT LOSSES

The total reinsurance recoverables as of September 30, 2026 were$24.0 billion. As of that date, utilizing Corebridge’s Obligor Risk

Ratings, (i) approximately 100% of thereinsurance recoverables were investment grade, (ii) approxima tely 0% were non-investment

grade reinsurance recoverables and (iii) none of the reinsurance recoverables were related to entities that were not rated by

Corebridge.

Reinsurance Recoverable Allowance

The following table presents arollforward of the reinsurance recoverable allowance:

There were no material recoveries of credit losses previously written off for thenine months ended September 30, 2026 or 2025.

Corebridge |Third Quarter 2026 Form 10-Q 49

Past-Due Status

We consider a reinsurance asset to be past due when it is 90 days past due and record an allowance for disputes when there is

reasonable uncertainty of the collectability of a disputed amount during the reporting period. Past-due balances were not significant

for any of the periods presented.

8. Variable Interest Entities

A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial

support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations

through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary

beneficiary is not based on majority voting interest but is based on other criteria discussed below.

We enter into various arrangements with VIEs in the normal course of business and consolidate the VIEs when we determine we are

the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms,

nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing

the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to

expose the variable interest holders.

The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the

entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially

significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-

making ability and our ability to influence activities that significantly affect the economic performance of the VIE.

BALANCE SHEET CLASSIFICATION AND EXPOSURE TO LOSS

Creditors or beneficial interest holders of VIEs for which the Company is the primary beneficiary generally have recourse

only to the assets and cash flows of the VIEs and do not have recourse to the Company. The following table presents the

total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Condensed

Consolidated Balance Sheets:

Corebridge |Third Quarter 2026 Form 10-Q 50

(a)Composed primarily of investments in real estate joint ventures at September 30, 2026 and December 31, 2025.

(b)The assets of each VIE can be used only to settle specific obligations of that VIE.

(c)Off-balance-sheet exposure primarily consisting of commitments by insurance operations and affiliates into real estate and investment entities. At September 30, 2026

and December 31, 2025, the Company had commitments to internal parties of $0.8 billion and$0.9 billion and commitments to external parties of$0.2 billion and

$0.3 billion, respectively.

The following table presents the revenue, net income (loss) attributable to noncontrolling interests and net income (loss)

attributable to Corebridge associated with our variable interests in consolidated VIEs, as classified in the Condensed

Consolidated Statements of Income (Loss):

We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of

VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation and

(iii) other commitments and guarantees to the VIE.

Corebridge |Third Quarter 2026 Form 10-Q 51

The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our

maximum exposure to loss associated with these VIEs:

(a)Composed primarily of hedge funds and private equity funds.

(b)At September 30, 2026 and December 31, 2025,$6.8 billion and$6.2 billion, respectively, of our total unconsolidated VIE assets were recorded as other invested

assets.

(c)These amounts represent our unfunded commitments to invest in private equity funds and hedge funds.

Additionally, Corebridge is a passive investor in certain investment vehicles that securitized certain secured loans, bank loans and

residential mortgage loans. The notes held by Corebridge and their related fair values are included in theavailable-for-sale

disclosures that are reported in Notes 4 and 5. As of September 30, 2026, the total VIE assets of these securitizations are$2.6 billion,

of which Corebridge’s maximum exposure to loss including unfunded commitments is$2.5 billion. As of December 31, 2025, the total

VIE assets of these securitizations are$2.5 billion, of which Corebridge’s maximum exposure to loss is$2.5 billion.

9. 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 futures, swaps, options and bond forwards), equity derivatives (such as

equity futures, swaps and options) and fixed maturity securities are used to economically mitigate interest rate risk, equity risk and

credit spread exposure associated with MRBs and embedded derivatives contained in insurance contract liabilities. Interest rate

derivatives are used to manage interest rate risk associated with fixed maturity securities as well as other interest rate sensitive

assets and liabilities. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives and

MRBs in certain insurance 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.

We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they

are meant to offset. As part of our strategy to enhance investment income, in addition to hedging activities, we also enter into

derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (“CDS”), total

return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds.

Interest rate, currency and equity swaps, credit contracts, swaptions, options and forward transactions are accounted for as

derivatives, recorded on a trade-date basis and carried at fair value. Unrealized gains and losses are generally reflected in income,

except in certain situations in which hedge accounting is applied and unrealized gains and losses are reflected in AOCI. Aggregate

asset or liability positions are netted on the Condensed Consolidated Balance Sheets only to the extent permitted by qualifying master

netting arrangements in place with each respective counterparty. Cash collateral posted with counterparties in conjunction with

transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative

liability, while cash collateral received in conjunction with transactions supported by qualifying master netting arrangements is reported

as a reduction of the corresponding net derivative asset.

Derivatives, with the exception of embedded derivatives, are reported at fair value in the Condensed Consolidated Balance Sheets in

Other assets and Other liabilities. Embedded derivatives are generally presented with the host contract in the Condensed

Consolidated Balance Sheets. A bifurcated embedded derivative is measured at fair value and accounted for in the same manner as a

freestanding derivative contract. The corresponding host contract is accounted for according to the accounting guidance applicable for

that instrument.

For additional information on embedded derivatives and MRBs, see Notes 4,13 and 14.

Corebridge |Third Quarter 2026 Form 10-Q 52

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.

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

(d)Includes$12.6 billion and$20.5 billion of notional amounts associated with reinsurance agreements at September 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. The fair value of assets related to bifurcated embedded derivatives were both zero at September 30,

2026 and December 31, 2025. The fair value of liabilities related to bifurcated embedded derivatives was$15.7 billion and$16.0 billion at September 30, 2026 and

December 31, 2025, respectively. 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.

The following amounts were recorded on the Condensed Consolidated Balance Sheets related to the carrying amount of the

hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges:

(a)These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be

remaining at the end of the hedging relationship. At September 30, 2026, the amortized cost basis of the closed portfolios used in these hedging relationships was

$4.0 billion, the amount of the designated hedged item was$2.7 billion, and the cumulative basis adjustment associated with these hedging relationships was

$(159) million. At December 31, 2025, the amortized cost basis of the closed portfolios used in these hedging relationships was$4.0 billion, the amount of the

designated hedged item was$2.7 billion, and the cumulative basis adjustment associated with these hedging relationships was$(7) million.

(b)Hedge accounting has been discontinued, but the respective loans are still held. The cumulative adjustment is being amortized into earnings over the remaining life of

the loan.

(c)During the third quarter 2026, the Company discontinued certain GIC fair value hedging relationships. There were no material fair value hedging adjustments related

to these discontinued hedging relationships.

Corebridge |Third Quarter 2026 Form 10-Q 53

COLLATERAL

We engage in derivative transactions that are not subject to a clearing requirement directly with third parties, in most cases under

International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements. Nearly all of the ISDA Master Agreements also

include Credit Support Annex (“CSA”) provisions, which provide for collateral postings that may vary based on criteria such as ratings

and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be

obtained from a counterparty on an up-front or contingent basis. We minimize the risk that counterparties might be unable to fulfill

their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional

collateral to be posted upon the occurrence of certain events or circumstances. Additionally, in the case reinsurance agreements

involve derivative transactions, cash collateral is provided to us by reinsurers and can be posted to third parties under the respective

ISDA and CSA provisions.

Collateral posted by us to third parties for derivative transactions was$1.9 billion and$1.2 billion at September 30, 2026 and

December 31, 2025, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this

collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative

transactions was$6.0 billion and$4.0 billion at September 30, 2026 and December 31, 2025, respectively. In the case of collateral

provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.

OFFSETTING

We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a

net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and

our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two

counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative

transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement

provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a

specified group of, derivative transactions governed by the ISDA Master Agreement.

HEDGE ACCOUNTING

We designated certain derivatives entered into with third parties as fair value hedges ofavailable-for-sale 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 third parties as fair value hedges of fixed rate GICs attributable

to changes in benchmark interest rates. In December 2025, we also entered into certain interest rate swap contracts designated as

fair value portfolio layer hedges of available-for-sale investment securities.

In 2022, we designated certain interest rate swaps entered into with related parties as cash flow hedges of forecasted coupon

payments associated with anticipated long-term debt issuances and we recognized derivative gains in AOCI. For the three andnine

months ended September 30, 2026,$7 million and$21 million, respectively, and for the three andnine months ended September 30,

2025,$7 million and$21 million, respectively, have been reclassified into Interest expense. The remaining amount in AOCI, of$97

million, will be reclassified into Interest expense over the life of the hedging relationship, which can extend up to 30 years. We expect

$18 million to be reclassified into Interest expense over the next 12 months. There are no amounts excluded from the assessment of

hedge effectiveness that are recognized in earnings.

For additional information related to the debt issuances, see Note 15 to the Consolidated Financial Statements in the 2025 Form 10-K.

We also designated certain interest rate swaps as cash flow hedges of floating-rate investment assets. Related to such swaps, for the

three andnine months ended September 30, 2026, we recognized derivative gains (losses) of$(431) million and

$(576) million

,

respectively, in AOCI and$0 million and$2 million, respectively, in net investment income. For the three andnine months ended

September 30, 2025, we recognized derivative gains (losses) of$13 million and$259 million, respectively, in AOCI and$(15) million

and$(43) million, respectively, in net investment income. As it relates to such hedges, we do not expect any reclassifications into net

investment income over the next 12 months and there are no amounts excluded from the assessment of hedge effectiveness that are

recognized in earnings.

We use cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk

associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships that use

derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward

rates. We recognized gains (losses) for the three andnine months ended September 30, 2026 of$0 million and$3 million,

respectively, and for the three andnine months ended September 30, 2025 of$0 million and$(9) million, respectively, included in

Change in foreign currency translation adjustment in OCI related to the net investment hedge relationships. The gains (losses)

recognized primarily include transactions with related parties. A qualitative methodology is utilized to assess hedge effectiveness for

net investment hedges, while regression analysis is employed for all other hedges.

Corebridge |Third Quarter 2026 Form 10-Q 54

The following table presents the gain (loss) recognized in earnings on our derivative instruments in fair value hedging

relationships in the Condensed Consolidated Statements of Income (Loss):

(a)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.

(b)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and

recognized in earnings on a mark-to-market basis.

Corebridge |Third Quarter 2026 Form 10-Q 55

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS

The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed

Consolidated Statements of Income (Loss):