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Recast of Historical Segment Results

Quarterly Financial Supplement

The information in this financial supplement is unaudited and has been recast for all periods presented to reflect the Company’s decision to (1) report its variable annuity business previously reported in the Individual Retirement segment in the Corporate and Other segment, and (2) exclude the results of this business from Adjusted Pre-tax Operating Income (“APTOI”). This financial supplement is not intended to be a complete presentation of the Company’s financial position or results of operations as of and for the periods presented. The changes in the segment structure affect only the manner in which the results for the Company's operating segments were previously reported. The historical segment information provided under the new segment structure has no other impact on the Company's previously reported Consolidated Financial Statements or Consolidated Condensed Financial Statements. The Company’s segment reporting and presentation of APTOI will reflect these changes retrospectively beginning in the third quarter of 2025.


						Quarterly Financial Supplement			1


Corebridge Financial, Inc.
Contact: Investor Relations
Işıl Müderrisoğlu - Isil.Muderrisoglu@corebridgefinancial.com
Investor Relations Mailbox: InvestorRelations@corebridgefinancial.com



Table of Contents			Page(s)


Consolidated Results
Overview of Recast historical results			3
Consolidated Financial Highlights			4-5
Consolidated Statement of Operations			6
Consolidated Balance Sheets			7
Assets Under Management and Administration Rollforward			8
Operating Results by Segment
Individual Retirement			9-10
Group Retirement			11-12
Group Variable Annuity Account Value by Type			13
Life Insurance			14-15
Institutional Markets			16
Actuarial Assumption Updates			17
Corporate and Other			18
Investments
Total Investments			19
Total Investments, Insurance Operating Subsidiaries			20
Investments - Commercial Mortgage Loans			21-22

Net Investment Income			23
Net Realized Gains (Losses)			24
Supplemental Information			25-43


						Table of Contents			2

Table of Contents


Corebridge Financial, Inc.
Overview of Recast Historical Results

On June 25, 2025, American General Life Insurance Company (“AGL”) and The United States Life Insurance Company in the City of New York (“USL”) entered into a Master Transaction Agreement (the “Agreement”) with Corporate Solutions Life Reinsurance Company, an Iowa-domiciled insurance company (“CSLR”), pursuant to which, among other things, subject to the terms and conditions thereof, at the applicable closing of the transactions contemplated thereby, AGL and the CSLR, as well as USL and CSLR , will each enter into coinsurance and modified coinsurance agreements, (together the “Reinsurance Agreements” and each, a “Reinsurance Agreement”). Under the terms of the Reinsurance Agreements, the applicable company will cede to CSLR 100% of the applicable reinsured liabilities with respect to (i) in-force individual retirement variable annuity contracts issued prior to the effective time of the Reinsurance Agreements, and (ii) only with respect to AGL, new individual retirement variable annuity contracts issued after the effective date of the Reinsurance Agreement.

The closing with respect to the Reinsurance Agreement with AGL and the Reinsurance Agreement with USL are bifurcated. The closing with respect to the Reinsurance Agreement with AGL occurred on August 1, 2025. Accordingly, effective in the third quarter of 2025, Corebridge Financial Inc.’s (the “Company”) variable annuity business previously reported in the Individual Retirement segment, has been reclassified to Corporate and Other, consistent with how the Chief Operating Decision Maker (“CODM”) now assesses its performance and allocates its resources given the closing of AGL Reinsurance Agreement. 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 given the AGL Reinsurance Agreement.


						Overview			3

Table of Contents


Corebridge Financial, Inc.
Consolidated Financial Highlights


(in millions, except per share data)	Quarterly																		Six Months Ended June 30,						Year Ended

	2Q25			1Q25			4Q24			3Q24			2Q24			1Q24			2025			2024			2024
Results of Operations Data (attributable to Corebridge common shareholders)
Net income (loss)	$	(660)		$	(664)		$	2,171		$	(1,184)		$	365		$	878		$	(1,324)		$	1,243		$	2,230
Net income (loss) per share:
Common stock - basic	$	(1.20)		$	(1.19)		$	3.81		$	(2.02)		$	0.60		$	1.41		$	(2.39)		$	2.01		$	3.73
Common stock - diluted	$	(1.20)		$	(1.19)		$	3.80		$	(2.02)		$	0.59		$	1.41		$	(2.39)		$	2.01		$	3.72

Weighted average shares outstanding:
Common stock - basic	550.3			558.0			569.8			587.1			611.6			624.0			554.1			617.8			598.0
Common stock - diluted	550.3			558.0			571.4			587.1			612.6			624.9			554.1			618.7			599.2

Effective tax rate	(9.9)		%	23.8		%	24.0		%	25.5		%	25.2		%	18.6		%	9.9		%	20.7		%	21.4		%
Adjusted after-tax operating income	$	672		$	570		$	606		$	724		$	613		$	604		$	1,242		$	1,217		$	2,547
Operating earnings per common share	$	1.22		$	1.02		$	1.06		$	1.23		$	1.00		$	0.97		$	2.22		$	1.97		$	4.25


Weighted average shares outstanding - operating	551.3			559.4			571.4			588.3			612.6			624.9			555.3			618.7			599.2
Adjusted effective tax rate	20.2		%	19.7		%	20.1		%	21.4		%	19.1		%	17.3		%	20.0		%	18.2		%	19.6		%

Adjusted pre-tax/after-tax operating income (loss)
Individual Retirement	$	523		$	454		$	458		$	547		$	520		$	515		$	977		$	1,035		$	2,040
Group Retirement	182			195			161			188			195			200			377			395			744
Life Insurance	133			108			156			156			95			54			241			149			461
Institutional Markets	173			137			133			154			96			112			310			208			495
Corporate and Other	(168)			(187)			(152)			(126)			(148)			(148)			(355)			(296)			(574)
Consolidation and elimination	(1)			3			2			2			—			(3)			2			(3)			1
Adjusted pre-tax operating income	842			710			758			921			758			730			1,552			1,488			3,167
Income tax expense	170			140			152			197			145			126			310			271			620
Adjusted after-tax operating income	$	672		$	570		$	606		$	724		$	613		$	604		$	1,242		$	1,217		$	2,547

Sources of Income
Base spread income	$	862		$	895		$	849		$	887		$	915		$	977		$	1,757		$	1,892		$	3,628
Variable investment income	186			83			95			106			44			1			269			45			246
Spread income	1,048			978			944			993			959			978			$	2,026		$	1,937		$	3,874
Fee income	282			277			286			287			274			267			559			541			1,114
Underwriting margin	357			346			388			417			329			315			703			644			1,449
Total	$	1,687		$	1,601		$	1,618		$	1,697		$	1,562		$	1,560		$	3,288		$	3,122		$	6,437

Adjusted Return On Average Equity (ROAE)
ROAE	(21.7)		%	(22.7)		%	69.3		%	(38.5)		%	12.9		%	30.1		%	(22.2)		%	21.7		%	18.8		%
Adjusted ROAE	12.9		%	10.4		%	11.1		%	13.1		%	10.7		%	10.5		%	11.6		%	10.6		%	11.3		%


						Consolidated Financial Highlights			4

Table of Contents


Corebridge Financial, Inc.
Consolidated Financial Highlights


(in millions, except per share data)	Quarterly																		Six Months Ended June 30,						Year Ended

	2Q25			1Q25			4Q24			3Q24			2Q24			1Q24			2025			2024			2024

Total Premiums and Deposits	$	10,466		$	8,920		$	9,399		$	9,160		$	11,263		$	10,229		$	19,386		$	21,492		$	40,051

Corebridge Capitalization


Adjusted book value	$	20,348		$	21,476		$	22,345		$	21,434		$	22,783		$	23,218		$	20,348		$	22,783		$	22,345
Financial debt	9,456			10,454			10,454			9,865			9,371			9,368			9,456			9,371			10,454
Amounts drawn under revolving credit facility	—			—			—			—			—			—			—			—			—
Non-redeemable noncontrolling interest	867			856			864			834			816			810			867			816			864
Total capital	$	30,671		$	32,786		$	33,663		$	32,133		$	32,970		$	33,396		$	30,671		$	32,970		$	33,663

Interest Expense - Financial Debt	$	114		$	125		$	119		$	110		$	107		$	107		$	239		$	214		$	443

Leverage Ratio

Financial debt / total capital	30.8		%	31.9		%	31.1		%	30.7		%	28.4		%	28.1		%	30.8		%	28.4		%	31.1		%


Common Stock Repurchases
Aggregate repurchase of common stock	$	311		$	321		$	398		$	715		$	436		$	243		$	632		$	679		$	1,792
Number of common shares repurchased	9.9			10.0			12.9			25.9			15.1			9.5			19.9			24.6			63.4
Average price paid per share of common stock	$	31.32		$	32.26		$	30.81		$	27.56		$	28.77		$	25.71		$	31.79		$	27.59		$	28.23

Dividends
Dividends declared per common share	$	0.24		$	0.24		$	0.23		$	0.23		$	0.23		$	0.23		$	0.48		$	0.46		$	0.92
Total dividends declared on common stock	$	131		$	133		$	129		$	133		$	139		$	143		$	264		$	282		$	544

Adjusted Book Value Per Common Share
Total Corebridge shareholders' equity (a)	$	12,302		$	11,980		$	11,462		$	13,608		$	10,996		$	11,576		$	12,302		$	10,996		$	11,462
Less: Accumulated other comprehensive income (loss) (AOCI)	(10,633)			(12,049)			(13,681)			(9,884)			(14,508)			(14,139)			(10,633)			(14,508)			(13,681)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets	(2,587)			(2,553)			(2,798)			(2,058)			(2,721)			(2,497)			(2,587)			(2,721)			(2,798)
Total adjusted book value (b)	$	20,348		$	21,476		$	22,345		$	21,434		$	22,783		$	23,218		$	20,348		$	22,783		$	22,345

Total common shares outstanding (c)(1)	543.2			553.1			561.5			574.4			600.3			615.4			543.2			600.3			561.5
Book value per common share (a/c)	$	22.65		$	21.66		$	20.41		$	23.69		$	18.32		$	18.81		$	22.65		$	18.32		$	20.41
Adjusted book value per common share (b/c)	$	37.46		$	38.83		$	39.80		$	37.32		$	37.95		$	37.73		$	37.46		$	37.95		$	39.80
Closing share price	$	35.50		$	31.57		$	29.93		$	28.57		$	29.12		$	28.73		$	35.50		$	29.12		$	29.93


(1) Total common shares outstanding are presented net of treasury stock.


						Consolidated Financial Highlights			5

Table of Contents


Corebridge Financial, Inc.
Consolidated Statement of Operations


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024

Revenues
Premiums (1)	$	446	$	871	$	1,120	$	602	$	528	$	2,276	$	1,317	$	2,804	$	4,526
Policy fees	721		720		738		728		721		714		1,441		1,435		2,901
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets	2,995		2,858		2,822		2,781		2,663		2,592		5,853		5,255		10,858
Net investment income - Fortitude Re funds withheld assets	343		331		198		515		325		332		674		657		1,370
Total net investment income	3,338		3,189		3,020		3,296		2,988		2,924		6,527		5,912		12,228
Net realized gains (losses):
Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative	(1,694)		(822)		726		(975)		(690)		(178)		(2,516)		(868)		(1,117)
Net realized gains (losses) on Fortitude Re funds withheld assets	(30)		4		(148)		157		(93)		(164)		(26)		(257)		(248)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	(251)		(596)		933		(1,509)		36		22		(847)		58		(518)
Total net realized gains (losses)	(1,975)		(1,414)		1,511		(2,327)		(747)		(320)		(3,389)		(1,067)		(1,883)
Advisory fee income	121		125		130		128		124		124		246		248		506
Other income	75		81		81		172		77		99		156		176		429
Total revenues	2,726		3,572		6,600		2,599		3,691		5,817		6,298		9,508		18,707
Benefits and expenses
Policyholder benefits (1)	982		1,457		1,627		1,149		1,049		2,807		2,439		3,856		6,632
Change in the fair value of market risk benefits, net (2)	(279)		385		(486)		603		25		(369)		106		(344)		(227)
Interest credited to policyholder account balances	1,486		1,417		1,409		1,358		1,274		1,199		2,903		2,473		5,240
Amortization of deferred policy acquisition costs and value of business acquired	275		275		273		260		260		267		550		527		1,060
Non-deferrable insurance commissions	152		156		158		141		146		143		308		289		588
Advisory fee expenses	64		70		74		73		71		68		134		139		286
General operating expenses	517		526		475		475		513		553		1,043		1,066		2,016
Interest expense	137		148		145		133		138		138		285		276		554

Net (gain) loss on divestitures	—		—		—		1		(241)		(5)		—		(246)		(245)

Total benefits and expenses	3,334		4,434		3,675		4,193		3,235		4,801		7,768		8,036		15,904
Income (loss) before income tax expense	(608)		(862)		2,925		(1,594)		456		1,016		(1,470)		1,472		2,803
Income tax expense (benefit)	60		(205)		703		(407)		115		189		(145)		304		600


Net income (loss)	(668)		(657)		2,222		(1,187)		341		827		(1,325)		1,168		2,203
Less net income (loss) attributable to noncontrolling interests	(8)		7		51		(3)		(24)		(51)		(1)		(75)		(27)
Net income (loss) attributable to Corebridge	$	(660)	$	(664)	$	2,171	$	(1,184)	$	365	$	878	$	(1,324)	$	1,243	$	2,230

(1) Includes PRT and SS sales activity of:	$	34	$	508	$	732	$	217	$	175	$	1,805	$	542	$	1,980	$	2,929
(2) Represents changes in fair value of market risk benefits compared to prior periods, except for our own credit risk changes (non-performance adjustments) which are recognized in other comprehensive income.


						Consolidated Statement of Operations			6

Table of Contents


Corebridge Financial, Inc.
Consolidated Balance Sheets


(in millions)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Assets
Investments:
Fixed maturity securities
Bonds available-for-sale, at fair value	$	179,645	$	174,352	$	170,840	$	178,224	$	167,320	$	168,826
Other bond securities, at fair value	5,379		5,342		5,262		5,319		5,043		4,646
Equity securities, at fair value	911		947		56		258		73		76
Mortgage and other loans receivable, net of allowance	54,334		53,332		52,768		51,653		48,663		47,830
Other invested assets	9,947		9,959		9,851		10,087		9,957		10,036
Short-term investments	3,811		6,232		4,981		4,898		4,998		4,144
Total Investments	254,027		250,164		243,758		250,439		236,054		235,558
Cash	290		393		806		530		637		410
Accrued investment income	2,238		2,201		2,169		2,197		2,092		2,132
Premiums and other receivables, net of allowance	674		668		713		690		620		586
Reinsurance assets - Fortitude Re, net of allowance	24,463		24,646		24,933		26,323		25,462		26,078
Reinsurance assets - other, net of allowance	1,700		1,650		1,560		1,531		1,513		1,592
Deferred income taxes	7,426		7,614		7,903		7,626		8,219		8,347
Deferred policy acquisition costs and value of business acquired	10,435		10,328		10,293		10,204		10,133		10,049
Market risk benefit assets, at fair value	1,329		1,151		1,332		1,164		1,187		1,172
Other assets, including restricted cash	2,340		2,137		1,844		2,239		2,340		2,142
Separate account assets	94,064		89,070		93,888		96,368		94,122		95,173
Assets held-for-sale	177		—		198		111		113		2,349
Total assets	$	399,163	$	390,022	$	389,397	$	399,422	$	382,492	$	385,588

Liabilities
Future policy benefits for life and accident and health insurance contracts	$	57,485	$	57,086	$	56,272	$	59,416	$	56,355	$	57,587
Policyholder contract deposits	182,187		176,312		173,695		172,177		168,324		163,783
Market risk benefit liabilities, at fair value	6,265		6,339		5,616		6,276		5,124		5,167
Other policyholder funds	2,903		2,889		2,873		2,852		2,853		2,864
Fortitude Re funds withheld payable	23,820		24,072		24,291		25,909		24,940		25,323
Other liabilities	7,921		9,103		8,044		9,968		7,227		9,634
Short-term and long-term debt	9,456		10,454		10,454		9,865		9,371		9,368
Debt of consolidated investment entities	1,893		1,861		1,938		2,149		2,364		2,530
Separate account liabilities	94,064		89,070		93,888		96,368		94,122		95,173
Liabilities held-for-sale	—		—		—		—		—		1,773
Total liabilities	$	385,994	$	377,186	$	377,071	$	384,980	$	370,680	$	373,202



Corebridge shareholders' equity
Common stock	$	7	$	7	$	7	$	7	$	7	$	7
Treasury stock	(2,881)		(2,568)		(2,282)		(1,881)		(1,161)		(717)
Additional paid-in capital	8,140		8,129		8,161		8,148		8,122		8,115
Retained earnings	17,669		18,461		19,257		17,218		18,536		18,310
Accumulated other comprehensive income (loss)	(10,633)		(12,049)		(13,681)		(9,884)		(14,508)		(14,139)
Total Corebridge shareholders' equity	12,302		11,980		11,462		13,608		10,996		11,576
Non-redeemable noncontrolling interests	867		856		864		834		816		810
Total equity	13,169		12,836		12,326		14,442		11,812		12,386
Total liabilities and equity	$	399,163	$	390,022	$	389,397	$	399,422	$	382,492	$	385,588


						Consolidated Balance Sheet			7

Table of Contents


Corebridge Financial, Inc.
Assets Under Management and Administration (AUMA)


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024

Individual Retirement
Beginning AUMA balance	$	108,482	$	105,743	$	106,774	$	99,786	$	96,814	$	94,860	$	105,743	$	94,860	$	94,860
Premiums and deposits	6,487		4,298		4,539		5,078		6,371		4,495		10,785		10,866		20,483
Surrenders and other withdrawals	(2,641)		(2,486)		(2,338)		(2,773)		(2,986)		(3,424)		(5,127)		(6,410)		(11,521)
Death benefits/other	(589)		(569)		(517)		(525)		(239)		(332)		(1,158)		(571)		(1,613)
Interest credited and investment performance	751		1,496		(2,715)		5,208		(174)		1,215		2,247		1,041		3,534
Ending AUMA balance	$	112,490	$	108,482	$	105,743	$	106,774	$	99,786	$	96,814	$	112,490	$	99,786	$	105,743

Group Retirement
Beginning AUMA balance	$	121,390	$	124,299	$	129,895	$	124,396	$	126,215	$	122,181	$	124,299	$	122,181	$	122,181
Premiums and deposits	1,976		1,824		1,616		1,963		1,998		2,054		3,800		4,052		7,631
Surrenders and other withdrawals	(3,571)		(3,425)		(4,905)		(3,507)		(3,615)		(3,710)		(6,996)		(7,325)		(15,737)
Death benefits/other	(238)		(235)		(248)		(240)		(257)		(235)		(473)		(492)		(980)
Interest credited and investment performance/other (1)	6,792		(1,073)		(2,059)		7,283		55		5,925		5,719		5,980		11,204
Ending AUMA balance	$	126,349	$	121,390	$	124,299	$	129,895	$	124,396	$	126,215	$	126,349	$	124,396	$	124,299

Life Insurance
Beginning AUMA balance	$	26,964	$	26,466	$	27,972	$	26,668	$	26,989	$	26,691	$	26,466	$	26,691	$	26,691
Premiums and deposits	868		856		879		856		846		1,094		1,724		1,940		3,675
Surrenders and other withdrawals	(111)		(90)		(101)		(102)		(103)		(103)		(201)		(206)		(409)
Death benefits/other	(787)		(765)		(657)		(785)		(721)		(922)		(1,552)		(1,643)		(3,085)
Interest credited and investment performance/other (2)	(502)		497		(1,627)		1,335		(343)		229		(5)		(114)		(406)
Ending AUMA balance	$	26,432	$	26,964	$	26,466	$	27,972	$	26,668	$	26,989	$	26,432	$	26,668	$	26,466

Institutional Markets
Beginning AUMA balance	$	95,570	$	93,112	$	92,213	$	87,922	$	86,444	$	85,285	$	93,112	$	85,285	$	85,285
Premiums and deposits	1,135		1,942		2,365		1,263		2,048		2,586		3,077		4,634		8,262
Surrenders and other withdrawals	(1)		(71)		(28)		(29)		(53)		(62)		(72)		(115)		(172)
Death benefit/other (3)	(556)		(639)		(899)		(518)		(1,162)		(469)		(1,195)		(1,631)		(3,048)
Interest credited and investment performance/other (4)	1,868		1,226		(539)		3,575		645		(896)		3,094		(251)		2,785
Ending AUMA balance	$	98,016	$	95,570	$	93,112	$	92,213	$	87,922	$	86,444	$	98,016	$	87,922	$	93,112

Total Corebridge AUMA	$	363,287	$	352,406	$	349,620	$	356,854	$	338,772	$	336,462	$	363,287	$	338,772	$	349,620


(1) Other represents the total change in off-balance sheet advisory and brokerage assets.
(2) Includes $105 million assets reclassified to held-for-sale in 1Q24 and year ended 2024.
(3) Includes guaranteed investment contract maturities.
(4) Other represents the change in notional value of the stable value wrap products.


						Assets Under Management and Administration (AUMA)			8

Table of Contents


Corebridge Financial, Inc.
Individual Retirement Sources of Earnings and Operating Statistics


(in millions)	Quarterly																		Six Months Ended June 30,						Year Ended

	2Q25			1Q25			4Q24			3Q24			2Q24			1Q24			2025			2024			2024

Sources of Earnings
Spread income (1)	$	704		$	654		$	657		$	684		$	680		$	672		$	1,358		$	1,352		$	2,693
Fee income	76			67			67			71			68			61			143			129			267
Policyholder benefits, net of premiums	(5)			(6)			(12)			18			(3)			5			(11)			2			8
Non deferrable insurance commissions	(41)			(42)			(41)			(33)			(29)			(29)			(83)			(58)			(132)
Amortization of DAC and DSI	(121)			(122)			(120)			(111)			(108)			(107)			(243)			(215)			(446)
General operating expense	(87)			(91)			(88)			(78)			(82)			(84)			(178)			(166)			(332)
Other (2)	(3)			(6)			(5)			(4)			(6)			(3)			(9)			(9)			(18)
Adjusted pre-tax operating income	$	523		$	454		$	458		$	547		$	520		$	515		$	977		$	1,035		$	2,040

Spread income
Base portfolio income	$	1,445		$	1,396		$	1,370		$	1,355		$	1,311		$	1,272		$	2,841		$	2,583		$	5,308
Interest credited to policyholder account balances (1)	(815)			(765)			(749)			(710)			(659)			(602)			(1,580)			(1,261)			(2,720)
Base spread income	630			631			621			645			652			670			1,261			1,322			2,588
Variable investment income	74			23			36			39			28			2			97			30			105
Total spread income	$	704		$	654		$	657		$	684		$	680		$	672		$	1,358		$	1,352		$	2,693

Net investment spread (annualized)
Base yield (3)	5.19		%	5.17		%	5.14		%	5.28		%	5.21		%	5.23		%	5.18		%	5.22		%	5.22		%
Cost of funds (1)	(3.21)		%	(3.15)		%	(3.08)		%	(3.02)		%	(2.94)		%	(2.76)		%	(3.18)		%	(2.85)		%	(2.95)		%
Base net investment spread (4)	1.98		%	2.02		%	2.06		%	2.26		%	2.27		%	2.47		%	2.00		%	2.37		%	2.27		%
Variable investment income (5)	0.16		%	(0.02)		%	0.04		%	—		%	(0.04)		%	(0.15)		%	0.07		%	(0.10)		%	(0.04)		%
Total net investment spread	2.14		%	2.00		%	2.10		%	2.26		%	2.23		%	2.32		%	2.07		%	2.27		%	2.23		%

Assets and Reserves
Average base assets	$	111,318		$	108,132		$	106,569		$	102,635		$	100,649		$	97,231		$	109,725		$	98,940		$	101,771
Average reserves	$	101,620		$	98,562		$	96,465		$	93,366		$	89,942		$	87,395		$	100,100		$	88,669		$	91,809



(1) Excludes amortization of Deferred Sales Inducement (DSI) of:	$	9		$	10		$	10		$	10		$	10		$	11		$	19		$	21		$	41
(2) Other represents advisory fee expenses.
(3) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments.
(4) Excludes the impact of variable investment income.
(5) Includes incremental effect on base yield of variable investment income.


						Individual Retirement			9

Table of Contents


Corebridge Financial, Inc.
Individual Retirement Sources of Earnings and Operating Statistics


(in millions)	Quarterly																		Six Months Ended June 30,						Year Ended

	2Q25			1Q25			4Q24			3Q24			2Q24			1Q24			2025			2024			2024

Premiums and deposits
Fixed annuities	$	3,216		$	1,999		$	1,856		$	2,780		$	4,132		$	2,612		$	5,215		$	6,744		$	11,380
Fixed index annuities	2,779			2,036			2,593			2,298			2,239			1,883			4,815			4,122			9,013
Registered index-linked annuities	492			263			90			—			—			—			755			—			90
Total premiums and deposits	$	6,487		$	4,298		$	4,539		$	5,078		$	6,371		$	4,495		$	10,785		$	10,866		$	20,483

Surrender rates by product
Fixed annuities	11.3		%	10.5		%	9.8		%	13.2		%	15.5		%	20.8		%	10.9		%	18.0		%	14.7		%
Fixed index annuities	8.5		%	8.8		%	8.7		%	9.1		%	9.4		%	8.0		%	8.7		%	8.7		%	8.8		%
Registered index-linked annuities	0.2		%	0.1		%	0.1		%	—		%	—		%	—		%	0.2		%	—		%	—		%
Total surrender rate	9.8		%	9.6		%	9.2		%	11.2		%	12.5		%	14.8		%	9.7		%	13.6		%	11.8		%

Net flows by product

Fixed annuities	$	1,181		$	118		$	126		$	634		$	2,044		$	(186)		$	1,299		$	1,858		$	2,618
Fixed index annuities	1,584			862			1,468			1,146			1,102			925			2,446			2,027			4,641
Registered index-linked annuities	492			263			90			—			—			—			755			—			90
Total net flows	$	3,257		$	1,243		$	1,684		$	1,780		$	3,146		$	739		$	4,500		$	3,885		$	7,349











Market risk benefit liabilities, net of reinsurance	$	4,274		$	4,152		$	3,757		$	4,001		$	3,147		$	3,099		$	4,274		$	3,147		$	3,757

DAC/VOBA rollforward
Balance at beginning of period	$	3,083		$	3,021		$	2,909		$	2,820		$	2,714		$	2,658		$	3,021		$	2,658		$	2,658
Capitalization	243			174			222			190			204			152			417			356			768
Amortization expense	(112)			(112)			(110)			(101)			(98)			(96)			(224)			(194)			(405)
Balance at end of period	$	3,214		$	3,083		$	3,021		$	2,909		$	2,820		$	2,714		$	3,214		$	2,820		$	3,021


						Individual Retirement			10

Table of Contents


Corebridge Financial, Inc.
Group Retirement Sources of Earnings and Operating Statistics


(in millions)	Quarterly																		Six Months Ended June 30,						Year Ended

	2Q25			1Q25			4Q24			3Q24			2Q24			1Q24			2025			2024			2024

Sources of Earnings
Spread income (1)	$	171		$	192		$	160		$	176		$	191		$	200		$	363		$	391		$	727
Fee income	190			195			203			201			191			190			385			381			785
Policyholder benefits, net of premiums	(2)			(1)			(1)			(4)			2			2			(3)			4			(1)
Non deferrable insurance commissions	(30)			(30)			(31)			(30)			(30)			(29)			(60)			(59)			(120)
Amortization of DAC and DSI	(24)			(25)			(25)			(24)			(25)			(24)			(49)			(49)			(98)
General operating expense	(93)			(103)			(110)			(97)			(102)			(106)			(196)			(208)			(415)
Other (2)	(30)			(33)			(35)			(34)			(32)			(33)			(63)			(65)			(134)
Adjusted pre-tax operating income	$	182		$	195		$	161		$	188		$	195		$	200		$	377		$	395		$	744

Operating Statistics
Assets under management and administration by asset type
In-plan spread based	$	21,900		$	22,369		$	22,330		$	24,062		$	23,361		$	24,619		$	21,900		$	23,361		$	22,330
In-plan fee based	59,781			55,606			57,961			60,410			57,968			58,002			59,781			57,968			57,961
Total in-plan assets under management and administration	81,681			77,975			80,291			84,472			81,329			82,621			81,681			81,329			80,291
Out-of-plan proprietary general account	16,880			17,013			16,765			17,604			16,517			16,925			16,880			16,517			16,765
Out-of-plan proprietary separate account	11,008			10,464			11,116			11,482			11,228			11,432			11,008			11,228			11,116
Total out-of-plan proprietary annuities	27,888			27,477			27,881			29,086			27,745			28,357			27,888			27,745			27,881
Advisory and brokerage assets	16,780			15,938			16,127			16,337			15,322			15,237			16,780			15,322			16,127
Total out-of-plan assets under management and administration	44,668			43,415			44,008			45,423			43,067			43,594			44,668			43,067			44,008
Total assets under management and administration	$	126,349		$	121,390		$	124,299		$	129,895		$	124,396		$	126,215		$	126,349		$	124,396		$	124,299

Surrender rates	13.2		%	12.8		%	17.7		%	12.6		%	13.1		%	13.6		%	12.9		%	13.4		%	14.3		%

Net Flows	$	(1,833)		$	(1,836)		$	(3,537)		$	(1,784)		$	(1,874)		$	(1,891)		$	(3,669)		$	(3,765)		$	(9,086)

(1) Excludes the amortization of DSI of:	$	3		$	3		$	3		$	3		$	4		$	3		$	6		$	7		$	13
(2) Other consists of advisory fee expenses.


						Group Retirement			11

Table of Contents


Corebridge Financial, Inc.
Group Retirement Sources of Earnings and Operating Statistics


(in millions)	Quarterly																		Six Months Ended June 30,						Year Ended

	2Q25			1Q25			4Q24			3Q24			2Q24			1Q24			2025			2024			2024

Spread income
Base portfolio income	$	445		$	461		$	443		$	451		$	476		$	494		$	906		$	970		$	1,864
Interest credited to policyholder account balances (1)	(298)			(293)			(300)			(302)			(296)			(295)			(591)			(591)			(1,193)
Base spread income	147			168			143			149			180			199			315			379			671
Variable investment income	24			24			17			27			11			1			48			12			56
Total spread income	$	171		$	192		$	160		$	176		$	191		$	200		$	363		$	391		$	727

Net investment spread (annualized)
Base yield (2)	4.26		%	4.39		%	4.13		%	4.18		%	4.28		%	4.42		%	4.32		%	4.35		%	4.25		%
Cost of funds (1)	(3.09)		%	(3.04)		%	(3.00)		%	(3.00)		%	(2.95)		%	(2.89)		%	(3.07)		%	(2.92)		%	(2.96)		%
Base net investment spread (3)	1.17		%	1.35		%	1.13		%	1.18		%	1.33		%	1.53		%	1.25		%	1.43		%	1.29		%
Variable investment income (4)	0.10		%	0.10		%	0.06		%	0.13		%	(0.01)		%	(0.11)		%	0.10		%	(0.06)		%	0.02		%
Total net investment spread	1.27		%	1.45		%	1.19		%	1.31		%	1.32		%	1.42		%	1.35		%	1.37		%	1.31		%

Assets and Reserves
Average base assets	$	41,756		$	42,062		$	42,834		$	43,248		$	44,389		$	44,720		$	41,909		$	44,555		$	43,798
Average reserves	$	38,680		$	38,996		$	39,577		$	39,823		$	40,332		$	40,853		$	38,837		$	40,593		$	40,143



Market risk benefit liabilities, net of reinsurance	$	310		$	332		$	278		$	350		$	243		$	249		$	310		$	243		$	278

DAC/VOBA rollforward
Balance at beginning of period	$	1,046		$	1,049		$	1,053		$	1,055		$	1,057		$	1,056		$	1,049		$	1,056		$	1,056

Capitalization	23			19			18			19			19			22			42			41			78
Amortization expense	(21)			(22)			(22)			(21)			(21)			(21)			(43)			(42)			(85)

Balance at end of period	$	1,048		$	1,046		$	1,049		$	1,053		$	1,055		$	1,057		$	1,048		$	1,055		$	1,049

(1) Excludes amortization of Deferred Sales Inducement (DSI) of:	3			3			3			3			4			3			6			7			13
(2) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments.
(3) Excludes the impact of variable investment income.
(4) Includes incremental effect on base yield of variable investment income.


						Group Retirement			12

Table of Contents


Corebridge Financial, Inc.
Group Variable Annuity Account Value by Benefit Type


(in millions)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024







Account value by benefit type for contracts with GMDB features (1)
Guaranteed minimum death benefits (2)	$	55,100	$	52,973	$	55,566	$	56,931	$	56,476	$	57,413
Guaranteed minimum withdrawal benefits (3)	$	1,893	$	1,865	$	1,973	$	2,072	$	2,064	$	2,151


(1) Excludes assumed reinsurance.
(2) A guaranteed minimum death benefit is an amount paid from a variable annuity upon the death of the owner. This benefit protects beneficiaries from market volatility and may be different than the account value. This benefit may be subject to a maximum amount based on age of owner or dollar amount. "Guaranteed Minimum Death Benefits only" signifies that no other guarantees are present in the contract. Contracts with a guaranteed living benefit may also have a guaranteed minimum death benefit, but a policyholder can generally only receive payout from one guaranteed feature, i.e. the features are generally mutually exclusive.

(3) A guaranteed minimum withdrawal benefit creates a guaranteed income stream which, within certain parameters, may continue for the life of the annuitant even if the entire contract value has been reduced to zero. The fair value of GMWB market risk benefits is based on actuarial and capital market assumptions related to projected cash flows of rider fees and claims over the expected lives of the contracts.


						Variable Annuity Account Value by Benefit Type			13

Table of Contents


Corebridge Financial, Inc.
Life Insurance Sources of Earnings and Operating Statistics


(in millions)	Quarterly																		Six Months Ended June 30,						Year Ended

	2Q25			1Q25			4Q24			3Q24			2Q24			1Q24			2025			2024			2024

Sources of Earnings
Underwriting margin (1)	$	344		$	325		$	370		$	392		$	309		$	297		$	669		$	606		$	1,368
General operating expense	(111)			(118)			(114)			(112)			(113)			(130)			(229)			(243)			(469)
Non-deferrable insurance commissions (2)	(15)			(14)			(16)			(7)			(16)			(19)			(29)			(35)			(58)
Amortization of deferred policy acquisition costs	(84)			(85)			(84)			(82)			(84)			(94)			(169)			(178)			(344)
Impact of annual actuarial assumption update	—			—			—			(34)			—			—			—			—			(34)
Other	(1)			—			—			(1)			(1)			—			(1)			(1)			(2)
Adjusted pre-tax operating income	$	133		$	108		$	156		$	156		$	95		$	54		$	241		$	149		$	461

Underwriting margin ratio	39.6		%	38.0		%	42.1		%	45.8		%	36.5		%	27.1		%	38.8		%	31.2		%	37.2		%

Operating Statistics
Gross life insurance in force, end of period (3)
Traditional life	$	870,751		$	871,477		$	872,613		$	872,979		$	872,654		$	871,528		$	870,751		$	872,654		$	872,613
Universal life	127,329			127,244			127,221			126,738			126,525			126,183			127,329			126,525			127,221
International life (4)	—			—			—			—			—			253,628			—			—			—
Total gross life insurance in force	$	998,080		$	998,721		$	999,834		$	999,717		$	999,179		$	1,251,339		$	998,080		$	999,179		$	999,834

Life insurance CPPE sales (5)
Traditional life	$	54		$	49		$	50		$	51		$	50		$	47		$	103		$	97		$	198
Universal life	24			26			32			30			27			25			50			52			114
International life (4)	—			—			—			—			—			52			—			52			52
Total sales	$	78		$	75		$	82		$	81		$	77		$	124		$	153		$	201		$	364

Surrender/lapse rates (6)	5.65		%	5.51		%	5.52		%	5.70		%	5.63		%	4.96		%	5.58		%	5.30		%	5.45		%



(1) Includes variable investment income (loss) of:	$	6		$	4		$	8		$	5		$	7		$	(1)		$	10		$	6		$	19
(2) 3Q 2024 and YE 2024 includes a $5 million favorable impact from the of annual actuarial assumption update.
(3) Gross in force includes direct and assumed business.
(4) Corebridge closed on the sale of AIG Life U.K. on April 8, 2024.
(5) Life insurance sales are shown on a continuous payment premium equivalent (CPPE) basis. Life insurance sales include periodic premiums from new business expected to be collected over a one- year period and 10 percent of unscheduled and single premiums from new and existing policyholders.
(6) Surrender/lapse rates are reported on a 90-day lag basis to include grace period processing.


						Life Insurance			14

Table of Contents


Corebridge Financial, Inc.
Life Insurance Sources of Earnings and Operating Statistics


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024


DAC/VOBA rollforward
Balance at beginning of period	$	4,143	$	4,138	$	4,128	$	4,119	$	4,112	$	4,106	$	4,138	$	4,106	$	4,106
Capitalization	93		90		94		91		91		135		183		226		411
Amortization expense	(84)		(85)		(84)		(82)		(84)		(94)		(169)		(178)		(344)
Other, including foreign exchange	—		—		—		—		—		(8)		—		(8)		(8)
Dispositions	—		—		—		—		—		(27)		—		(27)		(27)
Balance at end of period	$	4,152	$	4,143	$	4,138	$	4,128	$	4,119	$	4,112	$	4,152	$	4,119	$	4,138

GAAP Reserves by financial statement line
Future policy benefits	$	13,350	$	13,324	$	13,170	$	13,900	$	13,128	$	13,346	$	13,350	$	13,128	$	13,170
Policyholder contract deposits	10,445		10,488		10,394		10,565		10,423		10,375		10,445		10,423		10,394
Separate account liabilities	1,098		996		1,059		1,064		1,031		1,016		1,098		1,031		1,059
Total GAAP reserves by financial statement line	$	24,893	$	24,808	$	24,623	$	25,529	$	24,582	$	24,737	$	24,893	$	24,582	$	24,623

GAAP Reserves by product
Traditional life	$	9,245	$	9,232	$	9,137	$	9,730	$	9,221	$	9,426	$	9,245	$	9,221	$	9,137
Universal life	15,648		15,576		15,486		15,799		15,361		15,311		15,648		15,361		15,486

Total GAAP reserves by product	$	24,893	$	24,808	$	24,623	$	25,529	$	24,582	$	24,737	$	24,893	$	24,582	$	24,623


						Life Insurance			15

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Corebridge Financial, Inc.
Institutional Markets Sources of Earnings and Operating Statistics


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024

Sources of Earnings
Spread income (1)	$	173	$	132	$	127	$	133	$	88	$	106	$	305	$	194	$	454
Fee income	16		15		16		15		15		16		31		31		62
Underwriting margin (2)	13		21		18		25		20		18		34		38		81
Non deferrable insurance commissions	(5)		(5)		(5)		(5)		(5)		(5)		(10)		(10)		(20)
General operating expenses	(20)		(22)		(20)		(19)		(19)		(20)		(42)		(39)		(78)
Other	(4)		(4)		(3)		5		(3)		(3)		(8)		(6)		(4)
Adjusted pre-tax operating income	$	173	$	137	$	133	$	154	$	96	$	112	$	310	$	208	$	495

Operating Statistics

Premiums and deposits by line of business
Pension risk transfer	$	—	$	469	$	702	$	169	$	127	$	1,767	$	469	$	1,894	$	2,765
Guaranteed investment contracts	1,024		1,325		1,567		1,000		1,791		600		2,349		2,391		4,958
Corporate markets	40		32		29		11		14		69		72		83		123
Structured settlements	71		116		67		83		116		150		187		266		416

Total premiums and deposits by line of business	$	1,135	$	1,942	$	2,365	$	1,263	$	2,048	$	2,586	$	3,077	$	4,634	$	8,262

GAAP Reserves by financial statement line
Future policy benefits (3)	$	22,327	$	21,844	$	21,074	$	22,118	$	20,792	$	21,214	$	22,327	$	20,792	$	21,074
Policyholder contract deposits	20,542		19,375		18,015		16,985		15,764		14,370		20,542		15,764		18,015
Separate account liabilities	4,367		4,282		4,339		4,319		4,204		4,154		4,367		4,204		4,339
Total GAAP reserves by financial statement line	$	47,236	$	45,501	$	43,428	$	43,422	$	40,760	$	39,738	$	47,236	$	40,760	$	43,428

GAAP Reserves by product
Pension risk transfer	$	19,379	$	18,908	$	18,424	$	19,327	$	18,159	$	18,558	$	19,379	$	18,159	$	18,424
Guaranteed investment contracts	16,227		15,097		13,806		12,787		11,559		10,228		16,227		11,559		13,806
Corporate markets	7,096		6,994		7,046		7,036		6,927		6,867		7,096		6,927		7,046
Structured settlements	4,534		4,502		4,152		4,272		4,115		4,085		4,534		4,115		4,152

Total GAAP reserves by product	$	47,236	$	45,501	$	43,428	$	43,422	$	40,760	$	39,738	$	47,236	$	40,760	$	43,428

Pension risk transfer reserves at original discount rate (4)	$	21,017	$	20,508	$	19,832	$	19,844	$	19,194	$	19,141	$	21,017	$	19,194	$	19,832

Stable value wraps (401k and bank-owned life insurance) - assets under administration (5)	$	46,212	$	45,353	$	45,000	$	44,417	$	43,714	$	43,168	$	46,212	$	43,714	$	45,000

(1) Includes variable investment income of:	$	88	$	36	$	42	$	40	$	5	$	(2)	$	124	$	3	$	85
(2) Includes variable investment income of:	$	1	$	1	$	—	$	1	$	—	$	—	$	2	$	—	$	1

(3) Future policy benefits include liability for future policy benefits and deferred profit liability.
(4) Represents liability for future policy benefits only.
(5) Comprises the notional value of stable value wrap contracts, excluding the portion included in total insurance reserves.


						Institutional Markets			16

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Corebridge Financial, Inc.
Annual Actuarial Assumption Updates



(in millions)

		Assumption update - 2024
	Individual Retirement
		Fixed Index Annuities		Fixed Annuities		Total Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corp & Other		Total
Spread income		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Fee income		—		—		—		—		—		—		—		—
Underwriting margin		—		—		—		—		—		—		—		—
Policyholder benefits, net of premium (2)		—		18		18		(1)		(34)		9		—		(8)
Non-deferrable insurance commissions		—		—		—		—		5		—		—		5
Increase (decrease) to adjusted pre-tax operating income (loss)		$	—	$	18	$	18	$	(1)	$	(29)	$	9	$	—	$	(3)
Net realized gains (losses)		2		3		5		3		—		—		—		8
Change in the fair value of market risk benefits, net		(103)		(58)		(161)		(25)		—		—		102		(84)
Increase (decrease) to pre-tax income (loss)		$	(101)	$	(37)	$	(138)	$	(23)	$	(29)	$	9	$	102	$	(79)

















(1) Life insurance results also includes the impact to policy fees.
(2) Corporate & Other includes assumption updates related to our individual variable annuity business.


						Annual Actuarial Assumption Updates			17

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Corebridge Financial, Inc.
Corporate and Other Sources of Earnings


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024

Sources of Earnings
Corporate expenses	$	(32)	$	(35)	$	(29)	$	(32)	$	(37)	$	(39)	$	(67)	$	(76)	$	(137)
Interest expense on financial debt	(114)		(125)		(119)		(110)		(107)		(107)		(239)		(214)		(443)
Asset management	—		(3)		5		39		2		14		(3)		16		60
Consolidated investment entities	—		3		5		(10)		2		(1)		3		1		(4)
Other	(23)		(24)		(12)		(11)		(8)		(18)		(47)		(26)		(49)
Adjusted pre-tax operating (loss)	$	(169)	$	(184)	$	(150)	$	(124)	$	(148)	$	(151)	$	(353)	$	(299)	$	(573)


						Corporate and Other Sources of Earnings			18

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Corebridge Financial, Inc.
Total Investments


	June 30, 2025						December 31, 2024

(in millions) (amounts presented are carrying amounts)	Excluding Fortitude Re Funds Withheld Asset		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Asset		Fortitude Re Funds Withheld Assets		Total
Bonds available-for-sale
U.S. government and government sponsored entities	$	1,035	$	243	$	1,278	$	1,127	$	241	$	1,368
Obligations of states, municipalities and political subdivisions	3,961		566		4,527		4,085		576		4,661
Non-U.S. governments	4,088		214		4,302		3,670		234		3,904
Corporate debt	103,470		10,330		113,800		95,943		10,535		106,478
Total bonds available for sale, excl. MBS, CLO, and ABS	112,554		11,353		123,907		104,825		11,586		116,411
Mortgage-backed, asset-backed and collateralized
RMBS	15,534		483		16,017		15,274		510		15,784
CMBS	9,227		342		9,569		9,127		450		9,577
CLO	9,123		126		9,249		9,985		133		10,118
ABS	20,343		560		20,903		18,375		575		18,950
Total mortgage-backed, asset-backed and collateralized	54,227		1,511		55,738		52,761		1,668		54,429
Total bonds available for sale	166,781		12,864		179,645		157,586		13,254		170,840
Other bond securities	439		4,940		5,379		348		4,914		5,262
Total fixed maturities	167,220		17,804		185,024		157,934		18,168		176,102
Equity securities	911		—		911		56		—		56
Mortgage and other loans receivable
Residential mortgages	12,903		—		12,903		12,671		—		12,671
Commercial mortgages	33,834		2,961		36,795		32,094		3,075		35,169
Life insurance policy loans	1,399		310		1,709		1,411		315		1,726
Commercial loans, other loans and notes receivable	2,801		126		2,927		3,053		149		3,202
Total mortgage and other loans receivable	50,937		3,397		54,334		49,229		3,539		52,768
Other invested assets	8,002		1,945		9,947		7,800		2,051		9,851
Short term investments	3,488		323		3,811		4,707		274		4,981
Total	$	230,558	$	23,469	$	254,027	$	219,726	$	24,032	$	243,758

NAIC Designation
NAIC 1	$	93,279	$	—	$	93,279	$	90,999	$	—	$	90,999
NAIC 2	64,488		—		64,488		58,965		—		58,965
NAIC 3	5,752		—		5,752		4,522		—		4,522
NAIC 4	2,959		—		2,959		2,671		—		2,671
NAIC 5 & 6	648		—		648		683		—		683
No designation	94		—		94		94		—		94
Fortitude Re funds withheld assets	—		17,804		17,804		—		18,168		18,168
Total	$	167,220	$	17,804	$	185,024	$	157,934	$	18,168	$	176,102


						Total Investments			19

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Corebridge Financial, Inc.

Total Investments, Insurance Operating Subsidiaries Excluding the Fortitude Re Funds Withheld Assets:




(in millions)
(amounts presented are carrying amounts)	June 30, 2025		December 31, 2024			June 30, 2025		December 31, 2024
Bonds available-for-sale					Fixed maturities NAIC designation:
U.S. government and government-sponsored entities	$	1,035	$	1,127	NAIC 1	$	93,803	$	91,475
Obligations of states, municipalities and political subdivisions	3,961		4,085		NAIC 2	65,095		59,320
Non-U.S. governments	4,089		3,669		NAIC 3	5,755		4,525
Corporate debt	104,069		96,293		NAIC 4	2,959		2,671
Mortgage-backed, asset-backed and collateralized:					NAIC 5 and 6	647		683
RMBS	16,060		15,754		No designation	—		—
CMBS	9,227		9,127		Total (5)	$	168,259	$	158,674
CLO	9,071		9,933
ABS	20,343		18,374
Total mortgage-backed, asset-backed and collateralized	54,701		53,188
Total bonds available for sale	167,855		158,362
Other bond securities	404		312
Total fixed maturities	168,259		158,674
Equity securities	911		53
Mortgage and other loans receivable:
Residential mortgages	11,427		11,128
Commercial mortgages	34,373		32,660
Commercial loans, other loans and notes receivable	2,863		3,133
Total mortgage and other loans receivable (1)	48,663		46,921
Other invested assets:
Hedge funds	104		132
Private equity (4)	5,938		5,540
Real estate investments	66		313
Other invested assets - all other	331		308
Total other invested assets	6,439		6,293
Short-term investments	3,140		4,428
Total (2)(3)	$	227,412	$	216,369

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

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

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

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

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


						Invested Assets Summary, at Carrying Value			20

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Corebridge Financial, Inc.

Commercial Mortgage Loan Exposure by Location and Class of Loan Based on Amortized Cost


	June 30, 2025

(dollars in millions)		Class													Total
Excluding Fortitude Re Funds Withheld Assets	Number of Loans		Apartments		Offices		Retail		Industrial		Hotel		Others				Percent of Total

State:
New York	71		$	1,595	$	3,233	$	285	$	508	$	65	$	—	$	5,686	17	%
California	56		648		842		93		1,071		565		52		3,271		10	%
New Jersey	72		1,819		5		271		1,144		—		21		3,260		9	%
Florida	48		910		104		416		298		439		58		2,225		6	%
Texas	41		852		399		453		183		17		157		2,061		6	%
Massachusetts	18		354		982		522		14		—		—		1,872		5	%
Colorado	14		370		42		87		302		113		—		914		3	%
Pennsylvania	21		162		183		166		382		20		—		913		3	%
Illinois	21		379		350		2		115		—		57		903		3	%
North Carolina	12		359		27		—		112		14		—		512		1	%
Other States	113		2,411		96		560		1,507		287		83		4,944		14	%
Foreign	65		3,787		1,066		998		1,229		157		575		7,812		23	%
Total excluding Fortitude Re funds withheld assets (1)	552		$	13,646	$	7,329	$	3,853	$	6,865	$	1,677	$	1,003	$	34,373	100	%
Fortitude Re funds withheld assets															3,008
Total															$	37,381


	June 30, 2025

		Class
(dollars in millions)	Number of Loans	Apartments		Offices		Retail		Industrial		Hotel		Others		Total (2)		Percent of Total
Credit Quality Indicator:
In good standing (1)	548	$	13,646	$	6,988	$	3,687	$	6,865	$	1,677	$	1,003	$	33,866	99%

90 days or less delinquent	—	—		—		—		—		—		—		—		—%
>90 days delinquent or in process of foreclosure	4	—		341		166		—		—		—		507		1%
Total excluding Fortitude Re funds withheld assets (2)	552	$	13,646	$	7,329	$	3,853	$	6,865	$	1,677	$	1,003	$	34,373	100%
Fortitude Re funds withheld assets														3,008
Total														$	37,381

(1) During the six months ended June 30, 2025, commercial mortgage loans with an amortized cost of $108 million, none of which were supporting the funds withheld arrangements with Fortitude Re, were granted term extensions.

(2) Does not reflect allowance for credit losses.


						Investments - Commercial Mortgage Loans			21

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Corebridge Financial, Inc.

Commercial Mortgages - Debt Service Coverage Ratios and Loan-to-Value Ratios by Vintage Year


	June 30, 2025

	Debt Service Coverage Ratios (1)
(in millions)	>1.20X		1.00X - 1.20X		<1.00X		Total
Loan-to-value ratios (2)
Less than 65%	$	22,220	$	1,900	$	174	$	24,294
65% to 75%	6,792		588		63		7,443
76% to 80%	178		174		—		352
Greater than 80%	1,311		307		666		2,284
Total excluding Fortitude Re funds withheld assets (3)	$	30,501	$	2,969	$	903	$	34,373
Fortitude Re funds withheld assets							3,008
Total							$	37,381


	June 30, 2025

	Vintage Year
(in millions)	2025		2024		2023		2022		2021		Prior		Total
Loan-to-value ratios (2)
Less than 65%	$	1,818	$	3,945	$	1,881	$	4,112	$	1,758	$	10,780	$	24,294
65% to 75%	256		429		185		2,289		283		4,000		7,442
76% to 80%	—		—		—		17		71		265		353
Greater than 80%	—		—		20		315		206		1,743		2,284
Total excluding Fortitude Re funds withheld assets (3)	$	2,074	$	4,374	$	2,086	$	6,733	$	2,318	$	16,788	$	34,373
Fortitude Re funds withheld assets													3,008
Total													$	37,381

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

(2) The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 60% at June 30, 2025. The loan-to-value ratios reflect the latest obtained valuations of the collateral properties by obtaining independent appraisals, generally at least once per year.

(3) Does not reflect allowance for credit losses.


						Investments - Commercial Mortgage Loans			22

Corebridge Financial, Inc.

Net Investment Income


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024

Net investment income by asset class
Fixed maturity securities - AFS	$	2,240	$	2,187	$	2,187	$	2,184	$	2,137	$	2,116	$	4,427	$	4,253	$	8,624
Equity securities	15		10		8		—		—		—		25		—		8
Mortgage and other loans receivable	653		637		620		594		580		563		1,290		1,143		2,357
Other invested assets	1		1		—		1		—		1		2		1		2
Cash and short-term investments	47		76		60		57		51		62		123		113		230
Total base portfolio gross investment income - insurance operations	2,956		2,911		2,875		2,836		2,768		2,742		5,867		5,510		11,221
Investment expenses	172		170		192		172		182		160		342		342		706
Total base portfolio investment income (APTOI basis) - insurance operations	2,784		2,741		2,683		2,664		2,586		2,582		5,525		5,168		10,515

Alternatives	158		70		90		92		51		(23)		228		28		210
Call and tender	(12)		16		4		(11)		(15)		—		4		(15)		(22)
Fair value option	17		13		(6)		21		7		6		30		13		28
Other variable investment income	30		(11)		15		10		8		17		19		25		50
Total variable investment income (loss) - insurance operations	193		88		103		112		51		—		281		51		266
Corporate and Other (includes eliminations)	7		12		25		(9)		13		(18)		19		(5)		11
Total net investment income (APTOI basis)	$	2,984	$	2,841	$	2,811	$	2,767	$	2,650	$	2,564	$	5,825	$	5,214	$	10,792

Breakdown by Segment
Individual Retirement	$	1,519	$	1,419	$	1,406	$	1,394	$	1,339	$	1,274	$	2,938	$	2,613	$	5,413
Group Retirement	469		485		460		478		487		495		954		982		1,920
Life Insurance	335		336		337		336		322		326		671		648		1,321
Institutional Markets	654		589		583		568		489		487		1,243		976		2,127
Corporate and Other (includes eliminations)	7		12		25		(9)		13		(18)		19		(5)		11
Total net investment income (APTOI basis)	$	2,984	$	2,841	$	2,811	$	2,767	$	2,650	$	2,564	$	5,825	$	5,214	$	10,792

Reconciliation to Net Investment Income (Net income basis)
Net investment income on Fortitude Re funds withheld assets	343		331		198		515		325		332		674		657		1,370
Net investment income related to businesses exited through reinsurance	80		81		82		80		79		83		161		162		324
Change in fair value of securities used to hedge guaranteed living benefits
Derivative (income) reclass to net realized investment gains (losses)	(77)		(72)		(78)		(72)		(77)		(61)		(149)		(138)		(288)
Other adjustments	8		8		7		6		11		6		16		17		30
Total adjustments	354		348		209		529		338		360		702		698		1,436

Net investment income (Net income basis)	$	3,338	$	3,189	$	3,020	$	3,296	$	2,988	$	2,924	$	6,527	$	5,912	$	12,228


						Net Investment Income			23

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Corebridge Financial, Inc.
Net Realized Gains (Losses)


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024
Sales of securities (fixed maturity and equity)	$	(513)	$	(141)	$	(241)	$	(87)	$	(493)	$	(320)	$	(654)	$	(813)	$	(1,141)
Intent to sell	(250)		—		—		—		—		(15)		(250)		(15)		(15)
Change in allowance for credit losses on fixed maturity securities	(41)		(20)		(40)		(85)		(50)		(62)		(61)		(112)		(237)
Change in allowance for credit losses on loans	14		(16)		(3)		(15)		(34)		(14)		(2)		(48)		(66)
Foreign exchange transactions, net of related hedges	(445)		(121)		387		(354)		55		46		(566)		101		134
Index-linked interest credited embedded derivatives, net of related hedges	(248)		(288)		348		(285)		(172)		90		(536)		(82)		(19)
All other derivatives and hedge accounting (1)	(172)		(244)		200		(195)		18		105		(416)		123		128
Sales of alternative investments and real estate investments	(9)		12		70		58		11		20		3		31		159
Other	(30)		(4)		5		(12)		(25)		(28)		(34)		(53)		(60)
Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative	(1,694)		(822)		726		(975)		(690)		(178)		(2,516)		(868)		(1,117)
Net realized gains (losses) on Fortitude Re funds withheld assets	(30)		4		(148)		157		(93)		(164)		(26)		(257)		(248)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	(251)		(596)		933		(1,509)		36		22		(847)		58		(518)
Total net realized gains (losses)	$	(1,975)	$	(1,414)	$	1,511	$	(2,327)	$	(747)	$	(320)	$	(3,389)	$	(1,067)	$	(1,883)

(1) Derivative activity related to hedging certain MRBs is recorded in change in the fair value of market risk benefits, net.


						Net Realized Gains (Losses)			24

Table of Contents


Corebridge Financial, Inc.
Supplemental Information Table of Contents


Table of Contents			Page(s)



Non-GAAP Measures			26-28
Earnings Per Share Computations			29
Reconciliation of Adjusted Return on Average Adjusted Equity (ROAE)			30
Reconciliation of Adjusted Pre-tax and After-Tax Operating Income			31-32
Notable Items and Alternative Investment Returns vs. long-term return expectations			33
Non-GAAP Reconciliation - Premiums and Premiums and Deposits			34-35
Consolidated Adjusted Pre-tax Operating Income			36
Individual Retirement Results			37
Group Retirement Results			38
Life Insurance Results			39-40
Institutional Markets Results			41-42
Corporate and Other Operations Results			43


						Supplemental Information			25

Table of Contents


Corebridge Financial, Inc.
Non-GAAP Financial Measures

Throughout this Financial Supplement, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are ‘‘Non-GAAP financial measures’’ under Securities and Exchange Commission rules and regulations. We believe presentation of these non-GAAP financial measures allows for a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. These measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with GAAP and should not be viewed as a substitute for GAAP measures. The non-GAAP financial measures we present may not be comparable to similarly-named measures reported by other companies.

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

APTOI excludes the impact of the following items:

FORTITUDE RE RELATED ADJUSTMENTS:

The modified coinsurance (“modco”) reinsurance agreements with Fortitude Re transfer the economics of the invested assets supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the Fortitude Re funds withheld embedded derivative are also excluded from APTOI.

The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not indicative of our ongoing business operations.

INVESTMENT RELATED ADJUSTMENTS:

APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods. In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results, including those used to economically hedge insurance liabilities, or those recognized as embedded derivatives at fair value, are also included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).

MARKET RISK BENEFIT ADJUSTMENTS:

Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain GMWBs and/or GMDBs which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs are excluded from APTOI. MRBs related to the variable annuity business exited through reinsurance is reported in the “Businesses Exited Through Reinsurance” line item.

BUSINESSES EXITED THROUGH REINSURANCE:

Represents the results of businesses that have been 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.


						Non-GAAP Financial Measures			26

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Corebridge Financial, Inc.
Non-GAAP Financial Measures

OTHER ADJUSTMENTS:

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

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

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

•separation costs;

•non-operating litigation reserves and settlements;

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

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

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

Adjusted after-tax operating income attributable to our common shareholders (“Adjusted After-tax Operating Income” or “AATOI”) is derived by excluding the tax effected APTOI adjustments described above, as well as the following tax items from net income attributable to us:

•reclassifications of disproportionate tax effects from AOCI, changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance; and

•deferred income tax valuation allowance releases and charges.

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

Adjusted Book Value per Common Share is computed as adjusted book value divided by total common shares outstanding.

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

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

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


						Non-GAAP Financial Measures			27

Table of Contents


Corebridge Financial, Inc.
Non-GAAP Financial Measures

Operating Earnings per Common Share is derived by dividing AATOI by weighted average diluted shares.

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

Assets Under Management and Administration

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

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

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

Key Terms - Throughout this Financial Supplement, we use the following terms:

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

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

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

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

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

•Life Insurance CPPE sales are shown on a continuous payment premium equivalent (CPPE) basis. Life insurance sales include periodic premiums from new business expected to be collected over a one-year period and 10 percent of unscheduled and single premiums from new and existing policyholders.

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

•Surrender rate represents annualized surrenders and withdrawals as a percentage of average reserves and Group Retirement mutual fund assets under administration.

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

•Underwriting margin ratio equals the underwriting margin divided by premiums and deposits.

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


						Non-GAAP Financial Measures			28

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Corebridge Financial, Inc.
Earnings Per Share


(in millions, except per share data)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024

GAAP Basis
Numerator for EPS
Net income (loss)	$	(668)	$	(657)	$	2,222	$	(1,187)	$	341	$	827	$	(1,325)	$	1,168	$	2,203
Less: Net income (loss) attributable to noncontrolling interests	(8)		7		51		(3)		(24)		(51)		(1)		(75)		(27)
Net income (loss) attributable to Corebridge common shareholders	$	(660)	$	(664)	$	2,171	$	(1,184)	$	365	$	878	$	(1,324)	$	1,243	$	2,230

Denominator for EPS
Weighted average common shares outstanding - basic (1)	550.3		558.0		569.8		587.1		611.6		624.0		554.1		617.8		598.0
Dilutive common shares (2)	—		—		1.6		—		1.0		0.9		—		0.9		1.2
Weighted average common shares outstanding - diluted	550.3		558.0		571.4		587.1		612.6		624.9		554.1		618.7		599.2

Income per common share attributable to Corebridge common shareholders
Common stock - basic	$	(1.20)	$	(1.19)	$	3.81	$	(2.02)	$	0.60	$	1.41	$	(2.39)	$	2.01	$	3.73
Common stock - diluted	$	(1.20)	$	(1.19)	$	3.80	$	(2.02)	$	0.59	$	1.41	$	(2.39)	$	2.01	$	3.72

Operating Basis
Adjusted after-tax operating income attributable to Corebridge common shareholders	$	672	$	570	$	606	$	724	$	613	$	604	$	1,242	$	1,217	$	2,547
Weighted average common shares outstanding - diluted	551.3		559.4		571.4		588.3		612.6		624.9		555.3		618.7		599.2
Operating earnings per common share	$	1.22	$	1.02	$	1.06	$	1.23	$	1.00	$	0.97	$	2.22	$	1.97	$	4.25

Common Shares Outstanding
Common shares outstanding, beginning of period	553.1		561.5		574.4		600.3		615.4		621.7		561.5		621.7		621.7
Share repurchases	(9.9)		(10.0)		(12.9)		(25.9)		(15.1)		(9.5)		(19.9)		(24.6)		(63.4)
Newly issued shares	—		1.6		—		—		—		3.2		1.6		3.2		3.2
Common shares outstanding, end of period	543.2		553.1		561.5		574.4		600.3		615.4		543.2		600.3		561.5

(1) Includes vested shares under our share-based employee compensation plans.

(2) Potential dilutive common shares include our share-based employee compensation plans.


						Earnings Per Share Computations			29

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Corebridge Financial, Inc.
Reconciliation of Return On Average Equity (ROAE)


(in millions, unless otherwise noted)	Quarterly																		Six Months Ended June 30,						Year Ended

	2Q25			1Q25			4Q24			3Q24			2Q24			1Q24			2025			2024			2024

Return on Equity Computations
Actual or annualized net income (loss) attributable to Corebridge shareholders (a)	$	(2,640)		$	(2,656)		$	8,684		$	(4,736)		$	1,460		$	3,512		$	(2,648)		$	2,486		$	2,230
Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b)	$	2,688		$	2,280		$	2,424		$	2,896		$	2,452		$	2,416		$	2,484		2,434			$	2,547

Average Corebridge Shareholders’ equity (c)	$	12,141		$	11,721		$	12,535		$	12,302		$	11,286		$	11,671		$	11,915		$	11,446		$	11,882
Less: Average AOCI	(11,341)			(12,865)			(11,783)			(12,196)			(14,324)			(13,799)			(12,121)			(14,035)			(13,134)
Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets	(2,570)			(2,676)			(2,428)			(2,390)			(2,609)			(2,415)			(2,646)			(2,517)			(2,481)
Average Adjusted Book Value (d)	$	20,912		$	21,910		$	21,890		$	22,108		$	23,001		$	23,055		$	21,390		$	22,964		$	22,535

ROAE (a/c)	(21.7)		%	(22.7)		%	69.3		%	(38.5)		%	12.9		%	30.1		%	(22.2)		%	21.7		%	18.8		%
Adjusted ROAE (b/d)	12.9		%	10.4		%	11.1		%	13.1		%	10.7		%	10.5		%	11.6		%	10.6		%	11.3		%


						Reconciliation of Return On Average Equity			30

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Corebridge Financial, Inc.
Reconciliation of Adjusted Pre-tax Operating Income - Consolidated


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024

Pre-tax income (loss)	$	(608)	$	(862)	$	2,925	$	(1,594)	$	456	$	1,016	$	(1,470)	$	1,472	$	2,803
Fortitude Re related items
Net investment (income) on Fortitude Re funds withheld assets	(343)		(331)		(198)		(515)		(325)		(332)		(674)		(657)		(1,370)
Net realized (gains) losses on Fortitude Re funds withheld assets	30		(4)		148		(157)		93		164		26		257		248
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative	251		596		(933)		1,509		(36)		(22)		847		(58)		518

Subtotal – Fortitude Re related items	(62)		261		(983)		837		(268)		(190)		199		(458)		(604)
Other reconciling items


Change in the fair value of market risk benefits, net	(44)		335		(469)		654		12		(165)		291		(153)		32

Change in benefit reserves related to net realized gains (losses)	(4)		31		—		(2)		(3)		(3)		27		(6)		(8)

Net realized (gains) losses (1)	1,758		905		(604)		1,093		748		222		2,663		970		1,459
Non-operating litigation reserves and settlements	—		—		(1)		—		—		—		—		—		(1)
Separation costs	—		—		—		—		27		67		—		94		94
Restructuring and other costs	129		97		68		87		85		47		226		132		287
Non-recurring costs related to regulatory or accounting changes	1		1		1		1		1		—		2		1		3
Net (gain) loss on divestiture	—		—		—		1		(241)		(5)		—		(246)		(245)

Businesses exited through reinsurance	(336)		(51)		(135)		(159)		(83)		(310)		(387)		(393)		(687)
Noncontrolling interests	8		(7)		(44)		3		24		51		1		75		34
Subtotal - Other non-Fortitude Re reconciling items	1,512		1,311		(1,184)		1,678		570		(96)		2,823		474		968
Total adjustments	1,450		1,572		(2,167)		2,515		302		(286)		3,022		16		364
Adjusted pre-tax operating income	$	842	$	710	$	758	$	921	$	758	$	730	$	1,552	$	1,488	$	3,167


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


						Reconciliation of Adjusted Pre-Tax Operating Income			31

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Corebridge Financial, Inc.
Reconciliation of Adjusted After-tax Operating Income - Consolidated


(in millions, unless otherwise noted)	Quarterly																		Six Months Ended June 30,						Year Ended

	2Q25			1Q25			4Q24			3Q24			2Q24			1Q24			2025			2024			2024
Net income (loss)	$	(668)		$	(657)		$	2,222		$	(1,187)		$	341		$	827		$	(1,325)		$	1,168		$	2,203
Less net income (loss) attributable to noncontrolling interests	(8)			7			51			(3)			(24)			(51)			(1)			(75)			(27)
Net income (loss) attributable to Corebridge	(660)			(664)			2,171			(1,184)			365			878			(1,324)			1,243			2,230
Fortitude Re related items
Net investment (income) on Fortitude Re funds withheld assets	(270)			(260)			(155)			(405)			(256)			(261)			(530)			(517)			(1,077)
Net realized (gains) losses on Fortitude Re funds withheld assets	23			(3)			116			(123)			73			129			20			202			195
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative	198			469			(732)			1,185			(29)			(17)			667			(46)			407

Subtotal – Fortitude Re related items	(49)			206			(771)			657			(212)			(149)			157			(361)			(475)
Other reconciling items
Reclassification of disproportionate tax effects from AOCI and other tax adjustments.	6			(21)			7			22			(52)			(26)			(15)			(78)			(49)
Deferred income tax valuation allowance (releases) charges	186			8			84			(91)			87			17			194			104			97
Change in the fair value of market risk benefits, net	(35)			265			(371)			517			9			(130)			230			(121)			25

Changes in benefit reserves related to net realized gains (losses)	(3)			24			(1)			(1)			(3)			(2)			21			(5)			(7)

Net realized (gains) losses (1)	1,389			715			(467)			858			588			175			2,104			763			1,154
Non-operating litigation reserves and settlements	—			—			(1)			—			—			—			—			—			(1)
Separation costs	—			—			—			—			21			53			—			74			74
Restructuring and other costs	101			77			54			69			67			37			178			104			227
Non-recurring costs related to regulatory or accounting changes	1			1			—			1			1			—			2			1			2
Net (gain) loss on divestiture	—			—			7			1			(194)			(4)			—			(198)			(190)

Businesses exited through reinsurance	(264)			(41)			(106)			(125)			(64)			(245)			(305)			(309)			(540)

Subtotal - Other non-Fortitude Re reconciling items	1,381			1,028			(794)			1,251			460			(125)			2,409			335			792
Total adjustments	1,332			1,234			(1,565)			1,908			248			(274)			2,566			(26)			317
Adjusted after-tax operating income attributable to Corebridge	$	672		$	570		$	606		$	724		$	613		$	604		$	1,242		$	1,217		$	2,547

Calculation of Effective Tax Rates
Adjusted pre-tax operating income	$	842		$	710		$	758		$	921		$	758		$	730		$	1,552		$	1,488		$	3,167
Income tax expense	170			140			152			197			145			126			310			271			620
Adjusted after-tax operating income attributable to Corebridge	$	672		$	570		$	606		$	724		$	613		$	604		$	1,242		$	1,217		$	2,547
Effective tax rates on adjusted pre-tax operating income	20.2		%	19.7		%	20.1		%	21.4		%	19.1		%	17.3		%	20.0		%	18.2		%	19.6		%
(1) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Additionally, gains (losses) related to the disposition of real estate investments are also excluded from this adjustment.


						Reconciliation of Adjusted After-tax Operating Income			32

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Corebridge Financial, Inc.
Notable Items and Alternative Investment Returns vs. long-term return expectations


(in millions, unless otherwise noted)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024
Individual Retirement:
Alternative investments returns versus long-term return expectations	$	12	$	(24)	$	(11)	$	(12)	$	(12)	$	(43)	$	(12)	$	(55)	$	(78)
Investments	—		10		—		—		—		35		10		35		35
Annual actuarial assumption review	—		—		—		18		—		—		—		—		18

General operating expenses	—		—		(2)		—		—		—		—		—		(2)
Total adjustments	$	12	$	(14)	$	(13)	$	6	$	(12)	$	(8)	$	(2)	$	(20)	$	(27)

Group Retirement:
Alternative investments returns versus long-term return expectations	$	(6)	$	2	$	(5)	$	3	$	(7)	$	(27)	$	(4)	(34)		(36)
Investments	—		4		—		—		—		8		4		8		8
Annual actuarial assumption review	—		—		—		(1)		—		—		—		—		(1)

General operating expenses	—		—		(9)		—		—		—		—		—		(9)
Total adjustments	$	(6)	$	6	$	(14)	$	2	$	(7)	$	(19)	$	—	$	(26)	$	(38)

Life Insurance:
Alternative investments returns versus long-term return expectations	$	1	$	(6)	$	(3)	$	(3)	$	(3)	$	(11)	$	(5)	(14)		(20)
Investments	—		2		—		—		—		8		2		8		8
Annual actuarial assumption review	—		—		—		(29)		—		—		—		—		(29)
Reinsurance	—		—		—		62		—		(30)		—		(30)		32
General operating expenses	—		—		(5)		—		—		—		—		—		(5)
Total adjustments	$	1	$	(4)	$	(8)	$	30	$	(3)	$	(33)	$	(3)	$	(36)	$	(14)

Institutional Markets:
Alternative investments returns versus long-term return expectations	$	33	$	(15)	$	(6)	$	(6)	$	(37)	$	(51)	$	18	(88)		(100)
Investments	—		4		—		—		—		17		4		17		17
Annual actuarial assumption review	—		—		—		9		—		—		—		—		9
Reinsurance	—		—		—		5		—		—		—		—		5
General operating expenses	—		—		(1)		—		—		—		—		—		(1)
Total adjustments	$	33	$	(11)	$	(7)	$	8	$	(37)	$	(34)	$	22	$	(71)	$	(70)

Total Corebridge:
Alternative investments returns versus long-term return expectations	$	40	$	(43)	$	(25)	$	(18)	$	(59)	$	(132)	$	(3)	$	(191)	$	(234)
Investments	—		20		—		—		—		68		20		68		68
Annual actuarial assumption review	—		—		—		(3)		—		—		—		—		(3)
Reinsurance	—		—		—		67		—		(30)		—		(30)		37
General operating expenses	—		—		(17)		—		—		—		—		—		(17)
Corporate & other	—		(12)		—		32		—		—		(12)		—		32
Total adjustments	$	40	$	(35)	$	(42)	$	78	$	(59)	$	(94)	$	5	$	(153)	$	(117)
Discrete tax items - income tax expense (benefit)	$	—	$	—	$	—	$	(10)	$	—	$	—	$	—	$	—	$	(10)


						Notable Items			33

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Corebridge Financial, Inc.
Non-GAAP Reconciliation - Premiums to Premiums and Deposits


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024
Individual Retirement (Fixed annuities)
Premiums	$	31	$	17	$	22	$	30	$	24	$	31	$	48	$	55	$	107
Deposits	3,186		1,984		1,834		2,753		4,111		2,582		5,170		6,693		11,280
Other	(1)		(2)		—		(3)		(3)		(1)		(3)		(4)		(7)
Premiums and deposits	$	3,216	$	1,999	$	1,856	$	2,780	$	4,132	$	2,612	$	5,215	$	6,744	$	11,380

Individual Retirement (Fixed index annuities)
Premiums	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Deposits	2,779		2,036		2,593		2,298		2,239		1,883		4,815		4,122		9,013
Other	—		—		—		—		—		—		—		—		—
Premiums and deposits	$	2,779	$	2,036	$	2,593	$	2,298	$	2,239	$	1,883	$	4,815	$	4,122	$	9,013

Individual Retirement (Registered index-linked annuities)
Premiums	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Deposits	492		263		90		—		—		—		755		—		90
Other	—		—		—		—		—		—		—		—		—
Premiums and deposits	$	492	$	263	$	90	$	—	$	—	$	—	$	755	$	—	$	90

Individual Retirement (Total)
Premiums	$	31	$	17	$	22	$	30	$	24	$	31	$	48	$	55	$	107
Deposits	6,457		4,283		4,517		5,051		6,350		4,465		10,740		10,815		20,383
Other (1)	(1)		(2)		—		(3)		(3)		(1)		(3)		(4)		(7)
Premiums and deposits	$	6,487	$	4,298	$	4,539	$	5,078	$	6,371	$	4,495	$	10,785	$	10,866	$	20,483


						Premiums to Premiums and Deposits			34

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Corebridge Financial, Inc.
Non-GAAP Reconciliation - Premiums to Premiums and Deposits


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024
Group Retirement
Premiums	$	—	$	4	$	2	$	5	$	—	$	5	$	4	$	5	$	12
Deposits	1,976		1,820		1,614		1,958		1,998		2,049		3,796		4,047		7,619

Premiums and deposits (2)(3)	$	1,976	$	1,824	$	1,616	$	1,963	$	1,998	$	2,054	$	3,800	$	4,052	$	7,631

Life Insurance
Premiums	$	377	$	340	$	366	$	352	$	331	$	434	$	717	$	765	$	1,483
Deposits	393		397		411		386		389		393		790		782		1,579
Other (1)	98		119		102		118		126		267		217		393		613
Premiums and deposits	$	868	$	856	$	879	$	856	$	846	$	1,094	$	1,724	$	1,940	$	3,675

Institutional Markets
Premiums	$	25	$	500	$	723	$	208	$	167	$	1,796	$	525	$	1,963	$	2,894
Deposits	1,102		1,433		1,635		1,045		1,871		781		2,535		2,652		5,332
Other (1)	8		9		7		10		10		9		17		19		36
Premiums and deposits	$	1,135	$	1,942	$	2,365	$	1,263	$	2,048	$	2,586	$	3,077	$	4,634	$	8,262

Total
Premiums	$	433	$	861	$	1,113	$	595	$	522	$	2,266	$	1,294	$	2,788	$	4,496
Deposits	9,928		7,933		8,177		8,440		10,608		7,688		17,861		18,296		34,913
Other (1)	105		126		109		125		133		275		231		408		642
Premiums and deposits	$	10,466	$	8,920	$	9,399	$	9,160	$	11,263	$	10,229	$	19,386	$	21,492	$	40,051


(1) Other principally consists of ceded premiums, in order to reflect gross premiums and deposits.
(2) Includes premiums and deposits related to in-plan mutual funds of:	$	842	$	775	$	714	$	770	$	790	$	791	$	1,617	$	1,581	$	3,065
(3) Excludes client deposits into advisory and brokerage accounts of:	$	744	$	707	$	788	$	761	$	783	$	730	$	1,451	$	1,513	$	3,062


						Premiums to Premiums and Deposits			35

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Corebridge Financial, Inc.
Consolidated Adjusted Pre-tax Operating Income


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024

Revenues
Premiums (1)	$	433	$	861	$	1,113	$	595	$	522	$	2,266	$	1,294	$	2,788	$	4,496
Policy fees	598		589		603		594		589		584		1,187		1,173		2,370
Net investment income:
Base portfolio income	2,784		2,741		2,683		2,664		2,586		2,582		5,525		5,168		10,515
Variable investment income (loss)	193		88		103		112		51		—		281		51		266
Corporate and other (includes eliminations)	7		12		25		(9)		13		(18)		19		(5)		11
Net investment income	2,984		2,841		2,811		2,767		2,650		2,564		5,825		5,214		10,792
Net realized gains (losses)	(11)		13		49		53		(9)		(8)		2		(17)		85
Advisory fee and other income	92		96		97		184		93		107		188		200		481
Total adjusted revenues	4,096		4,400		4,673		4,193		3,845		5,513		8,496		9,358		18,224
Benefits and expenses
Policyholder benefits (1)	974		1,417		1,625		1,143		1,046		2,800		2,391		3,846		6,614
Interest credited to policyholder account balances	1,452		1,381		1,375		1,324		1,240		1,163		2,833		2,403		5,102
Amortization of deferred policy acquisition costs	221		223		219		208		206		214		444		420		847
Non-deferrable insurance commissions	91		92		94		75		81		82		183		163		332
Advisory fee expenses	34		39		40		39		39		36		73		75		154
General operating expenses	361		391		380		359		372		407		752		779		1,518
Interest expense	129		140		138		127		127		132		269		259		524
Total benefits and expenses	3,262		3,683		3,871		3,275		3,111		4,834		6,945		7,945		15,091
Adjusted pre-tax operating income before NCI	834		717		802		918		734		679		1,551		1,413		3,133
Noncontrolling interest	8		(7)		(44)		3		24		51		1		75		34
Adjusted pre-tax operating income	842		710		758		921		758		730		1,552		1,488		3,167
Income tax expense	(170)		(140)		(152)		(197)		(145)		(126)		(310)		(271)		(620)
Adjusted after-tax operating income	$	672	$	570	$	606	$	724	$	613	$	604	$	1,242	$	1,217	$	2,547

(1) Includes PRT and SS sales activity of:	$	34	$	508	$	732	$	217	$	175	$	1,805	$	542	$	1,980	$	2,929


						Consolidated Adjusted Pre-Tax Operating Income			36

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Corebridge Financial, Inc.
Individual Retirement Results


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024

Adjusted Revenues
Premiums	$	31	$	17	$	22	$	30	$	24	$	31	$	48	$	55	$	107
Policy fees	76		67		66		71		68		61		143		129		266
Net investment income:
Base portfolio income	1,445		1,396		1,370		1,355		1,311		1,272		2,841		2,583		5,308
Variable investment income	74		23		36		39		28		2		97		30		105
Total net investment income	1,519		1,419		1,406		1,394		1,339		1,274		2,938		2,613		5,413

Advisory fee and other income	—		—		1		—		—		—		—		—		1
Total adjusted revenues	1,626		1,503		1,495		1,495		1,431		1,366		3,129		2,797		5,787
Benefits and expenses
Policyholder benefits	36		23		34		12		27		26		59		53		99
Interest credited to policyholder account balances (1)	824		775		759		720		669		613		1,599		1,282		2,761
Amortization of deferred policy acquisition costs	112		112		110		101		98		96		224		194		405
Non-deferrable insurance commissions	41		42		41		33		29		29		83		58		132
Advisory fee expenses	3		6		5		4		6		3		9		9		18
General operating expenses	87		91		88		78		82		84		178		166		332
Interest expense	—		—		—		—		—		—		—		—		—
Total benefits and expenses	1,103		1,049		1,037		948		911		851		2,152		1,762		3,747
Adjusted pre-tax operating income	$	523	$	454	$	458	$	547	$	520	$	515	$	977	$	1,035	$	2,040



(1) Includes amortization of DSI of:	$	9	$	10	$	10	$	10	$	10	$	11	$	19	$	21	$	41


						Individual Retirement Results			37

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Corebridge Financial, Inc.
Group Retirement Results


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024


Adjusted Revenues
Premiums	$	—	$	4	$	2	$	5	$	—	$	5	$	4	$	5	$	12
Policy fees	105		108		114		113		108		107		213		215		442
Net investment income:
Base portfolio income	445		461		443		451		476		494		906		970		1,864
Variable investment income	24		24		17		27		11		1		48		12		56
Total net investment income	469		485		460		478		487		495		954		982		1,920

Advisory fee and other income	85		87		89		88		83		83		172		166		343
Total adjusted revenues	659		684		665		684		678		690		1,343		1,368		2,717
Benefits and expenses
Policyholder benefits	2		5		3		9		(2)		3		7		1		13
Interest credited to policyholder account balances (1)	301		296		303		305		300		298		597		598		1,206
Amortization of deferred policy acquisition costs	21		22		22		21		21		21		43		42		85
Non-deferrable insurance commissions	30		30		31		30		30		29		60		59		120
Advisory fee expenses	30		33		35		34		32		33		63		65		134
General operating expenses	93		103		110		97		102		106		196		208		415

Total benefits and expenses	477		489		504		496		483		490		966		973		1,973
Adjusted pre-tax operating income	$	182	$	195	$	161	$	188	$	195	$	200	$	377	$	395	$	744



(1) Includes amortization of DSI of:	$	3	$	3	$	3	$	3	$	4	$	3	$	6	$	7	$	13


						Group Retirement Results			38

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Corebridge Financial, Inc.
Life Insurance Results


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024

Adjusted Revenues
Premiums (1)	$	377	$	340	$	366	$	352	$	331	$	434	$	717	$	765	$	1,483
Policy fees (1)	366		364		371		360		366		368		730		734		1,465
Net investment income:
Base portfolio income	329		332		329		331		315		327		661		642		1,302
Variable investment income	6		4		8		5		7		(1)		10		6		19
Total net investment income	335		336		337		336		322		326		671		648		1,321

Other income (1)(2)	—		1		—		81		1		—		1		1		82
Total adjusted revenues	1,078		1,041		1,074		1,129		1,020		1,128		2,119		2,148		4,351
Benefits and expenses
Policyholder benefits (1)	650		636		619		687		627		748		1,286		1,375		2,681
Interest credited to policyholder account balances (1)	84		80		85		84		84		83		164		167		336
Amortization of deferred policy acquisition costs	84		85		84		82		84		94		169		178		344
Non-deferrable insurance commissions	15		14		16		7		16		19		29		35		58
Advisory fee expenses	1		—		—		1		1		—		1		1		2
General operating expenses	111		118		114		112		113		130		229		243		469

Total benefits and expenses	945		933		918		973		925		1,074		1,878		1,999		3,890
Adjusted pre-tax operating income	$	133	$	108	$	156	$	156	$	95	$	54	$	241	$	149	$	461



(1) Underwriting margin represents premiums, policy fees, net investment income and other income, less policyholder benefits and interest credited to policyholder account balances. Underwriting margin is also exclusive of the impacts from the annual assumption update. See next page for breakout.
(2) 3Q24 Other income is primarily related to reinsurance recapture.


						Life Insurance Results			39

Table of Contents


Corebridge Financial, Inc.
Life Insurance Results - Underwriting Margin


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024

Premiums	$	377	$	340	$	366	$	352	$	331	$	434	$	717	$	765	$	1,483
Policy fees	366		364		371		360		366		368		730		734		1,465
Net investment income	335		336		337		336		322		326		671		648		1,321
Other income	—		1		—		81		1		—		1		1		82
Policyholder benefits	(650)		(636)		(619)		(687)		(627)		(748)		(1,286)		(1,375)		(2,681)
Interest credited to policyholder account balances	(84)		(80)		(85)		(84)		(84)		(83)		(164)		(167)		(336)
Less: Impact of annual actuarial assumption update	—		—		—		34		—		—		—		—		34
Underwriting margin	$	344	$	325	$	370	$	392	$	309	$	297	$	669	$	606	$	1,368


						Life Insurance Results - Underwriting Margin			40

Table of Contents


Corebridge Financial, Inc.
Institutional Markets Results


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024
Adjusted Revenues
Premiums (1)	$	25	$	500	$	723	$	208	$	167	$	1,796	$	525	$	1,963	$	2,894
Policy fees	51		50		52		50		47		48		101		95		197
Net investment income:
Base portfolio income	565		552		541		527		484		489		1,117		973		2,041
Variable investment income	89		37		42		41		5		(2)		126		3		86
Total net investment income	654		589		583		568		489		487		1,243		976		2,127

Other income	1		1		—		6		1		1		2		2		8
Total adjusted revenues	731		1,140		1,358		832		704		2,332		1,871		3,036		5,226
Benefits and expenses
Policyholder benefits (1)	286		742		969		435		394		2,023		1,028		2,417		3,821
Interest credited to policyholder account balances	243		230		228		215		187		169		473		356		799
Amortization of deferred policy acquisition costs	4		4		3		4		3		3		8		6		13
Non-deferrable insurance commissions	5		5		5		5		5		5		10		10		20

General operating expenses	20		22		20		19		19		20		42		39		78

Total benefits and expenses	558		1,003		1,225		678		608		2,220		1,561		2,828		4,731
Adjusted pre-tax operating income	$	173	$	137	$	133	$	154	$	96	$	112	$	310	$	208	$	495


(1) Includes PRT and SS sales activity of:	$	34	$	508	$	732	$	217	$	175	$	1,805	$	542	$	1,980	$	2,929


						Institutional Markets Results			41

Table of Contents


Corebridge Financial, Inc.
Institutional Markets Results - Spread Income, Fee Income, and Underwriting Margin


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024

Premiums	$	34	$	508	$	732	$	217	$	175	$	1,805	$	542	$	1,980	$	2,929
Net investment income	617		551		547		531		451		449		1,168		900		1,978
Policyholder benefits	(262)		(725)		(952)		(418)		(378)		(2,006)		(987)		(2,384)		(3,754)
Interest credited to policyholder account balances	(216)		(202)		(200)		(187)		(160)		(142)		(418)		(302)		(689)
Less: Impact of annual actuarial assumption update	—		—		—		(10)		—		—		—		—		(10)

Total spread income (1)	$	173	$	132	$	127	$	133	$	88	$	106	$	305	$	194	$	454

Stable Value Wrap (SVW) fees	$	16	$	15	$	16	$	15	$	15	$	16	$	31	$	31	$	62
Total fee income	$	16	$	15	$	16	$	15	$	15	$	16	$	31	$	31	$	62

Premiums	$	(9)	$	(8)	$	(9)	$	(9)	$	(8)	$	(9)	$	(17)	$	(17)	$	(35)
Policy fees (excluding SVW)	35		35		36		35		32		32		70		64		135
Net investment income	37		38		36		37		38		38		75		76		149
Other income	1		1		—		6		1		1		2		2		8
Policyholder benefits	(24)		(17)		(17)		(17)		(16)		(17)		(41)		(33)		(67)
Interest credited to policyholder account balances	(27)		(28)		(28)		(28)		(27)		(27)		(55)		(54)		(110)
Less: Impact of annual actuarial assumption update	—		—		—		1		—		—		—		—		1
Total underwriting margin (2)	$	13	$	21	$	18	$	25	$	20	$	18	$	34	$	38	$	81

(1) Represents spread income from GIC, PRT and SS products.
(2) Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products.


						Institutional Markets Results - Spread Income, Fee Income, and Underwriting Margin			42

Table of Contents


Corebridge Financial, Inc.
Corporate & Other Operations Results


(in millions)	Quarterly												Six Months Ended June 30,				Year Ended

	2Q25		1Q25		4Q24		3Q24		2Q24		1Q24		2025		2024		2024
Adjusted Revenues
Premiums	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Net investment income (loss)	18		16		30		(5)		18		(10)		34		8		33
Net realized gains (losses)	(11)		13		49		53		(9)		(8)		2		(17)		85
Other income	6		7		7		9		8		23		13		31		47
Total adjusted revenues	13		36		86		57		17		5		49		22		165
Benefits and expenses
Policyholder benefits	—		11		—		—		—		—		11		—		—


Non-deferrable insurance commissions	—		1		1		—		1		—		1		1		2
General operating expenses
Corporate and other	38		44		33		40		41		47		82		88		161
Asset Management	13		14		18		14		15		20		27		35		67
Total general operating expenses	51		58		51		54		56		67		109		123		228
Interest expense
Corporate expenses	114		125		119		110		107		107		239		214		443
Asset Management and other	24		21		23		22		25		30		45		55		100
Total interest expense	138		146		142		132		132		137		284		269		543
Total benefits and expenses	189		216		194		186		189		204		405		393		773
Adjusted pre-tax operating (loss) before NCI	(176)		(180)		(108)		(129)		(172)		(199)		(356)		(371)		(608)
Noncontrolling interests	8		(7)		(44)		3		24		51		1		75		34
Adjusted pre-tax operating (loss) before consolidations and eliminations	(168)		(187)		(152)		(126)		(148)		(148)		(355)		(296)		(574)
Total consolidations and eliminations	(1)		3		2		2		—		(3)		2		(3)		1
Adjusted pre-tax operating (loss)	$	(169)	$	(184)	$	(150)	$	(124)	$	(148)	$	(151)	$	(353)	$	(299)	$	(573)


						Corporate & Other Operations Results			43

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Corebridge Financial, Inc. (NYSE: CRBG) makes it possible for more people to take action in their financial lives. With more than $360 billion in assets under management and administration as of June 30, 2025, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States. We proudly partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. For more information, visit corebridgefinancial.com and follow us on LinkedIn, YouTube and Instagram.