# EDGAR Filing Document

**Accession Number:** 0001889539
**File Stem:** 0001889539-25-000074
**Filing Date:** 2025-10
**Character Count:** 187056
**Document Hash:** 909cc7889e21a9ae561c7e8294321645
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001889539-25-000074.hdr.sgml**: 20251001

**ACCESSION NUMBER**: 0001889539-25-000074

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251001

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251001

**DATE AS OF CHANGE**: 20251001

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Corebridge Financial, Inc.
- **CENTRAL INDEX KEY:** 0001889539
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 954715639
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41504
- **FILM NUMBER:** 251364821

**BUSINESS ADDRESS:**
- **STREET 1:** 2919 ALLEN PARKWAY
- **STREET 2:** WOODSON TOWER
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77019
- **BUSINESS PHONE:** 1-877-375-2422

**MAIL ADDRESS:**
- **STREET 1:** 2919 ALLEN PARKWAY
- **STREET 2:** WOODSON TOWER
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SAFG Retirement Services, Inc.
- **DATE OF NAME CHANGE:** 20211020

?xml version='1.0' encoding='ASCII'? crbg-20251001

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)** 

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): October 1, 2025**

**Corebridge Financial, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **Delaware** | **001-41504** | **95-4715639** |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| **2919 Allen Parkway, Woodson Tower,**  | **2919 Allen Parkway, Woodson Tower,**  | | |
| **Houston,** | **Texas** | | **77019** |
| **(Address of Principal Executive Offices)** | **(Address of Principal Executive Offices)** | | **(Zip Code)** |

---

**Registrant's Telephone number, including area code: 1-877-375-2422**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock | CRBG | New York Stock Exchange |
| 6.375% Junior Subordinated Notes | CRBD | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 7.01** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Regulation FD Disclosure.** |

---

As previously reported by Corebridge Financial, Inc. (the "Company") in its quarterly report on Form 10-Q filed with the Securities and Exchange Commission on August 5, 2025, a portion of the transactions contemplated by the Master Transaction Agreement by and among American General Life Insurance Company ("AGL"), The United States Life Insurance Company in the City of New York ("USL") and Corporate Solutions Life Reinsurance Company, closed on August 1, 2025 (the "Closing"). As a result of the Closing, the Company announced that, retrospectively, beginning in the third quarter of 2025, it is making certain changes to its segment reporting 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").

Exhibit 99.1 to this Form 8-K contains information that the company has published on its Investor Relations website providing recast historical segment financial results. The 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. In addition, it includes reconciliations of certain non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles ("GAAP").

The information in this Item 7.01, including the corresponding Exhibit 99.1, is being furnished with the Commission and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

(d) Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description of Exhibit</u>** |
| <u>[99.1](recastcorebridgefinancial-.htm)</u> | Corebridge Financial, Inc. Recast of Historical Segment Results, dated October 1, 2025 (furnished herewith and not filed). |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
| Date: | October 1, 2025 | By: | /s/ Elias Habayeb | /s/ Elias Habayeb |
|  |  |  | Name: | Elias Habayeb |
|  |  |  | Title: | Executive Vice President and <br>Chief Financial Officer |

---

## Exhibit 99.1

**Recast of Historical Segment Results**

**Quarterly Financial Supplement**

![image.jpg](image.jpg)

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** |

---

---

| | |
|:---|:---|
| **<u>**Table of Contents**</u>** | **<u>Page(s)</u>** |
| **Consolidated Results** | |
| &nbsp;&nbsp;Overview of Recast historical results | [3](#i9406f370f2454bf78508306a2118a93c_7) |
| &nbsp;&nbsp;Consolidated Financial Highlights | 4-5 |
| &nbsp;&nbsp;[Consolidated Statement of Operations](#i9406f370f2454bf78508306a2118a93c_16) | [6](#i9406f370f2454bf78508306a2118a93c_16) |
| &nbsp;&nbsp;[Consolidated Balance Sheet](#i9406f370f2454bf78508306a2118a93c_19)s | [7](#i9406f370f2454bf78508306a2118a93c_19) |
| &nbsp;&nbsp;[Assets Under Management and Administration Rollforward](#i9406f370f2454bf78508306a2118a93c_22) | [8](#i9406f370f2454bf78508306a2118a93c_22) |
| **Operating Results by Segment** |  |
| &nbsp;&nbsp;Individual Retirement | 9-10 |
| &nbsp;&nbsp;[Group Retirement](#i9406f370f2454bf78508306a2118a93c_31) | 11-12 |
| &nbsp;&nbsp;Group [Variable Annuit](#i9406f370f2454bf78508306a2118a93c_34)y Account Value by Type | [13](#i9406f370f2454bf78508306a2118a93c_34) |
| &nbsp;&nbsp;[Life Insurance](#i9406f370f2454bf78508306a2118a93c_37) | 14-15 |
| &nbsp;&nbsp;[Institutional Markets](#i9406f370f2454bf78508306a2118a93c_43) | [16](#i9406f370f2454bf78508306a2118a93c_43) |
| &nbsp;&nbsp;[Actuarial Assumption Updates](#i9406f370f2454bf78508306a2118a93c_46) | [17](#i9406f370f2454bf78508306a2118a93c_46) |
| &nbsp;&nbsp;[Corporate and Other](#i9406f370f2454bf78508306a2118a93c_49) | [18](#i9406f370f2454bf78508306a2118a93c_49) |
| **Investments** |  |
| &nbsp;&nbsp;[Total Investments](#i9406f370f2454bf78508306a2118a93c_52) | [19](#i9406f370f2454bf78508306a2118a93c_52) |
| &nbsp;&nbsp;[Total Investments, Insurance Operating Subsidiaries](#i9406f370f2454bf78508306a2118a93c_55) | [20](#i9406f370f2454bf78508306a2118a93c_55) |
| &nbsp;&nbsp;[Investments - Commercial Mortgage Loans](#i9406f370f2454bf78508306a2118a93c_58) | 21-22 |
| &nbsp;&nbsp;[Net Investment Income](#i9406f370f2454bf78508306a2118a93c_67) | 23 |
| &nbsp;&nbsp;Net [Realized Gains (Losses)](#i9406f370f2454bf78508306a2118a93c_70) | 24 |
| [Supplemental Information](#i9406f370f2454bf78508306a2118a93c_73) | 25-43 |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

 **Table of Contents** 2

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **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.

![corebridgelogo.jpg](corebridgelogo.jpg)

 Overview 3

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Consolidated Financial Highlights** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions, except per share data) | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Results of Operations Data (attributable to Corebridge common shareholders)</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $(660) | $(664) | $2171 | $(1184) | $365 | $878 | $(1324) | $1243 | $2230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) per share: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock - basic | $(1.20) | $(1.19) | $3.81 | $(2.02) | $0.60 | $1.41 | $(2.39) | $2.01 | $3.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock - diluted | $(1.20) | $(1.19) | $3.80 | $(2.02) | $0.59 | $1.41 | $(2.39) | $2.01 | $3.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock - basic | 550.3 | 558.0 | 569.8 | 587.1 | 611.6 | 624.0 | 554.1 | 617.8 | 598.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock - diluted | 550.3 | 558.0 | 571.4 | 587.1 | 612.6 | 624.9 | 554.1 | 618.7 | 599.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective tax rate | (9.9)% | 23.8% | 24.0% | 25.5% | 25.2% | 18.6% | 9.9% | 20.7% | 21.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted after-tax operating income | $672 | $570 | $606 | $724 | $613 | $604 | $1242 | $1217 | $2547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating earnings per common share | $1.22 | $1.02 | $1.06 | $1.23 | $1.00 | $0.97 | $2.22 | $1.97 | $4.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding - operating | 551.3 | 559.4 | 571.4 | 588.3 | 612.6 | 624.9 | 555.3 | 618.7 | 599.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted effective tax rate | 20.2% | 19.7% | 20.1% | 21.4% | 19.1% | 17.3% | 20.0% | 18.2% | 19.6% |
| **<u>Adjusted pre-tax/after-tax operating income (loss)</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Individual Retirement | $523 | $454 | $458 | $547 | $520 | $515 | $977 | $1035 | $2040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Group Retirement | 182 | 195 | 161 | 188 | 195 | 200 | 377 | 395 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Insurance | 133 | 108 | 156 | 156 | 95 | 54 | 241 | 149 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Markets | 173 | 137 | 133 | 154 | 96 | 112 | 310 | 208 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other | (168) | (187) | (152) | (126) | (148) | (148) | (355) | (296) | (574) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidation and elimination | (1) | 3 | 2 | 2 |  | (3) | 2 | (3) | 1 |
| &nbsp;&nbsp;&nbsp;Adjusted pre-tax operating income | 842 | 710 | 758 | 921 | 758 | 730 | 1552 | 1488 | 3167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 170 | 140 | 152 | 197 | 145 | 126 | 310 | 271 | 620 |
| &nbsp;&nbsp;**Adjusted after-tax operating income** | $672 | $570 | $606 | $724 | $613 | $604 | $1242 | $1217 | $2547 |
| **<u>Sources of Income</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base spread income | $862 | $895 | $849 | $887 | $915 | $977 | $1757 | $1892 | $3628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable investment income | 186 | 83 | 95 | 106 | 44 | 1 | 269 | 45 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spread income | 1048 | 978 | 944 | 993 | 959 | 978 | $2026 | $1937 | $3874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee income | 282 | 277 | 286 | 287 | 274 | 267 | 559 | 541 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting margin | 357 | 346 | 388 | 417 | 329 | 315 | 703 | 644 | 1449 |
| &nbsp;&nbsp;**Total** | $1687 | $1601 | $1618 | $1697 | $1562 | $1560 | $3288 | $3122 | $6437 |
| **<u>Adjusted Return On Average Equity (ROAE)</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ROAE | (21.7)% | (22.7)% | 69.3% | (38.5)% | 12.9% | 30.1% | (22.2)% | 21.7% | 18.8% |
| &nbsp;&nbsp;&nbsp;Adjusted ROAE | 12.9% | 10.4% | 11.1% | 13.1% | 10.7% | 10.5% | 11.6% | 10.6% | 11.3% |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

 Consolidated Financial Highlights 4

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Consolidated Financial Highlights** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions, except per share data)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Total Premiums and Deposits</u>** | $10466 | $8920 | $9399 | $9160 | $11263 | $10229 | $19386 | $21492 | $40051 |
| **<u>Corebridge Capitalization</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted book value | $20348 | $21476 | $22345 | $21434 | $22783 | $23218 | $20348 | $22783 | $22345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial debt | 9456 | 10454 | 10454 | 9865 | 9371 | 9368 | 9456 | 9371 | 10454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts drawn under revolving credit facility |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-redeemable noncontrolling interest | 867 | 856 | 864 | 834 | 816 | 810 | 867 | 816 | 864 |
| &nbsp;&nbsp;**Total capital** | $30671 | $32786 | $33663 | $32133 | $32970 | $33396 | $30671 | $32970 | $33663 |
| **<u>Interest Expense - Financial Debt</u>** | $114 | $125 | $119 | $110 | $107 | $107 | $239 | $214 | $443 |
| **<u>Leverage Ratio</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial debt / total capital | 30.8% | 31.9% | 31.1% | 30.7% | 28.4% | 28.1% | 30.8% | 28.4% | 31.1% |
| **<u>Common Stock Repurchases</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate repurchase of common stock | $311 | $321 | $398 | $715 | $436 | $243 | $632 | $679 | $1792 |
| &nbsp;&nbsp;&nbsp;Number of common shares repurchased | 9.9 | 10.0 | 12.9 | 25.9 | 15.1 | 9.5 | 19.9 | 24.6 | 63.4 |
| &nbsp;&nbsp;&nbsp;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 |
| **<u>Dividends</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared per common share | $0.24 | $0.24 | $0.23 | $0.23 | $0.23 | $0.23 | $0.48 | $0.46 | $0.92 |
| &nbsp;&nbsp;&nbsp;Total dividends declared on common stock | $131 | $133 | $129 | $133 | $139 | $143 | $264 | $282 | $544 |
| **<u>Adjusted Book Value Per Common Share</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Corebridge shareholders' equity (a) | $12302 | $11980 | $11462 | $13608 | $10996 | $11576 | $12302 | $10996 | $11462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated other comprehensive income (loss) (AOCI) | (10633) | (12049) | (13681) | (9884) | (14508) | (14139) | (10633) | (14508) | (13681) |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets | (2587) | (2553) | (2798) | (2058) | (2721) | (2497) | (2587) | (2721) | (2798) |
| &nbsp;&nbsp;&nbsp;Total adjusted book value (b) | $20348 | $21476 | $22345 | $21434 | $22783 | $23218 | $20348 | $22783 | $22345 |
| &nbsp;&nbsp;&nbsp;Total common shares outstanding (c)(1) | 543.2 | 553.1 | 561.5 | 574.4 | 600.3 | 615.4 | 543.2 | 600.3 | 561.5 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;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.** |  |  |  |  |  |  |  |  |  |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

 Consolidated Financial Highlights 5

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Consolidated Statement of Operations** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Revenues</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums (1) | $446 | $871 | $1120 | $602 | $528 | $2276 | $1317 | $2804 | $4526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy fees | 721 | 720 | 738 | 728 | 721 | 714 | 1441 | 1435 | 2901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income - excluding Fortitude Re funds withheld assets | 2995 | 2858 | 2822 | 2781 | 2663 | 2592 | 5853 | 5255 | 10858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income - Fortitude Re funds withheld assets | 343 | 331 | 198 | 515 | 325 | 332 | 674 | 657 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net investment income | 3338 | 3189 | 3020 | 3296 | 2988 | 2924 | 6527 | 5912 | 12228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses): |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative | (1694) | (822) | 726 | (975) | (690) | (178) | (2516) | (868) | (1117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on Fortitude Re funds withheld assets | (30) | 4 | (148) | 157 | (93) | (164) | (26) | (257) | (248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on Fortitude Re funds withheld embedded derivative | (251) | (596) | 933 | (1509) | 36 | 22 | (847) | 58 | (518) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net realized gains (losses) | (1975) | (1414) | 1511 | (2327) | (747) | (320) | (3389) | (1067) | (1883) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee income | 121 | 125 | 130 | 128 | 124 | 124 | 246 | 248 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 75 | 81 | 81 | 172 | 77 | 99 | 156 | 176 | 429 |
| **Total revenues** | 2726 | 3572 | 6600 | 2599 | 3691 | 5817 | 6298 | 9508 | 18707 |
| **<u>Benefits and expenses</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder benefits (1) | 982 | 1457 | 1627 | 1149 | 1049 | 2807 | 2439 | 3856 | 6632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in the fair value of market risk benefits, net (2) | (279) | 385 | (486) | 603 | 25 | (369) | 106 | (344) | (227) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholder account balances | 1486 | 1417 | 1409 | 1358 | 1274 | 1199 | 2903 | 2473 | 5240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs and value of business acquired | 275 | 275 | 273 | 260 | 260 | 267 | 550 | 527 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-deferrable insurance commissions | 152 | 156 | 158 | 141 | 146 | 143 | 308 | 289 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee expenses | 64 | 70 | 74 | 73 | 71 | 68 | 134 | 139 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;General operating expenses | 517 | 526 | 475 | 475 | 513 | 553 | 1043 | 1066 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 137 | 148 | 145 | 133 | 138 | 138 | 285 | 276 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on divestitures |  |  |  | 1 | (241) | (5) |  | (246) | (245) |
| **Total benefits and expenses** | 3334 | 4434 | 3675 | 4193 | 3235 | 4801 | 7768 | 8036 | 15904 |
| **Income (loss) before income tax expense** | (608) | (862) | 2925 | (1594) | 456 | 1016 | (1470) | 1472 | 2803 |
| &nbsp;&nbsp;**Income tax expense (benefit)** | 60 | (205) | 703 | (407) | 115 | 189 | (145) | 304 | 600 |
| **Net income (loss)** | (668) | (657) | 2222 | (1187) | 341 | 827 | (1325) | 1168 | 2203 |
| &nbsp;&nbsp;&nbsp;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) | $2171 | $(1184) | $365 | $878 | $(1324) | $1243 | $2230 |
| (1) Includes PRT and SS sales activity of: | $34 | $508 | $732 | $217 | $175 | $1805 | $542 | $1980 | $2929 |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. |  |

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![corebridgelogo.jpg](corebridgelogo.jpg)

 Consolidated Statement of Operations 6

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<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

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| |
|:---|
| **Corebridge Financial, Inc.** |
| **Consolidated Balance Sheets** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** | **June 30, 2024** | **March 31, 2024** |
| **<u>Assets</u>** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Investments:** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds available-for-sale, at fair value | $179645 | $174352 | $170840 | $178224 | $167320 | $168826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other bond securities, at fair value | 5379 | 5342 | 5262 | 5319 | 5043 | 4646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities, at fair value | 911 | 947 | 56 | 258 | 73 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage and other loans receivable, net of allowance | 54334 | 53332 | 52768 | 51653 | 48663 | 47830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 9947 | 9959 | 9851 | 10087 | 9957 | 10036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 3811 | 6232 | 4981 | 4898 | 4998 | 4144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | 254027 | 250164 | 243758 | 250439 | 236054 | 235558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 290 | 393 | 806 | 530 | 637 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued investment income | 2238 | 2201 | 2169 | 2197 | 2092 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and other receivables, net of allowance | 674 | 668 | 713 | 690 | 620 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance assets - Fortitude Re, net of allowance | 24463 | 24646 | 24933 | 26323 | 25462 | 26078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance assets - other, net of allowance | 1700 | 1650 | 1560 | 1531 | 1513 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 7426 | 7614 | 7903 | 7626 | 8219 | 8347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred policy acquisition costs and value of business acquired | 10435 | 10328 | 10293 | 10204 | 10133 | 10049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market risk benefit assets, at fair value | 1329 | 1151 | 1332 | 1164 | 1187 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets, including restricted cash | 2340 | 2137 | 1844 | 2239 | 2340 | 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separate account assets | 94064 | 89070 | 93888 | 96368 | 94122 | 95173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets held-for-sale | 177 |  | 198 | 111 | 113 | 2349 |
| **Total assets** | $399163 | $390022 | $389397 | $399422 | $382492 | $385588 |
| **<u>Liabilities</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits for life and accident and health insurance contracts | $57485 | $57086 | $56272 | $59416 | $56355 | $57587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policyholder contract deposits | 182187 | 176312 | 173695 | 172177 | 168324 | 163783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market risk benefit liabilities, at fair value | 6265 | 6339 | 5616 | 6276 | 5124 | 5167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other policyholder funds | 2903 | 2889 | 2873 | 2852 | 2853 | 2864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortitude Re funds withheld payable | 23820 | 24072 | 24291 | 25909 | 24940 | 25323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 7921 | 9103 | 8044 | 9968 | 7227 | 9634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term and long-term debt | 9456 | 10454 | 10454 | 9865 | 9371 | 9368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt of consolidated investment entities | 1893 | 1861 | 1938 | 2149 | 2364 | 2530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | 94064 | 89070 | 93888 | 96368 | 94122 | 95173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities held-for-sale |  |  |  |  |  | 1773 |
| **Total liabilities** | $385994 | $377186 | $377071 | $384980 | $370680 | $373202 |
| **<u>Corebridge shareholders' equity</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | $7 | $7 | $7 | $7 | $7 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (2881) | (2568) | (2282) | (1881) | (1161) | (717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 8140 | 8129 | 8161 | 8148 | 8122 | 8115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 17669 | 18461 | 19257 | 17218 | 18536 | 18310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (10633) | (12049) | (13681) | (9884) | (14508) | (14139) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Corebridge shareholders' equity** | 12302 | 11980 | 11462 | 13608 | 10996 | 11576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-redeemable noncontrolling interests | 867 | 856 | 864 | 834 | 816 | 810 |
| &nbsp;&nbsp;**Total equity** | 13169 | 12836 | 12326 | 14442 | 11812 | 12386 |
| **Total liabilities and equity** | $399163 | $390022 | $389397 | $399422 | $382492 | $385588 |

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![corebridgelogo.jpg](corebridgelogo.jpg)

 Consolidated Balance Sheet 7

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<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

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| |
|:---|
| **Corebridge Financial, Inc.** |
| **Assets Under Management and Administration (AUMA)** |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Individual Retirement</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Beginning AUMA balance** | $108482 | $105743 | $106774 | $99786 | $96814 | $94860 | $105743 | $94860 | $94860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 6487 | 4298 | 4539 | 5078 | 6371 | 4495 | 10785 | 10866 | 20483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and other withdrawals | (2641) | (2486) | (2338) | (2773) | (2986) | (3424) | (5127) | (6410) | (11521) |
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits/other | (589) | (569) | (517) | (525) | (239) | (332) | (1158) | (571) | (1613) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance | 751 | 1496 | (2715) | 5208 | (174) | 1215 | 2247 | 1041 | 3534 |
| &nbsp;&nbsp;**Ending AUMA balance** | $112490 | $108482 | $105743 | $106774 | $99786 | $96814 | $112490 | $99786 | $105743 |
| **<u>Group Retirement</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Beginning AUMA balance** | $121390 | $124299 | $129895 | $124396 | $126215 | $122181 | $124299 | $122181 | $122181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 1976 | 1824 | 1616 | 1963 | 1998 | 2054 | 3800 | 4052 | 7631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and other withdrawals | (3571) | (3425) | (4905) | (3507) | (3615) | (3710) | (6996) | (7325) | (15737) |
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits/other | (238) | (235) | (248) | (240) | (257) | (235) | (473) | (492) | (980) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance/other (1) | 6792 | (1073) | (2059) | 7283 | 55 | 5925 | 5719 | 5980 | 11204 |
| &nbsp;&nbsp;**Ending AUMA balance** | $126349 | $121390 | $124299 | $129895 | $124396 | $126215 | $126349 | $124396 | $124299 |
| **<u>Life Insurance</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Beginning AUMA balance** | $26964 | $26466 | $27972 | $26668 | $26989 | $26691 | $26466 | $26691 | $26691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 868 | 856 | 879 | 856 | 846 | 1094 | 1724 | 1940 | 3675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and other withdrawals | (111) | (90) | (101) | (102) | (103) | (103) | (201) | (206) | (409) |
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefits/other | (787) | (765) | (657) | (785) | (721) | (922) | (1552) | (1643) | (3085) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance/other (2) | (502) | 497 | (1627) | 1335 | (343) | 229 | (5) | (114) | (406) |
| &nbsp;&nbsp;**Ending AUMA balance** | $26432 | $26964 | $26466 | $27972 | $26668 | $26989 | $26432 | $26668 | $26466 |
| **<u>Institutional Markets</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Beginning AUMA balance** | $95570 | $93112 | $92213 | $87922 | $86444 | $85285 | $93112 | $85285 | $85285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 1135 | 1942 | 2365 | 1263 | 2048 | 2586 | 3077 | 4634 | 8262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and other withdrawals | (1) | (71) | (28) | (29) | (53) | (62) | (72) | (115) | (172) |
| &nbsp;&nbsp;&nbsp;&nbsp;Death benefit/other (3) | (556) | (639) | (899) | (518) | (1162) | (469) | (1195) | (1631) | (3048) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance/other (4) | 1868 | 1226 | (539) | 3575 | 645 | (896) | 3094 | (251) | 2785 |
| &nbsp;&nbsp;**Ending AUMA balance** | $98016 | $95570 | $93112 | $92213 | $87922 | $86444 | $98016 | $87922 | $93112 |
| **Total Corebridge AUMA** | $363287 | $352406 | $349620 | $356854 | $338772 | $336462 | $363287 | $338772 | $349620 |
| (1) Other represents the total change in off-balance sheet advisory and brokerage assets. | (1) Other represents the total change in off-balance sheet advisory and brokerage assets. | (1) Other represents the total change in off-balance sheet advisory and brokerage assets. | (1) Other represents the total change in off-balance sheet advisory and brokerage assets. | (1) Other represents the total change in off-balance sheet advisory and brokerage assets. | (1) Other represents the total change in off-balance sheet advisory and brokerage assets. | (1) Other represents the total change in off-balance sheet advisory and brokerage assets. | (1) Other represents the total change in off-balance sheet advisory and brokerage assets. | (1) Other represents the total change in off-balance sheet advisory and brokerage assets. | (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. | (2) Includes $105 million assets reclassified to held-for-sale in 1Q24 and year ended 2024. | (2) Includes $105 million assets reclassified to held-for-sale in 1Q24 and year ended 2024. | (2) Includes $105 million assets reclassified to held-for-sale in 1Q24 and year ended 2024. | (2) Includes $105 million assets reclassified to held-for-sale in 1Q24 and year ended 2024. | (2) Includes $105 million assets reclassified to held-for-sale in 1Q24 and year ended 2024. | (2) Includes $105 million assets reclassified to held-for-sale in 1Q24 and year ended 2024. | (2) Includes $105 million assets reclassified to held-for-sale in 1Q24 and year ended 2024. | (2) Includes $105 million assets reclassified to held-for-sale in 1Q24 and year ended 2024. | (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. | (4) Other represents the change in notional value of the stable value wrap products. | (4) Other represents the change in notional value of the stable value wrap products. | (4) Other represents the change in notional value of the stable value wrap products. | (4) Other represents the change in notional value of the stable value wrap products. | (4) Other represents the change in notional value of the stable value wrap products. | (4) Other represents the change in notional value of the stable value wrap products. | (4) Other represents the change in notional value of the stable value wrap products. | (4) Other represents the change in notional value of the stable value wrap products. | (4) Other represents the change in notional value of the stable value wrap products. |

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![corebridgelogo.jpg](corebridgelogo.jpg)

 Assets Under Management and Administration (AUMA) 8

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<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

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| |
|:---|
| **Corebridge Financial, Inc.** |
| **Individual Retirement Sources of Earnings and Operating Statistics** |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Sources of Earnings</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spread income (1) | $704 | $654 | $657 | $684 | $680 | $672 | $1358 | $1352 | $2693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee income | 76 | 67 | 67 | 71 | 68 | 61 | 143 | 129 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder benefits, net of premiums | (5) | (6) | (12) | 18 | (3) | 5 | (11) | 2 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non deferrable insurance commissions | (41) | (42) | (41) | (33) | (29) | (29) | (83) | (58) | (132) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of DAC and DSI | (121) | (122) | (120) | (111) | (108) | (107) | (243) | (215) | (446) |
| &nbsp;&nbsp;&nbsp;&nbsp;General operating expense | (87) | (91) | (88) | (78) | (82) | (84) | (178) | (166) | (332) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (2) | (3) | (6) | (5) | (4) | (6) | (3) | (9) | (9) | (18) |
| &nbsp;&nbsp;**Adjusted pre-tax operating income** | $523 | $454 | $458 | $547 | $520 | $515 | $977 | $1035 | $2040 |
| **<u>Spread income</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base portfolio income | $1445 | $1396 | $1370 | $1355 | $1311 | $1272 | $2841 | $2583 | $5308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholder account balances (1) | (815) | (765) | (749) | (710) | (659) | (602) | (1580) | (1261) | (2720) |
| &nbsp;&nbsp;&nbsp;&nbsp;Base spread income | 630 | 631 | 621 | 645 | 652 | 670 | 1261 | 1322 | 2588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable investment income | 74 | 23 | 36 | 39 | 28 | 2 | 97 | 30 | 105 |
| &nbsp;&nbsp;**Total spread income** | $704 | $654 | $657 | $684 | $680 | $672 | $1358 | $1352 | $2693 |
| **<u>Net investment spread (annualized)</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base yield (3) | 5.19% | 5.17% | 5.14% | 5.28% | 5.21% | 5.23% | 5.18% | 5.22% | 5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of funds (1) | (3.21)% | (3.15)% | (3.08)% | (3.02)% | (2.94)% | (2.76)% | (3.18)% | (2.85)% | (2.95)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Base net investment spread (4) | 1.98% | 2.02% | 2.06% | 2.26% | 2.27% | 2.47% | 2.00% | 2.37% | 2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable investment income (5) | 0.16% | (0.02)% | 0.04% | —% | (0.04)% | (0.15)% | 0.07% | (0.10)% | (0.04)% |
| &nbsp;&nbsp;**Total net investment spread** | 2.14% | 2.00% | 2.10% | 2.26% | 2.23% | 2.32% | 2.07% | 2.27% | 2.23% |
| **<u>Assets and Reserves</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average base assets | $111318 | $108132 | $106569 | $102635 | $100649 | $97231 | $109725 | $98940 | $101771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average reserves | $101620 | $98562 | $96465 | $93366 | $89942 | $87395 | $100100 | $88669 | $91809 |
| (1) Excludes amortization of Deferred Sales Inducement (DSI) of: | $9 | $10 | $10 | $10 | $10 | $11 | $19 | $21 | $41 |
| (2) Other represents advisory fee expenses. | (2) Other represents advisory fee expenses. | (2) Other represents advisory fee expenses. | (2) Other represents advisory fee expenses. | (2) Other represents advisory fee expenses. | (2) Other represents advisory fee expenses. | (2) Other represents advisory fee expenses. | (2) Other represents advisory fee expenses. | (2) Other represents advisory fee expenses. |  |
| (3) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. | (3) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. | (3) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. | (3) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. | (3) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. | (3) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. | (3) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. | (3) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. | (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. | (4) Excludes the impact of variable investment income. | (4) Excludes the impact of variable investment income. | (4) Excludes the impact of variable investment income. | (4) Excludes the impact of variable investment income. | (4) Excludes the impact of variable investment income. | (4) Excludes the impact of variable investment income. | (4) Excludes the impact of variable investment income. |  |  |
| (5) Includes incremental effect on base yield of variable investment income. | (5) Includes incremental effect on base yield of variable investment income. | (5) Includes incremental effect on base yield of variable investment income. | (5) Includes incremental effect on base yield of variable investment income. | (5) Includes incremental effect on base yield of variable investment income. | (5) Includes incremental effect on base yield of variable investment income. | (5) Includes incremental effect on base yield of variable investment income. | (5) Includes incremental effect on base yield of variable investment income. | (5) Includes incremental effect on base yield of variable investment income. |  |

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![corebridgelogo.jpg](corebridgelogo.jpg)

 Individual Retirement 9

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<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

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| |
|:---|
| **Corebridge Financial, Inc.** |
| **Individual Retirement Sources of Earnings and Operating Statistics** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Premiums and deposits</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed annuities | $3216 | $1999 | $1856 | $2780 | $4132 | $2612 | $5215 | $6744 | $11380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed index annuities | 2779 | 2036 | 2593 | 2298 | 2239 | 1883 | 4815 | 4122 | 9013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered index-linked annuities | 492 | 263 | 90 |  |  |  | 755 |  | 90 |
| &nbsp;&nbsp;&nbsp;Total premiums and deposits | $6487 | $4298 | $4539 | $5078 | $6371 | $4495 | $10785 | $10866 | $20483 |
| **<u>Surrender rates by product</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed annuities | 11.3% | 10.5% | 9.8% | 13.2% | 15.5% | 20.8% | 10.9% | 18.0% | 14.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed index annuities | 8.5% | 8.8% | 8.7% | 9.1% | 9.4% | 8.0% | 8.7% | 8.7% | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered index-linked annuities | 0.2% | 0.1% | 0.1% | —% | —% | —% | 0.2% | —% | —% |
| &nbsp;&nbsp;&nbsp;Total surrender rate | 9.8% | 9.6% | 9.2% | 11.2% | 12.5% | 14.8% | 9.7% | 13.6% | 11.8% |
| **<u>Net flows by product</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed annuities | $1181 | $118 | $126 | $634 | $2044 | $(186) | $1299 | $1858 | $2618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed index annuities | 1584 | 862 | 1468 | 1146 | 1102 | 925 | 2446 | 2027 | 4641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered index-linked annuities | 492 | 263 | 90 |  |  |  | 755 |  | 90 |
| &nbsp;&nbsp;&nbsp;Total net flows | $3257 | $1243 | $1684 | $1780 | $3146 | $739 | $4500 | $3885 | $7349 |
| **Market risk benefit liabilities, net of reinsurance** | $**4274** | $**4152** | $**3757** | $**4001** | $**3147** | $**3099** | $**4274** | $**3147** | $**3757** |
| **<u>DAC/VOBA rollforward</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance at beginning of period | $3083 | $3021 | $2909 | $2820 | $2714 | $2658 | $3021 | $2658 | $2658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalization | 243 | 174 | 222 | 190 | 204 | 152 | 417 | 356 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | (112) | (112) | (110) | (101) | (98) | (96) | (224) | (194) | (405) |
| &nbsp;&nbsp;**Balance at end of period** | $**3214** | $**3083** | $**3021** | $**2909** | $**2820** | $**2714** | $**3214** | $**2820** | $**3021** |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

 Individual Retirement 10

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Group Retirement Sources of Earnings and Operating Statistics** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Sources of Earnings</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spread income (1) | $171 | $192 | $160 | $176 | $191 | $200 | $363 | $391 | $727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee income | 190 | 195 | 203 | 201 | 191 | 190 | 385 | 381 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder benefits, net of premiums | (2) | (1) | (1) | (4) | 2 | 2 | (3) | 4 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non deferrable insurance commissions | (30) | (30) | (31) | (30) | (30) | (29) | (60) | (59) | (120) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of DAC and DSI | (24) | (25) | (25) | (24) | (25) | (24) | (49) | (49) | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp;General operating expense | (93) | (103) | (110) | (97) | (102) | (106) | (196) | (208) | (415) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (2) | (30) | (33) | (35) | (34) | (32) | (33) | (63) | (65) | (134) |
| &nbsp;&nbsp;**Adjusted pre-tax operating income** | $**182** | $**195** | $**161** | $**188** | $**195** | $**200** | $**377** | $**395** | $**744** |
| **<u>Operating Statistics</u>** |  |  |  |  |  |  |  |  |  |
| **Assets under management and administration by asset type** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In-plan spread based | $21900 | $22369 | $22330 | $24062 | $23361 | $24619 | $21900 | $23361 | $22330 |
| &nbsp;&nbsp;&nbsp;&nbsp;In-plan fee based | 59781 | 55606 | 57961 | 60410 | 57968 | 58002 | 59781 | 57968 | 57961 |
| &nbsp;&nbsp;**Total in-plan assets under management and administration** | **81681** | **77975** | **80291** | **84472** | **81329** | **82621** | **81681** | **81329** | **80291** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Out-of-plan proprietary general account | 16880 | 17013 | 16765 | 17604 | 16517 | 16925 | 16880 | 16517 | 16765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Out-of-plan proprietary separate account | 11008 | 10464 | 11116 | 11482 | 11228 | 11432 | 11008 | 11228 | 11116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total out-of-plan proprietary annuities | 27888 | 27477 | 27881 | 29086 | 27745 | 28357 | 27888 | 27745 | 27881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and brokerage assets | 16780 | 15938 | 16127 | 16337 | 15322 | 15237 | 16780 | 15322 | 16127 |
| &nbsp;&nbsp;**Total out-of-plan assets under management and administration** | **44668** | **43415** | **44008** | **45423** | **43067** | **43594** | **44668** | **43067** | **44008** |
| &nbsp;&nbsp;**Total assets under management and administration** | $**126349** | $**121390** | $**124299** | $**129895** | $**124396** | $**126215** | $**126349** | $**124396** | $**124299** |
| **<u>Surrender rates</u>** | 13.2% | 12.8% | 17.7% | 12.6% | 13.1% | 13.6% | 12.9% | 13.4% | 14.3% |
| **<u>Net Flows</u>** | $(1833) | $(1836) | $(3537) | $(1784) | $(1874) | $(1891) | $(3669) | $(3765) | $(9086) |
| (1) Excludes the amortization of DSI of: | $3 | $3 | $3 | $3 | $4 | $3 | $6 | $7 | $13 |
| (2) Other consists of advisory fee expenses. |  |  |  |  |  |  |  |  |  |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

 Group Retirement 11

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Group Retirement Sources of Earnings and Operating Statistics** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Spread income</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base portfolio income | $445 | $461 | $443 | $451 | $476 | $494 | $906 | $970 | $1864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholder account balances (1) | (298) | (293) | (300) | (302) | (296) | (295) | (591) | (591) | (1193) |
| &nbsp;&nbsp;&nbsp;&nbsp;Base spread income | 147 | 168 | 143 | 149 | 180 | 199 | 315 | 379 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable investment income | 24 | 24 | 17 | 27 | 11 | 1 | 48 | 12 | 56 |
| &nbsp;&nbsp;**Total spread income** | $**171** | $**192** | $**160** | $**176** | $**191** | $**200** | $**363** | $**391** | $**727** |
| **<u>Net investment spread (annualized)</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base yield (2) | 4.26% | 4.39% | 4.13% | 4.18% | 4.28% | 4.42% | 4.32% | 4.35% | 4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of funds (1) | (3.09)% | (3.04)% | (3.00)% | (3.00)% | (2.95)% | (2.89)% | (3.07)% | (2.92)% | (2.96)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Base net investment spread (3) | 1.17% | 1.35% | 1.13% | 1.18% | 1.33% | 1.53% | 1.25% | 1.43% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable investment income (4) | 0.10% | 0.10% | 0.06% | 0.13% | (0.01)% | (0.11)% | 0.10% | (0.06)% | 0.02% |
| &nbsp;&nbsp;**Total net investment spread** | 1.27% | 1.45% | 1.19% | 1.31% | 1.32% | 1.42% | 1.35% | 1.37% | 1.31% |
| **<u>Assets and Reserves</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average base assets | $41756 | $42062 | $42834 | $43248 | $44389 | $44720 | $41909 | $44555 | $43798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average reserves | $38680 | $38996 | $39577 | $39823 | $40332 | $40853 | $38837 | $40593 | $40143 |
| **Market risk benefit liabilities, net of reinsurance** | $310 | $332 | $278 | $350 | $243 | $249 | $310 | $243 | $278 |
| **<u>DAC/VOBA rollforward</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance at beginning of period | $1046 | $1049 | $1053 | $1055 | $1057 | $1056 | $1049 | $1056 | $1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalization | 23 | 19 | 18 | 19 | 19 | 22 | 42 | 41 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | (21) | (22) | (22) | (21) | (21) | (21) | (43) | (42) | (85) |
| &nbsp;&nbsp;**Balance at end of period** | $**1048** | $**1046** | $**1049** | $**1053** | $**1055** | $**1057** | $**1048** | $**1055** | $**1049** |
| (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. | (2) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. | (2) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. | (2) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. | (2) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. | (2) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. | (2) Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. | (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. | (3) Excludes the impact of variable investment income. | (3) Excludes the impact of variable investment income. | (3) Excludes the impact of variable investment income. | (3) Excludes the impact of variable investment income. | (3) Excludes the impact of variable investment income. | (3) Excludes the impact of variable investment income. | (3) Excludes the impact of variable investment income. |  |  |
| (4) Includes incremental effect on base yield of variable investment income. | (4) Includes incremental effect on base yield of variable investment income. | (4) Includes incremental effect on base yield of variable investment income. | (4) Includes incremental effect on base yield of variable investment income. | (4) Includes incremental effect on base yield of variable investment income. |  |  |  |  |  |

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![corebridgelogo.jpg](corebridgelogo.jpg)

 Group Retirement 12

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **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** |
| **<u>Account value by benefit type for contracts with GMDB features (1)</u>** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Guaranteed minimum death benefits (2) | $55100 | $52973 | $55566 | $56931 | $56476 | $57413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guaranteed minimum withdrawal benefits (3) | $1893 | $1865 | $1973 | $2072 | $2064 | $2151 |
| (1) Excludes assumed reinsurance. | (1) Excludes assumed reinsurance. | (1) Excludes assumed reinsurance. | (1) Excludes assumed reinsurance. | (1) Excludes assumed reinsurance. | (1) Excludes assumed reinsurance. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. |

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![corebridgelogo.jpg](corebridgelogo.jpg)

 Variable Annuity Account Value by Benefit Type 13

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Life Insurance Sources of Earnings and Operating Statistics** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Sources of Earnings</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting margin (1) | $344 | $325 | $370 | $392 | $309 | $297 | $669 | $606 | $1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;General operating expense | (111) | (118) | (114) | (112) | (113) | (130) | (229) | (243) | (469) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-deferrable insurance commissions (2) | (15) | (14) | (16) | (7) | (16) | (19) | (29) | (35) | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs | (84) | (85) | (84) | (82) | (84) | (94) | (169) | (178) | (344) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of annual actuarial assumption update |  |  |  | (34) |  |  |  |  | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (1) |  |  | (1) | (1) |  | (1) | (1) | (2) |
| &nbsp;&nbsp;**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%** |
| **<u>Operating Statistics</u>** |  |  |  |  |  |  |  |  |  |
| **<u>Gross life insurance in force, end of period (3)</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Traditional life | $870751 | $871477 | $872613 | $872979 | $872654 | $871528 | $870751 | $872654 | $872613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life | 127329 | 127244 | 127221 | 126738 | 126525 | 126183 | 127329 | 126525 | 127221 |
| &nbsp;&nbsp;&nbsp;&nbsp;International life (4) |  |  |  |  |  | 253628 |  |  |  |
| &nbsp;&nbsp;**Total gross life insurance in force** | $**998080** | $**998721** | $**999834** | $**999717** | $**999179** | $**1251339** | $**998080** | $**999179** | $**999834** |
| **<u>Life insurance CPPE sales (5)</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Traditional life | $54 | $49 | $50 | $51 | $50 | $47 | $103 | $97 | $198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life | 24 | 26 | 32 | 30 | 27 | 25 | 50 | 52 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;International life (4) |  |  |  |  |  | 52 |  | 52 | 52 |
| &nbsp;&nbsp;**Total sales** | $**78** | $**75** | $**82** | $**81** | $**77** | $**124** | $**153** | $**201** | $**364** |
| **<u>Surrender/lapse rates (6)</u>** | 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. | (2) 3Q 2024 and YE 2024 includes a $5 million favorable impact from the of annual actuarial assumption update. | (2) 3Q 2024 and YE 2024 includes a $5 million favorable impact from the of annual actuarial assumption update. | (2) 3Q 2024 and YE 2024 includes a $5 million favorable impact from the of annual actuarial assumption update. | (2) 3Q 2024 and YE 2024 includes a $5 million favorable impact from the of annual actuarial assumption update. | (2) 3Q 2024 and YE 2024 includes a $5 million favorable impact from the of annual actuarial assumption update. | (2) 3Q 2024 and YE 2024 includes a $5 million favorable impact from the of annual actuarial assumption update. | (2) 3Q 2024 and YE 2024 includes a $5 million favorable impact from the of annual actuarial assumption update. | (2) 3Q 2024 and YE 2024 includes a $5 million favorable impact from the of annual actuarial assumption update. | (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. | (4) Corebridge closed on the sale of AIG Life U.K. on April 8, 2024. | (4) Corebridge closed on the sale of AIG Life U.K. on April 8, 2024. | (4) Corebridge closed on the sale of AIG Life U.K. on April 8, 2024. | (4) Corebridge closed on the sale of AIG Life U.K. on April 8, 2024. | (4) Corebridge closed on the sale of AIG Life U.K. on April 8, 2024. | (4) Corebridge closed on the sale of AIG Life U.K. on April 8, 2024. | (4) Corebridge closed on the sale of AIG Life U.K. on April 8, 2024. | (4) Corebridge closed on the sale of AIG Life U.K. on April 8, 2024. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (6) Surrender/lapse rates are reported on a 90-day lag basis to include grace period processing. | (6) Surrender/lapse rates are reported on a 90-day lag basis to include grace period processing. | (6) Surrender/lapse rates are reported on a 90-day lag basis to include grace period processing. | (6) Surrender/lapse rates are reported on a 90-day lag basis to include grace period processing. | (6) Surrender/lapse rates are reported on a 90-day lag basis to include grace period processing. | (6) Surrender/lapse rates are reported on a 90-day lag basis to include grace period processing. | (6) Surrender/lapse rates are reported on a 90-day lag basis to include grace period processing. | (6) Surrender/lapse rates are reported on a 90-day lag basis to include grace period processing. | (6) Surrender/lapse rates are reported on a 90-day lag basis to include grace period processing. |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

 Life Insurance 14

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Life Insurance Sources of Earnings and Operating Statistics** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | Quarterly | Quarterly | Quarterly | Quarterly | Quarterly | Quarterly | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>DAC/VOBA rollforward</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance at beginning of period | $4143 | $4138 | $4128 | $4119 | $4112 | $4106 | $4138 | $4106 | $4106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalization | 93 | 90 | 94 | 91 | 91 | 135 | 183 | 226 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | (84) | (85) | (84) | (82) | (84) | (94) | (169) | (178) | (344) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, including foreign exchange |  |  |  |  |  | (8) |  | (8) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions |  |  |  |  |  | (27) |  | (27) | (27) |
| &nbsp;&nbsp;**Balance at end of period** | $**4152** | $**4143** | $**4138** | $**4128** | $**4119** | $**4112** | $**4152** | $**4119** | $**4138** |
| **<u>GAAP Reserves by financial statement line</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits | $13350 | $13324 | $13170 | $13900 | $13128 | $13346 | $13350 | $13128 | $13170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder contract deposits | 10445 | 10488 | 10394 | 10565 | 10423 | 10375 | 10445 | 10423 | 10394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | 1098 | 996 | 1059 | 1064 | 1031 | 1016 | 1098 | 1031 | 1059 |
| &nbsp;&nbsp;**Total GAAP reserves by financial statement line** | $**24893** | $**24808** | $**24623** | $**25529** | $**24582** | $**24737** | $**24893** | $**24582** | $**24623** |
| **<u>GAAP Reserves by product</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Traditional life | $9245 | $9232 | $9137 | $9730 | $9221 | $9426 | $9245 | $9221 | $9137 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Universal life** | 15648 | 15576 | 15486 | 15799 | 15361 | 15311 | 15648 | 15361 | 15486 |
| &nbsp;&nbsp;**Total GAAP reserves by product** | $**24893** | $**24808** | $**24623** | $**25529** | $**24582** | $**24737** | $**24893** | $**24582** | $**24623** |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

 Life Insurance 15

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Institutional Markets Sources of Earnings and Operating Statistics** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Sources of Earnings</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spread income (1) | $173 | $132 | $127 | $133 | $88 | $106 | $305 | $194 | $454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee income | 16 | 15 | 16 | 15 | 15 | 16 | 31 | 31 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting margin (2) | 13 | 21 | 18 | 25 | 20 | 18 | 34 | 38 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non deferrable insurance commissions | (5) | (5) | (5) | (5) | (5) | (5) | (10) | (10) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;General operating expenses | (20) | (22) | (20) | (19) | (19) | (20) | (42) | (39) | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (4) | (4) | (3) | 5 | (3) | (3) | (8) | (6) | (4) |
| &nbsp;&nbsp;**Adjusted pre-tax operating income** | $**173** | $**137** | $**133** | $**154** | $**96** | $**112** | $**310** | $**208** | $**495** |
| **<u>Operating Statistics</u>** |  |  |  |  |  |  |  |  |  |
| **<u>Premiums and deposits by line of business</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension risk transfer | $— | $469 | $702 | $169 | $127 | $1767 | $469 | $1894 | $2765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guaranteed investment contracts | 1024 | 1325 | 1567 | 1000 | 1791 | 600 | 2349 | 2391 | 4958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate markets | 40 | 32 | 29 | 11 | 14 | 69 | 72 | 83 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured settlements | 71 | 116 | 67 | 83 | 116 | 150 | 187 | 266 | 416 |
| &nbsp;&nbsp;**Total premiums and deposits by line of business** | $**1135** | $**1942** | $**2365** | $**1263** | $**2048** | $**2586** | $**3077** | $**4634** | $**8262** |
| **<u>GAAP Reserves by financial statement line</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits (3) | $22327 | $21844 | $21074 | $22118 | $20792 | $21214 | $22327 | $20792 | $21074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder contract deposits | 20542 | 19375 | 18015 | 16985 | 15764 | 14370 | 20542 | 15764 | 18015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | 4367 | 4282 | 4339 | 4319 | 4204 | 4154 | 4367 | 4204 | 4339 |
| &nbsp;&nbsp;**Total GAAP reserves by financial statement line** | $**47236** | $**45501** | $**43428** | $**43422** | $**40760** | $**39738** | $**47236** | $**40760** | $**43428** |
| **<u>GAAP Reserves by product</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension risk transfer | $19379 | $18908 | $18424 | $19327 | $18159 | $18558 | $19379 | $18159 | $18424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guaranteed investment contracts | 16227 | 15097 | 13806 | 12787 | 11559 | 10228 | 16227 | 11559 | 13806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate markets | 7096 | 6994 | 7046 | 7036 | 6927 | 6867 | 7096 | 6927 | 7046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured settlements | 4534 | 4502 | 4152 | 4272 | 4115 | 4085 | 4534 | 4115 | 4152 |
| &nbsp;&nbsp;**Total GAAP reserves by product** | $**47236** | $**45501** | $**43428** | $**43422** | $**40760** | $**39738** | $**47236** | $**40760** | $**43428** |
| **Pension risk transfer reserves at original discount rate (4)** | $**21017** | $**20508** | $**19832** | $**19844** | $**19194** | $**19141** | $**21017** | $**19194** | $**19832** |
| **Stable value wraps (401k and bank-owned life insurance) - assets<br> under administration (5)** | $**46212** | $**45353** | $**45000** | $**44417** | $**43714** | $**43168** | $**46212** | $**43714** | $**45000** |
| (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. | (3) Future policy benefits include liability for future policy benefits and deferred profit liability. | (3) Future policy benefits include liability for future policy benefits and deferred profit liability. | (3) Future policy benefits include liability for future policy benefits and deferred profit liability. | (3) Future policy benefits include liability for future policy benefits and deferred profit liability. | (3) Future policy benefits include liability for future policy benefits and deferred profit liability. | (3) Future policy benefits include liability for future policy benefits and deferred profit liability. | (3) Future policy benefits include liability for future policy benefits and deferred profit liability. | (3) Future policy benefits include liability for future policy benefits and deferred profit liability. | (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. | (5) Comprises the notional value of stable value wrap contracts, excluding the portion included in total insurance reserves. | (5) Comprises the notional value of stable value wrap contracts, excluding the portion included in total insurance reserves. | (5) Comprises the notional value of stable value wrap contracts, excluding the portion included in total insurance reserves. | (5) Comprises the notional value of stable value wrap contracts, excluding the portion included in total insurance reserves. | (5) Comprises the notional value of stable value wrap contracts, excluding the portion included in total insurance reserves. | (5) Comprises the notional value of stable value wrap contracts, excluding the portion included in total insurance reserves. | (5) Comprises the notional value of stable value wrap contracts, excluding the portion included in total insurance reserves. |  |  |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

 Institutional Markets 16

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Annual Actuarial Assumption Updates** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | | | | | | | | |
| | **Assumption update - 2024** | **Assumption update - 2024** | **Assumption update - 2024** | **Assumption update - 2024** | **Assumption update - 2024** | **Assumption update - 2024** | **Assumption update - 2024** | **Assumption update - 2024** |
| | **Individual Retirement** | **Individual Retirement** | **Individual Retirement** | | | | | |
| | **Fixed Index Annuities** | **Fixed Annuities** | **Total Individual Retirement** | **Group Retirement** | **Life Insurance** | **Institutional Markets** | **Corp & Other** | **Total** |
| &nbsp;&nbsp;&nbsp;Spread income | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Fee income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Underwriting margin |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policyholder benefits, net of premium (2) |  | 18 | 18 | (1) | (34) | 9 |  | (8) |
| &nbsp;&nbsp;&nbsp;Non-deferrable insurance commissions |  |  |  |  | 5 |  |  | 5 |
| **Increase (decrease) to adjusted pre-tax operating income (loss)** | $**—** | $**18** | $**18** | $**(1)** | $**(29)** | $**9** | $**—** | $**(3)** |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) | 2 | 3 | 5 | 3 |  |  |  | 8 |
| &nbsp;&nbsp;&nbsp;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.** | **(2) Corporate & Other includes assumption updates related to our individual variable annuity business.** | **(2) Corporate & Other includes assumption updates related to our individual variable annuity business.** | **(2) Corporate & Other includes assumption updates related to our individual variable annuity business.** | **(2) Corporate & Other includes assumption updates related to our individual variable annuity business.** | **(2) Corporate & Other includes assumption updates related to our individual variable annuity business.** |  |  |  |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

 Annual Actuarial Assumption Updates 17

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Corporate and Other Sources of Earnings** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | Quarterly | Quarterly | Quarterly | Quarterly | Quarterly | Quarterly | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Sources of Earnings</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate expenses | $(32) | $(35) | $(29) | $(32) | $(37) | $(39) | $(67) | $(76) | $(137) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on financial debt | (114) | (125) | (119) | (110) | (107) | (107) | (239) | (214) | (443) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset management |  | (3) | 5 | 39 | 2 | 14 | (3) | 16 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated investment entities |  | 3 | 5 | (10) | 2 | (1) | 3 | 1 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (23) | (24) | (12) | (11) | (8) | (18) | (47) | (26) | (49) |
| &nbsp;&nbsp;**Adjusted pre-tax operating (loss)** | $(169) | $(184) | $(150) | $(124) | $(148) | $(151) | $(353) | $(299) | $(573) |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

 Corporate and Other Sources of Earnings 18

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Total Investments** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **(in millions)<br>(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** |
| **<u>Bonds available-for-sale</u>** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. government and government sponsored entities | $1035 | $243 | $1278 | $1127 | $241 | $1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of states, municipalities and political subdivisions | 3961 | 566 | 4527 | 4085 | 576 | 4661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. governments | 4088 | 214 | 4302 | 3670 | 234 | 3904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt | 103470 | 10330 | 113800 | 95943 | 10535 | 106478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds available for sale, excl. MBS, CLO, and ABS | 112554 | 11353 | 123907 | 104825 | 11586 | 116411 |
| **<u>Mortgage-backed, asset-backed and collateralized</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMBS | 15534 | 483 | 16017 | 15274 | 510 | 15784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMBS | 9227 | 342 | 9569 | 9127 | 450 | 9577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLO | 9123 | 126 | 9249 | 9985 | 133 | 10118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABS | 20343 | 560 | 20903 | 18375 | 575 | 18950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage-backed, asset-backed and collateralized | 54227 | 1511 | 55738 | 52761 | 1668 | 54429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds available for sale | 166781 | 12864 | 179645 | 157586 | 13254 | 170840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other bond securities | 439 | 4940 | 5379 | 348 | 4914 | 5262 |
| &nbsp;&nbsp;&nbsp;Total fixed maturities | 167220 | 17804 | 185024 | 157934 | 18168 | 176102 |
| &nbsp;&nbsp;&nbsp;Equity securities | 911 |  | 911 | 56 |  | 56 |
| **<u>Mortgage and other loans receivable</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgages | 12903 |  | 12903 | 12671 |  | 12671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgages | 33834 | 2961 | 36795 | 32094 | 3075 | 35169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life insurance policy loans | 1399 | 310 | 1709 | 1411 | 315 | 1726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial loans, other loans and notes receivable | 2801 | 126 | 2927 | 3053 | 149 | 3202 |
| &nbsp;&nbsp;&nbsp;Total mortgage and other loans receivable | 50937 | 3397 | 54334 | 49229 | 3539 | 52768 |
| &nbsp;&nbsp;&nbsp;Other invested assets | 8002 | 1945 | 9947 | 7800 | 2051 | 9851 |
| &nbsp;&nbsp;&nbsp;Short term investments | 3488 | 323 | 3811 | 4707 | 274 | 4981 |
| **Total** | $**230558** | $**23469** | $**254027** | $**219726** | $**24032** | $**243758** |
| **<u>NAIC Designation</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NAIC 1 | $93279 | $— | $93279 | $90999 | $— | $90999 |
| &nbsp;&nbsp;&nbsp;NAIC 2 | 64488 |  | 64488 | 58965 |  | 58965 |
| &nbsp;&nbsp;&nbsp;NAIC 3 | 5752 |  | 5752 | 4522 |  | 4522 |
| &nbsp;&nbsp;&nbsp;NAIC 4 | 2959 |  | 2959 | 2671 |  | 2671 |
| &nbsp;&nbsp;&nbsp;NAIC 5 & 6 | 648 |  | 648 | 683 |  | 683 |
| &nbsp;&nbsp;&nbsp;No designation | 94 |  | 94 | 94 |  | 94 |
| &nbsp;&nbsp;&nbsp;Fortitude Re funds withheld assets |  | 17804 | 17804 |  | 18168 | 18168 |
| **Total** | $**167220** | $**17804** | $**185024** | $**157934** | $**18168** | $**176102** |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

---

| | |
|:---|:---|
| Total Investments | 19 |

---

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **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** |
| **<u>Bonds available-for-sale</u>** | | | **<u>Fixed maturities NAIC designation:</u>** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government and government-sponsored entities | $**1035** | $**1127** | &nbsp;&nbsp;&nbsp;NAIC 1 | $**93803** | $**91475** |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states, municipalities and political subdivisions | **3961** | **4085** | &nbsp;&nbsp;&nbsp;NAIC 2 | **65095** | **59320** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. governments | **4089** | **3669** | &nbsp;&nbsp;&nbsp;NAIC 3 | **5755** | **4525** |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt | **104069** | **96293** | &nbsp;&nbsp;&nbsp;NAIC 4 | **2959** | **2671** |
| **<u>Mortgage-backed, asset-backed and collateralized:</u>** |  |  | &nbsp;&nbsp;&nbsp;NAIC 5 and 6 | **647** | **683** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMBS | **16060** | **15754** | &nbsp;&nbsp;&nbsp;No designation | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMBS | **9227** | **9127** | **Total (5)** | $**168259** | $**158674** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLO | **9071** | **9933** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABS | **20343** | **18374** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage-backed, asset-backed and collateralized | **54701** | **53188** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds available for sale | **167855** | **158362** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other bond securities | **404** | **312** |  |  |  |
| &nbsp;&nbsp;&nbsp;Total fixed maturities | **168259** | **158674** |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity securities | **911** | **53** |  |  |  |
| **<u>Mortgage and other loans receivable:</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgages | **11427** | **11128** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgages | **34373** | **32660** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial loans, other loans and notes receivable | **2863** | **3133** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage and other loans receivable (1) | **48663** | **46921** |  |  |  |
| **<u>Other invested assets:</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedge funds | **104** | **132** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private equity (4) | **5938** | **5540** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate investments | **66** | **313** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets - all other | **331** | **308** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other invested assets | **6439** | **6293** |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-term investments | **3140** | **4428** |  |  |  |
| **Total (2)(3)** | $**227412** | $**216369** |  |  |  |

---

(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.

![corebridgelogo.jpg](corebridgelogo.jpg)

---

| | |
|:---|:---|
| **Invested Assets Summary, at Carrying Value** | 20 |

---

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Commercial Mortgage Loan Exposure by Location and Class of Loan Based on Amortized Cost** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 |
| **(dollars in millions)** |  | **Class** | **Class** | **Class** | **Class** | **Class** | **Class** | **Total** |  |
| **Excluding Fortitude Re Funds Withheld Assets** | **Number of Loans** | **Apartments** | **Offices** | **Retail** | **Industrial** | **Hotel** | **Others** | **Total** | **Percent of Total** |
| **State:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New York | **71** | $**1595** | $**3233** | $**285** | $**508** | $**65** | $**—** | $**5686** | **17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;California | **56** | **648** | **842** | **93** | **1071** | **565** | **52** | **3271** | **10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey | **72** | **1819** | **5** | **271** | **1144** | **—** | **21** | **3260** | **9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida | **48** | **910** | **104** | **416** | **298** | **439** | **58** | **2225** | **6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas | **41** | **852** | **399** | **453** | **183** | **17** | **157** | **2061** | **6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts | **18** | **354** | **982** | **522** | **14** | **—** | **—** | **1872** | **5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Colorado | **14** | **370** | **42** | **87** | **302** | **113** | **—** | **914** | **3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania | **21** | **162** | **183** | **166** | **382** | **20** | **—** | **913** | **3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois | **21** | **379** | **350** | **2** | **115** | **—** | **57** | **903** | **3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;North Carolina | **12** | **359** | **27** | **—** | **112** | **14** | **—** | **512** | **1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other States | **113** | **2411** | **96** | **560** | **1507** | **287** | **83** | **4944** | **14%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign | **65** | **3787** | **1066** | **998** | **1229** | **157** | **575** | **7812** | **23%** |
| **Total excluding Fortitude Re funds withheld assets (1)** | **552** | $**13646** | $**7329** | $**3853** | $**6865** | $**1677** | $**1003** | $**34373** | **100%** |
| **Fortitude Re funds withheld assets** |  |  |  |  |  |  |  | **3008** |  |
| **Total** |  |  |  |  |  |  |  | $**37381** |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 |
| | | **Class** | **Class** | **Class** | **Class** | **Class** | **Class** | | |
| **(dollars in millions)** | **Number of Loans** | **Apartments** | **Offices** | **Retail** | **Industrial** | **Hotel** | **Others** | **Total (2)** | **Percent of Total** |
| Credit Quality Indicator: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In good standing (1) | **548** | $**13646** | $**6988** | $**3687** | $**6865** | $**1677** | $**1003** | $**33866** | **99%** |
| &nbsp;&nbsp;&nbsp;&nbsp;90 days or less delinquent | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—%** |
| &nbsp;&nbsp;&nbsp;&nbsp;>90 days delinquent or in process of foreclosure | **4** | **—** | **341** | **166** | **—** | **—** | **—** | **507** | **1%** |
| **Total excluding Fortitude Re funds withheld assets (2)** | **552** | $**13646** | $**7329** | $**3853** | $**6865** | $**1677** | $**1003** | $**34373** | **100%** |
| **Fortitude Re funds withheld assets** |  |  |  |  |  |  |  | **3008** |  |
| **Total** |  |  |  |  |  |  |  | $**37381** |  |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;Does not reflect allowance for credit losses.

![corebridgelogo.jpg](corebridgelogo.jpg)

---

| | |
|:---|:---|
| **Investments - Commercial Mortgage Loans** | 21 |

---

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Commercial Mortgages - Debt Service Coverage Ratios and Loan-to-Value Ratios by Vintage Year** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 |
| | Debt Service Coverage Ratios (1) | Debt Service Coverage Ratios (1) | Debt Service Coverage Ratios (1) | Debt Service Coverage Ratios (1) |
| **(in millions)** | **>1.20X** | **1.00X - 1.20X** | **<1.00X** | **Total** |
| Loan-to-value ratios (2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less than 65% | $**22220** | $**1900** | $**174** | $**24294** |
| &nbsp;&nbsp;&nbsp;&nbsp;65% to 75% | **6792** | **588** | **63** | **7443** |
| &nbsp;&nbsp;&nbsp;&nbsp;76% to 80% | **178** | **174** | **—** | **352** |
| &nbsp;&nbsp;&nbsp;&nbsp;Greater than 80% | **1311** | **307** | **666** | **2284** |
| **Total excluding Fortitude Re funds withheld assets (3)** | $**30501** | $**2969** | $**903** | $**34373** |
| **Fortitude Re funds withheld assets** |  |  |  | **3008** |
| **Total** |  |  |  | $**37381** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 |
| | **Vintage Year** | **Vintage Year** | **Vintage Year** | **Vintage Year** | **Vintage Year** | **Vintage Year** | **Vintage Year** |
| **(in millions)** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** |
| Loan-to-value ratios (2) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less than 65% | $**1818** | $**3945** | $**1881** | $**4112** | $**1758** | $**10780** | $**24294** |
| &nbsp;&nbsp;&nbsp;&nbsp;65% to 75% | **256** | **429** | **185** | **2289** | **283** | **4000** | **7442** |
| &nbsp;&nbsp;&nbsp;&nbsp;76% to 80% | **—** | **—** | **—** | **17** | **71** | **265** | **353** |
| &nbsp;&nbsp;&nbsp;&nbsp;Greater than 80% | **—** | **—** | **20** | **315** | **206** | **1743** | **2284** |
| **Total excluding Fortitude Re funds withheld assets (3)** | $**2074** | $**4374** | $**2086** | $**6733** | $**2318** | $**16788** | $**34373** |
| **Fortitude Re funds withheld assets** |  |  |  |  |  |  | **3008** |
| **Total** |  |  |  |  |  |  | $**37381** |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;Does not reflect allowance for credit losses.

![corebridgelogo.jpg](corebridgelogo.jpg)

---

| | |
|:---|:---|
| **Investments - Commercial Mortgage Loans** | 22 |

---

------

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Net Investment Income** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Net investment income by asset class</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities - AFS | $2240 | $2187 | $2187 | $2184 | $2137 | $2116 | $4427 | $4253 | $8624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 15 | 10 | 8 |  |  |  | 25 |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage and other loans receivable | 653 | 637 | 620 | 594 | 580 | 563 | 1290 | 1143 | 2357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 1 | 1 |  | 1 |  | 1 | 2 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and short-term investments | 47 | 76 | 60 | 57 | 51 | 62 | 123 | 113 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total base portfolio gross investment income - insurance operations** | **2956** | **2911** | **2875** | **2836** | **2768** | **2742** | **5867** | **5510** | **11221** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment expenses | 172 | 170 | 192 | 172 | 182 | 160 | 342 | 342 | 706 |
| &nbsp;&nbsp;**Total base portfolio investment income (APTOI basis) - insurance operations** | **2784** | **2741** | **2683** | **2664** | **2586** | **2582** | **5525** | **5168** | **10515** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternatives | 158 | 70 | 90 | 92 | 51 | (23) | 228 | 28 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Call and tender | (12) | 16 | 4 | (11) | (15) |  | 4 | (15) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value option | 17 | 13 | (6) | 21 | 7 | 6 | 30 | 13 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other variable investment income | 30 | (11) | 15 | 10 | 8 | 17 | 19 | 25 | 50 |
| &nbsp;&nbsp;**Total variable investment income (loss) - insurance operations** | 193 | 88 | 103 | 112 | 51 |  | 281 | 51 | 266 |
| &nbsp;&nbsp;&nbsp;Corporate and Other (includes eliminations) | 7 | 12 | 25 | (9) | 13 | (18) | 19 | (5) | 11 |
| **Total net investment income (APTOI basis)** | $**2984** | $**2841** | $**2811** | $**2767** | $**2650** | $**2564** | $**5825** | $**5214** | $**10792** |
| <u>Breakdown by Segment</u> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Individual Retirement | $1519 | $1419 | $1406 | $1394 | $1339 | $1274 | $2938 | $2613 | $5413 |
| &nbsp;&nbsp;&nbsp;Group Retirement | 469 | 485 | 460 | 478 | 487 | 495 | 954 | 982 | 1920 |
| &nbsp;&nbsp;&nbsp;Life Insurance | 335 | 336 | 337 | 336 | 322 | 326 | 671 | 648 | 1321 |
| &nbsp;&nbsp;&nbsp;Institutional Markets | 654 | 589 | 583 | 568 | 489 | 487 | 1243 | 976 | 2127 |
| &nbsp;&nbsp;&nbsp;Corporate and Other (includes eliminations) | 7 | 12 | 25 | (9) | 13 | (18) | 19 | (5) | 11 |
| **Total net investment income (APTOI basis)** | $**2984** | $**2841** | $**2811** | $**2767** | $**2650** | $**2564** | $**5825** | $**5214** | $**10792** |
| <u>Reconciliation to Net Investment Income (Net income basis)</u> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | 343 | 331 | 198 | 515 | 325 | 332 | 674 | 657 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income related to businesses exited through reinsurance | 80 | 81 | 82 | 80 | 79 | 83 | 161 | 162 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of securities used to hedge guaranteed living benefits |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative (income) reclass to net realized investment gains (losses) | (77) | (72) | (78) | (72) | (77) | (61) | (149) | (138) | (288) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments | 8 | 8 | 7 | 6 | 11 | 6 | 16 | 17 | 30 |
| &nbsp;&nbsp;&nbsp;Total adjustments | 354 | 348 | 209 | 529 | 338 | 360 | 702 | 698 | 1436 |
| **Net investment income (Net income basis)** | $**3338** | $**3189** | $**3020** | $**3296** | $**2988** | $**2924** | $**6527** | $**5912** | $**12228** |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

 Net Investment Income 23

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Net Realized Gains (Losses)** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of securities (fixed maturity and equity) | $(513) | $(141) | $(241) | $(87) | $(493) | $(320) | $(654) | $(813) | $(1141) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intent to sell | (250) |  |  |  |  | (15) | (250) | (15) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in allowance for credit losses on fixed maturity securities | (41) | (20) | (40) | (85) | (50) | (62) | (61) | (112) | (237) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in allowance for credit losses on loans | 14 | (16) | (3) | (15) | (34) | (14) | (2) | (48) | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange transactions, net of related hedges | (445) | (121) | 387 | (354) | 55 | 46 | (566) | 101 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index-linked interest credited embedded derivatives, net of related hedges | (248) | (288) | 348 | (285) | (172) | 90 | (536) | (82) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;All other derivatives and hedge accounting (1) | (172) | (244) | 200 | (195) | 18 | 105 | (416) | 123 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of alternative investments and real estate investments | (9) | 12 | 70 | 58 | 11 | 20 | 3 | 31 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (30) | (4) | 5 | (12) | (25) | (28) | (34) | (53) | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative | **(1694)** | **(822)** | **726** | **(975)** | **(690)** | **(178)** | **(2516)** | **(868)** | **(1117)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on Fortitude Re funds withheld assets | (30) | 4 | (148) | 157 | (93) | (164) | (26) | (257) | (248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on Fortitude Re funds withheld embedded derivative | (251) | (596) | 933 | (1509) | 36 | 22 | (847) | 58 | (518) |
| &nbsp;&nbsp;**Total net realized gains (losses)** | $**(1975)** | $**(1414)** | $**1511** | $**(2327)** | $**(747)** | $**(320)** | $**(3389)** | $**(1067)** | $**(1883)** |
| (1) Derivative activity related to hedging certain MRBs is recorded in change in the fair value of market risk benefits, net. | (1) Derivative activity related to hedging certain MRBs is recorded in change in the fair value of market risk benefits, net. | (1) Derivative activity related to hedging certain MRBs is recorded in change in the fair value of market risk benefits, net. | (1) Derivative activity related to hedging certain MRBs is recorded in change in the fair value of market risk benefits, net. | (1) Derivative activity related to hedging certain MRBs is recorded in change in the fair value of market risk benefits, net. | (1) Derivative activity related to hedging certain MRBs is recorded in change in the fair value of market risk benefits, net. | (1) Derivative activity related to hedging certain MRBs is recorded in change in the fair value of market risk benefits, net. | (1) Derivative activity related to hedging certain MRBs is recorded in change in the fair value of market risk benefits, net. | (1) Derivative activity related to hedging certain MRBs is recorded in change in the fair value of market risk benefits, net. |  |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

 Net Realized Gains (Losses) 24

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Supplemental Information Table of Contents** |

---

---

| | |
|:---|:---|
| **<u>**Table of Contents**</u>** | **<u>Page(s)</u>** |
| &nbsp;&nbsp;[Non-GAAP Measures](#i9406f370f2454bf78508306a2118a93c_76) | 26-28 |
| &nbsp;&nbsp;[Earnings Per Share Computations](#i9406f370f2454bf78508306a2118a93c_79) | [29](#i9406f370f2454bf78508306a2118a93c_79) |
| &nbsp;&nbsp;[Reconciliation of Adjusted Return on Average Adjusted Equity (ROAE)](#i9406f370f2454bf78508306a2118a93c_82) | [30](#i9406f370f2454bf78508306a2118a93c_82) |
| &nbsp;&nbsp;[Reconciliation of Adjusted Pre-tax and After-Tax Operating Income](#i9406f370f2454bf78508306a2118a93c_85) | 31-32 |
| &nbsp;&nbsp;[Notable Items and Alternative Investment Returns vs. long-term return expectations](#i9406f370f2454bf78508306a2118a93c_91) | 33 |
| &nbsp;&nbsp;[Non-GAAP Reconciliation - Premiums and Premiums and Deposits](#i9406f370f2454bf78508306a2118a93c_94) | 34-35 |
| &nbsp;&nbsp;[Consolidated Adjusted Pre-tax Operating Income](#i9406f370f2454bf78508306a2118a93c_97) | [36](#i9406f370f2454bf78508306a2118a93c_97) |
| &nbsp;&nbsp;[Individual Retirement Results](#i9406f370f2454bf78508306a2118a93c_100) | [37](#i9406f370f2454bf78508306a2118a93c_100) |
| &nbsp;&nbsp;[Group Retirement Results](#i9406f370f2454bf78508306a2118a93c_103) | [38](#i9406f370f2454bf78508306a2118a93c_103) |
| &nbsp;&nbsp;[Life Insurance Results](#i9406f370f2454bf78508306a2118a93c_106) | 39-40 |
| &nbsp;&nbsp;[Institutional Markets Results](#i9406f370f2454bf78508306a2118a93c_112) | 41-42 |
| &nbsp;&nbsp;[Corporate and Other Operations Results](#i9406f370f2454bf78508306a2118a93c_118) | 43 |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

 Supplemental Information 25

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **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.

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 Non-GAAP Financial Measures 26

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<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

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| |
|:---|
| **Corebridge Financial, Inc.** |
| **Non-GAAP Financial Measures** |

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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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• separation costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-operating litigation reserves and settlements;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* 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.

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 Non-GAAP Financial Measures 27

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<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

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|:---|
| **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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

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

**<u>Key Terms</u>** - Throughout this Financial Supplement, we use the following terms:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Underwriting margin ratio** equals the underwriting margin divided by premiums and deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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 Non-GAAP Financial Measures 28

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<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

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|:---|
| **Corebridge Financial, Inc.** |
| **Earnings Per Share** |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions, except per share data)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>GAAP Basis</u>** |  |  |  |  |  |  |  |  |  |
| **<u>Numerator for EPS</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $(668) | $(657) | $2222 | $(1187) | $341 | $827 | $(1325) | $1168 | $2203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income (loss) attributable to noncontrolling interests | (8) | 7 | 51 | (3) | (24) | (51) | (1) | (75) | (27) |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to Corebridge common shareholders | $(660) | $(664) | $2171 | $(1184) | $365 | $878 | $(1324) | $1243 | $2230 |
| **<u>Denominator for EPS</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive common shares (2) |  |  | 1.6 |  | 1.0 | 0.9 |  | 0.9 | 1.2 |
| &nbsp;&nbsp;&nbsp;Weighted average common shares outstanding - diluted | 550.3 | 558.0 | 571.4 | 587.1 | 612.6 | 624.9 | 554.1 | 618.7 | 599.2 |
| <u>Income per common share attributable to Corebridge common shareholders</u> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock - basic | $(1.20) | $(1.19) | $3.81 | $(2.02) | $0.60 | $1.41 | $(2.39) | $2.01 | $3.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock - diluted | $(1.20) | $(1.19) | $3.80 | $(2.02) | $0.59 | $1.41 | $(2.39) | $2.01 | $3.72 |
| <u>Operating Basis</u> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted after-tax operating income attributable to Corebridge common shareholders | $672 | $570 | $606 | $724 | $613 | $604 | $1242 | $1217 | $2547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding - diluted | 551.3 | 559.4 | 571.4 | 588.3 | 612.6 | 624.9 | 555.3 | 618.7 | 599.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating earnings per common share | $1.22 | $1.02 | $1.06 | $1.23 | $1.00 | $0.97 | $2.22 | $1.97 | $4.25 |
| <u>Common Shares Outstanding</u> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares outstanding, beginning of period | 553.1 | 561.5 | 574.4 | 600.3 | 615.4 | 621.7 | 561.5 | 621.7 | 621.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share repurchases | (9.9) | (10.0) | (12.9) | (25.9) | (15.1) | (9.5) | (19.9) | (24.6) | (63.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newly issued shares |  | 1.6 |  |  |  | 3.2 | 1.6 | 3.2 | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares outstanding, end of period | 543.2 | 553.1 | 561.5 | 574.4 | 600.3 | 615.4 | 543.2 | 600.3 | 561.5 |

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|:---|
| (1) Includes vested shares under our share-based employee compensation plans. |
| (2) Potential dilutive common shares include our share-based employee compensation plans. |

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 Earnings Per Share Computations 29

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<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

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|:---|
| **Corebridge Financial, Inc.** |
| **Reconciliation of Return On Average Equity (ROAE)** |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions, unless otherwise noted)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| <u>Return on Equity Computations</u> |  |  |  |  |  |  |  |  |  |
| Actual or annualized net income (loss) attributable to Corebridge shareholders (a) | $(2640) | $(2656) | $8684 | $(4736) | $1460 | $3512 | $(2648) | $2486 | $2230 |
| Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b) | $2688 | $2280 | $2424 | $2896 | $2452 | $2416 | $2484 | 2434 | $2547 |
| Average Corebridge Shareholders' equity (c) | $12141 | $11721 | $12535 | $12302 | $11286 | $11671 | $11915 | $11446 | $11882 |
| &nbsp;&nbsp;&nbsp;Less: Average AOCI | (11341) | (12865) | (11783) | (12196) | (14324) | (13799) | (12121) | (14035) | (13134) |
| &nbsp;&nbsp;&nbsp;Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets | (2570) | (2676) | (2428) | (2390) | (2609) | (2415) | (2646) | (2517) | (2481) |
| **Average Adjusted Book Value (d)** | $**20912** | $**21910** | $**21890** | $**22108** | $**23001** | $**23055** | $**21390** | $**22964** | $**22535** |
| 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% |

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 Reconciliation of Return On Average Equity 30

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<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

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

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| Pre-tax income (loss) | $**(608)** | $**(862)** | $**2925** | $**(1594)** | $**456** | $**1016** | $**(1470)** | $**1472** | $**2803** |
| &nbsp;&nbsp;**Fortitude Re related items** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment (income) on Fortitude Re funds withheld assets | (343) | (331) | (198) | (515) | (325) | (332) | (674) | (657) | (1370) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gains) losses on Fortitude Re funds withheld assets | 30 | (4) | 148 | (157) | 93 | 164 | 26 | 257 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gains) losses on Fortitude Re funds withheld embedded derivative | 251 | 596 | (933) | 1509 | (36) | (22) | 847 | (58) | 518 |
| &nbsp;&nbsp;**Subtotal – Fortitude Re related items** | **(62)** | **261** | **(983)** | **837** | **(268)** | **(190)** | **199** | **(458)** | **(604)** |
| &nbsp;&nbsp;**Other reconciling items** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in the fair value of market risk benefits, net | (44) | 335 | (469) | 654 | 12 | (165) | 291 | (153) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in benefit reserves related to net realized gains (losses) | (4) | 31 |  | (2) | (3) | (3) | 27 | (6) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gains) losses (1) | 1758 | 905 | (604) | 1093 | 748 | 222 | 2663 | 970 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating litigation reserves and settlements |  |  | (1) |  |  |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Separation costs |  |  |  |  | 27 | 67 |  | 94 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and other costs | 129 | 97 | 68 | 87 | 85 | 47 | 226 | 132 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | 1 | 1 | 1 | 1 | 1 |  | 2 | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on divestiture |  |  |  | 1 | (241) | (5) |  | (246) | (245) |
| &nbsp;&nbsp;&nbsp;&nbsp;Businesses exited through reinsurance | (336) | (51) | (135) | (159) | (83) | (310) | (387) | (393) | (687) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 8 | (7) | (44) | 3 | 24 | 51 | 1 | 75 | 34 |
| &nbsp;&nbsp;**Subtotal - Other non-Fortitude Re reconciling items** | **1512** | **1311** | **(1184)** | **1678** | **570** | **(96)** | **2823** | **474** | **968** |
| &nbsp;&nbsp;**Total adjustments** | **1450** | **1572** | **(2167)** | **2515** | **302** | **(286)** | **3022** | **16** | **364** |
| Adjusted pre-tax operating income | $**842** | $**710** | $**758** | $**921** | $**758** | $**730** | $**1552** | $**1488** | $**3167** |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. |  |

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 Reconciliation of Adjusted Pre-Tax Operating Income 31

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<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions, unless otherwise noted)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **Net income (loss)** | $**(668)** | $**(657)** | $**2222** | $**(1187)** | $**341** | $**827** | $**(1325)** | $**1168** | $**2203** |
| &nbsp;&nbsp;&nbsp;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)** | **2171** | **(1184)** | **365** | **878** | **(1324)** | **1243** | **2230** |
| &nbsp;&nbsp;**Fortitude Re related items** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment (income) on Fortitude Re funds withheld assets | (270) | (260) | (155) | (405) | (256) | (261) | (530) | (517) | (1077) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gains) losses on Fortitude Re funds withheld assets | 23 | (3) | 116 | (123) | 73 | 129 | 20 | 202 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gains) losses on Fortitude Re funds withheld embedded derivative | 198 | 469 | (732) | 1185 | (29) | (17) | 667 | (46) | 407 |
| &nbsp;&nbsp;**Subtotal – Fortitude Re related items** | **(49)** | **206** | **(771)** | **657** | **(212)** | **(149)** | **157** | **(361)** | **(475)** |
| &nbsp;&nbsp;**Other reconciling items** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of disproportionate tax effects from AOCI and other tax adjustments. | 6 | (21) | 7 | 22 | (52) | (26) | (15) | (78) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax valuation allowance (releases) charges | 186 | 8 | 84 | (91) | 87 | 17 | 194 | 104 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in the fair value of market risk benefits, net | (35) | 265 | (371) | 517 | 9 | (130) | 230 | (121) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in benefit reserves related to net realized gains (losses) | (3) | 24 | (1) | (1) | (3) | (2) | 21 | (5) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gains) losses (1) | 1389 | 715 | (467) | 858 | 588 | 175 | 2104 | 763 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating litigation reserves and settlements |  |  | (1) |  |  |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Separation costs |  |  |  |  | 21 | 53 |  | 74 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and other costs | 101 | 77 | 54 | 69 | 67 | 37 | 178 | 104 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | 1 | 1 |  | 1 | 1 |  | 2 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on divestiture |  |  | 7 | 1 | (194) | (4) |  | (198) | (190) |
| &nbsp;&nbsp;&nbsp;&nbsp;Businesses exited through reinsurance | **(264)** | **(41)** | **(106)** | **(125)** | **(64)** | **(245)** | **(305)** | **(309)** | **(540)** |
| &nbsp;&nbsp;**Subtotal - Other non-Fortitude Re reconciling items** | **1381** | **1028** | **(794)** | **1251** | **460** | **(125)** | **2409** | **335** | **792** |
| &nbsp;&nbsp;**Total adjustments** | **1332** | **1234** | **(1565)** | **1908** | **248** | **(274)** | **2566** | **(26)** | **317** |
| **Adjusted after-tax operating income attributable to Corebridge** | $**672** | $**570** | $**606** | $**724** | $**613** | $**604** | $**1242** | $**1217** | $**2547** |
| **<u>Calculation of Effective Tax Rates</u>** |  |  |  |  |  |  |  |  |  |
| Adjusted pre-tax operating income | $842 | $710 | $758 | $921 | $758 | $730 | $1552 | $1488 | $3167 |
| &nbsp;&nbsp;&nbsp;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** | $**1242** | $**1217** | $**2547** |
| **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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. |  |

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 Reconciliation of Adjusted After-tax Operating Income 32

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<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions, unless otherwise noted)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **Individual Retirement:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative investments returns versus long-term return expectations | $12 | $(24) | $(11) | $(12) | $(12) | $(43) | $(12) | $(55) | $(78) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments |  | 10 |  |  |  | 35 | 10 | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annual actuarial assumption review |  |  |  | 18 |  |  |  |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;General operating expenses |  |  | (2) |  |  |  |  |  | (2) |
| &nbsp;&nbsp;**Total adjustments** | $**12** | $**(14)** | $**(13)** | $**6** | $**(12)** | $**(8)** | $**(2)** | $**(20)** | $**(27)** |
| **Group Retirement:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative investments returns versus long-term return expectations | $(6) | $2 | $(5) | $3 | $(7) | $(27) | $(4) | (34) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments |  | 4 |  |  |  | 8 | 4 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annual actuarial assumption review |  |  |  | (1) |  |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;General operating expenses |  |  | (9) |  |  |  |  |  | (9) |
| &nbsp;&nbsp;**Total adjustments** | $**(6)** | $**6** | $**(14)** | $**2** | $**(7)** | $**(19)** | $**—** | $**(26)** | $**(38)** |
| **Life Insurance:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative investments returns versus long-term return expectations | $1 | $(6) | $(3) | $(3) | $(3) | $(11) | $(5) | (14) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments |  | 2 |  |  |  | 8 | 2 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annual actuarial assumption review |  |  |  | (29) |  |  |  |  | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance |  |  |  | 62 |  | (30) |  | (30) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;General operating expenses |  |  | (5) |  |  |  |  |  | (5) |
| &nbsp;&nbsp;**Total adjustments** | $**1** | $**(4)** | $**(8)** | $**30** | $**(3)** | $**(33)** | $**(3)** | $**(36)** | $**(14)** |
| **Institutional Markets:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative investments returns versus long-term return expectations | $33 | $(15) | $(6) | $(6) | $(37) | $(51) | $18 | (88) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments |  | 4 |  |  |  | 17 | 4 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annual actuarial assumption review |  |  |  | 9 |  |  |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance |  |  |  | 5 |  |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;General operating expenses |  |  | (1) |  |  |  |  |  | (1) |
| &nbsp;&nbsp;**Total adjustments** | $**33** | $**(11)** | $**(7)** | $**8** | $**(37)** | $**(34)** | $**22** | $**(71)** | $**(70)** |
| **Total Corebridge:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative investments returns versus long-term return expectations | $40 | $(43) | $(25) | $(18) | $(59) | $(132) | $(3) | $(191) | $(234) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments |  | 20 |  |  |  | 68 | 20 | 68 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annual actuarial assumption review |  |  |  | (3) |  |  |  |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance |  |  |  | 67 |  | (30) |  | (30) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;General operating expenses |  |  | (17) |  |  |  |  |  | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate & other |  | (12) |  | 32 |  |  | (12) |  | 32 |
| &nbsp;&nbsp;**Total adjustments** | $**40** | $**(35)** | $**(42)** | $**78** | $**(59)** | $**(94)** | $**5** | $**(153)** | $**(117)** |
| **Discrete tax items - income tax expense (benefit)** | $**—** | $**—** | $**—** | $**(10)** | $**—** | $**—** | $**—** | $**—** | $**(10)** |

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 Notable Items 33

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<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **Individual Retirement (Fixed annuities)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | $31 | $17 | $22 | $30 | $24 | $31 | $48 | $55 | $107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 3186 | 1984 | 1834 | 2753 | 4111 | 2582 | 5170 | 6693 | 11280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (1) | (2) |  | (3) | (3) | (1) | (3) | (4) | (7) |
| &nbsp;&nbsp;**Premiums and deposits** | $**3216** | $**1999** | $**1856** | $**2780** | $**4132** | $**2612** | $**5215** | $**6744** | $**11380** |
| **Individual Retirement (Fixed index annuities)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 2779 | 2036 | 2593 | 2298 | 2239 | 1883 | 4815 | 4122 | 9013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Premiums and deposits** | $**2779** | $**2036** | $**2593** | $**2298** | $**2239** | $**1883** | $**4815** | $**4122** | $**9013** |
| **Individual Retirement (Registered index-linked annuities)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 492 | 263 | 90 |  |  |  | 755 |  | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Premiums and deposits** | $**492** | $**263** | $**90** | $**—** | $**—** | $**—** | $**755** | $**—** | $**90** |
| **Individual Retirement (Total)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | $31 | $17 | $22 | $30 | $24 | $31 | $48 | $55 | $107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 6457 | 4283 | 4517 | 5051 | 6350 | 4465 | 10740 | 10815 | 20383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (1) | (1) | (2) |  | (3) | (3) | (1) | (3) | (4) | (7) |
| &nbsp;&nbsp;**Premiums and deposits** | $**6487** | $**4298** | $**4539** | $**5078** | $**6371** | $**4495** | $**10785** | $**10866** | $**20483** |

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 Premiums to Premiums and Deposits 34

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **Group Retirement** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | $— | $4 | $2 | $5 | $— | $5 | $4 | $5 | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 1976 | 1820 | 1614 | 1958 | 1998 | 2049 | 3796 | 4047 | 7619 |
| &nbsp;&nbsp;**Premiums and deposits (2)(3)** | $**1976** | $**1824** | $**1616** | $**1963** | $**1998** | $**2054** | $**3800** | $**4052** | $**7631** |
| **Life Insurance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | $377 | $340 | $366 | $352 | $331 | $434 | $717 | $765 | $1483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 393 | 397 | 411 | 386 | 389 | 393 | 790 | 782 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (1) | 98 | 119 | 102 | 118 | 126 | 267 | 217 | 393 | 613 |
| &nbsp;&nbsp;**Premiums and deposits** | $**868** | $**856** | $**879** | $**856** | $**846** | $**1094** | $**1724** | $**1940** | $**3675** |
| **Institutional Markets** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | $25 | $500 | $723 | $208 | $167 | $1796 | $525 | $1963 | $2894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 1102 | 1433 | 1635 | 1045 | 1871 | 781 | 2535 | 2652 | 5332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (1) | 8 | 9 | 7 | 10 | 10 | 9 | 17 | 19 | 36 |
| &nbsp;&nbsp;**Premiums and deposits** | $**1135** | $**1942** | $**2365** | $**1263** | $**2048** | $**2586** | $**3077** | $**4634** | $**8262** |
| **Total** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | $433 | $861 | $1113 | $595 | $522 | $2266 | $1294 | $2788 | $4496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 9928 | 7933 | 8177 | 8440 | 10608 | 7688 | 17861 | 18296 | 34913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (1) | 105 | 126 | 109 | 125 | 133 | 275 | 231 | 408 | 642 |
| &nbsp;&nbsp;**Premiums and deposits** | $**10466** | $**8920** | $**9399** | $**9160** | $**11263** | $**10229** | $**19386** | $**21492** | $**40051** |
| (1) Other principally consists of ceded premiums, in order to reflect gross premiums and deposits. | (1) Other principally consists of ceded premiums, in order to reflect gross premiums and deposits. | (1) Other principally consists of ceded premiums, in order to reflect gross premiums and deposits. | (1) Other principally consists of ceded premiums, in order to reflect gross premiums and deposits. | (1) Other principally consists of ceded premiums, in order to reflect gross premiums and deposits. | (1) Other principally consists of ceded premiums, in order to reflect gross premiums and deposits. | (1) Other principally consists of ceded premiums, in order to reflect gross premiums and deposits. | (1) Other principally consists of ceded premiums, in order to reflect gross premiums and deposits. | (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 | $1617 | $1581 | $3065 |
| (3) Excludes client deposits into advisory and brokerage accounts of: | $744 | $707 | $788 | $761 | $783 | $730 | $1451 | $1513 | $3062 |

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 Premiums to Premiums and Deposits 35

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<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Revenues</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums (1) | $433 | $861 | $1113 | $595 | $522 | $2266 | $1294 | $2788 | $4496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy fees | 598 | 589 | 603 | 594 | 589 | 584 | 1187 | 1173 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base portfolio income | 2784 | 2741 | 2683 | 2664 | 2586 | 2582 | 5525 | 5168 | 10515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable investment income (loss) | 193 | 88 | 103 | 112 | 51 |  | 281 | 51 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate and other (includes eliminations) | 7 | 12 | 25 | (9) | 13 | (18) | 19 | (5) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 2984 | 2841 | 2811 | 2767 | 2650 | 2564 | 5825 | 5214 | 10792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (11) | 13 | 49 | 53 | (9) | (8) | 2 | (17) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee and other income | 92 | 96 | 97 | 184 | 93 | 107 | 188 | 200 | 481 |
| &nbsp;&nbsp;**Total adjusted revenues** | **4096** | **4400** | **4673** | **4193** | **3845** | **5513** | **8496** | **9358** | **18224** |
| **<u>Benefits and expenses</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder benefits (1) | 974 | 1417 | 1625 | 1143 | 1046 | 2800 | 2391 | 3846 | 6614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholder account balances | 1452 | 1381 | 1375 | 1324 | 1240 | 1163 | 2833 | 2403 | 5102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs | 221 | 223 | 219 | 208 | 206 | 214 | 444 | 420 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-deferrable insurance commissions | 91 | 92 | 94 | 75 | 81 | 82 | 183 | 163 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee expenses | 34 | 39 | 40 | 39 | 39 | 36 | 73 | 75 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;General operating expenses | 361 | 391 | 380 | 359 | 372 | 407 | 752 | 779 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 129 | 140 | 138 | 127 | 127 | 132 | 269 | 259 | 524 |
| &nbsp;&nbsp;**Total benefits and expenses** | **3262** | **3683** | **3871** | **3275** | **3111** | **4834** | **6945** | **7945** | **15091** |
| **Adjusted pre-tax operating income before NCI** | **834** | **717** | **802** | **918** | **734** | **679** | **1551** | **1413** | **3133** |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | 8 | (7) | (44) | 3 | 24 | 51 | 1 | 75 | 34 |
| **Adjusted pre-tax operating income** | **842** | **710** | **758** | **921** | **758** | **730** | **1552** | **1488** | **3167** |
| &nbsp;&nbsp;&nbsp;Income tax expense | (170) | (140) | (152) | (197) | (145) | (126) | (310) | (271) | (620) |
| **Adjusted after-tax operating income** | $**672** | $**570** | $**606** | $**724** | $**613** | $**604** | $**1242** | $**1217** | $**2547** |
| (1) Includes PRT and SS sales activity of: | $34 | $508 | $732 | $217 | $175 | $1805 | $542 | $1980 | $2929 |

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 Consolidated Adjusted Pre-Tax Operating Income 36

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Individual Retirement Results** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Adjusted Revenues</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | $31 | $17 | $22 | $30 | $24 | $31 | $48 | $55 | $107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy fees | 76 | 67 | 66 | 71 | 68 | 61 | 143 | 129 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base portfolio income | 1445 | 1396 | 1370 | 1355 | 1311 | 1272 | 2841 | 2583 | 5308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable investment income | 74 | 23 | 36 | 39 | 28 | 2 | 97 | 30 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net investment income | 1519 | 1419 | 1406 | 1394 | 1339 | 1274 | 2938 | 2613 | 5413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee and other income |  |  | 1 |  |  |  |  |  | 1 |
| &nbsp;&nbsp;**Total adjusted revenues** | **1626** | **1503** | **1495** | **1495** | **1431** | **1366** | **3129** | **2797** | **5787** |
| **<u>Benefits and expenses</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder benefits | 36 | 23 | 34 | 12 | 27 | 26 | 59 | 53 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholder account balances (1) | 824 | 775 | 759 | 720 | 669 | 613 | 1599 | 1282 | 2761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs | 112 | 112 | 110 | 101 | 98 | 96 | 224 | 194 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-deferrable insurance commissions | 41 | 42 | 41 | 33 | 29 | 29 | 83 | 58 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee expenses | 3 | 6 | 5 | 4 | 6 | 3 | 9 | 9 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;General operating expenses | 87 | 91 | 88 | 78 | 82 | 84 | 178 | 166 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total benefits and expenses** | **1103** | **1049** | **1037** | **948** | **911** | **851** | **2152** | **1762** | **3747** |
| Adjusted pre-tax operating income | $**523** | $**454** | $**458** | $**547** | $**520** | $**515** | $**977** | $**1035** | $**2040** |
| (1) Includes amortization of DSI of: | $9 | $10 | $10 | $10 | $10 | $11 | $19 | $21 | $41 |

---

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 Individual Retirement Results 37

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Group Retirement Results** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Adjusted Revenues</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | $— | $4 | $2 | $5 | $— | $5 | $4 | $5 | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy fees | 105 | 108 | 114 | 113 | 108 | 107 | 213 | 215 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base portfolio income | 445 | 461 | 443 | 451 | 476 | 494 | 906 | 970 | 1864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable investment income | 24 | 24 | 17 | 27 | 11 | 1 | 48 | 12 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net investment income | 469 | 485 | 460 | 478 | 487 | 495 | 954 | 982 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee and other income | 85 | 87 | 89 | 88 | 83 | 83 | 172 | 166 | 343 |
| &nbsp;&nbsp;**Total adjusted revenues** | **659** | **684** | **665** | **684** | **678** | **690** | **1343** | **1368** | **2717** |
| **<u>Benefits and expenses</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder benefits | 2 | 5 | 3 | 9 | (2) | 3 | 7 | 1 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholder account balances (1) | 301 | 296 | 303 | 305 | 300 | 298 | 597 | 598 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs | 21 | 22 | 22 | 21 | 21 | 21 | 43 | 42 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-deferrable insurance commissions | 30 | 30 | 31 | 30 | 30 | 29 | 60 | 59 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee expenses | 30 | 33 | 35 | 34 | 32 | 33 | 63 | 65 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;General operating expenses | 93 | 103 | 110 | 97 | 102 | 106 | 196 | 208 | 415 |
| &nbsp;&nbsp;**Total benefits and expenses** | **477** | **489** | **504** | **496** | **483** | **490** | **966** | **973** | **1973** |
| **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 |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

 Group Retirement Results 38

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Life Insurance Results** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Adjusted Revenues</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums (1) | $377 | $340 | $366 | $352 | $331 | $434 | $717 | $765 | $1483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy fees (1) | 366 | 364 | 371 | 360 | 366 | 368 | 730 | 734 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base portfolio income | 329 | 332 | 329 | 331 | 315 | 327 | 661 | 642 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable investment income | 6 | 4 | 8 | 5 | 7 | (1) | 10 | 6 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net investment income | 335 | 336 | 337 | 336 | 322 | 326 | 671 | 648 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (1)(2) |  | 1 |  | 81 | 1 |  | 1 | 1 | 82 |
| &nbsp;&nbsp;**Total adjusted revenues** | **1078** | **1041** | **1074** | **1129** | **1020** | **1128** | **2119** | **2148** | **4351** |
| **<u>Benefits and expenses</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder benefits (1) | 650 | 636 | 619 | 687 | 627 | 748 | 1286 | 1375 | 2681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholder account balances (1) | 84 | 80 | 85 | 84 | 84 | 83 | 164 | 167 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs | 84 | 85 | 84 | 82 | 84 | 94 | 169 | 178 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-deferrable insurance commissions | 15 | 14 | 16 | 7 | 16 | 19 | 29 | 35 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee expenses | 1 |  |  | 1 | 1 |  | 1 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;General operating expenses | 111 | 118 | 114 | 112 | 113 | 130 | 229 | 243 | 469 |
| &nbsp;&nbsp;**Total benefits and expenses** | **945** | **933** | **918** | **973** | **925** | **1074** | **1878** | **1999** | **3890** |
| **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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (2) 3Q24 Other income is primarily related to reinsurance recapture. | (2) 3Q24 Other income is primarily related to reinsurance recapture. | (2) 3Q24 Other income is primarily related to reinsurance recapture. | (2) 3Q24 Other income is primarily related to reinsurance recapture. | (2) 3Q24 Other income is primarily related to reinsurance recapture. | (2) 3Q24 Other income is primarily related to reinsurance recapture. | (2) 3Q24 Other income is primarily related to reinsurance recapture. | (2) 3Q24 Other income is primarily related to reinsurance recapture. | (2) 3Q24 Other income is primarily related to reinsurance recapture. |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

 Life Insurance Results 39

------

<u>T[able of Contents](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Life Insurance Results - Underwriting Margin** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | $377 | $340 | $366 | $352 | $331 | $434 | $717 | $765 | $1483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy fees | 366 | 364 | 371 | 360 | 366 | 368 | 730 | 734 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 335 | 336 | 337 | 336 | 322 | 326 | 671 | 648 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income |  | 1 |  | 81 | 1 |  | 1 | 1 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder benefits | (650) | (636) | (619) | (687) | (627) | (748) | (1286) | (1375) | (2681) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholder account balances | (84) | (80) | (85) | (84) | (84) | (83) | (164) | (167) | (336) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Impact of annual actuarial assumption update |  |  |  | 34 |  |  |  |  | 34 |
| &nbsp;&nbsp;&nbsp;Underwriting margin | $**344** | $**325** | $**370** | $**392** | $**309** | $**297** | $**669** | $**606** | $**1368** |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

---

| | |
|:---|:---|
| **Life Insurance Results - Underwriting Margin** | **40** |

---

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Institutional Markets Results** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Adjusted Revenues</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums (1) | $25 | $500 | $723 | $208 | $167 | $1796 | $525 | $1963 | $2894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy fees | 51 | 50 | 52 | 50 | 47 | 48 | 101 | 95 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base portfolio income | 565 | 552 | 541 | 527 | 484 | 489 | 1117 | 973 | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable investment income | 89 | 37 | 42 | 41 | 5 | (2) | 126 | 3 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net investment income | 654 | 589 | 583 | 568 | 489 | 487 | 1243 | 976 | 2127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 1 | 1 |  | 6 | 1 | 1 | 2 | 2 | 8 |
| &nbsp;&nbsp;**Total adjusted revenues** | **731** | **1140** | **1358** | **832** | **704** | **2332** | **1871** | **3036** | **5226** |
| **<u>Benefits and expenses</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder benefits (1) | 286 | 742 | 969 | 435 | 394 | 2023 | 1028 | 2417 | 3821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholder account balances | 243 | 230 | 228 | 215 | 187 | 169 | 473 | 356 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs | 4 | 4 | 3 | 4 | 3 | 3 | 8 | 6 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-deferrable insurance commissions | 5 | 5 | 5 | 5 | 5 | 5 | 10 | 10 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;General operating expenses | 20 | 22 | 20 | 19 | 19 | 20 | 42 | 39 | 78 |
| &nbsp;&nbsp;**Total benefits and expenses** | **558** | **1003** | **1225** | **678** | **608** | **2220** | **1561** | **2828** | **4731** |
| 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 | $1805 | $542 | $1980 | $2929 |

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![corebridgelogo.jpg](corebridgelogo.jpg)

 Institutional Markets Results 41

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | $34 | $508 | $732 | $217 | $175 | $1805 | $542 | $1980 | $2929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 617 | 551 | 547 | 531 | 451 | 449 | 1168 | 900 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder benefits | (262) | (725) | (952) | (418) | (378) | (2006) | (987) | (2384) | (3754) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholder account balances | (216) | (202) | (200) | (187) | (160) | (142) | (418) | (302) | (689) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Impact of annual actuarial assumption update |  |  |  | (10) |  |  |  |  | (10) |
| &nbsp;&nbsp;&nbsp;Total spread income (1) | $173 | $132 | $127 | $133 | $88 | $106 | $305 | $194 | $454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stable Value Wrap (SVW) fees | $16 | $15 | $16 | $15 | $15 | $16 | $31 | $31 | $62 |
| &nbsp;&nbsp;&nbsp;Total fee income | $16 | $15 | $16 | $15 | $15 | $16 | $31 | $31 | $62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | $(9) | $(8) | $(9) | $(9) | $(8) | $(9) | $(17) | $(17) | $(35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy fees (excluding SVW) | 35 | 35 | 36 | 35 | 32 | 32 | 70 | 64 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 37 | 38 | 36 | 37 | 38 | 38 | 75 | 76 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 1 | 1 |  | 6 | 1 | 1 | 2 | 2 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder benefits | (24) | (17) | (17) | (17) | (16) | (17) | (41) | (33) | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholder account balances | (27) | (28) | (28) | (28) | (27) | (27) | (55) | (54) | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Impact of annual actuarial assumption update |  |  |  | 1 |  |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;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. | (2) Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products. | (2) Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products. | (2) Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products. | (2) Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products. | (2) Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products. | (2) Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products. | (2) Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products. | (2) Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products. | (2) Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products. |

---

![corebridgelogo.jpg](corebridgelogo.jpg)

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

---

------

<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

---

| |
|:---|
| **Corebridge Financial, Inc.** |
| **Corporate & Other Operations Results** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Quarterly** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** | **Year Ended** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q24** | **2025** | **2024** | **2024** |
| **<u>Adjusted Revenues</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 18 | 16 | 30 | (5) | 18 | (10) | 34 | 8 | 33 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) | (11) | 13 | 49 | 53 | (9) | (8) | 2 | (17) | 85 |
| &nbsp;&nbsp;&nbsp;Other income | 6 | 7 | 7 | 9 | 8 | 23 | 13 | 31 | 47 |
| **Total adjusted revenues** | **13** | **36** | **86** | **57** | **17** | **5** | **49** | **22** | **165** |
| **<u>Benefits and expenses</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policyholder benefits |  | 11 |  |  |  |  | 11 |  |  |
| &nbsp;&nbsp;&nbsp;Non-deferrable insurance commissions |  | 1 | 1 |  | 1 |  | 1 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;General operating expenses |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate and other | 38 | 44 | 33 | 40 | 41 | 47 | 82 | 88 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Management | 13 | 14 | 18 | 14 | 15 | 20 | 27 | 35 | 67 |
| &nbsp;&nbsp;&nbsp;Total general operating expenses | 51 | 58 | 51 | 54 | 56 | 67 | 109 | 123 | 228 |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate expenses | 114 | 125 | 119 | 110 | 107 | 107 | 239 | 214 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Management and other | 24 | 21 | 23 | 22 | 25 | 30 | 45 | 55 | 100 |
| &nbsp;&nbsp;&nbsp;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) |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 8 | (7) | (44) | 3 | 24 | 51 | 1 | 75 | 34 |
| &nbsp;&nbsp;**Adjusted pre-tax operating (loss) before consolidations and eliminations** | **(168)** | (187) | **(152)** | **(126)** | **(148)** | **(148)** | **(355)** | **(296)** | **(574)** |
| &nbsp;&nbsp;&nbsp;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) |

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![corebridgelogo.jpg](corebridgelogo.jpg)

 Corporate & Other Operations Results 43

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<u>[**Table of Contents**](#i9406f370f2454bf78508306a2118a93c_4)</u>

![corebridgelogo.jpg](corebridgelogo.jpg)

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.

![corebridgelogo.jpg](corebridgelogo.jpg)