TABLE OF CONTENTS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-41504

Corebridge Financial, Inc.

(Exact name of registrant as specified in its charter)

Delaware	95-4715639
(State or other jurisdiction of <br>incorporation or organization)	(I.R.S. Employer <br>Identification No.)
2919 Allen Parkway, Woodson Tower, Houston, Texas	77019
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 1-877-375-2422

____________________

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, Par Value $0.01 Per Share	CRBG	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐
	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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 26, 2024, there were 611,640,610 shares outstanding of the registrant’s common stock.

TABLE OF CONTENTS

COREBRIDGE FINANCIAL, INC.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024

TABLE OF CONTENTS

FORM 10-Q

Item Number	Description		Page
Part I - Financial Information
ITEM 1	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023		4
	Condensed Consolidated Statements of Income (Loss) for the three months ended March 31, 2024 and 2023		5
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023		6
	Condensed Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023		7
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023		8
	Notes to Condensed Consolidated Financial Statements (Unaudited)
	NOTE 1.	Overview and Basis of Presentation	10
	NOTE 2.	Summary of Significant Accounting Policies	10
	NOTE 3.	Segment Information	11
	NOTE 4.	Held-For-Sale Classification	14
	NOTE5.	Fair Value Measurements	15
	NOTE6.	Investments	30
	NOTE7.	Lending Activities	36
	NOTE8.	Reinsurance	40
	NOTE 9.	Variable Interest Entities	42
	NOTE10.	Derivatives and Hedge Accounting	44
	NOTE 11.	Deferred Policy Acquisition Costs	49
	NOTE 12.	Separate Account Assets and Liabilities	50
	NOTE 13.	Future Policy Benefits	51
	NOTE 14.	Policyholder Contract Deposits and Other Policyholder Funds	56
	NOTE 15.	Market Risk Benefits	60
	NOTE 16.	Contingencies, Commitments and Guarantees	62
	NOTE 17.	Equity	64
	NOTE 18.	Earnings Per Common Share	67
	NOTE 19.	Income Taxes	68
	NOTE 20.	Related Parties	70
ITEM 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations		73
ITEM 3	Quantitative and Qualitative Disclosures About Market Risk		135
ITEM 4	Controls and Procedures		135
Part II – Other Information
ITEM 1	Legal Proceedings		136
ITEM 1A	Risk Factors		136
ITEM 2	Unregistered Sales of Equity Securities and Use of Proceeds		136
ITEM 5	Other Information		136
ITEM 6	Exhibits		137
Signatures			138

Corebridge | First Quarter 2024 Form 10-Q 1

TABLE OF CONTENTS

Cautionary Statement Regarding Forward-Looking Information

This Quarterly Report on Form 10-Q (“Quarterly Report”) may include statements, which, to the extent they are not statements of historical or present fact, constitute “forward looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “projects,” “is optimistic,” “intends,” “targets,” “plans,” “estimates,” “anticipates” or other comparable terms. Forward-looking statements include, without limitation, all matters that are not historical facts. They appear in a number of places throughout this Quarterly Report and include, without limitation, statements regarding our intentions, beliefs, assumptions or current plans and expectations concerning, among other things, financial position and future financial condition; results of operations; expected operating and non-operating relationships; ability to meet debt service obligations and financing plans; product sales; distribution channels; retention of business; investment yields and spreads; investment portfolio and ability to manage asset-liability cash flows; financial goals and targets; prospects; growth strategies or expectations; laws and regulations; customer retention; the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class action litigation; the impact of our separation from AIG; geopolitical events, including the ongoing armed conflicts between Ukraine and Russia and in the Middle East; and the impact of prevailing capital markets and economic conditions.

Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition, liquidity and cash flows, and the development of the markets in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this Quarterly Report. In addition, even if our results of operations, financial condition, liquidity and cash flows, and the development of the markets in which we operate, are consistent with the forward-looking statements contained in this Quarterly Report, those results or developments may not be indicative of results or developments in subsequent periods. A number of important factors, including, without limitation, the risks and uncertainties discussed in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) could cause actual results and outcomes to differ materially from those reflected in the forward-looking statements. Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, without limitation:

•changes in interest rates and changes to credit spreads;

•the deterioration of economic conditions, an economic slowdown or recession, changes in market conditions, weakening in capital markets, volatility in equity markets, inflationary pressures, pressures on the commercial real estate market, uncertainty regarding a potential U.S. federal government shutdown, and geopolitical tensions, including the ongoing armed conflicts between Ukraine and Russia and in the Middle East;

•the unpredictability of the amount and timing of insurance liability claims;

•unavailable, uneconomical or inadequate reinsurance or recaptures of reinsured liabilities;

•uncertainty and unpredictability related to our reinsurance agreements with Fortitude Reinsurance Company Ltd. (“Fortitude Re”) and its performance of its obligations under these agreements;

•our limited ability to access funds from our subsidiaries;

•our ability to incur indebtedness, our potential inability to refinance all or a portion of our indebtedness or our ability to obtain additional financing on favorable terms or at all;

•our inability to generate cash to meet our needs due to the illiquidity of some of our investments;

•the inaccuracy of the methodologies, estimations and assumptions underlying our valuation of investments and derivatives;

•a downgrade in our Insurer Financial Strength (“IFS”) ratings or credit ratings;

•exposure to credit risk due to non-performance or defaults by our counterparties or our use of derivative instruments to hedge market risks associated with our liabilities;

•our ability to adequately assess risks and estimate losses related to the pricing of our products;

•the failure of third parties that we rely upon to provide and adequately perform certain business, operations, investment advisory, functional support and administrative services on our behalf;

•the impact of risks associated with our arrangement with Blackstone ISG-I Advisors LLC (“Blackstone IM”), BlackRock Financial Management, Inc. (“BlackRock”) or any other asset manager we retain, including their historical performance not being indicative of the future results of our investment portfolio and the exclusivity of certain arrangements with Blackstone IM;

•our inability to maintain the availability of critical technology systems and the confidentiality of our data, including challenges associated with a variety of privacy and information security laws;

•the ineffectiveness of our risk management policies and procedures;

Corebridge | First Quarter 2024 Form 10-Q 2

TABLE OF CONTENTS

•significant legal, governmental or regulatory proceedings;

•the intense competition we face in each of our business lines and the technological changes, including the use of artificial intelligence (“AI”), that may present new and intensified challenges to our business;

•catastrophes, including those associated with climate change and pandemics;

•business or asset acquisitions and dispositions that may expose us to certain risks;

•our ability to protect our intellectual property;

•our ability to compete effectively in a heavily regulated industry in light of new domestic or international laws and regulations or new interpretations of current laws and regulations;

•impact on sales of our products and taxation of our operations due to changes in U.S. federal income or other tax laws or the interpretation of tax laws;

•the ineffectiveness of our productivity improvement initiatives in yielding our expected expense reductions and improvements in operational and organizational efficiency;

•recognition of an impairment of our goodwill or the establishment of an additional valuation allowance against our deferred income tax assets as a result of our business lines underperforming or their estimated fair values declining;

•differences between actual experience and the estimates used in the preparation of financial statements and modeled results used in various areas of our business;

•our inability to attract and retain key employees and highly skilled people needed to support our business;

•our failure to replicate or replace functions, systems and infrastructure provided by AIG (including through shared service contracts) or our loss of benefits from AIG’s global contracts, and AIG’s failure to perform the services provided for in the transition services agreement entered into between us and AIG on September 14, 2022 (the “Transition Services Agreement”);

•the significant influence that AIG has over us and conflicts of interests arising due to such relationship;

•the indemnification obligations we have to AIG;

•potentially higher U.S. federal income taxes due to our inability to file a single U.S. consolidated federal income tax return for five years following our initial public offering (“IPO”) and our separation from AIG causing an “ownership change” for U.S. federal income tax purposes;

•risks associated with the Tax Matters Agreement with AIG and our potential liability for U.S. income taxes of the entire AIG Consolidated Tax Group for all taxable years or portions thereof in which we (or our subsidiaries) were members of such group;

•the risk that anti-takeover provisions could discourage, delay, or prevent our change in control, even if the change in control would be beneficial to our shareholders; and

•challenges related to compliance with applicable laws incident to being a public company, which is expensive and time-consuming.

Other risks, uncertainties and factors, including those discussed in “Risk Factors” in the 2023 Form 10-K could cause our actual results to differ materially from those projected in any forward-looking statements we make. You should read carefully the factors described in “Risk Factors” in the 2023 Form 10-K to better understand the risks and uncertainties inherent in our business and underlying any forward-looking statements.

You should read this Quarterly Report completely and with the understanding that actual future results may be materially different from expectations. All forward-looking statements made in this Quarterly Report are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this Quarterly Report, and we do not undertake any obligation to update or revise any forward-looking statements to reflect the occurrence of events, unanticipated or otherwise, other than as may be required by law.

Corporate Information

We encourage investors and others to frequently visit our website (www.corebridgefinancial.com), including our Investor Relations web pages (investors.corebridgefinancial.com). We announce significant financial and other information to our investors and the public on the Investor Relations web pages, as well as in U.S. Securities and Exchange Commission (“SEC”) filings, in news releases, public conference calls and webcasts, fact sheets and other documents and media. The information found on our website is not incorporated by reference into this Quarterly Report or in any other report or document we submit to the SEC, and any references to our website are intended to be inactive textual references only.

Corebridge | First Quarter 2024 Form 10-Q 3

TABLE OF CONTENTS

Part I – Financial Information

Item 1. | Financial Statements

Corebridge Financial, Inc.

Condensed Consolidated Balance Sheets (unaudited)

(in millions, except for share data)	March 31, 2024		December 31, 2023
Assets:
Investments:
Fixed maturity securities:
Bonds available-for-sale, at fair value, net of allowance for credit losses of $97 in 2024 and $128 in 2023<br><br>(amortized cost: 2024 - $188,403; 2023 - $184,946)*	$	168,826	$	166,527
Other bond securities, at fair value (See Note 6)*	4,646		4,578
Equity securities, at fair value (See Note 6)*	76		63
Mortgage and other loans receivable, net of allowance for credit losses of $714 in 2024 and $698 in 2023*	47,830		46,867
Other invested assets (portion measured at fair value: 2024 - $7,471; 2023 - $7,690)*	10,036		10,257
Short-term investments, including restricted cash of $3 in 2024 and $3 in 2023 (portion measured at fair value:<br><br>2024 - $1,257; 2023 - $1,408)*	4,144		4,336
Total investments	235,558		232,628
Cash*	410		612
Accrued investment income*	2,132		2,008
Premiums and other receivables, net of allowance for credit losses and disputes of $1 in 2024 and $1 in 2023	586		594
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes of $0 in 2024 and $0 in 2023	26,078		26,772
Reinsurance assets - other, net of allowance for credit losses and disputes of $18 in 2024 and $30 in 2023	1,592		1,620
Deferred income taxes	8,347		8,577
Deferred policy acquisition costs and value of business acquired	10,049		10,011
Market risk benefit assets, at fair value	1,172		912
Other assets, including restricted cash of $13 in 2024 and $13 in 2023 (portion measured at fair value:<br><br>2024 - $491; 2023 - $393)*	2,142		2,294
Separate account assets, at fair value	95,173		91,005
Assets held-for-sale	2,349		2,237
Total assets	$	385,588	$	379,270
Liabilities:
Future policy benefits for life and accident and health insurance contracts	$	57,587	$	57,108
Policyholder contract deposits (portion measured at fair value: 2024 - $8,681; 2023 - $8,050)	163,783		162,050
Market risk benefit liabilities, at fair value	5,167		5,705
Other policyholder funds	2,864		2,862
Fortitude Re funds withheld payable (portion measured at fair value: 2024 - $2,211; 2023 - $2,182)	25,323		25,957
Other liabilities (portion measured at fair value: 2024 - $158; 2023 - $141)*	9,634		8,330
Short-term debt	250		250
Long-term debt	9,118		9,118
Debt of consolidated investment entities (portion measured at fair value: 2024 - $0; 2023 - $0)*	2,530		2,504
Separate account liabilities	95,173		91,005
Liabilities held-for-sale	1,773		1,746
Total liabilities	$	373,202	$	366,635
Contingencies, commitments and guarantees (See Note 16)
Corebridge Shareholders' equity:
Common stock, $0.01 par value; 2,500,000,000 shares authorized; shares issued:<br><br>2024 - 650,189,849 and 2023 648,148,737	$	7	$	6
Treasury stock, at cost; 2024 - 34,779,166 shares and 2023 - 26,484,411 shares	(717)		(503)
Additional paid-in capital	8,115		8,149
Retained earnings	18,310		17,572
Accumulated other comprehensive loss	(14,139)		(13,458)
Total Corebridge Shareholders' equity	11,576		11,766
Non-redeemable noncontrolling interests	810		869
Total equity	12,386		12,635
Total liabilities and equity	$	385,588	$	379,270

*See Note 9 for details of balances associated with variable interest entities.

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | First Quarter 2024 Form 10-Q 4

TABLE OF CONTENTS

Corebridge Financial, Inc.

Condensed Consolidated Statements of Income (Loss) (unaudited)

(in millions, except per common share data)	2024		2023
Revenues:
Premiums	$	2,295	$	2,105
Policy fees	714		698
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets	2,592		2,301
Net investment income - Fortitude Re funds withheld assets	332		394
Total net investment income	2,924		2,695
Net realized losses:
Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative	(178)		(453)
Net realized gains (losses) on Fortitude Re funds withheld assets	(164)		20
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	22		(1,025)
Total net realized losses	(320)		(1,458)
Advisory fee income	124		116
Other income	99		106
Total revenues	5,836		4,262
Benefits and expenses:
Policyholder benefits (includes remeasurement losses of 100 and 64 for the three months ended March 31, 2024 and 2023, respectively)	2,807		2,495
Change in the fair value of market risk benefits, net	(369)		196
Interest credited to policyholder account balances	1,199		1,026
Amortization of deferred policy acquisition costs and value of business acquired	267		256
Non-deferrable insurance commissions	143		136
Advisory fee expenses	68		65
General operating expenses	572		582
Interest expense	138		172
Net (gain) loss on divestitures	(5)		3
Total benefits and expenses	4,820		4,931
Income (loss) before income tax expense (benefit)	1,016		(669)
Income tax expense (benefit)	189		(216)
Net income (loss)	827		(453)
Less:
Net income (loss) attributable to noncontrolling interests	(51)		6
Net income (loss) attributable to Corebridge	$	878	$	(459)
Income (loss) per common share attributable to Corebridge common shareholders:
Common stock - basic	$	1.41	$	(0.70)
Common stock - diluted	$	1.41	$	(0.70)
Weighted averages shares outstanding:
Common stock - basic	624.0		650.8
Common stock - diluted	624.9		650.8

All values are in US Dollars.

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | First Quarter 2024 Form 10-Q 5

TABLE OF CONTENTS

Corebridge Financial, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)

	Three Months Ended March 31,
(in millions)		2024		2023
Net income (loss)		$	827	$	(453)
Other comprehensive income (loss), net of tax
Change in unrealized appreciation of fixed maturity securities on which allowance for credit losses was taken		35		30
Change in unrealized appreciation (depreciation) of all other investments		(1,176)		3,132
Change in fair value of market risk benefits attributable to changes in our own credit risk		(23)		74
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		543		(465)
Change in cash flow hedges		(20)		(4)
Change in foreign currency translation adjustments		(3)		36
Change in retirement plan liabilities		—		2
Other comprehensive income (loss)		(644)		2,805
Comprehensive income (loss)		183		2,352
Less:
Comprehensive income (loss) attributable to noncontrolling interests		(52)		15
Comprehensive income (loss) attributable to Corebridge		$	235	$	2,337

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | First Quarter 2024 Form 10-Q 6

TABLE OF CONTENTS

| Corebridge Financial, Inc.<br><br>Condensed Consolidated Statements of Equity (unaudited) | | --- || (in millions) | Common Stock | | Treasury Stock | | Additional<br>Paid-In<br>Capital | | Retained<br>Earnings | | Accumulated<br>Other<br>Comprehensive<br>Income (Loss) | | Total<br>Corebridge<br>Shareholders' <br>Equity | | Non-<br>Redeemable<br>Noncontrolling<br>Interests | | Total<br>Shareholders'<br>Equity | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Three Months Ended March 31, 2024 | | | | | | | | | | | | | | | | | | Balance, beginning of year | $ | 6 | $ | (503) | $ | 8,149 | $ | 17,572 | $ | (13,458) | $ | 11,766 | $ | 869 | $ | 12,635 | | Common stock issued under stock plans | 1 | | 27 | | (27) | | — | | — | | 1 | | — | | 1 | | | Purchase of common stock | — | | (241) | | — | | — | | — | | (241) | | — | | (241) | | | Net income (loss) attributable to Corebridge or noncontrolling interests | — | | — | | — | | 878 | | — | | 878 | | (51) | | 827 | | | Dividends on common stock | — | | — | | — | | (143) | | — | | (143) | | — | | (143) | | | Other comprehensive loss, net of tax | — | | — | | — | | — | | (643) | | (643) | | (1) | | (644) | | | Changes in noncontrolling interests due to divestitures and acquisitions | — | | — | | — | | — | | — | | — | | 1 | | 1 | | | Contributions from noncontrolling interests | — | | — | | — | | — | | — | | — | | 21 | | 21 | | | Distributions to noncontrolling interests | — | | — | | — | | — | | — | | — | | (29) | | (29) | | | Other | — | | — | | (7) | | 3 | | (38) | | (42) | | — | | (42) | | | Balance, end of period | $ | 7 | $ | (717) | $ | 8,115 | $ | 18,310 | $ | (14,139) | $ | 11,576 | $ | 810 | $ | 12,386 | | Three Months Ended March 31, 2023 | | | | | | | | | | | | | | | | | | Balance, beginning of year | $ | 6 | $ | — | $ | 8,030 | $ | 18,207 | $ | (16,863) | $ | 9,380 | $ | 939 | $ | 10,319 | | Net income (loss) attributable to Corebridge or noncontrolling interests | — | | — | | — | | (459) | | — | | (459) | | 6 | | (453) | | | Dividends on common stock | — | | — | | — | | (149) | | — | | (149) | | — | | (149) | | | Other comprehensive income, net of tax | — | | — | | — | | — | | 2,796 | | 2,796 | | 9 | | 2,805 | | | Changes in noncontrolling interests due to divestitures and acquisitions | — | | — | | — | | — | | — | | — | | (19) | | (19) | | | Contributions from noncontrolling interests | — | | — | | — | | — | | — | | — | | 25 | | 25 | | | Distributions to noncontrolling interests | — | | — | | — | | — | | — | | — | | (50) | | (50) | | | Other | — | | — | | (6) | | (7) | | — | | (13) | | — | | (13) | | | Balance, end of period | $ | 6 | $ | — | $ | 8,024 | $ | 17,592 | $ | (14,067) | $ | 11,555 | $ | 910 | $ | 12,465 |

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | First Quarter 2024 Form 10-Q 7

TABLE OF CONTENTS

Corebridge Financial, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)

	Three Months Ended March 31,
(in millions)	2024		2023
Cash flows from operating activities:
Net income (loss)	$	827	$	(453)
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash revenues, expenses, gains and losses included in income (loss):
Net losses (gains) on sales of securities available-for-sale and other assets	370		89
Net (gain) loss on divestitures	(5)		3
Unrealized (gains) losses in earnings - net	557		151
Change in the fair value of market risk benefits in earnings, net	(892)		316
Equity in income from equity method investments, net of dividends or distributions	30		(22)
Depreciation and other amortization	64		105
Impairments of assets	26		—
Changes in operating assets and liabilities:
Insurance liabilities	354		41
Premiums and other receivables and payables - net	(154)		(17)
Funds held relating to Fortitude Re Reinsurance contracts	(489)		538
Reinsurance assets and funds held under reinsurance treaties	227		58
Capitalization of deferred policy acquisition costs	(340)		(318)
Current and deferred income taxes - net	187		(220)
Other, net	(164)		30
Total adjustments	(229)		754
Net cash provided by operating activities	598		301
Cash flows from investing activities:
Proceeds from (payments for)
Sales or distributions of:
Available-for-sale securities	2,734		2,621
Other securities	135		208
Other invested assets	324		226
Divestitures, net	—		32
Maturities of fixed maturity securities available-for-sale	2,820		1,876
Principal payments received on mortgage and other loans receivable	961		714
Purchases of:
Available-for-sale securities	(7,298)		(4,558)
Other securities	(177)		(413)
Other invested assets	(194)		(259)
Mortgage and other loans receivable	(2,111)		(1,868)
Net change in short-term investments	162		100
Net change in derivative assets and liabilities	45		(301)
Other, net	(46)		145
Net cash used in investing activities	(2,645)		(1,477)
Cash flows from financing activities:
Proceeds from (payments for):
Policyholder contract deposits	8,504		8,226
Policyholder contract withdrawals	(7,150)		(6,468)
Issuance of debt of consolidated investment entities	57		39
Maturities and repayments of debt of consolidated investment entities	(122)		(142)
Dividends paid on common stock	(143)		(149)
Distributions to noncontrolling interests	(29)		(50)
Contributions from noncontrolling interests	21		25
Net change in securities lending and repurchase agreements	1,125		(442)
Issuance of common stock	1		—
Repurchase of common stock	(243)		—
Other, net	(177)		26
Net cash provided by (used in) financing activities	1,844		1,065
Effect of exchange rate changes on cash and restricted cash	1		2
Net increase (decrease) in cash and restricted cash	(202)		(109)
Cash and restricted cash at beginning of year	628		633
Change in cash of businesses held for sale	—		—
Cash and restricted cash at end of period	$	426	$	524

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | First Quarter 2024 Form 10-Q 8

TABLE OF CONTENTS

Corebridge Financial, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited) (continued)

Supplementary Disclosure of Consolidated Cash Flow Information
	Three Months Ended March 31,
(in millions)	2024		2023
Cash	$	410	$	465
Restricted cash included in short-term investments	3		55
Restricted cash included in other assets	13		4
Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	426	$	524
Cash (received) paid during the period for:
Interest	$	61	$	83
Taxes	$	2	$	4
Non-cash investing activities:
Fixed maturity securities, designated available-for-sale, received in connection with pension risk transfer transactions	$	(1,316)	$	(1,424)
Fixed maturity securities, designated fair value option, received in connection with reinsurance transactions	$	(14)	$	—
Fixed maturity securities, designated available-for-sale, transferred in connection with reinsurance transactions	$	119	$	456
Fixed maturity securities, designated fair value option, transferred in connection with reinsurance transactions	$	11	$	—
Non-cash financing activities:
Interest credited to policyholder contract deposits included in financing activities	$	1,146	$	1,107
Fee income debited to policyholder contract deposits included in financing activities	$	(529)	$	(525)

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | First Quarter 2024 Form 10-Q 9

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 1. Overview and Basis of Presentation

1. Overview and Basis of Presentation

Corebridge Financial, Inc. (“Corebridge Parent”) is a leading provider of retirement solutions and life insurance products in the United States. Our primary business operations consist of sales of individual and group annuities and life insurance products to individuals and institutional markets products. Corebridge Parent common stock, par value $0.01 per share, is listed on the New York Stock Exchange (NYSE:CRBG). The terms “Corebridge,” “we,” “us,” “our” or the “Company” mean Corebridge Parent and its consolidated subsidiaries, unless the context refers to Corebridge Parent only. Subsidiaries of Corebridge Parent include: AGC Life Insurance Company (“AGC”), American General Life Insurance Company (“AGL”), The Variable Annuity Life Insurance Company (“VALIC”), The United States Life Insurance Company in the City of New York (“USL”), Corebridge Insurance Company of Bermuda, Ltd. (" CRBG Bermuda") and SAFG Capital LLC and its subsidiaries.

These unaudited Condensed Consolidated Financial Statements present the results of operations, financial condition and cash flows of the Company.

On September 19, 2022, we completed an initial public offering (the “IPO”) in which American International Group, Inc. (“AIG Parent”) sold 80.0 million shares of Corebridge Parent common stock to the public. Since our IPO, AIG Parent has sold 159.8 million shares of Corebridge Parent common stock and we have repurchased 17.2 million shares of our common stock from AIG Parent. As of March 31, 2024, AIG Parent owned approximately 52.7% of the outstanding common stock of Corebridge Parent. AIG Parent is a publicly traded entity, listed on the New York Stock Exchange (NYSE: AIG). The term “AIG” means AIG Parent and its consolidated subsidiaries, unless the context refers to AIG Parent only.

These Condensed Consolidated Financial Statements include the results of Corebridge Parent, its controlled subsidiaries (generally through a greater than 50% ownership of voting rights and voting interests) and variable interest entities (“VIEs”) of which we are the primary beneficiary. Equity investments in entities that we do not consolidate, including corporate entities in which we have significant influence and partnership and partnership-like entities in which we have more than minor influence over the operating and financial policies, are accounted for under the equity method unless we have elected the fair value option.

The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (‘‘GAAP’’). All material intercompany accounts and transactions between consolidated entities have been eliminated.

The Company has recorded affiliated transactions with certain AIG subsidiaries that are not subsidiaries of Corebridge which have not been eliminated in the Condensed Consolidated Financial Statements of the Company. The accompanying Condensed Consolidated Financial Statements reflect all normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary in the opinion of management for a fair statement of our financial position, results of operations and cash flows for the periods presented.

SALE OF BUSINESSES

AIG Life Limited (“AIG Life”)

On April 8, 2024, Corebridge completed the sale of AIG Life Limited (“AIG Life”) to Aviva plc and received gross proceeds of £453 million ($569 million). For further details on this transaction, see Note 4.

Laya Healthcare Ltd. (“Laya”)

On October 31, 2023 Corebridge completed the sale of Laya to AXA and received gross proceeds of €691 million ($731 million) resulting in a pre-tax gain of $652 million for the year ended December 31, 2023.

USE OF ESTIMATES

The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of:

•fair value measurements of certain financial assets and liabilities;

•valuation of market risk benefits (“MRBs”) related to guaranteed benefit features of variable annuity, fixed annuity and fixed index annuity products;valuation of embedded derivative liabilities for fixed index annuity and index universal life products;

•valuation of future policy benefit liabilities and recognition of remeasurement gains and losses;

•reinsurance assets, including the allowance for credit losses;

•goodwill impairment;

•allowance for credit losses primarily on loans and available-for-sale fixed maturity securities; and

•income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

Out-of-period adjustment

In the first quarter of 2024, the Company recorded a $67 million out-of-period adjustment, which increased earnings, primarily related to the correction of net investment income for certain securities. The Company evaluated the impact of the error and out-of-period adjustment and concluded it was not material to any previously issued interim or annual consolidated financial statements and the adjustment is not expected to be material to the year ending December 31, 2024.

2. Summary of Significant Accounting Policies

ACCOUNTING STANDARDS ADOPTED DURING 2024

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.

Fair Value Measurement

On June 30, 2022, the FASB issued an ASU to address diversity in practice by clarifying that a contractual sale restriction should not be considered in the measurement of the fair value of an equity security. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The Company adopted the standard on January 1, 2024, prospectively for entities other than investment companies. The adoption of the standard did not have a material impact to our consolidated financial statements.

FUTURE APPLICATION OF ACCOUNTING STANDARDS

Income Taxes

In December 2023, the FASB issued an ASU to address improvements to income tax disclosures. The standard requires disaggregated information about a company’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, with early adoption permitted. The standard will be applied on a prospective basis with the option to apply the standard retrospectively. We are assessing the impact of this standard.

Segment Reporting

In November 2023, the FASB issued an ASU to address improvements to reportable segment disclosures. The standard primarily requires the following disclosure on an annual and interim basis: i) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, and ii) other segment items and description of its composition. The standard also requires current annual disclosures about a reportable segment’s profits or losses and assets to be disclosed in interim periods and the title and position of the CODM with an explanation of how the CODM uses the reported measure(s) of segment profits or losses in assessing segment performance. The guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The ASU is applied retrospectively to all prior periods presented. We are assessing the impact of this standard.

Corebridge | First Quarter 2024 Form 10-Q 10

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information

3. Segment Information

We report our results of operations consistent with the manner in which our chief operating decision maker reviews the business to assess performance and allocate resources.

We report our results of operations as five reportable segments:

•Individual Retirement – consists of fixed annuities, fixed index annuities and variable annuities.

•Group Retirement – consists of recordkeeping, plan administrative and compliance services, financial planning and advisory solutions offered in-plan, along with proprietary and limited non-proprietary annuities, advisory and brokerage products offered out-of-plan.

•Life Insurance – primary products in the United States include term life and universal life insurance. The International Life business issues individual and group life insurance in the United Kingdom and distributed private medical insurance in Ireland. On October 31, 2023 Corebridge completed the sale of Laya and on April 8, 2024 completed the sale of AIG Life.

•Institutional Markets – consists of stable value wrap (“SVW”) products, structured settlement and pension risk transfer (“PRT”) annuities, guaranteed investment contracts (“GICs”) and Corporate Markets products that include corporate- and bank-owned life insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuity products.

•Corporate and Other – consists primarily of:

–corporate expenses not attributable to our other segments;

–interest expense on financial debt;

–results of our consolidated investment entities;

–institutional asset management business, which includes managing assets for non-consolidated affiliates; and

–results of our legacy insurance lines ceded to Fortitude Re.

We evaluate segment performance based on adjusted revenues and adjusted pre-tax operating income (loss) (“APTOI”). Adjusted revenues are derived by excluding certain items from total revenues. APTOI is derived by excluding certain items from income from operations before income tax. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and adjustments that we believe to be common to the industry. Legal entities are attributed to each segment based upon the predominance of activity in that legal entity.

APTOI excludes the impact of the following items:

Fortitude Re related adjustments:

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

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

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 are 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).

Corebridge | First Quarter 2024 Form 10-Q 11

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information

Market Risk Benefits adjustments:

Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain guaranteed minimum withdrawal benefits (“GMWBs”) and/or guaranteed minimum death benefits (“GMDBs”) 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, along with changes in the fair value of derivatives used to hedge MRBs are recorded through “Change in the fair value of MRBs, net” and are excluded from APTOI.

Changes in the fair value of securities used to economically hedge MRBs are excluded from APTOI.

Other adjustments:

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

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

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

•separation costs;

•non-operating litigation reserves and settlements;

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

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

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

Corebridge | First Quarter 2024 Form 10-Q 12

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information

The following table presents Corebridge’s operations by segment:

(in millions)	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate & Other		Eliminations		Total Corebridge		Adjustments		Total Consolidated
Three Months Ended March 31, 2024
Premiums	$	41	$	5	$	434	$	1,796	$	19	$	—	$	2,295	$	—	$	2,295
Policy fees	191		107		368		48		—		—		714		—		714
Net investment income(a)	1,339		495		326		487		(10)		(8)		2,629		295		2,924
Net realized gains (losses)(a)(b)	—		—		—		—		(8)		—		(8)		(312)		(320)
Advisory fee and other income	116		83		—		1		23		—		223		—		223
Total adjusted revenues	1,687		690		1,128		2,332		24		(8)		5,853		(17)		5,836
Policyholder benefits	36		3		748		2,023		—		—		2,810		(3)		2,807
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		(369)		(369)
Interest credited to policyholder account balances	639		298		83		169		—		—		1,189		10		1,199
Amortization of deferred policy acquisition costs	149		21		94		3		—		—		267		—		267
Non-deferrable insurance commissions	90		29		19		5		—		—		143		—		143
Advisory fee expenses	35		33		—		—		—		—		68		—		68
General operating expenses	116		106		130		20		86		—		458		114		572
Interest expense	—		—		—		—		137		(5)		132		6		138
Net (gain) loss on divestitures	—		—		—		—		—		—		—		(5)		(5)
Total benefits and expenses	1,065		490		1,074		2,220		223		(5)		5,067		(247)		4,820
Noncontrolling interests	—		—		—		—		51		—		51
Adjusted pre-tax operating income (loss)	$	622	$	200	$	54	$	112	$	(148)	$	(3)	$	837
Adjustments to:
Total revenue													(17)
Total expenses													(247)
Noncontrolling interests													(51)
Income before income tax expense (benefit)													$	1,016			$	1,016
Three Months Ended March 31, 2023
Premiums	$	78	$	6	$	425	$	1,575	$	20	$	—	$	2,104	$	1	$	2,105
Policy fees	174		100		375		49		—		—		698		—		698
Net investment income(a)	1,128		500		317		332		68		(10)		2,335		360		2,695
Net realized gains (losses)(a)(b)	—		—		—		—		4		—		4		(1,462)		(1,458)
Advisory fee and other income	103		76		29		—		14		—		222		—		222
Total adjusted revenues	1,483		682		1,146		1,956		106		(10)		5,363		(1,101)		4,262
Policyholder benefits	65		9		708		1,718		—		—		2,500		(5)		2,495
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		196		196
Interest credited to policyholder account balances	519		291		82		123		—		—		1,015		11		1,026
Amortization of deferred policy acquisition costs	137		21		96		2		—		—		256		—		256
Non-deferrable insurance commissions	86		28		17		5		—		—		136		—		136
Advisory fee expenses	34		29		2		—		—		—		65		—		65
General operating expenses	108		118		159		23		91		—		499		83		582
Interest expense	—		—		—		—		172		(10)		162		10		172
Net (gain) loss on divestitures	—		—		—		—		—		—		—		3		3
Total benefits and expenses	949		496		1,064		1,871		263		(10)		4,633		298		4,931
Noncontrolling interests	—		—		—		—		(6)		—		(6)
Adjusted pre-tax operating income (loss)	$	534	$	186	$	82	$	85	$	(163)	$	—	$	724
Adjustments to:
Total revenue													(1,101)
Total expenses													298
Noncontrolling interests													6
Income before income tax expense (benefit)													$	(669)			$	(669)

(a)Adjustments include Fortitude Re activity of $190 million and $(611) million for the three months ended March 31, 2024 and 2023, respectively.

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

Corebridge | First Quarter 2024 Form 10-Q 13

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Held-For-Sale Classification

4. Held-For-Sale Classification

HELD-FOR-SALE CLASSIFICATION

We report and classify a business as held-for-sale (“Held-For-Sale Business”) when management has approved or received approval to sell the business and is committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is anticipated to occur during the next 12 months and certain other specified criteria are met. A Held-For-Sale Business is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value less cost to sell, a loss is recognized.

Assets and liabilities related to a Held-For-Sale Business are segregated and reported in Assets held-for-sale and Liabilities held-for-sale, respectively, in our Condensed Consolidated Balance Sheets beginning in the period in which the business is classified as held-for-sale. At March 31, 2024, the following businesses were reported and classified as held-for-sale:

AIG Life

On April 8, 2024, Corebridge completed the sale of AIG Life to Aviva plc and received gross proceeds of £453 million ($569 million). The results of AIG Life are reported in the Life segment.

Other

Other primarily consists of real estate.

The following table summarizes the components of assets and liabilities held-for-sale on the Condensed Consolidated Balance Sheet at March 31, 2024 and December 31, 2023 after elimination of intercompany balances:

	March 31, 2024						December 31, 2023
(in millions)	AIG Life		Other		Total		AIG Life		Other		Total
Assets:
Bonds available-for-sale	$	160	$	—	$	160	$	167	$	—	$	167
Other invested assets	—		167		167		—		67		67
Short-term investments	24		—		24		11		—		11
Cash	—		—		—		3		—		3
Accrued investment income	3		—		3		3		—		3
Premiums and other receivables, net of allowance for credit losses and disputes	131		—		131		116		—		116
Reinsurance assets - other, net of allowance for credit losses and disputes	882		—		882		899		—		899
Deferred income taxes	47		—		47		47		—		47
Deferred policy acquisition costs	841		—		841		814		—		814
Other assets*	82		12		94		83		27		110
Total assets held-for-sale	$	2,170	$	179	$	2,349	$	2,143	$	94	$	2,237
Liabilities:
Future policy benefits for life and accident and health insurance contracts	$	842	$	—	$	842	$	838	$	—	$	838
Other liabilities	931		—		931		908		—		908
Total liabilities held-for-sale	$	1,773	$	—	$	1,773	$	1,746	$	—	$	1,746

* Other assets includes goodwill and other intangibles of $23 million and $3 million, respectively for AIG Life at March 31, 2024 and $23 million and $3 million, respectively at December 31, 2023.

Corebridge | First Quarter 2024 Form 10-Q 14

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Fair Value Measurements

5. Fair Value Measurements

FAIR VALUE MEASUREMENTS ON A RECURRING BASIS

Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

•Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.

•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Corebridge | First Quarter 2024 Form 10-Q 15

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Fair Value Measurements

ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:

March 31, 2024	Level 1		Level 2		Level 3		Counterparty<br><br>Netting(a)		Cash<br>Collateral		Total
(in millions)
Assets:
Bonds available-for-sale:
U.S. government and government sponsored entities	$	—	$	1,364	$	—	$	—	$	—	$	1,364
Obligations of states, municipalities and political subdivisions	—		4,612		829		—		—		5,441
Non-U.S. governments	—		3,987		—		—		—		3,987
Corporate debt	—		102,596		1,575		—		—		104,171
RMBS(b)	—		9,236		6,354		—		—		15,590
CMBS	—		9,755		547		—		—		10,302
CLO	—		10,039		1,729		—		—		11,768
ABS	—		1,170		15,033		—		—		16,203
Total bonds available-for-sale	—		142,759		26,067		—		—		168,826
Other bond securities:
U.S. government and government sponsored entities	—		—		—		—		—		—
Obligations of states, municipalities and political subdivisions	—		38		1		—		—		39
Non-U.S. governments	—		13		—		—		—		13
Corporate debt	—		2,527		177		—		—		2,704
RMBS(c)	—		63		106		—		—		169
CMBS	—		223		17		—		—		240
CLO	—		375		71		—		—		446
ABS	—		88		947		—		—		1,035
Total other bond securities	—		3,327		1,319		—		—		4,646
Equity securities	31		—		45		—		—		76
Other invested assets(d)	—		—		1,671		—		—		1,671
Derivative assets:
Interest rate contracts	—		2,778		407		—		—		3,185
Foreign exchange contracts	—		999		—		—		—		999
Equity contracts	—		1,804		1,072		—		—		2,876
Credit contracts	—		78		—		—		—		78
Other contracts	—		1		12		—		—		13
Counterparty netting and cash collateral	—		—		—		(4,279)		(2,381)		(6,660)
Total derivative assets	—		5,660		1,491		(4,279)		(2,381)		491
Short-term investments	12		1,245		—		—		—		1,257
Market risk benefit assets	—		—		1,172		—		—		1,172
Separate account assets	91,858		3,315		—		—		—		95,173
Total (e)	$	91,901	$	156,306	$	31,765	$	(4,279)	$	(2,381)	$	273,312
Liabilities:
Policyholder contract deposits(f)	$	—	$	131	$	8,550	$	—	$	—	$	8,681
Derivative liabilities:
Interest rate contracts	—		3,057		—		—		—		3,057
Foreign exchange contracts	—		317		—		—		—		317
Equity contracts	—		1,174		54		—		—		1,228
Credit contracts	—		—		—		—		—		—
Other contracts	—		—		1		—		—		1
Counterparty netting and cash collateral	—		—		—		(4,279)		(166)		(4,445)
Total derivative liabilities	—		4,548		55		(4,279)		(166)		158
Fortitude Re funds withheld payable(g)	—		—		2,211		—		—		2,211
Market risk benefit liabilities	—		—		5,167		—		—		5,167
Total	$	—	$	4,679	$	15,983	$	(4,279)	$	(166)	$	16,217

Corebridge | First Quarter 2024 Form 10-Q 16

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Fair Value Measurements

December 31, 2023	Level 1		Level 2		Level 3		Counterparty<br><br>Netting(a)		Cash<br>Collateral		Total
(in millions)
Assets:
Bonds available-for-sale:
U.S. government and government sponsored entities	$	20	$	1,200	$	—	$	—	$	—	$	1,220
Obligations of states, municipalities and political subdivisions	—		4,987		844		—		—		5,831
Non-U.S. governments	—		4,057		—		—		—		4,057
Corporate debt	—		104,725		1,357		—		—		106,082
RMBS(b)	—		8,423		5,854		—		—		14,277
CMBS	—		9,373		608		—		—		9,981
CLO	—		9,301		1,843		—		—		11,144
ABS	—		1,029		12,906		—		—		13,935
Total bonds available-for-sale	20		143,095		23,412		—		—		166,527
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		39		1		—		—		40
Non-U.S. governments	—		13		—		—		—		13
Corporate debt	—		2,486		167		—		—		2,653
RMBS(c)	—		63		107		—		—		170
CMBS	—		211		17		—		—		228
CLO	—		354		69		—		—		423
ABS	—		89		962		—		—		1,051
Total other bond securities	—		3,255		1,323		—		—		4,578
Equity securities	21		—		42		—		—		63
Other invested assets(d)	—		—		1,850		—		—		1,850
Derivative assets:
Interest rate contracts	—		2,498		449		—		—		2,947
Foreign exchange contracts	—		940		—		—		—		940
Equity contracts	7		1,186		824		—		—		2,017
Credit contracts	—		8		—		—		—		8
Other contracts	—		1		12		—		—		13
Counterparty netting and cash collateral	—		—		—		(3,646)		(1,886)		(5,532)
Total derivative assets	7		4,633		1,285		(3,646)		(1,886)		393
Short-term investments	21		1,387		—		—		—		1,408
Market risk benefit assets	—		—		912		—		—		912
Separate account assets	87,813		3,192		—		—		—		91,005
Total (e)	$	87,882	$	155,562	$	28,824	$	(3,646)	$	(1,886)	$	266,736
Liabilities:
Policyholder contract deposits(f)	$	—	$	108	$	7,942	$	—	$	—	$	8,050
Derivative liabilities:
Interest rate contracts	—		3,278		—		—		—		3,278
Foreign exchange contracts	—		563		—		—		—		563
Equity contracts	2		680		63		—		—		745
Other contracts	—		—		2		—		—		2
Counterparty netting and cash collateral	—		—		—		(3,646)		(801)		(4,447)
Total derivative liabilities	2		4,521		65		(3,646)		(801)		141
Fortitude Re funds withheld payable(g)	—		—		2,182		—		—		2,182
Market risk benefit liabilities	—		—		5,705		—		—		5,705
Total	$	2	$	4,629	$	15,894	$	(3,646)	$	(801)	$	16,078

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

(b)Includes investments in residential-backed mortgage securities (“RMBS”) issued by related parties of $35 million and $7 million classified as Level 2 and Level 3, respectively, as of March 31, 2024. Additionally, includes investments in RMBS issued by related parties of $36 million and $7 million classified as Level 2 and Level 3, respectively, as of December 31, 2023.

(c)Includes less than $1 million of investments in RMBS issued by related parties classified as Level 2 as of March 31, 2024 and December 31, 2023.

(d)Excludes investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent), which totaled $5.8 billion and $5.8 billion as of March 31, 2024 and December 31, 2023, respectively.

(e)Excludes assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $160 million and $167 million, as of March 31, 2024 and December 31, 2023, respectively. See Note 4 for additional information.

(f)Excludes basis adjustments for fair value hedges.

Corebridge | First Quarter 2024 Form 10-Q 17

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Fair Value Measurements

(g)As discussed in Note 8, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s Condensed Consolidated Balance Sheets. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge, which are primarily available-for-sale securities.

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

The following tables present changes during the three months ended March 31, 2024 and 2023 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at March 31, 2024 and 2023:

(in millions)	Fair Value<br> Beginning<br> of Year		Net<br> Realized<br> and <br>Unrealized Gains<br> (Losses)<br> Included <br>in Income		Other<br> Comprehensive<br>Income (Loss)		Purchases,<br> Sales,<br> Issuances<br> and<br> Settlements,<br>Net		Gross <br>Transfers<br> In		Gross<br> Transfers<br> Out		Other		Fair Value<br> End <br>of Period		Changes in<br> Unrealized<br>Gains<br> (Losses)<br> Included in<br>Income on<br>Instruments<br>Held at <br>End of Period		Changes in <br>Unrealized <br>Gains (Losses) <br>Included in<br> Other Comprehensive Income (Loss) <br>for Recurring<br> Level 3 Instruments<br> Held at<br> End of Period
Three Months Ended March 31, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	844	$	—	$	(14)	$	(1)	$	—	$	—	$	—	$	829	$	—	$	(16)
Corporate debt	1,357		1		1		9		244		(37)		—		1,575		—		(4)
RMBS	5,854		68		66		404		—		(38)		—		6,354		—		61
CMBS	608		(5)		46		(103)		127		(126)		—		547		—		11
CLO	1,843		(21)		51		21		—		(165)		—		1,729		—		52
ABS	12,906		91		88		1,271		677		—		—		15,033		—		86
Total bonds available-for-sale	23,412		134		238		1,601		1,048		(366)		—		26,067		—		190
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	167		9		—		—		1		—		—		177		8		—
RMBS	107		2		—		(3)		—		—		—		106		2		—
CMBS	17		—		—		—		—		—		—		17		—		—
CLO	69		2		—		1		—		(1)		—		71		2		—
ABS	962		13		—		(28)		—		—		—		947		3		—
Total other bond securities	1,323		26		—		(30)		1		(1)		—		1,319		15		—
Equity securities	42		3		—		—		—		—		—		45		3		—
Other invested assets	1,850		(80)		(9)		(30)		—		(44)		(16)		1,671		(79)		—
Total(a)	$	26,627	$	83	$	229	$	1,541	$	1,049	$	(411)	$	(16)	$	29,102	$	(61)	$	190
(in millions)	Fair Value<br> Beginning<br> of Year		Net<br> Realized<br> and <br>Unrealized (Gains)<br> Losses<br> Included <br>in Income		Other<br> Comprehensive<br>(Income) Loss		Purchases,<br> Sales,<br> Issuances<br> and<br> Settlements,<br>Net		Gross <br>Transfers<br> In		Gross<br> Transfers<br> Out		Other		Fair Value<br> End <br>of Period		Changes in<br> Unrealized<br>Gains<br> (Losses)<br> Included in Income on Instruments Held at <br>End of Period		Changes in <br>Unrealized <br>Gains (Losses) <br>Included in<br> Other Comprehensive Income (Loss) <br>for Recurring<br> Level 3 Instruments<br> Held at<br> End of Period
Liabilities:
Policyholder contract deposits	$	7,942	$	452	$	—	$	156	$	—	$	—	$	—	$	8,550	$	(3)	$	—
Derivative liabilities, net:
Interest rate contracts	(449)		(108)		—		(53)		—		—		203		(407)		198		—
Equity contracts	(761)		(191)		—		(66)		—		—		—		(1,018)		187		—
Other contracts	(10)		(16)		—		15		—		—		—		(11)		15		—
Total derivative liabilities, net(b)	(1,220)		(315)		—		(104)		—		—		203		(1,436)		400		—
Fortitude Re funds withheld payable	2,182		(22)		—		51		—		—		—		2,211		195		—
Debt of consolidated investment entities	—		—		—		—		—		—		—		—		—		—
Total(c)	$	8,904	$	115	$	—	$	103	$	—	$	—	$	203	$	9,325	$	592	$	—

Corebridge | First Quarter 2024 Form 10-Q 18

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Fair Value Measurements

(in millions)	Fair Value<br> Beginning<br> of Year		Net<br> Realized<br> and <br>Unrealized Gains<br> (Losses)<br> Included <br>in Income		Other<br> Comprehensive<br>Income (Loss)		Purchases,<br> Sales,<br> Issuances<br> and<br> Settlements,<br>Net		Gross <br>Transfers<br> In		Gross<br> Transfers<br> Out		Other		Fair Value<br> End <br>of Period		Changes in<br> Unrealized <br>Gains<br> (Losses) <br>Included in <br>Income on <br>Instruments <br>Held at <br>End of Period		Changes in <br>Unrealized <br>Gains (Losses) <br>Included in<br> Other Comprehensive Income (Loss) <br>for Recurring<br> Level 3 Instruments<br> Held at<br> End of Period
Three Months Ended March 31, 2023
Assets:
Bonds available-for-sale:
Obligations of states,<br>  municipalities and<br>  political subdivisions	$	805	$	—	$	55	$	(2)	$	—	$	—	$	—	$	858	$	—	$	43
Corporate debt	1,968		(102)		44		14		167		(371)		(16)		1,704		—		51
RMBS	5,670		81		(40)		(8)		—		(16)		—		5,687		—		(66)
CMBS	718		7		(4)		—		24		(27)		—		718		—		(25)
CLO	1,670		9		(18)		21		54		(92)		190		1,834		—		(16)
ABS	9,595		42		269		804		—		(3)		—		10,707		—		254
Total bonds available-for-sale	20,426		37		306		829		245		(509)		174		21,508		—		241
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		1		—		—		—		1		—		—
Corporate debt	417		—		—		(96)		—		(191)		—		130		3		—
RMBS	107		4		—		3		—		—		—		114		2		—
CMBS	28		(1)		—		—		—		—		—		27		(1)		—
CLO	11		9		—		1		1		(5)		54		71		4		—
ABS	741		26		—		14		—		—		—		781		19		—
Total other bond securities	1,304		38		—		(77)		1		(196)		54		1,124		27		—
Equity securities	26		—		—		24		—		—		—		50		—		—
Other invested assets	1,832		(44)		5		59		—		—		—		1,852		(42)		—
Total(a)	$	23,588	$	31	$	311	$	835	$	246	$	(705)	$	228	$	24,534	$	(15)	$	241
(in millions)	Fair Value<br> Beginning<br> of Year		Net<br> Realized<br> and <br>Unrealized (Gains)<br> Losses<br> Included <br>in Income		Other<br> Comprehensive<br>(Income) Loss		Purchases,<br> Sales,<br> Issuances<br> and<br> Settlements,<br>Net		Gross <br>Transfers<br> In		Gross<br> Transfers<br> Out		Other		Fair Value<br> End <br>of Period		Changes in<br> Unrealized <br>Gains<br> (Losses) <br>Included in <br>Income on <br>Instruments <br>Held at <br>End of Period		Changes in <br>Unrealized <br>Gains (Losses) <br>Included in<br> Other Comprehensive Income (Loss) <br>for Recurring<br> Level 3 Instruments<br> Held at<br> End of Period
Liabilities:
Policyholder contract deposits	$	5,367	$	381	$	—	$	316	$	—	$	—	$	—	$	6,064	$	(368)	$	—
Derivative liabilities, net:
Interest rate contracts	(303)		78		—		(119)		—		—		—		(344)		(71)		—
Equity contracts	(156)		(176)		—		(165)		—		—		—		(497)		178		—
Other contracts	(14)		(16)		—		16		—		—		—		(14)		16		—
Total derivative liabilities, net(b)	(473)		(114)		—		(268)		—		—		—		(855)		123		—
Fortitude Re funds withheld payable	1,262		1,025		—		(513)		—		—		—		1,774		(633)		—
Debt of consolidated investment entities	6		—		—		—		—		—		—		6		—		—
Total(c)	$	6,162	$	1,292	$	—	$	(465)	$	—	$	—	$	—	$	6,989	$	(878)	$	—

(a)Excludes MRB assets of $1.2 billion at March 31, 2024 and $830 million at March 31, 2023. Refer to Note 15 for additional information.

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

(c)Excludes MRB liabilities of $5.2 billion at March 31, 2024 and $5.1 billion at March 31, 2023. Refer to Note 15 for additional information.

Corebridge | First Quarter 2024 Form 10-Q 19

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Fair Value Measurements

Change in the fair value of market risk benefits, net and net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income (Loss) as follows:

(in millions)	Policy <br>Fees		Net Investment Income		Net Realized and Unrealized Gains<br>(Losses)		Change in the Fair Value of Market Risk Benefits, net(a)		Total
Three Months Ended March 31, 2024
Assets:
Bonds available-for-sale	$	—	$	159	$	(25)	$	—	$	134
Other bond securities	—		26		—		—		26
Equity securities	—		3		—		—		3
Other invested assets	—		(78)		(2)		—		(80)
Three Months Ended March 31, 2023
Assets:
Bonds available-for-sale	$	—	$	32	$	5	$	—	$	37
Other bond securities	—		38		—		—		38
Equity securities	—		—		—		—		—
Other invested assets	—		(43)		(1)		—		(44)
(in millions)	Policy <br>Fees		Net Investment Income		Net Realized and Unrealized Gains<br>(Losses)		Change in the Fair Value of Market Risk Benefits, net(a)		Total
Three Months Ended March 31, 2024
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(452)	$	—	$	(452)
Derivative liabilities, net	15		—		363		(63)		315
Fortitude Re funds withheld payable	—		—		22		—		22
Market risk benefit liabilities, net(c)	—		—		2		1,069		1,071
Three Months Ended March 31, 2023
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(381)	$	—	$	(381)
Derivative liabilities, net	16		—		197		(99)		114
Fortitude Re funds withheld payable	—		—		(1,025)		—		(1,025)
Market risk benefit liabilities, net(c)	—		—		—		(87)		(87)

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

(b)    Primarily embedded derivatives.

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

Corebridge | First Quarter 2024 Form 10-Q 20

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Fair Value Measurements

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three months ended March 31, 2024 and 2023 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:

(in millions)	Purchases		Sales		Issuances<br>and<br>Settlements		Purchases, Sales,<br>Issuances and<br>Settlements,<br>Net
Three Months Ended March 31, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	(1)	$	(1)
Corporate debt	15		—		(6)		9
RMBS	574		—		(170)		404
CMBS	—		(30)		(73)		(103)
CLO	130		(2)		(107)		21
ABS	1,704		(53)		(380)		1,271
Total bonds available-for-sale	2,423		(85)		(737)		1,601
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		—
Corporate debt	—		—		—		—
RMBS	—		—		(3)		(3)
CMBS	—		—		—		—
CLO	1		—		—		1
ABS	29		—		(57)		(28)
Total other bond securities	30		—		(60)		(30)
Equity securities	—		—		—		—
Other invested assets	62		—		(92)		(30)
Total assets*	$	2,515	$	(85)	$	(889)	$	1,541
Liabilities:
Policyholder contract deposits	$	—	$	332	$	(176)	$	156
Derivative liabilities, net	(1)		—		(103)		(104)
Fortitude Re funds withheld payable	—		—		51		51
Total liabilities	$	(1)	$	332	$	(228)	$	103
Three Months Ended March 31, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	(2)	$	(2)
Corporate debt	28		—		(14)		14
RMBS	167		—		(175)		(8)
CMBS	9		(6)		(3)		—
CLO	10		—		11		21
ABS	858		—		(54)		804
Total bonds available-for-sale	1,072		(6)		(237)		829
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		1
Corporate debt	—		—		(96)		(96)
RMBS	6		—		(3)		3
CMBS	—		—		—		—
CLO	1		—		—		1
ABS	32		—		(18)		14
Total other bond securities	40		—		(117)		(77)
Equity securities	24		—		—		24
Other invested assets	70		—		(11)		59
Total assets*	$	1,206	$	(6)	$	(365)	$	835
Liabilities:
Policyholder contract deposits	$	—	$	326	$	(10)	$	316
Derivative liabilities, net	(101)		—		(167)		(268)
Fortitude Re funds withheld payable	—		—		(513)		(513)
Total liabilities	$	(101)	$	326	$	(690)	$	(465)

*    There were no issuances during the three months ended March 31, 2024 and 2023 for invested assets.

Corebridge | First Quarter 2024 Form 10-Q 21

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Fair Value Measurements

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at March 31, 2024 and 2023 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

We record transfers of assets and liabilities into or out of Level 3 at their fair values as of the end of each reporting period, consistent with the date of the determination of fair value. The Net realized and unrealized gains (losses) included in net income (loss) or other comprehensive income (“OCI”) as shown in the table above excludes $(8) million and $7 million of net gains (losses) related to assets transferred into Level 3 during the three months ended March 31, 2024 and 2023, respectively, and includes $4 million and $11 million of net gains (losses) related to assets transferred out of Level 3 during the three months ended March 31, 2024 and 2023, respectively.

Transfers of Level 3 Assets

During the three months ended March 31, 2024 and 2023, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, commercial mortgage backed securities (“CMBS”), collateralized loan obligations (“CLO”) and asset-backed securities (“ABS”). Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.

During the three months ended March 31, 2024 and 2023, transfers out of Level 3 assets primarily included private placement and other corporate debt, CMBS, RMBS, CLO, ABS and certain investments in municipal securities. Transfers of certain investments in municipal securities, corporate debt, RMBS, CMBS and CLO and ABS out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt and certain ABS out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

Transfers of Level 3 Liabilities

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three months ended March 31, 2024 and 2023.

Corebridge | First Quarter 2024 Form 10-Q 22

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Fair Value Measurements

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers and from internal valuation models. Because input information from third parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:

(in millions)	Fair Value at March 31, 2024		Valuation<br>Technique	Unobservable Input(a)	Range<br><br>(Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$	806	Discounted cash flow	Yield	5.10% - 5.39% (5.24%)
Corporate debt	$	1,581	Discounted cash flow	Yield	5.27% - 9.21% (7.24%)
RMBS(c)	$	3,338	Discounted cash flow	Prepayment Speed	4.34% - 9.96% (7.15%)
				Default Rate	0.75% - 2.53% (1.64%)
				Yield	5.63% - 7.01% (6.32%)
				Loss Severity	33.61% - 87.20% (60.41%)
CLO(c)	$	1,709	Discounted cash flow	Yield	6.62% - 7.93% (7.28%)
ABS(c)	$	13,559	Discounted cash flow	Yield	5.75% - 7.79% (6.77%)
CMBS	$	521	Discounted cash flow	Yield	5.22% - 17.77% (11.12%)
Market risk benefit assets	$	1,172	Discounted cash flow	Equity volatility	6.35% - 49.95%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(h)	0.06% - 2.33%
Liabilities(d):
Market risk benefit liabilities
Variable annuities guaranteed benefits	$	1,675	Discounted cash flow	Equity volatility	6.35% - 49.95%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(h)	0.06% - 2.33%
Fixed annuities guaranteed benefits	$	1,130	Discounted cash flow	Base lapse rate	0.20% - 15.75%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	40.26% - 168.43%
				Utilization(g)	90.00% - 97.50%
				NPA(h)	0.06% - 2.33%
Fixed index annuities guaranteed benefits	$	2,362	Discounted cash flow	Equity volatility	6.35% - 49.95%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 146.00%
				Utilization(g)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(h)	0.06% - 2.33%

Corebridge | First Quarter 2024 Form 10-Q 23

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Fair Value Measurements

(in millions)	Fair Value at March 31, 2024		Valuation<br>Technique	Unobservable Input(a)	Range<br><br>(Weighted Average)(b)
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)	$	7,603	Discounted cash flow	Equity volatility	6.35% - 49.95%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 146.00%
				Utilization(g)	60.00% - 97.50%
				Option Budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(h)	0.06% - 2.33%
Index universal life	$	947	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rates	0.00% - 100.00%
				Equity Volatility	5.85% - 19.95%
				NPA(h)	0.06% - 2.33%		(in millions)	Fair Value at December 31, 2023		Valuation<br>Technique	Unobservable Input(a)	Range<br><br>(Weighted Average)(b)
---	---	---	---	---	---
Assets:
Obligations of states, municipalities and political subdivisions	$	821	Discounted cash flow	Yield	4.97% - 5.31% (5.14%)
Corporate debt	$	1,471	Discounted cash flow	Yield	5.26% - 8.16% (6.71%)
RMBS(c)	$	3,315	Discounted cash flow	Prepayment Speed	4.31% - 9.86% (7.09%)
				Default Rate	0.73% - 2.52% (1.63%)
				Yield	6.11% - 7.40% (6.75%)
				Loss Severity	30.64% - 91.03% (60.83%)
CLO(c)	$	1,697	Discounted cash flow	Yield	6.06% - 7.81% (6.93%)
ABS(c)	$	11,367	Discounted cash flow	Yield	5.63% - 7.82% (6.73%)
CMBS	$	565	Discounted cash flow	Yield	5.49% - 17.84% (11.66%)
Market risk benefit assets	$	912	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(h)	0.00% - 2.29%
Liabilities(d):
Market risk benefit liabilities
Variable annuities guaranteed benefits	$	2,174	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(h)	0.00% - 2.29%
Fixed annuities guaranteed benefits	$	1,111	Discounted cash flow	Base lapse rate	0.20% - 15.75%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	40.26% - 168.43%
				Utilization(g)	90.00% - 97.50%
				NPA(g)	0.00% - 2.29%

Corebridge | First Quarter 2024 Form 10-Q 24

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Fair Value Measurements

(in millions)	Fair Value at December 31, 2023		Valuation<br>Technique	Unobservable Input(a)	Range<br><br>(Weighted Average)(b)
Fixed index annuities guaranteed benefits	$	2,420	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 146.00%
				Utilization(g)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(h)	0.00% - 2.29%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)	$	6,953	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 146.00%
				Utilization(g)	60.00% - 97.50%
				Option Budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(h)	0.00% - 2.29%
Index universal life	$	989	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rates	0.00% - 100.00%
				Equity Volatility	5.85% - 20.36%
				NPA(h)	0.00% - 2.29%

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

(b)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives within policyholder contract deposits and MRBs uses a range of inputs that vary at the contract level over the cash flow projection period, management believes that presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(c)Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us because there are other factors relevant to the fair values of specific tranches owned by us, including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.

(d)The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 8, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s Condensed Consolidated Balance Sheets. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the reinsurance agreements that are held on Corebridge’s Condensed Consolidated Balance Sheets.

(e)The ranges for these inputs vary due to the different GMWB product specification and policyholder characteristics across in-force policies. Policyholder characteristics that affect these ranges include age, policy duration, and gender.

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

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

(h)The NPA applied as a spread over risk-free curve for discounting.

(i)The fixed index annuities embedded derivative associated with index credits related to the contracts with guaranteed product features included in policyholder contract deposits was $1.7 billion and $1.5 billion at March 31, 2024 and December 31, 2023, respectively.

The ranges of reported inputs for obligations of states, municipalities and political subdivisions, corporate debt, RMBS, CLO/ABS and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value-weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.

Corebridge | First Quarter 2024 Form 10-Q 25

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Fair Value Measurements

Interrelationships Between Unobservable Inputs

We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.

Fixed Maturity Securities

The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors, including constant prepayment rates, loss severity and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.

MRBs and Embedded Derivatives within Policyholder Contract Deposits

For MRBs and embedded derivatives, the assumptions for unobservable inputs vary throughout the period over which cash flows are projected for valuation purposes. The following are applicable unobservable inputs:

•Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. Increases in assumed volatility will generally increase the fair value of both the projected cash flows from rider fees as well as the projected cash flows related to benefit payments. Therefore, the net change in the fair value of the liability may be either a decrease or an increase, depending on the relative changes in projected rider fees and projected benefit payments.

•Equity and interest rate correlation estimates the relationship between changes in equity returns and interest rates in the economic scenario generator used to value our MRBs. In general, a higher positive correlation assumes that equity markets and interest rates move in a more correlated fashion, which generally increases the fair value of the liability. Only our fixed index annuities with a GMWB rider are subject to the equity and interest correlation assumption. Other policies such as accumulation fixed index annuity and life products do not use a correlation assumption.

•Base lapse rate assumptions are determined by company experience and judgment and are adjusted at the contract level using a dynamic lapse function, which reduces the base lapse rate when the contract is in-the-money (when the contract holder’s guaranteed value, as estimated by the company, is worth more than their underlying account value). Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. Increases in assumed lapse rates will generally decrease the fair value of the liability as fewer policyholders would persist to collect guaranteed benefit amounts.

•Mortality rate assumptions, which vary by age and gender, are based on company experience and include a mortality improvement assumption. Increases in assumed mortality rates will decrease the fair value of the GMWB liability, while lower mortality rate assumptions will generally increase the fair value of the liability because guaranteed withdrawal payments will be made for a longer period of time and generally exceed any decrease in guaranteed death benefits.

•Utilization assumptions estimate the timing when policyholders with a GMWB will elect to utilize their benefit and begin taking withdrawals. The assumptions may vary by the type of guarantee, tax-qualified status, the contract’s withdrawal history and the age of the policyholder. Utilization assumptions are based on company experience, which includes partial withdrawal behavior. Increases in assumed utilization rates will generally increase the fair value of the liability.

•Non-performance or “own credit” risk adjustment used in the valuation of MRBs and embedded derivatives, which reflects a market participant’s view of our claims-paying ability by incorporating a different spread (the “NPA spread”) to the curve used to discount projected benefit cash flows. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair value of the MRBs and embedded derivatives, resulting in a gain in Accumulated other comprehensive income (“AOCI”) or Net realized gains (losses), respectively, and when corporate credit spreads narrow or tighten, the change in the NPA spread generally increases the fair value of the MRBs and embedded derivatives, resulting in a loss in AOCI or Net realized gains (losses), respectively.

•The projected cash flows incorporate best estimate assumptions for policyholder behavior (including mortality, lapses, withdrawals and benefit utilization), along with an explicit risk margin to reflect a market participant’s estimates of the fair value of projected cash flows and policyholder behavior. Estimates of future policyholder behavior assumptions are subjective and based primarily on our historical experience.

Corebridge | First Quarter 2024 Form 10-Q 26

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Fair Value Measurements

•For embedded derivatives, option budgets estimate the expected long-term cost of options used to hedge exposures associated with index price changes. The level of option budgets determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

Embedded Derivatives within Reinsurance Contracts

The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by Corebridge related to Corebridge’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy.

INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE

The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value:

		March 31, 2024				December 31, 2023
(in millions)	Investment Category Includes	Fair Value<br>Using NAV<br>Per Share (or<br>its equivalent)		Unfunded<br>Commitments		Fair Value<br>Using NAV<br>Per Share (or<br>its equivalent)		Unfunded<br>Commitments
Investment Category
Private equity funds:
Leveraged buyout	Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage	$	2,519	$	1,758	$	2,445	$	1,755
Real estate	Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities	996		583		1,074		540
Venture capital	Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company	194		88		203		91
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses	486		105		485		109
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies	124		39		152		42
Other	Includes distressed funds that invest in securities of <br>companies that are in default or under bankruptcy protection, as well as funds that have multi-strategy, and other strategies	1,225		202		1,182		233
Total private equity funds		5,544		2,775		5,541		2,770
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations	4		—		4		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk	156		—		161		—
Macro	Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions	37		—		69		—
Other	Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments	59		—		65		—
Total hedge funds		256		—		299		—
Total		$	5,800	$	2,775	$	5,840	$	2,770

Corebridge | First Quarter 2024 Form 10-Q 27

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Fair Value Measurements

Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one-year or two-year increments.

The majority of our hedge fund investments are redeemable upon a single month or quarter’s notice, though redemption terms vary from single, immediate withdrawals, to withdrawals staggered up to eight quarters. Some of the portfolio consists of illiquid run-off or “side-pocket” positions whose liquidation horizons are uncertain and likely beyond a year after submission of the redemption notice.

FAIR VALUE OPTION

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

	Three Months Ended March 31,
(in millions)		2024		2023
Assets:
Other bond securities(a)		$	84	$	115
Alternative investments(b)		51		1
Total assets		135		116
Liabilities:
Policyholder contract deposits(c)		1		(1)
Total liabilities		1		(1)
Total gain (loss)		$	136	$	115

(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 6. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 8.

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

(c)Represents GICs.

We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of non-performance such as cash collateral posted.

FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS

The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented:

	Assets at Fair Value									Impairment Charges
	Non-Recurring Basis								Three Months Ended March 31,
(in millions)	Level 1		Level 2		Level 3		Total			2024		2023
March 31, 2024
Other investments	$	—	$	—	$	98	$	98		$	25	$	—
Total	$	—	$	—	$	98	$	98		$	25	$	—
December 31, 2023
Other investments	$	—	$	—	$	80	$	80
Total	$	—	$	—	$	80	$	80

In addition to the assets presented in the table above, at March 31, 2024, Corebridge had no loans held for sale which are carried at fair value, determined on an individual loan basis. There is no associated impairment charge.

Corebridge | First Quarter 2024 Form 10-Q 28

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Fair Value Measurements

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

	Estimated Fair Value
(in millions)	Level 1		Level 2		Level 3		Total		Carrying<br>Value
March 31, 2024
Assets:
Mortgage and other loans receivable	$	—	$	29	$	44,590	$	44,619	$	47,830
Other invested assets	—		273		—		273		273
Short-term investments(a)	—		2,887		—		2,887		2,887
Cash(b)	410		—		—		410		410
Other assets	13		—		—		13		13
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—		86		136,106		136,192		141,851
Fortitude Re funds withheld payable	—		—		23,112		23,112		23,112
Other liabilities	—		3,585		—		3,585		3,585
Short-term debt	—		250		—		250		250
Long-term debt	—		8,662		—		8,662		9,118
Debt of consolidated investment entities	—		67		2,225		2,292		2,530
Separate account liabilities - investment contracts	—		91,243		—		91,243		91,243
December 31, 2023
Assets:
Mortgage and other loans receivable	$	—	$	30	$	43,919	$	43,949	$	46,867
Other invested assets	—		268		—		268		268
Short-term investments(a)	—		2,928		—		2,928		2,928
Cash(b)	612		—		—		612		612
Other assets	13		—		—		13		13
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—		90		130,094		130,184		140,652
Fortitude Re funds withheld payable	—		—		23,775		23,775		23,775
Other liabilities	—		2,467		—		2,467		2,467
Short-term debt	—		250		—		250		250
Long-term debt	—		8,722		—		8,722		9,118
Debt of consolidated investment entities	—		43		2,230		2,273		2,504
Separate account liabilities - investment contracts	—		87,215		—		87,215		87,215

(a)    Excludes assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $24 million and $11 million as of March 31, 2024 and December 31, 2023, respectively. See Note 4 for additional information.

(b)    Excludes assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $0 million and $3 million as of March 31, 2024 and December 31, 2023, respectively. See Note 4 for additional information.

Corebridge | First Quarter 2024 Form 10-Q 29

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6. Investments

6. Investments

SECURITIES AVAILABLE-FOR-SALE

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

(in millions)	Amortized<br><br>Cost or<br><br>Costs(a)		Allowance<br><br>for Credit<br><br>Losses(b)		Gross<br><br>Unrealized<br><br>Gains(c)		Gross<br><br>Unrealized<br><br>Losses(c)		Fair<br><br>Value(a)
March 31, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities	$	1,626	$	—	$	10	$	(272)	$	1,364
Obligations of states, municipalities and political subdivisions	6,130		—		41		(730)		5,441
Non-U.S. governments	4,713		—		33		(759)		3,987
Corporate debt	120,047		(61)		1,053		(16,868)		104,171
Mortgage-backed, asset-backed and collateralized:
RMBS	15,807		(19)		625		(823)		15,590
CMBS	11,215		(17)		43		(939)		10,302
CLO	11,729		—		125		(86)		11,768
ABS	17,136		—		79		(1,012)		16,203
Total mortgage-backed, asset-backed and collateralized	55,887		(36)		872		(2,860)		53,863
Total bonds available-for-sale	$	188,403	$	(97)	$	2,009	$	(21,489)	$	168,826
December 31, 2023
Bonds available-for-sale:
U.S. government and government sponsored entities	$	1,436	$	—	$	17	$	(233)	$	1,220
Obligations of states, municipalities and political subdivisions	6,466		—		58		(693)		5,831
Non-U.S. governments	4,695		(2)		43		(679)		4,057
Corporate debt	120,654		(71)		1,294		(15,795)		106,082
Mortgage-backed, asset-backed and collateralized:
RMBS	14,491		(25)		599		(788)		14,277
CMBS	11,045		(30)		22		(1,056)		9,981
CLO	11,203		—		90		(149)		11,144
ABS	14,956		—		63		(1,084)		13,935
Total mortgage-backed, asset-backed and collateralized	51,695		(55)		774		(3,077)		49,337
Total bonds available-for-sale	$	184,946	$	(128)	$	2,186	$	(20,477)	$	166,527

(a)     The table above includes available-for-sale securities issued by related parties. This includes RMBS which had a fair value of $42 million and $43 million, and an amortized cost of $45 million and $45 million as of March 31, 2024 and December 31, 2023, respectively.

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

(c)    At March 31, 2024 includes mark-to-market movement (“MTM”) relating to embedded derivatives.

Corebridge | First Quarter 2024 Form 10-Q 30

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6. Investments

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

The following table summarizes the fair value and gross unrealized losses on our available-for-sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:

	Less Than 12 Months				12 Months or More				Total
(in millions)	Fair Value		Gross Unrealized Losses*		Fair Value		Gross Unrealized Losses*		Fair Value		Gross Unrealized Losses*
March 31, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities	$	209	$	6	$	713	$	266	$	922	$	272
Obligations of states, municipalities and political subdivisions	975		110		3,580		620		4,555		730
Non-U.S. governments	646		105		2,832		654		3,478		759
Corporate debt	12,342		2,040		72,528		14,798		84,870		16,838
RMBS	2,889		121		5,354		678		8,243		799
CMBS	828		35		6,766		898		7,594		933
CLO	2,550		24		3,047		61		5,597		85
ABS	2,942		110		8,285		902		11,227		1,012
Total bonds available-for-sale	$	23,381	$	2,551	$	103,105	$	18,877	$	126,486	$	21,428
December 31, 2023
Bonds available-for-sale:
U.S. government and government sponsored entities	$	22	$	3	$	746	$	230	$	768	$	233
Obligations of states, municipalities and political subdivisions	1,124		110		3,676		583		4,800		693
Non-U.S. governments	470		82		2,981		592		3,451		674
Corporate debt	11,338		1,760		75,045		14,009		86,383		15,769
RMBS	2,676		174		4,855		577		7,531		751
CMBS	1,840		159		6,570		886		8,410		1,045
CLO	2,992		60		3,823		89		6,815		149
ABS	2,599		110		8,138		974		10,737		1,084
Total bonds available-for-sale	$	23,061	$	2,458	$	105,834	$	17,940	$	128,895	$	20,398

*    At March 31, 2024 includes mark to market movement relating to embedded derivatives.

At March 31, 2024, we held 14,892 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 12,625 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2023, we held 15,034 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 12,787 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at March 31, 2024 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data.

Contractual Maturities of Fixed Maturity Securities Available-for-Sale

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

	Total Fixed Maturity Securities<br><br>Available-for-sale
(in millions)	Amortized Cost,<br>Net of Allowance		Fair Value
March 31, 2024
Due in one year or less	$	3,145	$	3,108
Due after one year through five years	22,934		22,317
Due after five years through ten years	23,340		21,467
Due after ten years	83,036		68,071
Mortgage-backed, asset-backed and collateralized	55,851		53,863
Total	$	188,306	$	168,826

Corebridge | First Quarter 2024 Form 10-Q 31

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6. Investments

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

The following table presents the gross realized gains and gross realized losses from sales or maturities of our available-for-sale securities:

	Three Months Ended March 31,
		2024	2023
(in millions)			Gross<br>Realized<br>Gains		Gross<br>Realized<br>Losses		Gross<br>Realized<br>Gains		Gross<br>Realized<br>Losses
Fixed maturity securities			$	3	$	(345)	$	46	$	(139)

For the three months ended March 31, 2024 and 2023, the aggregate fair value of available-for-sale securities sold was $2.5 billion and $2.7 billion, respectively, which resulted in Net realized gains (losses) of $(342) million and $(93) million, respectively. Included within the Net realized gains (losses) for the three months ended March 31, 2024 and 2023,are $(22) million and $(17) million of Net realized gains (losses) which relate to the Fortitude Re funds withheld assets held by Corebridge in support of Fortitude Re’s reinsurance obligations to Corebridge (Fortitude Re funds withheld assets). These Net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

OTHER SECURITIES MEASURED AT FAIR VALUE

The following table presents the fair value of fixed maturity securities measured at fair value, including securities in the modco agreement with Fortitude Re, based on our election of the fair value option and equity securities measured at fair value:

	March 31, 2024				December 31, 2023
(in millions)	Fair<br><br>Value		Percent<br>of Total		Fair<br><br>Value		Percent<br>of Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions	$	39	1	%	$	40	1	%
Non-U.S. governments	13		—		13		—
Corporate debt	2,704		57		2,653		57
Mortgage-backed, asset-backed and collateralized:
RMBS	169		4		170		4
CMBS	240		5		228		5
CLO	446		9		423		9
ABS	1,035		22		1,051		23
Total mortgage-backed, asset-backed and collateralized	1,890		40		1,872		41
Total fixed maturity securities	4,646		98		4,578		99
Equity securities	76		2		63		1
Total	$	4,722	100	%	$	4,641	100	%

OTHER INVESTED ASSETS

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

(in millions)	March 31, 2024		December 31, 2023
Alternative investments(a)(b)	$	7,523	$	7,690
Investment real estate(c)	1,896		1,932
All other investments(d)	617		635
Total	$	10,036	$	10,257

(a)At March 31, 2024, included hedge funds of $256 million and private equity funds of $7.3 billion. At December 31, 2023, included hedge funds of $299 million and private equity funds of $7.4 billion.

(b)The majority of our hedge fund investments are redeemable upon a single month or quarter’s notice, though redemption terms vary from single, immediate withdrawals, to withdrawals staggered up to eight quarters. Some of the portfolio consists of illiquid run-off or “side-pocket” positions whose liquidation horizons are uncertain and likely beyond a year after submission of the redemption notice.

(c)Net of accumulated depreciation of $660 million and $680 million as of March 31, 2024 and December 31, 2023, respectively.

(d)Includes Corebridge’s ownership interest in Fortitude Re Bermuda, which is recorded using the measurement alternative for equity securities. Our investment in Fortitude Re Bermuda totaled $156 million and $156 million at March 31, 2024 and December 31, 2023, respectively.

Corebridge | First Quarter 2024 Form 10-Q 32

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6. Investments

Other Invested Assets – Equity Method Investments

The carrying amount of equity method investments totaled $2.7 billion and $2.9 billion as of March 31, 2024 and December 31, 2023, respectively, representing various ownership percentages each period.

NET INVESTMENT INCOME

The following table presents the components of Net investment income:

Three Months Ended March 31,	2024						2023
(in millions)	Excluding<br>Fortitude<br>Re Funds<br>Withheld<br>Assets		Fortitude<br>Re Funds<br>Withheld<br>Assets		Total		Excluding<br>Fortitude<br>Re Funds<br>Withheld<br>Assets		Fortitude<br>Re Funds<br>Withheld<br>Assets		Total
Available-for-sale fixed maturity securities, including short-term investments	$	2,184	$	195	$	2,379	$	1,896	$	217	$	2,113
Other fixed maturity securities	13		71		84		10		105		115
Equity securities	10		—		10		29		—		29
Interest on mortgage and other loans	580		48		628		512		50		562
Alternative investments*	(52)		33		(19)		(1)		31		30
Real estate	12		(7)		5		4		—		4
Other investments	12		—		12		3		—		3
Total investment income	2,759		340		3,099		2,453		403		2,856
Investment expenses	167		8		175		152		9		161
Net investment income	$	2,592	$	332	$	2,924	$	2,301	$	394	$	2,695

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

NET REALIZED GAINS AND LOSSES

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

Three Months Ended March 31,	2024						2023
(in millions)	Excluding Fortitude<br>Re Funds<br>Withheld<br>Assets		Fortitude<br>Re Funds<br>Withheld<br>Assets		Total		Excluding<br>Fortitude<br>Re Funds<br>Withheld<br>Assets		Fortitude<br>Re Funds<br>Withheld<br>Assets		Total
Sales of fixed maturity securities	$	(320)	$	(22)	$	(342)	$	(76)	$	(17)	$	(93)
Intent to sell	(15)		(32)		(47)		—		—		—
Change in allowance for credit losses on fixed maturity securities	(62)		(6)		(68)		(17)		—		(17)
Change in allowance for credit losses on loans	(14)		2		(12)		(34)		(19)		(53)
Foreign exchange transactions, net of related hedges	46		1		47		11		7		18
Index-Linked interest credited embedded derivatives, net of related hedges	90		—		90		(178)		—		(178)
All other derivatives and hedge accounting*	105		(106)		(1)		(164)		48		(116)
Sales of alternative investments and real estate investments	20		(1)		19		5		1		6
Other	(28)		—		(28)		—		—		—
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative	(178)		(164)		(342)		(453)		20		(433)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		22		22		—		(1,025)		(1,025)
Net realized gains (losses)	$	(178)	$	(142)	$	(320)	$	(453)	$	(1,005)	$	(1,458)

*    Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 15.

Corebridge | First Quarter 2024 Form 10-Q 33

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6. Investments

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available-for-sale securities:

	Three Months Ended March 31,
(in millions)		2024		2023
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities		$	(1,087)	$	4,019
Other investments		—		1
Total increase (decrease) in unrealized appreciation (depreciation) of investments*		$	(1,087)	$	4,020

*    Excludes net unrealized gains and losses attributable to business Held-for-sale at March 31, 2024 and December 31, 2023.

The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other invested assets still held at the reporting date:

Three Months Ended March 31,	2024						2023
(in millions)	Equities		Other Invested Assets		Total		Equities		Other Invested Assets		Total
Net gains (losses) recognized during the period on equity securities and other investments	$	10	$	70	$	80	$	29	$	31	$	60
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	18		2		20		33		1		34
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	(8)	$	68	$	60	$	(4)	$	30	$	26

EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS

Credit Impairments

The following table presents a rollforward of the changes in allowance for credit losses on available-for-sale fixed maturity securities by major investment category:

Three Months Ended March 31,	2024						2023
(in millions)	Structured		Non-Structured		Total		Structured		Non-Structured		Total
Balance, beginning of period	$	55	$	73	$	128	$	27	$	121	$	148
Additions:
Securities for which allowance for credit losses were not previously recorded	13		17		30		2		12		14
Reductions:
Securities sold during the period	(15)		(9)		(24)		(2)		(17)		(19)
Additional net increases or decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery, amortized cost basis	22		16		38		—		3		3
Write-offs charged against the allowance	(39)		(37)		(76)		—		(50)		(50)
Other	—		1		1		—		—		—
Balance, end of period	$	36	$	61	$	97	$	27	$	69	$	96

Purchased Credit Deteriorated Securities

We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as purchased credit deteriorated assets. At the time of purchase an allowance is recognized for these purchased credit deteriorated assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a purchased credit deteriorated asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs:

•current delinquency rates;

•expected default rates and the timing of such defaults;

Corebridge | First Quarter 2024 Form 10-Q 34

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6. Investments

•loss severity and the timing of any recovery; and

•expected prepayment speeds.

Subsequent to the acquisition date, the purchased credit deteriorated assets follow the same accounting as other structured securities that are not of high credit quality.

We did not purchase securities with more-than-insignificant credit deterioration since their origination during the three months ended March 31, 2024 and 2023.

PLEDGED INVESTMENTS

Secured Financing and Similar Arrangements

We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.

Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively.

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

(in millions)	March 31, 2024		December 31, 2023
Fixed maturity securities available-for-sale	$	3,651	$	2,655

At March 31, 2024 and December 31, 2023, amounts borrowed under repurchase agreements totaled $3.6 billion and $2.5 billion, respectively.

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

	Remaining Contractual Maturity of the Repurchase Agreements
(in millions)	Overnight and Continuous		Up to 30 Days		31 - 90 Days		91 - 364 Days		365 Days or Greater		Total
March 31, 2024
Bonds available-for-sale:
Non-U.S. governments	$	—	$	51	$	—	$	—	$	—	$	51
Corporate debt	14		3,586		—		—		—		3,600
Total	$	14	$	3,637	$	—	$	—	$	—	$	3,651
December 31, 2023
Bonds available-for-sale:
Non-U.S. governments	$	—	$	209	$	—	$	—	$	—	$	209
Corporate debt	38		2,408		—		—		—		2,446
Total	$	38	$	2,617	$	—	$	—	$	—	$	2,655

There were no securities lending agreements at March 31, 2024 and December 31, 2023.

There were no reverse repurchase agreements at March 31, 2024 and December 31, 2023.

We do not currently offset any secured financing transactions. All such transactions are collateralized and margined daily consistent with market standards and subject to enforceable master netting arrangements with rights of set off.

Insurance – Statutory and Other Deposits

The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements, including certain annuity-related obligations and certain reinsurance treaties, was $10.1 billion and $8.1 billion at March 31, 2024 and December 31, 2023, respectively.

Corebridge | First Quarter 2024 Form 10-Q 35

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6. Investments

Other Pledges and Restrictions

Certain of our subsidiaries are members of FHLBs and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $273 million and $268 million of stock in FHLBs at March 31, 2024 and December 31, 2023, respectively. In addition, our subsidiaries have pledged securities available-for-sale and residential loans associated with borrowings and funding agreements from FHLBs, with a fair value of $4.5 billion and $3.1 billion, respectively, at March 31, 2024 and $4.8 billion and $3.0 billion, respectively, at December 31, 2023.

Certain GICs recorded in policyholder contract deposits with a carrying value of $68 million and $53 million at March 31, 2024 and December 31, 2023, respectively, have provisions that require collateral to be posted or payments to be made by us upon a downgrade of our Insurer Financial Strength (“IFS”) ratings. The actual amount of collateral required to be posted to the counterparties in the event of such downgrades and the aggregate amount of payments that we could be required to make depend on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. The fair value of securities pledged as collateral with respect to these obligations was approximately $77 million and $63 million at March 31, 2024 and December 31, 2023, respectively. This collateral primarily consists of securities of the U.S. government and government-sponsored entities and generally cannot be repledged or resold by the counterparties.

As part of our collateralized reinsurance transactions, we pledge collateral to cedants as contractually required. The fair value of securities pledged as excess collateral with respect to these obligations was approximately $598 million and $490 million at March 31, 2024 and December 31, 2023, respectively. Additionally, assets supporting these transactions are held solely for the benefit of the cedants and insulated from obligations owed to our other policyholders and general creditors.

Reinsurance transactions between Corebridge and Fortitude Re were structured as modco with funds withheld.

7. Lending Activities

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

(in millions)	March 31, 2024		December 31, 2023
Commercial mortgages(a)	$	34,651	$	34,172
Residential mortgages	9,000		8,445
Life insurance policy loans	1,747		1,746
Commercial loans, other loans and notes receivable(b)	3,146		3,202
Total mortgage and other loans receivable	48,544		47,565
Allowance for credit losses(c)	(714)		(698)
Mortgage and other loans receivable, net	$	47,830	$	46,867

(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 19% and 10%, respectively, at March 31, 2024, and 19% and 10%, respectively, at December 31, 2023). The weighted average loan-to-value ratio for NY and CA was 61% and 56% at March 31, 2024, respectively, and 61% and 55% at December 31, 2023, respectively. The debt service coverage ratio for NY and CA was 1.9X and 2.1X at March 31, 2024, respectively, and 1.9X and 2.1X at December 31, 2023, respectively.

(b)There were no loans that were held for sale which are carried at lower of cost or market as of March 31, 2024 and December 31, 2023.

(c)Does not include allowance for credit losses of $48 million and $58 million at March 31, 2024 and December 31, 2023, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest are repaid or when a portion of the delinquent contractual payments are made, and the ongoing required contractual payments have been made for an appropriate period. As of March 31, 2024, $32 million and $546 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status. As of December 31, 2023, $27 million and $419 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status.

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of March 31, 2024, accrued interest receivable was $33 million and $166 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2023, accrued interest receivable was $20 million and $162 million associated with residential mortgage loans and commercial mortgage loans, respectively.

A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan.

Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were not significant for all periods presented.

Corebridge | First Quarter 2024 Form 10-Q 36

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 7. Lending Activities

CREDIT QUALITY OF COMMERCIAL MORTGAGES

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

March 31, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
>1.2X	$	631	$	2,037	$	6,197	$	2,135	$	1,274	$	16,026	$	28,300
1.00 - 1.20X	71		389		1,070		1,272		311		2,461		5,574
<1.00X	—		—		40		—		—		737		777
Total commercial mortgages	$	702	$	2,426	$	7,307	$	3,407	$	1,585	$	19,224	$	34,651
December 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
>1.2X	$	2,156	$	6,042	$	1,955	$	1,252	$	4,813	$	11,675	$	27,893
1.00 - 1.20X	291		1,077		1,320		312		156		2,334		5,490
<1.00X	—		40		—		—		—		749		789
Total commercial mortgages	$	2,447	$	7,159	$	3,275	$	1,564	$	4,969	$	14,758	$	34,172

*    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 1.9X at both periods ended March 31, 2024 and December 31, 2023. The debt service coverage ratios are updated when additional relevant information becomes available.

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

March 31, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
Less than 65%	$	702	$	2,148	$	4,559	$	2,341	$	1,148	$	12,289	$	23,187
65% to 75%	—		278		2,162		660		286		4,811		8,197
76% to 80%	—		—		—		89		—		773		862
Greater than 80%	—		—		586		317		151		1,351		2,405
Total commercial mortgages	$	702	$	2,426	$	7,307	$	3,407	$	1,585	$	19,224	$	34,651
December 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
Less than 65%	$	2,088	$	4,470	$	2,249	$	1,126	$	2,676	$	10,186	$	22,795
65% to 75%	280		1,748		658		287		1,916		2,853		7,742
76% to 80%	—		343		89		—		377		340		1,149
Greater than 80%	79		598		279		151		—		1,379		2,486
Total commercial mortgages	$	2,447	$	7,159	$	3,275	$	1,564	$	4,969	$	14,758	$	34,172

*    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 59% at both periods ended March 31, 2024, and December 31, 2023. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

Corebridge | First Quarter 2024 Form 10-Q 37

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 7. Lending Activities

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

(dollars in millions)	Number <br>of <br>Loans		Class																				Percent<br> of <br>Total
		Apartments			Offices			Retail			Industrial			Hotel			Others			Total
March 31, 2024
Credit Quality Performance Indicator:
In good standing	600		$	13,970		$	8,391		$	3,743		$	6,092		$	1,793		$	403		$	34,392	99%
90 days or less delinquent(a)	2		—			61			180			—			—			—			241		1%
>90 days delinquent or in<br><br>process of foreclosure	1		—			18			—			—			—			—			18		—%
Total(b)	603		$	13,970		$	8,470		$	3,923		$	6,092		$	1,793		$	403		$	34,651	100%
Allowance for credit losses			$	75		$	355		$	79		$	89		$	31		$	5		$	634	2	%
December 31, 2023
Credit Quality Performance Indicator:
In good standing	600		$	13,861		$	8,468		$	3,787		$	5,908		$	1,805		$	325		$	34,154	100%
90 days or less delinquent	1		—			18			—			—			—			—			18		—%
>90 days delinquent or in<br><br>process of foreclosure	—		—			—			—			—			—			—			—		—%
Total(b)	601		$	13,861		$	8,486		$	3,787		$	5,908		$	1,805		$	325		$	34,172	100%
Allowance for credit losses			$	85		$	340		$	74		$	83		$	27		$	5		$	614	2	%

(a)Includes $61 million of Offices loans and $20 million of Retail loans supporting the Fortitude Re Funds Withheld arrangements, 90 days or less delinquent, at March 31, 2024.

(b)Does not reflect allowance for credit losses.

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

March 31, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
FICO*:
780 and greater	$	55	$	639	$	592	$	2,292	$	642	$	737	$	4,957
720 - 779	198		1,117		537		542		150		313		2,857
660 - 719	69		363		232		131		40		158		993
600 - 659	—		11		35		18		10		57		131
Less than 600	—		2		18		9		5		28		62
Total residential mortgages	$	322	$	2,132	$	1,414	$	2,992	$	847	$	1,293	$	9,000
December 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
FICO*:
780 and greater	$	514	$	528	$	2,280	$	619	$	239	$	497	$	4,677
720 - 779	1,121		608		558		168		99		209		2,763
660 - 719	313		256		113		40		37		120		879
600 - 659	2		20		11		8		9		51		101
Less than 600	—		—		2		2		4		17		25
Total residential mortgages	$	1,950	$	1,412	$	2,964	$	837	$	388	$	894	$	8,445

*    Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On March 31, 2024 and December 31, 2023 residential loans direct to consumers totaled $2.3 billion and $1.7 billion, respectively.

Corebridge | First Quarter 2024 Form 10-Q 38

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 7. Lending Activities

ALLOWANCE FOR CREDIT LOSSES

The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable*:

Three Months Ended March 31,	2024						2023
(in millions)	Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total
Allowance, beginning of period	$	614	$	84	$	698	$	531	$	69	$	600
Loans charged off	—		(6)		(6)		—		—		—
Net charge-offs	—		(6)		(6)		—		—		—
Addition to (release of) allowance for loan losses	20		2		22		55		4		59
Divestitures	—		—		—		—		—		—
Allowance, end of period	$	634	$	80	$	714	$	586	$	73	$	659

*    Does not include allowance for credit losses of $48 million and $54 million, respectively, at March 31, 2024 and 2023 in relation to the off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Condensed Consolidated Balance Sheets

Our expectations and models used to estimate the allowance for losses on commercial and residential mortgage loans are regularly updated to reflect the current economic environment.

LOAN MODIFICATIONS

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial and residential mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.

When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.

We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor.

During the three months ended March 31, 2024, commercial mortgage loans with an amortized cost of $11 million supporting the funds withheld arrangements with Fortitude Re and commercial loans, other loans and notes receivable with an amortized cost of $168 million (none of which were supporting the funds withheld arrangements with Fortitude Re, and $168 million of which is related to the loans previously modified in 2023) were granted term extensions. The modified loans represent less than 1% and 6%, respectively, of these portfolio segments. These modifications added less than one year to the weighted average life of loans in each of these two portfolio segments.

During the three months ended March 31, 2024 and 2023, Corebridge did not modify any loans to borrowers experiencing financial difficulty.

There were no loans that defaulted during the three months ended March 31, 2024 and 2023, that had been previously modified with borrowers experiencing financial difficulties.

Corebridge closely monitors the performance of the loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. All loans with borrowers with financial difficulty that have been modified in the previous 12 months are current and performing in conjunction with its modified terms.

Corebridge | First Quarter 2024 Form 10-Q 39

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8. Reinsurance

8. Reinsurance

In the ordinary course of business, our insurance companies may use ceded reinsurance to limit potential losses, provide additional capacity for growth, minimize exposure to significant risks or to provide greater diversification of our businesses. We may also use assumed reinsurance to diversify our business. Our reinsurance is principally under yearly renewable term (“YRT”) treaties, along with a large modco treaty reinsuring the majority of our legacy business to Fortitude Re. Reinsurance premiums ceded are recognized when due, along with corresponding benefits. Amounts recoverable from reinsurers are presented as a component of Reinsurance assets.

Reinsurance assets include the balances due from reinsurance and insurance companies under the terms of our reinsurance agreements for ceded future policy benefits for life and accident and health insurance contracts and benefits paid and unpaid. We remain liable to the extent that our reinsurers do not meet their obligations under the reinsurance contracts, and as such, we regularly evaluate the financial condition of our reinsurers and monitor concentration of our credit risk. The estimation of the allowance for credit losses and disputes requires judgment for which key inputs typically include historical trends regarding uncollectible balances, disputes and credit events as well as specific reviews of balances in dispute or subject to credit impairment. Changes in the allowance for credit losses and disputes on reinsurance assets are reflected in policyholder benefits within the Consolidated Statements of Income (Loss).

Reinsurance recoverables are recognized in a manner consistent with the liabilities relating to the underlying reinsured contracts.

FORTITUDE RE

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

In the modco, the investments supporting the reinsurance agreements, which consist mostly of available-for-sale securities, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., Corebridge), thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as Corebridge maintains ownership of these investments, Corebridge will maintain its existing accounting for these assets (e.g., the changes in fair value of available-for-sale securities will be recognized within OCI). Corebridge has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing liabilities for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.

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

	March 31, 2024				December 31, 2023
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value		Corresponding Accounting Policy
Fixed maturity securities - available-for-sale	$	14,656	$	14,656	$	15,204	$	15,204	Fair value through other comprehensive income
Fixed maturity securities - fair value option	4,283		4,283		4,212		4,212		Fair value through net investment income
Commercial mortgage loans	3,345		3,091		3,378		3,157		Amortized cost
Real estate investments	175		302		184		329		Amortized cost
Private equity funds/hedge funds	1,920		1,920		1,910		1,910		Fair value through net investment income
Policy loans	325		325		330		330		Amortized cost
Short-term Investments	161		161		129		129		Fair value through net investment income
Funds withheld investment assets	24,865		24,738		25,347		25,271
Derivative assets, net(a)	14		14		45		45		Fair value through realized gains (losses)
Other(b)	571		571		641		641		Amortized cost
Total	$	25,450	$	25,323	$	26,033	$	25,957

(a)    The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $14 million and $1 million, respectively, as of March 31, 2024. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $62 million and $6 million, respectively, as of December 31, 2023. These derivative assets and liabilities are fully collateralized either by cash or securities.

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

Corebridge | First Quarter 2024 Form 10-Q 40

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8. Reinsurance

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

	Three Months Ended March 31,
(in millions)		2024		2023
Net investment income - Fortitude Re funds withheld assets		$	332	$	394
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized gains (losses) Fortitude Re funds withheld assets		(164)		20
Net realized gains (losses) Fortitude Re funds withheld embedded derivatives		22		(1,025)
Net realized losses on Fortitude Re funds withheld assets		(142)		(1,005)
Income (loss) before income tax benefit (expense)		190		(611)
Income tax benefit (expense)*		40		(128)
Net income (loss)		150		(483)
Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available-for-sale*		(116)		451
Comprehensive income (loss)		$	34	$	(32)

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

Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangement and the appreciation (depreciation) of the assets is the primary driver of the comprehensive income (loss) reflected above.

REINSURANCE – CREDIT LOSSES

The estimation of reinsurance recoverables involves a significant amount of judgment. Reinsurance assets include reinsurance recoverables on future policy benefits and policyholder contract deposits that are estimated as part of our insurance liability valuation process and, consequently, are subject to similar judgments and uncertainties as the estimation of gross benefit liabilities.

We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and other assets on the Condensed Consolidated Balance Sheets (collectively, the reinsurance recoverable balances). This estimate requires significant judgment for which key considerations include:

•paid and unpaid amounts recoverable;

•whether the balance is in dispute or subject to legal collection;

•the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (“ORRs”) we assign to each reinsurer based upon our financial reviews; insurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and

•whether collateral and collateral arrangements exist.

An estimate of the reinsurance recoverable’s lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies.

The total reinsurance recoverables as of March 31, 2024 were $27.7 billion. As of that date, utilizing Corebridge’s ORRs, (i) approximately 100% of the reinsurance recoverables were investment grade, (ii) less than 1% were non-investment grade reinsurance recoverables and (iii) none of the reinsurance recoverables were related to entities that were not rated by Corebridge.

Corebridge | First Quarter 2024 Form 10-Q 41

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8. Reinsurance

Reinsurance Recoverable Allowance

The following table presents a rollforward of the reinsurance recoverable allowance:

	Three Months Ended March 31,
(in millions)		2024		2023
Balance, beginning of period		$	30	$	84
Current period provision for expected credit losses and disputes		(10)		(10)
Write-offs charged against the allowance for credit losses and disputes		(2)		—
Other changes		—		—
Balance, end of period		$	18	$	74

There were no material recoveries of credit losses previously written off for the three months ended March 31, 2024 or 2023.

Past-Due Status

We consider a reinsurance asset to be past due when it is 90 days past due and record an allowance for disputes when there is reasonable uncertainty of the collectability of a disputed amount during the reporting period. Past-due balances were not significant for any of the periods presented.

For further discussion of arbitration proceedings against us, see Note 16.

9. Variable Interest Entities

A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary beneficiary is not based on majority voting interest but is based on other criteria discussed below.

We enter into various arrangements with VIEs in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders.

The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE.

Corebridge | First Quarter 2024 Form 10-Q 42

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Variable Interest Entities

BALANCE SHEET CLASSIFICATION AND EXPOSURE TO LOSS

Creditors or beneficial interest holders of VIEs for which the Company is the primary beneficiary generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to the Company. The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Balance Sheets:

(in millions)	Real Estate and<br><br>Investment<br><br>Entities(c)		Securitization<br><br>and Repackaging<br><br>Vehicles		Total
March 31, 2024
Assets:
Bonds available-for-sale	$	39	$	121	$	160
Other bond securities	46		—		46
Equity securities	19		—		19
Mortgage and other loans receivable	—		1,872		1,872
Other invested assets
Alternative investments(a)	2,536		—		2,536
Investment real estate	1,413		—		1,413
Short-term investments	157		2		159
Cash	54		—		54
Accrued investment income	2		5		7
Other assets	79		10		89
Total assets(b)	$	4,345	$	2,010	$	6,355
Liabilities:
Debt of consolidated investment entities	$	1,042	$	1,156	$	2,198
Other liabilities	71		33		104
Total liabilities	$	1,113	$	1,189	$	2,302
December 31, 2023
Assets:
Bonds available-for-sale	$	36	$	76	$	112
Other bond securities	45		—		45
Equity securities	8		—		8
Mortgage and other loans receivable	—		1,941		1,941
Other invested assets
Alternative investments(a)	2,695		—		2,695
Investment real estate	1,488		—		1,488
Short-term investments	125		5		130
Cash	61		—		61
Accrued investment income	2		5		7
Other assets	93		2		95
Total assets(b)	$	4,553	$	2,029	$	6,582
Liabilities:
Debt of consolidated investment entities	$	1,117	$	1,149	$	2,266
Other liabilities	82		1		83
Total liabilities	$	1,199	$	1,150	$	2,349

(a)    Composed primarily of investments in real estate joint ventures at March 31, 2024 and December 31, 2023.

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

(c)    Off-balance-sheet exposure primarily consisting of commitments by insurance operations and affiliates into real estate and investment entities. At March 31, 2024 and December 31, 2023, together, the Company and AIG affiliates have commitments to internal parties of $1.7 billion and $1.8 billion and commitments to external parties of $0.5 billion and $0.4 billion, respectively. At March 31, 2024, $1.1 billion out of the internal commitments was from subsidiaries of Corebridge entities and $0.6 billion was from other AIG affiliates. At December 31, 2023, $1.2 billion out of the internal commitments was from subsidiaries of Corebridge entities, and $0.6 billion was from other AIG affiliates.

Corebridge | First Quarter 2024 Form 10-Q 43

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Variable Interest Entities

The following table presents the revenue, net income (loss) attributable to noncontrolling interests and net income (loss) attributable to Corebridge associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Statements of Income (Loss):

	Real Estate and		Securitization
	Investment		and Repackaging
(in millions)	Entities		Vehicles		Total
Three Months Ended March 31, 2024
Total revenue	$	(63)	$	16	$	(47)
Net income attributable to noncontrolling interests	$	(51)	$	—	$	(51)
Net income (loss) attributable to Corebridge	$	(32)	$	9	$	(23)
Three Months Ended March 31, 2023
Total revenue	$	53	$	59	$	112
Net income attributable to noncontrolling interests	$	6	$	—	$	6
Net income (loss) attributable to Corebridge	$	33	$	45	$	78

We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation and (iii) other commitments and guarantees to the VIE.

The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs:

			Maximum Exposure to Loss
(in millions)	Total VIE<br>Assets			On-Balance<br><br>Sheet(b)		Off-Balance<br><br>Sheet (c)		Total
March 31, 2024
Real estate and investment entities(a)	$	415,594		$	5,573	$	2,740	$	8,313
Total	$	415,594		$	5,573	$	2,740	$	8,313
December 31, 2023
Real estate and investment entities(a)	$	398,978		$	5,532	$	2,870	$	8,402
Total	$	398,978		$	5,532	$	2,870	$	8,402

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

(b)    At March 31, 2024 and December 31, 2023, $5.5 billion and $5.5 billion, respectively, of our total unconsolidated VIE assets were recorded as other invested assets.

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

Additionally, from time to time, AIG designed internal securitizations and a series of VIEs, which are not consolidated by Corebridge, that securitized certain secured loans, bank loans and residential mortgage loans. The notes held by Corebridge and their related fair values are included in the available-for-sale disclosures that are reported in Notes 5 and 6. As of March 31, 2024, the total VIE assets of these securitizations are $3.0 billion, of which Corebridge’s maximum exposure to loss including unfunded commitments is $2.2 billion. As of December 31, 2023, the total VIE assets of these securitizations are $3.1 billion, of which Corebridge’s maximum exposure to loss is $2.2 billion.

10. Derivatives and Hedge Accounting

We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate futures, swaps and options), equity derivatives (such as equity futures, swaps and options) and fixed maturity securities are used to economically mitigate interest rate risk, equity risk and credit spread exposure associated with MRBs and embedded derivatives contained in insurance contract liabilities. Interest rate derivatives are used to manage interest rate risk associated with fixed maturity securities as well as other interest rate sensitive assets and liabilities. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives and MRBs in certain insurance liabilities. In addition, equity derivatives are used to economically hedge certain investments. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with foreign denominated investments, net capital exposures and foreign currency transactions. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. As part of our strategy to enhance investment income, in addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (CDSs), total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds.

Corebridge | First Quarter 2024 Form 10-Q 44

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 10. Derivatives and Hedge Accounting

Interest rate, currency and equity swaps, credit contracts, swaptions, options and forward transactions are accounted for as derivatives, recorded on a trade-date basis and carried at fair value. Unrealized gains and losses are generally reflected in income, except in certain situations in which hedge accounting is applied and unrealized gains and losses are reflected in AOCI. Aggregate asset or liability positions are netted on the Condensed Consolidated Balance Sheets only to the extent permitted by qualifying master netting arrangements in place with each respective counterparty. Cash collateral posted with counterparties in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative liability, while cash collateral received in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative asset.

Derivatives, with the exception of embedded derivatives, are reported at fair value in the Condensed Consolidated Balance Sheets in Other assets and Other liabilities. Embedded derivatives are generally presented with the host contract in the Condensed Consolidated Balance Sheets. A bifurcated embedded derivative is measured at fair value and accounted for in the same manner as a freestanding derivative contract. The corresponding host contract is accounted for according to the accounting guidance applicable for that instrument.

For additional information on embedded derivatives and MRBs, see Notes 5, 14 and 15.

The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:

	March 31, 2024								December 31, 2023
	Gross Derivative <br>Assets				Gross Derivative Liabilities				Gross Derivative <br>Assets				Gross Derivative Liabilities
(in millions)	Notional<br>Amount		Fair<br>Value		Notional<br>Amount		Fair<br>Value		Notional<br>Amount		Fair<br>Value		Notional<br>Amount		Fair<br>Value
Derivatives designated as hedging instruments:(a)
Interest rate contracts	$	696	$	210	$	3,149	$	64	$	2,213	$	238	$	833	$	18
Foreign exchange contracts	5,822		400		1,019		58		2,918		354		4,829		164
Derivatives not designated as hedging instruments:(a)
Interest rate contracts	51,805		2,975		34,607		2,993		41,056		2,709		41,225		3,260
Foreign exchange contracts	11,337		599		4,220		259		6,260		586		7,878		399
Equity contracts	76,330		2,876		14,588		1,228		76,561		2,017		14,144		745
Credit contracts(b)	2,005		78		5		—		305		8		5		—
Other contracts(c)	43,182		13		47		1		44,640		13		47		2
Total derivatives, gross	$	191,177	$	7,151	$	57,635	$	4,603	$	173,953	$	5,925	$	68,961	$	4,588
Counterparty netting(d)			(4,279)				(4,279)				(3,646)				(3,646)
Cash collateral(e)			(2,381)				(166)				(1,886)				(801)
Total derivatives on Condensed Consolidated Balance Sheets(f)			$	491			$	158			$	393			$	141

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

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

(c)    Consists primarily of stable value wraps and contracts with multiple underlying exposures.

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

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

(f)    Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. The fair value of assets related to bifurcated embedded derivatives were both zero at March 31, 2024 and December 31, 2023. The fair value of liabilities related to bifurcated embedded derivatives was $10.9 billion and $10.2 billion at March 31, 2024 and December 31, 2023, respectively. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities, index universal life contracts and bonds available-for-sale, which include equity and interest rate components and the funds withheld arrangement with Fortitude Re. For additional information, see Note 8.

Corebridge | First Quarter 2024 Form 10-Q 45

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 10. Derivatives and Hedge Accounting

The following table presents the gross notional amounts of our derivatives and the fair value of derivative assets and liabilities with related parties and third parties:

	March 31, 2024								December 31, 2023
	Gross Derivative <br>Assets				Gross Derivative <br>Liabilities				Gross Derivative <br>Assets				Gross Derivative <br>Liabilities
(in millions)	Notional<br>Amount		Fair<br>Value		Notional<br>Amount		Fair<br>Value		Notional<br>Amount		Fair<br>Value		Notional<br>Amount		Fair<br>Value
Total derivatives with related parties	$	8,038	$	215	$	1	$	—	$	53,163	$	622	$	5,720	$	232
Total derivatives with third parties	183,139		6,936		57,634		4,603		120,790		5,303		63,241		4,356
Total derivatives, gross	$	191,177	$	7,151	$	57,635	$	4,603	$	173,953	$	5,925	$	68,961	$	4,588

As of March 31, 2024 and December 31, 2023, the following amounts were recorded on the Condensed Consolidated Balance Sheets related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges:

	March 31, 2024				December 31, 2023
(in millions)	Carrying <br>Amount of the Hedged Assets<br>(Liabilities)		Cumulative Amount of<br>Fair Value Hedging<br>Adjustments Included<br>In the Carrying Amount<br>of the Hedged Assets<br>Liabilities		Carrying <br>Amount of the Hedged Assets<br>(Liabilities)		Cumulative Amount of<br>Fair Value Hedging<br>Adjustments Included<br>In the Carrying Amount<br>of the Hedged Assets<br>Liabilities
Balance sheet line item in which hedged item is recorded:
Fixed maturities, available-for-sale, at fair value	$	6,312	$	—	$	7,412	$	—
Commercial mortgage and other loans(a)	—		(23)		—		(24)
Policyholder contract deposits(b)	(5,244)		84		(4,756)		(31)

(a)    This relates to hedge accounting that has been discontinued, but the respective loans are still held. The cumulative adjustment is being amortized into earnings over the remaining life of the loan.

(b)    This relates to fair value hedges on GICs.

COLLATERAL

We engage in derivative transactions that are not subject to a clearing requirement directly with related parties and unaffiliated third parties, in most cases under International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements. Many of the ISDA Master Agreements also include Credit Support Annex provisions, which provide for collateral postings that may vary based on criteria such as ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an up-front or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances.

Collateral posted by us to third parties for derivative transactions was $1.0 billion and $1.4 billion at March 31, 2024 and December 31, 2023, respectively. No  collateral was posted by us to related parties for derivative transactions at March 31, 2024 and December 31, 2023, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $2.6 billion and $1.9 billion at March 31, 2024 and December 31, 2023, respectively. Collateral provided to us from related parties for derivative transactions was $220 million and $377 million at March 31, 2024 and December 31, 2023, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.

OFFSETTING

We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions governed by the ISDA Master Agreement.

Corebridge | First Quarter 2024 Form 10-Q 46

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 10. Derivatives and Hedge Accounting

HEDGE ACCOUNTING

We designated certain derivatives entered into with related parties as fair value hedges of available-for-sale securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross-currency swaps designated as hedges of the change in fair value of foreign currency denominated available-for-sale securities attributable to changes in foreign exchange rates. We also designated certain interest rate swaps entered into with related parties as fair value hedges of fixed rate GICs and commercial mortgage loans attributable to changes in benchmark interest rates.

In 2022 we designated certain interest rate swaps entered into with related parties as cash flow hedges of forecasted coupon payments associated with anticipated long-term debt issuances. For the three months ended March 31, 2024 and 2023, $7 million and $7 million, respectively, has been reclassified into Interest expense. The remaining amount in AOCI, of $167 million, will be reclassified into Interest expense over the life of the hedging relationship, which can extend up to 30 years. We expect $28 million to be reclassified into Interest expense over the next 12 months. There are no amounts excluded from the assessment of hedge effectiveness that are recognized in earnings.

For additional information related to the debt issuances, see Note 17 to the Consolidated Financial Statements in the 2023 Form 10-K.

We also designated certain interest rate swaps as cash flow hedges of floating-rate investment assets. Related to such swaps, for the three months ended March 31, 2024, we recognized derivative gains (losses) of $(18) million in AOCI and $(3) million in net investment income. As it relates to such hedges, we do not expect any reclassifications into net investment income over the next 12 months and there are no amounts excluded from the assessment of hedge effectiveness that are recognized in earnings.

We use cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. We recognized gains (losses) for the three months ended March 31, 2024 and 2023 of $2 million and $(1) million, respectively, included in Change in foreign currency translation adjustment in OCI related to the net investment hedge relationships. The gains (losses) recognized primarily include transactions with related parties. A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while regression analysis is employed for all other hedges.

The following table presents the gain (loss) recognized in earnings on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):

	Gains/(Losses) Recognized in Earnings for:
(in millions)	Hedging<br><br>Derivatives(a)(b)		Excluded<br><br>Components(b)(c)		Hedged<br>Items		Net Impact
Three Months Ended March 31, 2024
Interest rate contracts:
Interest credited to policyholder account balances	$	(59)	$	—	$	65	$	6
Foreign exchange contracts:
Realized gains (losses)	$	144	$	(11)	$	(144)	$	(11)
Three Months Ended March 31, 2023
Interest rate contracts:
Interest credited to policyholder account balances	$	86	$	—	$	(88)	$	(2)
Foreign exchange contracts:
Realized gains (losses)	$	(83)	$	79	$	83	$	79

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

(b)    Includes gains and losses with related parties for the three months ended March 31, 2024 and 2023.

(c)    Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in earnings on a mark-to-market basis.

Corebridge | First Quarter 2024 Form 10-Q 47

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 10. Derivatives and Hedge Accounting

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS

The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss):

		Gains (Losses) Recognized in Earnings
	Three Months Ended March 31,
(in millions)		2024		2023
By Derivative Type:
Interest rate contracts		$	(367)	$	32
Foreign exchange contracts		224		(67)
Equity contracts		189		83
Credit contracts		23		—
Other contracts		16		(127)
Embedded derivatives		(562)		(384)
Fortitude Re funds withheld embedded derivative		22		(1,025)
Total(a)		$	(455)	$	(1,488)
By Classification:
Policy fees		$	15	$	16
Net investment income - Fortitude Re funds withheld assets		5		(2)
Net realized gains (losses) - excluding Fortitude Re funds withheld assets(b)		298		(414)
Net realized gains (losses) on Fortitude Re funds withheld assets		(95)		43
Net realized gains (losses) on Fortitude Re funds withheld embedded derivatives		22		(1,025)
Policyholder benefits		—		3
Change in the Fair value of market risk benefits(c)		(700)		(109)
Total(a)		$	(455)	$	(1,488)

(a)    Includes gains (losses) with related parties of $(13) million and $6 million for the three months ended March 31, 2024 and 2023, respectively.

(b)    Includes a $5 million gain (loss) related to the sale of AIG Life reported in Net (gain) loss on divestitures. For further details on this transaction, see Notes 1 and 4.

(c)    This represents activity related to derivatives that economically hedged changes in fair value of certain MRBs.

In addition to embedded derivatives within policyholder contract deposits, certain guaranteed benefits within insurance contracts are classified as MRBs. The change in the fair value of these benefits is disclosed in Note 15. The change in the fair value of MRBs and the derivative instruments that hedge those risks are recognized in “Change in the fair value of MRBs, net” in the Condensed Consolidated Statements of Income (Loss).

HYBRID SECURITIES WITH EMBEDDED CREDIT DERIVATIVES

We invest in hybrid securities (such as credit-linked notes) with the intent of generating income, and not specifically to acquire exposure to embedded derivative risk. As is the case with our other investments in RMBS, CMBS, CLOs, ABS and collateralized debt obligations (“CDOs”), our investments in these hybrid securities are exposed to losses only up to the amount of our initial investment in the hybrid security. Other than our initial investment in the hybrid securities, we have no further obligation to make payments on the embedded credit derivatives in the related hybrid securities.

We elect to account for our investments in these hybrid securities with embedded written credit derivatives at fair value, with changes in fair value recognized in Net investment income. Our investments in these hybrid securities are reported as Other bond securities in the Condensed Consolidated Balance Sheets. The fair values of these hybrid securities were both zero at March 31, 2024 and December 31, 2023. These securities have par amounts of $25 million and $25 million at March 31, 2024 and December 31, 2023, respectively, and have remaining stated maturity dates that extend to 2052.

Corebridge | First Quarter 2024 Form 10-Q 48

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Deferred Policy Acquisition Costs

11. Deferred Policy Acquisition Costs

Deferred policy acquisition costs (“DAC”) represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such DAC generally include agent or broker commissions and bonuses, and medical fees that would not have been incurred if the insurance contract had not been acquired or renewed. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in Non-deferrable insurance commissions in the Condensed Consolidated Statements of Income (Loss).

We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates.

DAC for all contracts, except for those with limited to no exposure to policyholder behavior risk, (i.e., certain investment contracts), is grouped and amortized on a constant level basis over the expected term of the related contracts.

Value of Business Acquired (“VOBA”): VOBA is determined at the time of acquisition and is reported in the Condensed Consolidated Balance Sheets with DAC. This value is based on the present value of future pre-tax profits discounted at yields applicable at the time of purchase. VOBA is amortized, consistent with DAC, i.e., over the life of the business on a constant level basis.

The following table presents a rollforward of deferred policy acquisition costs and value of business acquired related to long-duration contracts for the three months ended March 31, 2024 and 2023:

	Individual<br>Retirement		Group<br>Retirement		Life<br>Insurance		Institutional<br>Markets		Total
(in millions)
DAC:
Balance at January 1, 2024	$	4,777	$	1,055	$	4,092	$	70	$	9,994
Capitalization	170		22		135		13		340
Amortization expense	(149)		(21)		(93)		(3)		(266)
Other, including foreign exchange	—		—		(7)		—		(7)
Reclassified to Assets held-for-sale	—		—		(27)		—		(27)
Balance at March 31, 2024	$	4,798	$	1,056	$	4,100	$	80	$	10,034
Balance at January 1, 2023	$	4,643	$	1,060	$	4,718	$	51	$	10,472
Capitalization	187		21		107		4		319
Amortization expense	(137)		(21)		(93)		(2)		(253)
Other, including foreign exchange	—		—		13		—		13
Balance at March 31, 2023	$	4,693	$	1,060	$	4,745	$	53	$	10,551
VOBA:
Balance at January 1, 2024	$	2	$	1	$	14	$	—	$	17
Amortization expense	—		—		(1)		—		(1)
Other, including foreign exchange	—		—		(1)		—		(1)
Balance at March 31, 2024	$	2	$	1	$	12	$	—	$	15
Balance at January 1, 2023	$	3	$	1	$	87	$	—	$	91
Amortization expense	—		—		(3)		—		(3)
Other, including foreign exchange	(2)		—		4		—		2
Balance at March 31, 2023	$	1	$	1	$	88	$	—	$	90
Total DAC and VOBA:
Balance at March 31, 2024									$	10,049
Balance at March 31, 2023									$	10,641

Corebridge | First Quarter 2024 Form 10-Q 49

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Deferred Policy Acquisition Costs

DEFERRED SALES INDUCEMENTS

We offer deferred sales inducements (“DSI”) which include enhanced crediting rates or bonus payments to contract holders (bonus interest) on certain annuity and investment contract products. To qualify for accounting treatment as an asset, the bonus interest must be explicitly identified in the contract at inception. We must also demonstrate that such amounts are incremental to amounts we credit on similar contracts without bonus interest and are higher than the contracts’ expected ongoing crediting rates for periods after the bonus period. DSI is reported in Other assets, while amortization related to DSI is recorded in Interest credited to policyholder account balances. DSI amounts are deferred and amortized on a constant level basis over the life of the contract consistent with DAC.

The following table presents a rollforward of deferred sales inducement assets related to long-duration contracts for the three months ended March 31, 2024 and 2023:

Three Months Ended March 31,	2024						2023
	Individual<br>Retirement		Group<br>Retirement		Total		Individual<br>Retirement		Group<br>Retirement		Total
(in millions)
Balance, beginning of year	$	333	$	164	$	497	$	381	$	177	$	558
Capitalization	1		—		1		2		—		2
Amortization expense	(13)		(3)		(16)		(14)		(3)		(17)
Balance, end of period	$	321	$	161	$	482	$	369	$	174	$	543
Other reconciling items*					1,660						2,145
Other assets, including restricted cash					$	2,142					$	2,688

* Other reconciling items include prepaid expenses, goodwill, intangible assets and any similar items.

12. Separate Account Assets and Liabilities

We report variable contracts within the separate accounts when investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder and the separate account meets additional accounting criteria to qualify for separate account treatment. The assets supporting the variable portion of variable annuity and variable universal life contracts that qualify for separate account treatment are carried at fair value and are reported as separate account assets, with an equivalent summary total reported as separate account liabilities. The assets of insulated accounts are legally segregated and are not subject to claims that arise from any of our other businesses.

Policy values for variable products and investment contracts are expressed in terms of investment units. Each unit is linked to an asset portfolio. The value of a unit increases or decreases based on the value of the linked asset portfolio. The current liability at any time is the sum of the current unit value of all investment units in the separate accounts, plus any liabilities for MRBs.

Amounts assessed against the policyholders for mortality, administrative and other services are included in policy fees. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to policyholders of such separate accounts are offset within the same line in the Condensed Consolidated Statements of Income (Loss).

For discussion of the fair value measurement of guaranteed benefits that are accounted for as MRBs, see Note 5.

The following table presents fair value of separate account investment options:

	Individual Retirement		Group Retirement		Life<br>Insurance		Institutional<br>Markets		Total
(in millions)
March 31, 2024
Equity funds	$	26,945	$	30,285	$	900	$	635	$	58,765
Bond funds	4,121		3,315		45		1,281		8,762
Balanced funds	18,179		5,663		55		2,062		25,959
Money market funds	693		802		16		176		1,687
Total	$	49,938	$	40,065	$	1,016	$	4,154	$	95,173
December 31, 2023
Equity funds	$	25,451	$	28,675	$	819	$	593	$	55,538
Bond funds	4,037		3,292		44		1,303		8,676
Balanced funds	17,711		5,479		53		1,923		25,166
Money market funds	694		742		16		173		1,625
Total	$	47,893	$	38,188	$	932	$	3,992	$	91,005

Corebridge | First Quarter 2024 Form 10-Q 50

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 12. Separate Account Assets and Liabilities

The following table presents the balances and changes in separate account liabilities:

Three Months Ended March 31, 2024	Individual Retirement		Group<br> Retirement		Life<br>Insurance		Institutional<br>Markets		Total
(in millions)
Separate accounts balance, beginning of year	$	47,893	$	38,188	$	932	$	3,992	$	91,005
Premiums and deposits	294		340		9		69		712
Policy charges	(288)		(115)		(12)		(24)		(439)
Surrenders and withdrawals	(1,193)		(1,052)		(9)		(31)		(2,285)
Benefit payments	(239)		(154)		(2)		(5)		(400)
Investment performance	3,451		2,934		98		139		6,622
Net transfers from (to) general account and other	20		(76)		—		14		(42)
Separate accounts balance, end of period	$	49,938	$	40,065	$	1,016	$	4,154	$	95,173
Cash surrender value*	$	48,975	$	39,865	$	995	$	4,150	$	93,985
Three Months Ended March 31, 2023
Separate accounts balance, beginning of year	$	45,178	$	34,361	$	799	$	4,515	$	84,853
Premiums and deposits	451		360		9		26		846
Policy charges	(344)		(110)		(12)		(24)		(490)
Surrenders and withdrawals	(844)		(669)		(6)		(404)		(1,923)
Benefit payments	(215)		(130)		(1)		(54)		(400)
Investment performance	2,131		2,186		53		99		4,469
Net transfers from (to) general account and other	73		(78)		(1)		8		2
Separate accounts balance, end of period	$	46,430	$	35,920	$	841	$	4,166	$	87,357
Cash surrender value*	$	45,388	$	35,726	$	794	$	4,168	$	86,076

*    The cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less applicable surrender charges.

Separate account liabilities primarily represent the contract holder's account balance in separate account assets and will be equal and offsetting to total separate account assets.

13. Future Policy Benefits

Future policy benefits primarily include reserves for traditional life and annuity payout contracts, which represent an estimate of the present value of future benefits less the present value of future net premiums. Included in Future policy benefits are liabilities for annuities issued in structured settlement arrangements whereby a claimant receives life contingent payments over their lifetime. Also included are pension risk transfer arrangements whereby an upfront premium is received in exchange for guaranteed retirement benefits. All payments under these arrangements are fixed and determinable with respect to their amounts and dates. Structured settlement or other annuitization elections (e.g., certain single premium immediate annuities) that do not involve life contingent payments, but rather payments for a stated period are included in Policyholder contract deposits.

For traditional and limited pay long-duration products, benefit reserves are accrued and benefit expense is recognized using a net premium ratio (“NPR”) methodology for each annual cohort of business.

Corebridge | First Quarter 2024 Form 10-Q 51

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |13. Future Policy Benefits

The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets:

Three Months Ended March 31, 2024	Individual<br>Retirement		Group<br>Retirement		Life<br>Insurance		Institutional<br>Markets		Corporate and Other		Total
(in millions, except for liability durations)
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	8,379	$	—	$	973	$	9,352
Effect of changes in discount rate assumptions (AOCI)	—		—		1,482		—		44		1,526
Reclassified to Liabilities held-for-sale	—		—		4,287		—		—		4,287
Beginning balance at original discount rate	—		—		14,148		—		1,017		15,165
Effect of actual variances from expected experience	—		—		(13)		—		—		(13)
Adjusted beginning of year balance	—		—		14,135		—		1,017		15,152
Issuances	—		—		353		—		—		353
Interest accrual	—		—		117		—		11		128
Net premium collected	—		—		(381)		—		(29)		(410)
Foreign exchange impact	—		—		(46)		—		—		(46)
Other	—		—		(4)		—		—		(4)
Ending balance at original discount rate	—		—		14,174		—		999		15,173
Effect of changes in discount rate assumptions (AOCI)	—		—		(1,621)		—		(57)		(1,678)
Reclassified to Liabilities held-for-sale	—		—		(4,247)		—		—		(4,247)
Balance, end of period	$	—	$	—	$	8,306	$	—	$	942	$	9,248
Present value of expected future policy benefits
Balance, beginning of year	$	1,353	$	217	$	17,531	$	18,482	$	20,654	$	58,237
Effect of changes in discount rate assumptions (AOCI)	132		(3)		2,745		1,906		437		5,217
Reclassified to Liabilities held-for-sale	—		—		5,119		—		—		5,119
Beginning balance at original discount rate	1,485		214		25,395		20,388		21,091		68,573
Effect of actual variances from expected experience(a)	(6)		(1)		(7)		—		(9)		(23)
Adjusted beginning of year balance	1,479		213		25,388		20,388		21,082		68,550
Issuances	34		5		350		1,726		2		2,117
Interest accrual	16		3		236		217		252		724
Benefit payments	(33)		(7)		(458)		(283)		(370)		(1,151)
Foreign exchange impact	—		—		(61)		(82)		—		(143)
Other	—		—		(3)		—		(3)		(6)
Ending balance at original discount rate	1,496		214		25,452		21,966		20,963		70,091
Effect of changes in discount rate assumptions (AOCI)	(153)		—		(3,149)		(2,347)		(959)		(6,608)
Reclassified to Liabilities held-for-sale	—		—		(5,078)		—		—		(5,078)
Balance, end of period	$	1,343	$	214	$	17,225	$	19,619	$	20,004	$	58,405
Net liability for future policy benefits, end of period	1,343		214		8,919		19,619		19,062		49,157
Liability for future policy benefits for certain participating contracts	—		—		13		—		1,289		1,302
Liability for universal life policies with secondary guarantees and similar features(b)	—		—		3,917		—		55		3,972
Deferred profit liability	78		9		20		1,595		850		2,552
Other reconciling items(c)	31		—		477		—		96		604
Future policy benefits for life and accident and health insurance contracts	1,452		223		13,346		21,214		21,352		57,587
Less: Reinsurance recoverable:	(4)		—		(714)		(37)		(21,352)		(22,107)
Net liability for future policy benefits after reinsurance recoverable	$	1,448	$	223	$	12,632	$	21,177	$	—	$	35,480
Weighted average liability duration of the liability for future policy benefits(d)(e)	7.7		6.7		12.6		12.2		11.2

Corebridge | First Quarter 2024 Form 10-Q 52

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |13. Future Policy Benefits

Three Months Ended March 31, 2023	Individual<br>Retirement		Group<br>Retirement		Life<br>Insurance		Institutional<br>Markets		Corporate and Other		Total
(in millions, except for liability durations)
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	11,654	$	—	$	991	$	12,645
Effect of changes in discount rate assumptions (AOCI)	—		—		1,872		—		66		1,938
Beginning balance at original discount rate	—		—		13,526		—		1,057		14,583
Effect of actual variances from expected experience	1		—		12		—		3		16
Adjusted beginning of year balance	1		—		13,538		—		1,060		14,599
Issuances	6		—		322		—		—		328
Interest accrual	—		—		106		—		12		118
Net premium collected	(7)		—		(352)		—		(30)		(389)
Foreign exchange impact	—		—		96		—		—		96
Other	—		—		3		—		—		3
Ending balance at original discount rate	—		—		13,713		—		1,042		14,755
Effect of changes in discount rate assumptions (AOCI)	—		—		(1,648)		—		(48)		(1,696)
Balance, end of period	$	—	$	—	$	12,065	$	—	$	994	$	13,059
Present value of expected future policy benefits
Balance, beginning of year	$	1,223	$	211	$	21,179	$	12,464	$	20,429	$	55,506
Effect of changes in discount rate assumptions (AOCI)	167		2		3,424		2,634		1,083		7,310
Beginning balance at original discount rate	1,390		213		24,603		15,098		21,512		62,816
Effect of actual variances from expected experience(a)	(3)		(1)		26		(5)		—		17
Adjusted beginning of year balance	1,387		212		24,629		15,093		21,512		62,833
Issuances	70		2		318		1,450		3		1,843
Interest accrual	12		3		224		139		257		635
Benefit payments	(32)		(7)		(476)		(228)		(379)		(1,122)
Foreign exchange impact	—		—		277		125		—		402
Other	—		—		1		—		(3)		(2)
Ending balance at original discount rate	1,437		210		24,973		16,579		21,390		64,589
Effect of changes in discount rate assumptions (AOCI)	(141)		3		(3,081)		(2,302)		(492)		(6,013)
Balance, end of period	$	1,296	$	213	$	21,892	$	14,277	$	20,898	$	58,576
Net liability for future policy benefits, end of period	1,296		213		9,827		14,277		19,904		45,517
Liability for future policy benefits for certain participating contracts	—		—		14		—		1,326		1,340
Liability for universal life policies with secondary guarantees and similar features(b)	—		—		3,457		—		55		3,512
Deferred profit liability	83		10		16		1,415		871		2,395
Other reconciling items(c)	39		3		493		—		107		642
Future policy benefits for life and accident and health insurance contracts	1,418		226		13,807		15,692		22,263		53,406
Less: Reinsurance recoverable:	(4)		—		(1,187)		(37)		(22,263)		(23,491)
Net liability for future policy benefits after reinsurance recoverable	$	1,414	$	226	$	12,620	$	15,655	$	—	$	29,915
Weighted average liability duration of the liability for future policy benefits(d)	7.7		7.1		12.4		11.5		11.6

(a)    Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability.

(b)    Additional details can be found in the table that presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features.

(c)    Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts.

(d)    The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.

(e)    Includes balances that were reclassified to Liabilities held-for-sale in the Condensed Consolidated Balance Sheets. See Note 4 for additional information.

Corebridge | First Quarter 2024 Form 10-Q 53

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |13. Future Policy Benefits

For the three months ended March 31, 2024 and 2023 in the traditional and term life insurance block, capping of net premium ratios at 100% caused a (credit)/charge to net income of $(1) million and $25 million, respectively. The discount rate was updated based on market observable information. Relative to the prior period, the increase in upper-medium-grade fixed income yields resulted in a decrease in the liability for future policy benefits.

The following table presents the amount of undiscounted expected future benefit payments and undiscounted and discounted expected gross premiums for future policy benefits for nonparticipating contracts:

					Three Months Ended March 31,
(in millions)					2024				2023
Individual Retirement		Undiscounted expected future benefits and expense			$	2,156			$	2,048
	Undiscounted expected future gross premiums		$	—			$	—
Group Retirement		Undiscounted expected future benefits and expense			$	309			$	317
	Undiscounted expected future gross premiums		$	—			$	—
Life Insurance(a) (b)		Undiscounted expected future benefits and expense			$	40,741			$	39,028
	Undiscounted expected future gross premiums		$	30,656			$	28,964
Institutional Markets		Undiscounted expected future benefits and expense			$	42,519			$	29,029
	Undiscounted expected future gross premiums		$	—			$	—
Corporate and other (c)(d)		Undiscounted expected future benefits and expense			$	42,701			$	44,148
	Undiscounted expected future gross premiums		$	2,106			$	2,225

(a)    Includes balances that have been reclassified to Liabilities held-for-sale in the Condensed Consolidated Balance Sheets. See Note 4 for additional information.

(b)    Life insurance discounted expected future gross premiums (at current discount rate) for three months ended March 31, 2024 were $20.0 billion.

(c)    Corporate and other discounted expected future gross premiums (at current discount rate) for three months ended March 31, 2024 were $1.4 billion

(d)    Represents activity ceded to Fortitude Re.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for future policy benefits for nonparticipating contracts:

	Gross Premiums				Interest Accretion
	Three Months Ended March 31,				Three Months Ended March 31,
(in millions)	2024		2023			2024		2023
Individual Retirement	$	39	$	75		$	16	$	12
Group Retirement	5		6			3		3
Life Insurance	618		575			119		118
Institutional Markets	1,805		1,581			217		139
Corporate and Other	52		54			241		245
Total	$	2,519	$	2,291		$	596	$	517

The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:

	Individual<br>Retirement		Group<br>Retirement		Life<br>Insurance		Institutional<br>Markets		Corporate and Other
March 31, 2024
Weighted-average interest rate, original discount rate *	3.79	%	5.13	%	4.12	%	4.25	%	4.86	%
Weighted-average interest rate, current discount rate *	5.27	%	5.24	%	5.28	%	5.19	%	5.32	%
March 31, 2023
Weighted-average interest rate, original discount rate	3.65	%	5.19	%	4.11	%	3.76	%	4.88	%
Weighted-average interest rate, current discount rate	5.33	%	4.91	%	5.08	%	5.04	%	5.10	%

*    Weighted-average interest rates for Life Insurance include balances that have been reclassified to Liabilities held-for-sale.

The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.

Corebridge | First Quarter 2024 Form 10-Q 54

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |13. Future Policy Benefits

Additional Liabilities: For universal-life type products, insurance benefits in excess of the account balance are generally recognized as expenses in the period incurred unless the design of the product is such that future charges are insufficient to cover the benefits, in which case an “additional liability” is accrued over the life of the contract. These additional liabilities are included in Future policy benefits for life and accident and health insurance contracts in the Condensed Consolidated Balance Sheets.

Our additional liabilities primarily consist of universal life policies with secondary guarantees and these additional liabilities are recognized in addition to the Policyholder account balances. For universal life policies with secondary guarantees, as well as other universal life policies for which profits followed by losses are expected at contract inception, a liability is recognized based on a benefit ratio of (a) the present value of total expected payments, in excess of the account value, over the life of the contract, divided by (b) the present value of total expected assessments over the life of the contract. For universal life policies without secondary guarantees, for which profits followed by losses are first expected after contract inception, we establish a liability, in addition to policyholder account balances, so that expected future losses are recognized in proportion to the emergence of profits in the earlier (profitable) years. Universal life account balances are reported within Policyholder contract deposits, while these additional liabilities are reported within the liability for future policy benefits in the Condensed Consolidated Balance Sheets. These additional liabilities are also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available-for-sale on accumulated assessments, with related changes recognized through Other comprehensive income. The policyholder behavior assumptions for these liabilities include mortality, lapses and premium persistency. The capital market assumptions used for the liability for universal life secondary guarantees include discount rates and net earned rates.

The following table presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features:

	Three Months Ended March 31,
	2024						2023
	Life<br>Insurance		Corporate and Other		Total		Life<br>Insurance		Corporate and Other		Total
(in millions, except duration of liability)
Balance, beginning of year	$	3,731	$	55	$	3,786	$	3,300	$	55	$	3,355
Effect of changes in experience	109		(1)		108		74		(1)		73
Adjusted beginning balance	$	3,840	$	54	$	3,894	$	3,374	$	54	$	3,428
Assessments	145		—		145		179		—		179
Excess benefits paid	(232)		—		(232)		(238)		—		(238)
Interest accrual	38		1		39		28		1		29
Other	—		—		—		(5)		—		(5)
Changes related to unrealized appreciation (depreciation) of investments	126		—		126		119		—		119
Balance, end of period	$	3,917	$	55	$	3,972	$	3,457	$	55	$	3,512
Less: Reinsurance recoverable	(172)		(55)		(227)		(192)		—		(192)
Balance, end of period, net of Reinsurance recoverable	$	3,745	$	—	$	3,745	$	3,265	$	55	$	3,320
Weighted average duration of liability *	25.3		9.1				26.4		9.4

*     The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates, which can be found in the table below.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for the liability for universal life policies with secondary guarantees and similar features:

	Gross Assessments Three Months Ended March 31,				Interest Accretion Three Months Ended March 31,
(in millions)	2024		2023			2024		2023
Life Insurance	$	248	$	299		$	38	$	28
Corporate and Other	10		10			1		1
Total	$	258	$	309		$	39	$	29

Corebridge | First Quarter 2024 Form 10-Q 55

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |13. Future Policy Benefits

The following table presents the calculation of weighted average interest rate for the liability for universal life policies with secondary guarantees and similar features:

March 31,	2024				2023
	Life<br>Insurance		Corporate and Other		Life<br>Insurance		Corporate and Other
Weighted-average interest rate	3.92	%	4.20	%	3.76	%	4.24	%

The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.

The following table presents details concerning our universal life policies with secondary guarantees and similar features:

	Three Months Ended March 31,
(in millions, except for attained age of contract holders)	2024		2023
Account value	$	3,773	$	3,556
Net amount at risk	$	73,092	$	70,014
Average attained age of contract holders	53		53

14. Policyholder Contract Deposits and Other Policyholder Funds

POLICYHOLDER CONTRACT DEPOSITS

The liability for Policyholder contract deposits is primarily recorded at accumulated value (deposits received and net transfers from separate accounts, plus accrued interest credited, less withdrawals and assessed fees). Deposits collected on investment-oriented products are not reflected as revenues. They are recorded directly to Policyholder contract deposits upon receipt. Amounts assessed against the contract holders for mortality, administrative, and other services are included as Policy fees in revenues.

In addition to liabilities for universal life, fixed annuities, fixed options within variable annuities, annuities without life contingencies, funding agreements and GICs, policyholder contract deposits also include our liability for (i) index features accounted for as embedded derivatives at fair value, (ii) annuities issued in a structured settlement arrangement with no life contingency and (iii) certain contracts we have elected to account for at fair value. Changes in the fair value of the embedded derivatives related to policy index features and the fair value of derivatives hedging these liabilities are recognized in realized gains and losses.

For additional information on index credits accounted for as embedded derivatives, see Note 5.

Under a funding agreement-backed notes issuance program, an unaffiliated, non-consolidated statutory trust issues medium-term notes to investors, which are secured by funding agreements issued to the trust by one of our subsidiaries through our Institutional Markets business.

Corebridge | First Quarter 2024 Form 10-Q 56

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 14. Policyholder Contract Deposits and Other Policyholder Funds

The following table presents the balances and changes in Policyholder contract deposits account balances(a):

	Individual<br>Retirement			Group<br>Retirement			Life<br>Insurance			Institutional<br>Markets			Corporate and other			Total
(in millions, except for average crediting rate)
Three Months Ended March 31, 2024
Policyholder contract deposits account balance, beginning of year	$	94,896		$	41,299		$	10,231		$	13,649		$	3,333		$	163,408
Deposits	4,878			1,349			407			798			11			7,443
Policy charges	(186)			(122)			(377)			(17)			(15)			(717)
Surrenders and withdrawals	(4,600)			(2,466)			(73)			(31)			(21)			(7,191)
Benefit payments	(761)			(494)			(79)			(181)			(79)			(1,594)
Net transfers from (to) separate account	1,248			1,024			5			(27)			—			2,250
Interest credited	816			303			121			157			40			1,437
Other	(3)			2			6			(11)			3			(3)
Policyholder contract deposits account balance, end of period	96,288			40,895			10,241			14,337			3,272			165,033
Other reconciling items(b)	(1,225)			(192)			134			33			—			(1,250)
Policyholder contract deposits	$	95,063		$	40,703		$	10,375		$	14,370		$	3,272		$	163,783
Weighted average crediting rate	2.86		%	3.05		%	4.39		%	4.59		%	4.98		%
Cash surrender value(c)	$	89,795		$	39,746		$	9,042		$	2,585		$	1,696		$	142,864
Three Months Ended March 31, 2023
Policyholder contract deposits account balance, beginning of year	$	89,554		$	43,395		$	10,224		$	11,734		$	3,587		$	158,494
Deposits	4,864			1,326			414			595			11			7,210
Policy charges	(244)			(110)			(384)			(17)			(16)			(771)
Surrenders and withdrawals	(3,171)			(2,016)			(56)			(403)			(20)			(5,666)
Benefit payments	(1,036)			(557)			(49)			(167)			(88)			(1,897)
Net transfers from (to) separate account	728			592			(1)			443			—			1,762
Interest credited	377			270			88			105			43			883
Other	(2)			3			(16)			4			(1)			(12)
Policyholder contract deposits account balance, end of period	91,070			42,903			10,220			12,294			3,516			160,003
Other reconciling items(b)	(1,889)			(279)			116			74			—			(1,978)
Policyholder contract deposits	$	89,181		$	42,624		$	10,336		$	12,368		$	3,516		$	158,025
Weighted average crediting rate	2.52		%	2.78		%	4.24		%	3.55		%	4.95		%
Cash surrender value(c)	$	84,906		$	41,361		$	8,874		$	2,545		$	1,781		$	139,467

(a)     Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited into the general account and then simultaneously transferred to the separate account), and thus, did not impact the ending balance of policyholder contract deposits.

(b)    Reconciling items principally relate to MRBs that are bifurcated and reported separately, net of embedded derivatives that are recorded in policyholder contract deposits.

(c)     Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs do not have a cash surrender value).

For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 15.

Corebridge | First Quarter 2024 Form 10-Q 57

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 14. Policyholder Contract Deposits and Other Policyholder Funds

The following table presents Policyholder contract deposits account balance by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:

March 31, 2024					At Guaranteed Minimum				1 Basis Point - 50 Basis Points Above				More than 50 Basis Points Above Minimum Guarantee				Total
(in millions, except percentage of total)
Individual Retirement		Range of Guaranteed Minimum Credited Rate
	<=1%		$	6,251			$	1,917			$	28,202			$	36,370
	> 1% - 2%		3,556				21				1,490				5,067
	> 2% - 3%		7,653				11				1,407				9,071
	> 3% - 4%		6,342				36				5				6,383
	> 4% - 5%		424				—				4				428
	> 5%		32				—				3				35
	Total		$	24,258			$	1,985			$	31,111			$	57,354
Group Retirement		Range of Guaranteed Minimum Credited Rate
	<=1%		$	2,133			$	1,895			$	7,672			$	11,700
	> 1% - 2%		3,597				1,126				670				5,393
	> 2% - 3%		11,686				215				110				12,011
	> 3% - 4%		603				—				—				603
	> 4% - 5%		6,579				—				—				6,579
	> 5%		141				—				—				141
	Total		$	24,739			$	3,236			$	8,452			$	36,427
Life Insurance		Range of Guaranteed Minimum Credited Rate
	<=1%		$	—			$	—			$	—			$	—
	> 1% - 2%		—				110				365				475
	> 2% - 3%		9				1,072				856				1,937
	> 3% - 4%		1,190				482				7				1,679
	> 4% - 5%		2,820				—				—				2,820
	> 5%		214				—				—				214
	Total		$	4,233			$	1,664			$	1,228			$	7,125
Total*					$	53,230			$	6,885			$	40,791			$	100,906
Percentage of total					53%				7%				40%				100%

Corebridge | First Quarter 2024 Form 10-Q 58

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 14. Policyholder Contract Deposits and Other Policyholder Funds

March 31, 2023					At Guaranteed Minimum				1 Basis Point - 50 Basis Points Above				More than 50 Basis Points Above Minimum Guarantee				Total
(in millions, except percentage of total)
Individual Retirement		Range of Guaranteed Minimum Credited Rate
	<=1%		$	7,776			$	2,562			$	23,263			$	33,601
	> 1% - 2%		3,994				24				2,163				6,181
	> 2% - 3%		9,155				1				390				9,546
	> 3% - 4%		7,359				40				6				7,405
	> 4% - 5%		452				—				4				456
	> 5%		32				—				4				36
	Total		$	28,768			$	2,627			$	25,830			$	57,225
Group Retirement		Range of Guaranteed Minimum Credited Rate
	<=1%		$	2,063			$	2,713			$	6,049			$	10,825
	> 1% - 2%		5,005				908				353				6,266
	> 2% - 3%		13,561				40				—				13,601
	> 3% - 4%		658				—				—				658
	> 4% - 5%		6,821				—				—				6,821
	> 5%		153				—				—				153
	Total		$	28,261			$	3,661			$	6,402			$	38,324
Life Insurance		Range of Guaranteed Minimum Credited Rate
	<=1%		$	—			$	—			$	—			$	—
	> 1% - 2%		—				131				349				480
	> 2% - 3%		28				862				1,079				1,969
	> 3% - 4%		1,417				118				198				1,733
	> 4% - 5%		2,946				—				—				2,946
	> 5%		222				—				—				222
	Total		$	4,613			$	1,111			$	1,626			$	7,350
Total*					$	61,642			$	7,399			$	33,858			$	102,899
Percentage of total					60%				7%				33%				100%

*    Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.

OTHER POLICYHOLDER FUNDS

Other policyholder funds include unearned revenue reserve (“URR”), consisting of front-end loads on investment-oriented contracts, representing those policy loads that are non-level and typically higher in initial policy years than in later policy years. Amortization of URR is recorded in Policy fees.

URR for investment-oriented contracts are generally deferred and amortized into income using the same assumptions and factors used to amortize DAC (i.e., on a constant level basis).

Corebridge | First Quarter 2024 Form 10-Q 59

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 14. Policyholder Contract Deposits and Other Policyholder Funds

The following table presents a rollforward of the unearned revenue reserve for the three months ended March 31, 2024 and 2023:

Three Months Ended March 31, 2024	Life<br>Insurance		Institutional<br>Markets		Corporate and Other		Total
(in millions)
Balance, beginning of year	$	1,770	$	1	$	94	$	1,865
Revenue deferred	40		—		—		40
Amortization	(28)		—		(2)		(30)
Balance, end of period	$	1,782	$	1	$	92	$	1,875
Other reconciling items*							989
Other policyholder funds							$	2,864
Three Months Ended March 31, 2023
Balance, beginning of year	$	1,727	$	2	$	105	$	1,834
Revenue deferred	38		—		—		38
Amortization	(27)		(1)		(2)		(30)
Balance, end of period	$	1,738	$	1	$	103	$	1,842
Other reconciling items*							1,055
Other policyholder funds							$	2,897

*    Other reconciling items include policyholders' dividend accumulations, provisions for future dividends to participating policyholders, dividends to policyholders and any similar items.

15. Market Risk Benefits

MRBs are defined as contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose Corebridge to other-than nominal capital market risk. The MRB represents an amount that a policyholder receives in addition to the account balance upon the occurrence of a specific event or circumstance, such as death, annuitization, or periodic withdrawal that involves protection from other-than-nominal capital market risk. Certain contract features, such as GMWBs, GMDBs and guaranteed minimum income benefits (“GMIBs”) commonly found in variable, fixed index and fixed annuities, are MRBs. MRBs are assessed at contract inception using a non-option method involving attributed fees that results in an initial fair value of zero or an option method that results in a fair value greater than zero.

MRBs are recorded at fair value, and Corebridge applies a non-option attributed fee valuation method for variable annuity products, and an option-based valuation method (host offset) for both fixed index and fixed products.

Changes in the fair value of Market Risk Benefits, net represents changes in the fair value of market risk benefit liabilities and assets (with the exception of our own credit risk changes), and includes attributed rider fees and benefits, net of changes in the fair value of derivative instruments and fixed maturity securities that are used to economically hedge market risk from the variable annuity GMWB riders.

Corebridge | First Quarter 2024 Form 10-Q 60

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 15. Market Risk Benefits

The following table presents the balances of and changes in MRBs:

Three Months Ended March 31, 2024	Individual<br>Retirement		Group<br>Retirement		Total
(in millions, except for attained age of contract holders)
Balance, beginning of year	$	4,562	$	308	$	4,870
Effect of changes in our own credit risk	(1,072)		(88)		(1,160)
Balance, beginning of year, before effect of changes in our own credit risk	$	3,490	$	220	$	3,710
Issuances	123		10		133
Interest accrual	45		3		48
Attributed fees	174		15		189
Expected claims	(18)		—		(18)
Effect of changes in interest rates	(474)		(38)		(512)
Effect of changes in interest rate volatility	(14)		—		(14)
Effect of changes in equity markets	(529)		(50)		(579)
Effect of changes in equity index volatility	(15)		—		(15)
Actual outcome different from model expected outcome	(63)		3		(60)
Effect of changes in future expected policyholder behavior	—		—		—
Effect of changes in other future expected assumptions	(5)		(1)		(6)
Other, including foreign exchange	—		(2)		(2)
Balance, end of period before effect of changes in our own credit risk	2,714		160		2,874
Effect of changes in our own credit risk	1,100		89		1,189
Balance, end of period	3,814		249		4,063
Less: Reinsured MRB, end of period	(68)		—		(68)
Net Liability Balance after reinsurance recoverable	$	3,746	$	249	$	3,995
Net amount at risk
GMDB only	$	623	$	136	$	759
GMWB only	$	128	$	12	$	140
Combined*	$	576	$	13	$	589
Weighted average attained age of contract holders	71		64
Three Months Ended March 31, 2023
Balance, beginning of year	$	3,738	$	296	$	4,034
Effect of changes in our own credit risk	(441)		(24)		(465)
Balance, beginning of year, before effect of changes in our own credit risk	$	3,297	$	272	$	3,569
Issuances	191		9		200
Interest accrual	38		4		42
Attributed fees	235		17		252
Expected claims	(25)		(1)		(26)
Effect of changes in interest rates	478		46		524
Effect of changes in interest rate volatility	(73)		(4)		(77)
Effect of changes in equity markets	(391)		(36)		(427)
Effect of changes in equity index volatility	16		(3)		13
Actual outcome different from model expected outcome	72		1		73
Effect of changes in other future expected assumptions	(94)		(18)		(112)
Other, including foreign exchange	1		—		1
Balance, end of period before effect of changes in our own credit risk	3,745		287		4,032
Effect of changes in our own credit risk	339		32		371
Balance, end of period	4,084		319		4,403
Less: Reinsured MRB, end of period	(89)		—		(89)
Net liability balance after reinsurance recoverable	$	3,995	$	319	$	4,314
Net amount at risk
GMDB only	$	1,307	$	266	$	1,573
GMWB only	$	63	$	5	$	68
Combined*	$	1,726	$	31	$	1,757
Weighted average attained age of contract holders	71		64

* Certain contracts contain both guaranteed GMDB and GMWB features and are modeled together for the purposes of calculating the MRB.

Corebridge | First Quarter 2024 Form 10-Q 61

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 15. Market Risk Benefits

The following is a reconciliation of MRBs by amounts in an asset position and in a liability position to the MRBs amount in the Condensed Consolidated Balance Sheets:

	March 31, 2024						March 31, 2023
(in millions)	Asset*		Liability*		Net		Asset*		Liability*		Net
Individual Retirement	$	968	$	4,714	$	3,746	$	685	$	4,680	$	3,995
Group Retirement	204		453		249		145		464		319
Total	$	1,172	$	5,167	$	3,995	$	830	$	5,144	$	4,314

* Cash flows and attributed fees for MRBs are determined on a policy level basis and are reported based on their asset or liability position at the balance sheet date.

For additional information related to fair value measurements of MRBs, see Note 5.

16. Contingencies, Commitments and Guarantees

In the normal course of business, we enter into various contingent liabilities and commitments. Although we cannot currently quantify our ultimate liability for unresolved litigation and investigation matters, including those referred to below, it is possible that such liability could have a material adverse effect on our consolidated financial condition, consolidated results of operations or consolidated cash flows for an individual reporting period.

LEGAL CONTINGENCIES

Overview

In the normal course of business, we are subject to regulatory and government investigations and actions, and litigation and other forms of dispute resolution in a large number of proceedings pending in various domestic and foreign jurisdictions. Certain of these matters involve potentially significant risk of loss due to potential for significant jury awards and settlements, punitive damages or other penalties. Many of these matters are also highly complex and may seek recovery on behalf of a class or similarly large number of plaintiffs. It is therefore inherently difficult to predict the size or scope of potential future losses arising from these matters. In our insurance and reinsurance operations, litigation and arbitration concerning the scope of coverage under insurance and reinsurance contracts, and litigation and arbitration in which our subsidiaries defend or indemnify their insureds under insurance contracts, are generally considered in the establishment of our future policy benefits. Separate and apart from the foregoing matters involving insurance and reinsurance coverage, we and our respective officers and directors are subject to a variety of additional types of legal proceedings brought by holders of our securities, customers, employees and others, alleging, among other things, breach of contractual or fiduciary duties, bad faith, indemnification and violations of federal and state statutes and regulations. With respect to these other categories of matters not arising out of claims for insurance or reinsurance coverage, we establish reserves for loss contingencies when it is probable that a loss will be incurred, and the amount of the loss can be reasonably estimated. In many instances, we are unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from legal proceedings may exceed the amount of liabilities that we have recorded in our financial statements covering these matters. While such potential future charges could be material, based on information currently known to management, management does not believe, other than as may be discussed below, that any such charges are likely to have a material adverse effect on our financial position or results of operations.

Additionally, from time to time, various regulatory and governmental agencies review our transactions and practices in connection with industry-wide and other inquiries or examinations into, among other matters, the business practices of current and former operating subsidiaries. Such investigations, inquiries or examinations could develop into administrative, civil or criminal proceedings or enforcement actions, in which remedies could include fines, penalties, restitution or alterations in our business practices, and could result in additional expenses, limitations on certain business activities and reputational damage.

Yearly Renewable Term Agreements

Certain of our reinsurers have sought rate increases on certain YRT agreements. We are disputing the requested rate increases under these agreements. Certain reinsurers with whom we have disputes have initiated arbitration proceedings against us, may initiate additional proceedings, and other reinsurers may initiate them in the future. To the extent reinsurers have sought retroactive premium increases, we have accrued our current estimate of probable loss with respect to these matters.

For additional information, see Note 8.

Corebridge | First Quarter 2024 Form 10-Q 62

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. Contingencies, Commitments and Guarantees

Moriarty Litigation

AGL continues to defend against Moriarty v. American General Life Insurance Co. (S.D. Cal.), a putative class action involving Sections 10113.71 and 10113.72 of the California Insurance Code which was instituted against AGL on July 18, 2017. In general, those statutes require that for life-insurance policies issued and delivered in California: (1) the policy must contain a 60-day grace period following nonpayment of premium during which the policy remains in force; (2) the insurer must provide a 30-day pre-lapse notice; and (3) the insurer must notify policy owners of the right to designate a secondary recipient for lapse notices. The Moriarty plaintiff contends AGL did not comply with these requirements for a policy issued before these statutes went into effect. The plaintiff seeks damages and other relief. AGL asserts various defenses to the plaintiff’s claims and to class certification. In 2022, the District Court held a trial was necessary to determine whether AGL was liable, and it denied class certification. In May 2023, the case was reassigned to a new judge. On August 14, 2023, the District Court granted the plaintiff’s motion for summary judgment on the plaintiff’s breach-of-contract claim. On September 26, 2023, the District Court decided that good cause exists to allow the plaintiff to file a third motion for class certification. At the same time, however, the District Court certified its August 14, 2023 order for interlocutory appeal to the Ninth Circuit and stayed trial-court proceedings pending the outcome of AGL’s appeal. The Ninth Circuit granted AGL’s petition for interlocutory appeal on November 21, 2023, which remains pending. AGL filed its opening brief on April 15, 2024.

AGL is defending other actions in California involving similar issues: Allen v. Protective Life Insurance Co. and AGL (E.D. Cal.), filed on June 6, 2022, in which the individual plaintiff filed a motion on August 11, 2023 seeking leave to amend the complaint to add class-action allegations against AGL; and Chuck v. American General Life Insurance Co. (C.D. Cal.), which was filed on September 6, 2023 as a putative class action.

These cases are in the early stages, and we expect their progress will be influenced by future developments in Moriarty and cases against other insurers involving the same statutes.

We have accrued our current estimate of probable loss with respect to these litigation matters.

OTHER COMMITMENTS

In the normal course of business, we enter into commitments to invest in limited partnerships, private equity funds and hedge funds and to purchase and develop real estate in the United States and abroad. These commitments totaled $4.4 billion at March 31, 2024.

GUARANTEES

Asset Dispositions

We are subject to guarantees and indemnity arrangements in connection with the completed sales of businesses. The various arrangements may be triggered by, among other things, declines in asset values; the occurrence of specified business contingencies; the realization of contingent liabilities; developments in litigation; or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitations. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or are not applicable.

We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe that it is unlikely we will have to make any material payments related to completed sales under these arrangements, and no material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets.

Guarantees provided by AIG

Prior to the IPO, AIG provided certain guarantees to us as described below. Pursuant to the Separation Agreement we entered into with AIG dated September 14, 2022 (the “Separation Agreement”), we will indemnify, defend and hold harmless AIG against or from any liability arising from or related to these guarantees.

Certain of our insurance subsidiaries benefit from General Guarantee Agreements under which American Home Assurance Company (“AHAC”) or National Union Fire Insurance Company of Pittsburgh, PA (“NUFIC”) has unconditionally and irrevocably guaranteed all present and future obligations arising from certain insurance policies issued by these subsidiaries (a “Guaranteed Policy” or the “Guaranteed Policies”). AHAC and NUFIC are required to perform under the agreements if one of the insurance subsidiaries fails to make payments due under a Guaranteed Policy. These General Guarantee Agreements have all been terminated as to insurance policies issued after the date of termination. AHAC and NUFIC have not been required to perform under any of the agreements but remain contingently liable for all policyholder obligations associated with the Guaranteed Policies. We did not pay any fees under these agreements for the three months ended March 31, 2024 or 2023.

Corebridge | First Quarter 2024 Form 10-Q 63

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. Contingencies, Commitments and Guarantees

AIG Parent provides a full and unconditional guarantee of all outstanding notes and junior subordinated debentures of Corebridge Life Holdings, Inc. (“CRBGLH”). This includes:

•a guarantee (the “CRBGLH External Debt Guarantee”) in connection with CRBGLH junior subordinated debentures and certain CRBGLH notes (the “CRBGLH External Debt”); and

•a guarantee in connection with a sale-leaseback transaction in 2020. Pursuant to this transaction, CRBGLH issued promissory notes to AGL with maturity dates of up to five years. These promissory notes were guaranteed by AIG Parent for the benefit of AGL. We paid no fees for these guarantees during the three months ended March 31, 2024 or 2023. On August 1, 2023, the guarantee of these promissory notes was novated from AIG Parent to Corebridge Parent.

In addition to the Separation Agreement, we have entered into a guarantee reimbursement agreement with AIG Parent which provides that we will reimburse AIG Parent for the full amount of any payment made by or on behalf of AIG Parent pursuant to the CRBGLH External Debt Guarantee. We have also entered into a collateral agreement with AIG Parent which provides that in the event of: (i) a ratings downgrade of Corebridge Parent or CRBGLH long-term unsecured indebtedness below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the External Debt when due, we must collateralize an amount equal to the sum of: (a) 100% of the principal amount outstanding, (b) accrued and unpaid interest and (c) 100% of the net present value of scheduled interest payments through the maturity dates of the CRBGLH External Debt.

•For additional discussion on commitments and guarantees associated with VIEs, see Note 9.

•For additional disclosures about derivatives, see Note 10.

•For additional disclosures about related parties, see Note 20.

17. Equity

COMMON STOCK

The following table presents a rollforward of outstanding shares:

Three Months Ended March 31, 2024	Common Stock Issued	Treasury Stock	Common Stock Outstanding
Shares, beginning of year	648,148,737	(26,484,411)	621,664,326
Shares issued under long-term incentive compensation plans	2,041,112	1,169,261	3,210,373
Shares repurchased	—	(9,464,016)	(9,464,016)
Shares, end of period	650,189,849	(34,779,166)	615,410,683

Repurchase of Corebridge Common Stock

Shares may be repurchased from time to time in the open market, through private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through the Securities and Exchange Act of 1934, as amended (the Exchange Act) Rule 10b5-1 repurchase plans. On May 4, 2023, our Board of Directors authorized a $1 billion share repurchase program. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.

From April 1, 2024 to April 26, 2024, we repurchased approximately 3.8 million shares of Corebridge Common Stock for an aggregate purchase price of approximately $105 million, leaving approximately $154 million under the share repurchase authorization as of April 26, 2024.

On April 30, 2024, our Board of Directors authorized an additional $2.0 billion share repurchase program. Under this program, Corebridge Parent may, from time to time, purchase up to $2.0 billion of its common stock but is not obligated to purchase any particular number of shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.

Corebridge | First Quarter 2024 Form 10-Q 64

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 17. Equity

RETAINED EARNINGS

Dividends

Declaration Date	Record Date	Payment Date	Dividend Paid Per Common Share
February 14, 2024	March 15, 2024	March 29, 2024	$	0.23

Dividends Declared

On May 2, 2024, the Company declared a cash dividend on Corebridge common stock of $0.23 per share, payable on June 28, 2024 to shareholders of record at close of business on June 14, 2024.

Accumulated Other Comprehensive Income (Loss)

The following table presents a rollforward of Accumulated other comprehensive income (loss):

(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in fair value of market risk benefits attributable to changes in our own credit risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash Flow Hedges		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Balance, December 31, 2023, net of tax	$	(79)	$	(14,650)	$	(909)	$	2,095	$	146	$	(63)	$	2	$	(13,458)
Change in unrealized depreciation of investments *	45		(1,120)		—		—		—		—		—		(1,075)
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		(29)		—		—		—		—		(29)
Change in discount rates assumptions of certain liabilities	—		—		—		695		—		—		—		695
Change in future policy benefits and other	—		(127)		—		—		—		—		—		(127)
Change in cash flow hedges	—		—		—		—		(25)		—		—		(25)
Change in foreign currency translation adjustments	—		—		—		—		—		(4)		—		(4)
Change in net actuarial loss	—		—		—		—		—		—		—		—
Change in deferred tax asset (liability)	(10)		71		6		(152)		5		1		—		(79)
Total other comprehensive income (loss)	35		(1,176)		(23)		543		(20)		(3)		—		(644)
Other	—		(39)		—		—		1		—		—		(38)
Less: Noncontrolling interests	—		—		—		—		—		(1)		—		(1)
Balance, March 31, 2024, net of tax	$	(44)	$	(15,865)	$	(932)	$	2,638	$	127	$	(65)	$	2	$	(14,139)
Balance, December 31, 2022, net of tax	$	(92)	$	(19,380)	$	(365)	$	2,908	$	157	$	(100)	$	9	$	(16,863)
Change in unrealized depreciation of investments	38		3,982		—		—		—		—		—		4,020
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		94		—		—		—		—		94
Change in discount rates assumptions of certain liabilities	—		—		—		(595)		—		—		—		(595)
Change in future policy benefits and other	—		(116)		—		—		—		—		—		(116)
Change in cash value hedges	—		—		—		—		(7)		—		—		(7)
Change in foreign currency translation adjustments	—		—		—		—		—		37		—		37
Change in net actuarial loss	—		—		—		—		—		—		3		3
Change in deferred tax asset (liability)	(8)		(734)		(20)		130		3		(1)		(1)		(631)
Total other comprehensive income (loss)	30		3,132		74		(465)		(4)		36		2		2,805
Other	—		—		—		—		—		—		—		—
Less: Noncontrolling interests	—		—		—		—		—		9		—		9
Balance, March 31, 2023, net of tax	$	(62)	$	(16,248)	$	(291)	$	2,443	$	153	$	(73)	$	11	$	(14,067)

*    Includes the change in net unrealized gains and losses attributable to held-for-sale businesses at March 31, 2024 and December 31, 2023.

Corebridge | First Quarter 2024 Form 10-Q 65

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 17. Equity

The following table presents the OCI reclassification adjustments for the three months ended March 31, 2024 and 2023, respectively:

(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in fair value of market risk benefits attributable to changes in our own credit risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash Flow Hedges		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Three Months Ended March 31, 2024
Unrealized change arising during period	$	39	$	(1,583)	$	(29)	$	695	$	(25)	$	(4)	$	—	$	(907)
Less: Reclassification adjustments included in net income	(6)		(336)		—		—		—		—		—		(342)
Total other comprehensive income (loss), before income tax expense (benefit)	45		(1,247)		(29)		695		(25)		(4)		—		(565)
Less: Income tax expense (benefit)	10		(71)		(6)		152		(5)		(1)		—		79
Total other comprehensive income (loss), net of income tax expense (benefit)	$	35	$	(1,176)	$	(23)	$	543	$	(20)	$	(3)	$	—	$	(644)
Three Months Ended March 31, 2023
Unrealized change arising during period	$	24	$	3,779	$	94	$	(595)	$	(7)	$	37	$	3	$	3,335
Less: Reclassification adjustments included in net income	(14)		(87)		—		—		—		—		—		(101)
Total other comprehensive income (loss), before income tax expense (benefit)	38		3,866		94		(595)		(7)		37		3		3,436
Less: Income tax expense (benefit)	8		734		20		(130)		(3)		1		1		631
Total other comprehensive income (loss), net of income tax expense (benefit)	$	30	$	3,132	$	74	$	(465)	$	(4)	$	36	$	2	$	2,805

The following table presents the effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Condensed Consolidated Statements of Income (Loss)*:

		Amount Reclassified from AOCI				Affected Line Item in the Condensed Consolidated Statements of Income (Loss)
	Three Months Ended March 31,
(in millions)		2024		2023
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments		$	(6)	$	(14)		Net realized gains (losses)
Total		(6)		(14)
Unrealized appreciation (depreciation) of all other investments
Investments		(336)		(87)			Net realized gains (losses)
Total		(336)		(87)
Total reclassifications for the period		$	(342)	$	(101)

*    The following items are not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table:(a) Change in fair value of MRBs attributable to changes in our own credit risk (b) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts and (c) Fair value of liabilities under fair value option attributable to changes in our own credit risk.

NON-REDEEMABLE NONCONTROLLING INTEREST

The activity in non-redeemable noncontrolling interest primarily relates to activities with consolidated investment entities.

The changes in non-redeemable noncontrolling interest due to divestitures and acquisitions primarily relate to the formation and funding of new consolidated investment entities. The majority of the funding for these consolidated investment entities comes from affiliated companies of Corebridge.

The changes in non-redeemable noncontrolling interest due to contributions from noncontrolling interests primarily relate to the additional capital calls related to consolidated investment entities.

Corebridge | First Quarter 2024 Form 10-Q 66

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 17. Equity

The changes in non-redeemable noncontrolling interest due to distributions to noncontrolling interests primarily relate to dividends or other distributions related to consolidated investment entities.

The following table presents a rollforward of non-redeemable noncontrolling interest:

	Three Months Ended March 31,
(in millions)		2024		2023
Beginning balance		$	869	$	939
Net income (loss) attributable to redeemable noncontrolling interest		(51)		6
Other comprehensive income (loss), net of tax		(1)		9
Changes in noncontrolling interests due to divestitures and acquisitions		1		(19)
Contributions from noncontrolling interests		21		25
Distributions to noncontrolling interests		(29)		(50)
Ending balance		$	810	$	910

Refer to Note 9 for additional information related to Variable Interest Entities.

18. Earnings Per Common Share

The basic earnings per common share (“EPS”) computation is based on the weighted average number of common shares outstanding, adjusted to reflect all stock splits. The diluted EPS computation is based on those shares used in the basic EPS computation plus common shares that would have been outstanding assuming issuance of common shares for all dilutive potential common shares outstanding and adjusted to reflect all stock splits, using the treasury stock method.

The following table presents the computation of basic and diluted EPS for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
(in millions, except per common share data)		2024		2023
Numerator for EPS:
Net income (loss)		$	827	$	(453)
Less: Net income (loss) attributable to noncontrolling interests		(51)		6
Net income (loss) attributable to Corebridge common shareholders		$	878	$	(459)
Denominator for EPS:
Weighted average common shares outstanding - basic		624.0		650.8
Dilutive common shares		0.9		—
Weighted average common shares outstanding - diluted		624.9		650.8
Income per common share attributable to Corebridge common shareholders
Common stock - basic		$	1.41	$	(0.70)
Common stock - diluted		$	1.41	$	(0.70)

*    Potential dilutive common shares include our share-based employee compensation plans. The number of common shares excluded from dilutive shares outstanding was approximately 0.4 million and 2.5 million for the three months ended March 31, 2024 and 2023, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

Corebridge | First Quarter 2024 Form 10-Q 67

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 19. Income Taxes

19. Income Taxes

RECENT TAX LAW CHANGES

The Inflation Reduction Act of 2022 (H.R. 5376), (the “Inflation Reduction Act”) includes a 15% corporate alternative minimum tax (“CAMT”) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period and a 1% stock buyback tax. Although the U.S. Treasury and Internal Revenue Service (“IRS”) issued interim CAMT guidance during 2023, many details and specifics of application of the CAMT remain subject to future guidance. Our estimated CAMT liability will continue to be refined based on future guidance.

BASIS OF PRESENTATION

Prior to the IPO, Corebridge Parent and certain U.S. subsidiaries were included in the consolidated federal income tax return of AIG as well as certain state tax returns where AIG files on a combined or unitary basis. Following the IPO, AIG owned less than 80% interest in Corebridge, resulting in tax deconsolidation of Corebridge from the AIG Consolidated Tax Group. In addition, under the tax law, AGC and its directly owned life insurance subsidiaries (the “AGC Group”) will not be permitted to join in the filing of a U.S. consolidated federal income tax return with our other subsidiaries (collectively, the “Non-Life Group”) for the five-year waiting period. Instead, the AGC Group is expected to file separately as members of the AGC Group consolidated U.S. federal income tax return during the five-year waiting period. Following the five-year waiting period, the AGC Group is expected to join the U.S. consolidated federal income tax return with the Non-Life Group.

RECLASSIFICATION OF CERTAIN TAX EFFECTS FROM AOCI

We use an item-by-item approach to release the stranded or disproportionate income tax effects in AOCI related to our available-for-sale securities. Under this approach, a portion of the disproportionate tax effects is assigned to each individual security lot at the date the amount becomes lodged. When the individual securities are sold, mature or are otherwise impaired on an other-than-temporary basis, the assigned portion of the disproportionate tax effect is reclassified from AOCI to income (loss) from operations.

INTERIM TAX CALCULATION METHOD

We use the estimated annual effective tax rate method in computing our interim tax provision. Certain items, including those deemed to be unusual or infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in uncertain tax positions and realizability of deferred tax assets, and are recorded in the period in which the change occurs.

INTERIM TAX EXPENSE (BENEFIT)

For the three months ended March 31, 2024, the effective tax rate on income from operations was 18.6%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to tax benefits associated with dividends received deduction, excess tax benefits related to share based compensation payments recorded through the income statement, adjustments to deferred tax assets, tax adjustments related to prior year returns including interest, and reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities. These tax benefits were partially offset by the net establishment of additional U.S. federal and foreign valuation allowance and tax charges associated with state and local income taxes.

For the three months ended March 31, 2023, the effective tax rate on loss from operations was 32.3%. The effective tax rate on loss from operations differs from the statutory tax rate of 21% primarily due to adjustments to deferred tax assets, dividends received deduction, reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities, and excess tax benefits related to share based compensation payments recorded through the income statement. These tax benefits were partially offset by the establishment of additional valuation allowance and tax charges associated with state and local income taxes.

As a result of the held-for-sale designation of AIG Life, as of March 31, 2024, we do not consider our foreign earnings with respect to our operations in Europe to be indefinitely reinvested. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested.

Corebridge | First Quarter 2024 Form 10-Q 68

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 19. Income Taxes

ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE

The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed.

As discussed above, under the tax law, the AGC Group will not be permitted to join in the filing of a U.S. consolidated federal income tax return with the Non-Life Group for the five-year waiting period following the IPO. Instead, the AGC Group is expected to file separately as members of the AGC consolidated U.S. federal income tax return during this period. Following the five-year waiting period, the AGC Group is expected to join U.S. consolidated federal income tax return with the Non-Life Group. Each separate U.S. federal tax filing group or separate U.S. tax filer is required to consider this five-year waiting period when assessing realization of their respective deferred tax assets including net operating loss and tax credit carryforwards.

Recent events, changes in target interest rates by the Board of Governors of the Federal Reserve System and significant market volatility, impacted actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future macroeconomic and Corebridge-specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies.

To the extent that the valuation allowance is attributed to changes in forecast of current year taxable income, the impact is included in our estimated annualized effective tax rate. A valuation allowance related to changes in forecasts of income in future periods as well as other items not related to the current year is recorded discretely. For the three months ended March 31, 2024, we recorded an increase in valuation allowance of $15 million primarily attributable to current year activity. As of March 31, 2024, the balance sheet reflects a valuation allowance of $177 million related to our tax attribute carryforwards and a portion of certain other deferred tax assets that are no longer more-likely-than-not to be realized.

Estimates of future taxable income, including income generated from prudent and feasible actions and tax planning strategies, impact of settlements with taxing authorities, and any changes to interpretations and assumptions related to the impact of the Inflation Reduction Act or the Tax Act, could change in the near term, perhaps materially, which may require us to consider any potential impact to our assessment of the recoverability of the deferred tax asset. Such potential impact could be material to our consolidated financial condition or results of operations for an individual reporting period.

For the three months ended March 31, 2024, recent changes in market conditions, including rising interest rates, impacted the unrealized tax capital gains and losses in the U.S. life insurance companies’ available-for-sale securities portfolio, resulting in a deferred tax asset related to net unrealized tax capital losses. The deferred tax asset relates to the unrealized capital losses for which the carryforward period has not yet begun, and as such, when assessing its recoverability, we consider our ability and intent to hold the underlying securities to recovery. As of March 31, 2024, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax asset related to unrealized capital losses that are not more likely than not to be realized. For the three months ended March 31, 2024, we recorded an increase in valuation allowance of $194 million, respectively, associated with the unrealized tax capital losses in the U.S. life insurance companies’ available-for-sale securities portfolio. As of March 31, 2024, the balance sheet reflects a valuation allowance of $1.2 billion associated with the unrealized tax capital losses in the U.S. Life Insurance Companies’ available-for-sale securities portfolio. All of the valuation allowance established was allocated to OCI.

For the three months ended March 31, 2024, we recognized a $2 million increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions.

TAX EXAMINATIONS AND LITIGATION

Corebridge Parent and certain U.S. subsidiaries are included in a consolidated U.S. federal income tax return with AIG through the date of IPO (short-period tax year 2022), and income tax expense is recorded, based on applicable U.S. and foreign laws.

The AIG Consolidated Tax Group is currently under IRS examination for the tax years 2011 through 2019 and is continuing to engage in the appeals process for years 2007 through 2010.

We are periodically advised of certain IRS and other adjustments identified in AIG's consolidated tax return which are attributable to our operations. Under our tax sharing arrangement, we provide a charge or credit for the effect of the adjustments and the related interest in the period we are advised of such adjustments and interest.

Corebridge | First Quarter 2024 Form 10-Q 69

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 20. Related Parties

20. Related Parties

RELATED PARTY TRANSACTIONS

We may enter into a significant number of transactions with related parties in the normal course of business. Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions, or if a party, directly or indirectly through one or more of its intermediaries, controls, is controlled by or is under common control with an entity. Our material transactions with related parties are described below.

Related Party Transactions with AIG

We have historically entered into various transactions with AIG, some of which are continuing and are described below. In addition, on September 14, 2022, we entered into a separation agreement with AIG (the “Separation Agreement”). The Separation Agreement governs the relationship between AIG and us following the IPO, including matters related to the allocation of assets and liabilities between the parties, indemnification obligations, our corporate governance, information rights for each party and consent rights of AIG with respect to certain business activities that we may undertake.

Advisory Transactions

Certain of our investment management subsidiaries provide advisory, management, allocation, structuring, planning, oversight, administration and similar services (collectively, “Investment Services”) with respect to the investment portfolios of AIG. Investment Services are provided primarily pursuant to investment management, investment advisory and similar agreements (“IMAs”), under which our subsidiaries are appointed as investment manager and are authorized to manage client investment portfolios on a fully discretionary basis, subject to agreed investment guidelines. Certain of our subsidiaries are also authorized under the IMAs to retain, oversee and direct third-party investment advisers and managers for and on behalf of these AIG clients. In some cases, Investment Services are provided through the clients’ participation in private investment funds, RMBS, CLO and other pooled investment vehicles and investment products (collectively, “Funds”) sponsored or managed by us.

Separately, certain of our subsidiaries provide portfolio administration and investment planning, performance evaluation and oversight services to AIG PC International, LLC (“AIGPCI”), on a non-discretionary basis, with respect to the investment portfolios of various of AIGPCI’s non-U.S. subsidiaries. In some cases, these services are directly provided to AIGPCI’s non-US subsidiaries. We offer our Funds to AIGPCI’s non-U.S. subsidiaries. Our subsidiaries earn investment management and advisory fees under the IMAs and other service agreements, as well as management fees and carried interest distributions or similar performance-based compensation under the Funds’ operating agreements, the majority of which are based on, or calibrated to approximate, the costs of providing the services. With respect to a minority of the AIG client portfolios, which relate to assets backing risks that have been transferred to third parties, our subsidiaries earn market-based fees. Management and advisory fee income for these Investment Services and related services reflected in Other income on the Condensed Consolidated Statements of Income (Loss) were $7 million and $13 million for the three months ended March 31, 2024 and 2023, respectively.

Capital Markets Agreements

Historically, we received a suite of capital markets services, including securities lending, collateral management, repurchase transactions, derivatives execution and support, and operational support services, from AIG for which we pay a fee. AIG Markets, Inc. (“AIGM”) provided these services through various services agreements.

The suite of capital markets services previously provided by AIGM are now provided by our consolidated subsidiary Corebridge Markets, LLC (“CRBGM”). The majority of transactions previously outstanding with AIGM were legally transferred to CRBGM as of December 31, 2023.

In addition, in the ordinary course of business, we enter into over-the-counter derivative transactions with AIGM under standard ISDA Master Agreements. We previously had certain unsecured derivative transactions with AIG. On May 4, 2023, these previously unsecured derivative transactions became fully collateralized.

The total expenses incurred for services provided by AIGM reflected in Net investment income - excluding Fortitude Re funds withheld assets on the Condensed Consolidated Statements of Income (Loss) were $0 million and $0 million for the three months ended March 31, 2024 and 2023, respectively. The derivative assets, net of gross assets and gross liabilities after collateral were $0 million and $13 million as of March 31, 2024 and December 31, 2023, respectively. The derivative liabilities, net of gross assets and gross liabilities after collateral were $0 million and $0 million as of March 31, 2024 and December 31, 2023, respectively. The collateral posted to AIGM was $0 million and $0 million as of March 31, 2024 and December 31, 2023, respectively. The collateral held by us was $220 million and $377 million as of March 31, 2024 and December 31, 2023, respectively.

For further details regarding derivatives, see Note 10.

Corebridge | First Quarter 2024 Form 10-Q 70

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 20. Related Parties

General Services Agreements

Pursuant to the provisions of a Service and Expense Agreement (the “AIG Service and Expense Agreement”) effective February 1, 1974, as amended, we and AIG have provided various services to each other at cost, including, but not limited to, advertising, accounting, actuarial, tax, legal, data processing, claims adjustment, employee cafeteria, office space, payroll, information technology services, capital markets services, services that support financial transactions and budgeting, risk management and compliance services, human resources services, insurance, operations and other support services.

On September 14, 2022, we entered into a Transition Services Agreement (the “TSA”) with AIG regarding the continued provision of services between the Company and AIG on a transitional basis. The TSA has generally replaced the AIG Service and Expense Agreement for services provided between the parties.

Amounts due to AIG under these agreements were $3 million and $39 million as of March 31, 2024 and December 31, 2023, respectively. Amounts due from AIG were $16 million and $38 million as of March 31, 2024 and December 31, 2023, respectively. The total service expenses incurred specific to these agreements reflected in General operating and other expenses on the Condensed Consolidated Statements of Income (Loss) were $13 million and $47 million for the three months ended March 31, 2024 and 2023, respectively.

Reinsurance Transactions

From time to time, AIG Life has entered into various coinsurance agreements with American International Reinsurance Company, Ltd., a consolidated subsidiary of AIG (“AIRCO”) as follows:

•In 2018, AIG Life ceded risks to AIRCO relating to the payment of obligations of life-contingent annuity claims in the annuitization phase of the contracts on or after June 30, 2018.

• In 2019 and 2020, AIG Life ceded risks to AIRCO relating to certain whole life policies issued prior to and subsequent to July 1, 2019, respectively.

Reinsurance assets related to these agreements were $65 million and $67 million as of March 31, 2024 and December 31, 2023, respectively. Amounts payable to AIRCO were $20 million and $13 million as of March 31, 2024 and December 31, 2023, respectively. Ceded premiums related to these agreements were $9 million and $7 million for the three months ended March 31, 2024 and 2023, respectively. Reinsurance assets and amounts payable related to these agreements have been reclassified to Assets held-for-sale and Liabilities held-for-sale, respectively.

For further details of reinsurance transactions, see Note 8.

Guarantees

Prior to the IPO, AIG provided certain guarantees to us. Pursuant to the Separation Agreement, we will indemnify, defend and hold harmless AIG against or from any liability arising from or related to such guarantees.

For further details regarding guarantees previously provided by AIG, see Note 16.

Tax Sharing Agreements

On September 14, 2022, we entered into a tax matters agreement with AIG that governs the parties’ respective rights, responsibilities, and obligations with respect to taxes, including the allocation of current and historic tax liabilities (whether income or non-income consolidated or stand-alone) between us and AIG (the “Tax Matters Agreement”). The Tax Matters Agreement governs, among other things, procedural matters, such as filing of tax returns, tax elections, control and settlement of tax controversies and entitlement to tax refunds and tax attributes.

Prior to the IPO, Corebridge and SAFG Capital LLC were included in the consolidated federal income tax return of AIG as well as certain state tax returns where AIG files on a combined or unitary basis. There were no payments to AIG in connection with the tax sharing agreements for the three months ended March 31, 2024 and 2023. Amounts receivable (payable) from or to AIG pursuant to the tax sharing agreements were $(378) million and $(371) million as of March 31, 2024 and December 31, 2023, respectively.

Employee Compensation and Benefits

Our employees participate in certain of AIG’s employee benefit programs. We had a payable of $22 million and $32 million as of March 31, 2024 and December 31, 2023, respectively, with respect to these programs. On September 14, 2022, we entered into an employee matters agreement with AIG (the “EMA”). The EMA allocates liabilities and responsibilities relating to employment matters, employee compensation and benefits plans and programs, and other related matters between us and AIG. The EMA generally provides that, unless otherwise specified, each party is responsible for liabilities associated with their current and former employees for purposes of compensation and benefit matters following the IPO.

Corebridge | First Quarter 2024 Form 10-Q 71

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 20. Related Parties

Related Party Transactions with Blackstone Inc. (“Blackstone”)

Investment Expense

We entered into a long-term asset management relationship with Blackstone to manage a portion of our investment portfolio. The investment expense incurred were $51 million and $35 million for the three months ended March 31, 2024 and 2023, respectively.

Related Party Transactions with Variable Interest Entities

In the ordinary course of business, we enter into various arrangements with VIEs, and we consolidate the VIE if we are determined to be the primary beneficiary. In certain situations, we may have a variable interest in a VIE that is consolidated by an affiliate, and in other instances, affiliates may have variable interests in a VIE that is consolidated by us. The total debt of consolidated VIEs held by affiliates was $102 million and $102 million as of March 31, 2024 and December 31, 2023, respectively. The interest expense incurred on the debt reflected in Interest expense on the Condensed Consolidated Statements of Income (Loss) was $1 million and $7 million for the three months ended March 31, 2024 and 2023, respectively.

The noncontrolling interest included in the Condensed Consolidated Balance Sheets related to the VIEs held by affiliates was $478 million and $518 million as of March 31, 2024 and December 31, 2023, respectively. The gain/(loss) attributable to noncontrolling interest of consolidated VIEs held by affiliates was $(21) million and $19 million for the three months ended March 31, 2024 and 2023, respectively.

In addition to transactions with VIEs, Corebridge has entered into other structured financing arrangements supporting real estate properties and other types of assets with other AIG affiliates. These financing arrangements are reported in Other invested assets in the Condensed Consolidated Balance Sheets. Certain of these and the VIE structures above also include commitments for funding from other AIG affiliates.

For additional information related to VIEs and other investments, see Notes 6 and 9.

Corebridge | First Quarter 2024 Form 10-Q 72

TABLE OF CONTENTS

Item 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations

Glossary and Acronyms of Selected Insurance Terms and References

Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), we use certain terms and abbreviations, which are summarized in the Glossary and Acronyms.

Corebridge has incorporated into this discussion a number of cross-references to additional information included throughout this Quarterly Report to assist readers seeking additional information related to a particular subject.

In this Quarterly Report, unless otherwise mentioned or unless the context indicates otherwise, we use the terms “Corebridge,” “we,” “us” and “our” to refer to Corebridge Financial, Inc., a Delaware corporation, and its consolidated subsidiaries. We use the term “Corebridge Parent” to refer solely to Corebridge Financial, Inc., and not to any of its consolidated subsidiaries.

This MD&A addresses the consolidated financial condition of Corebridge as of March 31, 2024, compared with December 31, 2023, and its consolidated results of operations for the three months ended March 31, 2024 and 2023. In addition to historical data, this discussion contains forward-looking statements about our business operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. You should read the following analysis of our consolidated financial condition and results of operations in conjunction with the “Management’s Discussion and Analysis of Results of Operations and Financial Condition,” the unaudited Condensed Consolidated Financial Statements and the statements under “Cautionary Statements Regarding Forward-Looking Information,” included elsewhere in this Quarterly Report and the “Risk Factors” section in the 2023 Form 10-K.

Corebridge | First Quarter 2024 Form 10-Q 73

TABLE OF CONTENTS

Index to Item 2

	Page
Executive Summary	75
Overview	75
Revenues	75
Benefits and Expenses	75
Significant Factors Impacting our Results	76
Corebridge’s Outlook - Macroeconomic, Industry and Regulatory Trends	78
Use of Non-GAAP Measures	81
Key Operating Metrics	85
Consolidated Results of Operations	88
Business Segment Operations	90
Individual Retirement	91
Group Retirement	94
Life Insurance	97
Institutional Markets	99
Corporate and Other	102
Investments	103
Overview	103
Key Investment Strategies	103
Credit Ratings	106
Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits	122
Liquidity and Capital Resources	125
Overview	125
Liquidity and Capital Resources of Corebridge Parent and Intermediate Holding Companies	125
Liquidity and Capital Resources of Corebridge Insurance Subsidiaries	126
Short-Term and Long-Term Debt	128
Credit Ratings	129
Off-Balance Sheet Arrangements and Commercial Commitments	129
Accounting Policies and Pronouncements	130
Critical Accounting Estimates	130
Adoption of Accounting Pronouncements	130
Glossary	131
Certain Important Terms	133
Acronyms	134

Corebridge | First Quarter 2024 Form 10-Q 74

TABLE OF CONTENTS

ITEM 2 | Executive Summary

Executive Summary

OVERVIEW

We are one of the largest providers of retirement solutions and insurance products in the United States, committed to helping individuals plan, save for and achieve secure financial futures. We offer a broad set of products and services through our market leading Individual Retirement, Group Retirement, Life Insurance and Institutional Markets businesses, each of which features capabilities and industry experience we believe are difficult to replicate. These four businesses collectively seek to enhance stockholder returns while maintaining our attractive risk profile, which has historically resulted in consistent and strong cash flow generation.

REVENUES

Our revenues come from five principal sources:

•Premiums are principally derived from our traditional life insurance and certain annuity products including pension risk transfer (“PRT”) transactions and structured settlements with life contingencies. Our premium income is driven by growth in new policies and contracts written and persistency of our in-force policies, both of which are influenced by a combination of factors including our efforts to attract and retain customers and market conditions that influence demand for our products;

•Policy fees are principally derived from our individual retirement, group retirement, universal life insurance, Corporate Markets and SVW products. Our policy fees typically vary directly with the underlying account value or benefit base of our annuities. Account value and benefit base are influenced by changes in economic conditions, including changes in levels of equity prices, and changes in levels of interest rates and credit spreads, as well as net flows;

•Net investment income from our investment portfolio varies as a result of the yield, allocation and size of our investment portfolio, which are, in turn, a function of capital market conditions and net flows into our total investments, as well as the expenses associated with managing our investment portfolio;

•Net realized gains (losses), net include changes in the Fortitude Re funds withheld embedded derivative, risk management related derivative activities (excluding hedges of certain MRBs), changes in the fair value of embedded derivatives in certain of our insurance products and trading activity within our investment portfolio, including trading activity related to the Fortitude Re modco arrangement. Net realized gains (losses) vary due to the timing of sales of investments as well as changes in the fair value of embedded derivatives in certain of our insurance products and derivatives utilized to hedge certain embedded derivatives; and

•Advisory fee income and other income includes fees from registered investment advisory services, 12b-1 fees (marketing and distribution fees paid by mutual funds), other asset management fee income and commission-based broker-dealer services.

BENEFITS AND EXPENSES

Our benefits and expenses come from six principal sources:

•Policyholder benefits are driven primarily by customer withdrawals and surrenders from traditional products which change in response to changes in capital market conditions and changes in policy reserves, as well as life contingent benefit payments on life and annuity contracts and updates to assumptions related to future policyholder behavior, mortality and longevity;

•Interest credited to policyholder account balances varies in relation to the amount of the underlying account value or benefit base and also includes changes in the fair value of certain embedded derivatives related to our insurance products and amortization of deferred sales inducement assets;

•Amortization of deferred policy acquisition costs and value of business acquired for all contracts except for other investment contracts is amortized, on a constant level basis over the expected term of the related contracts, using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding contracts, as applicable. VOBA is determined at the time of acquisition and is reported with DAC. This value is based on the present value of future pre-tax profits discounted at yields applicable at the time of purchase;

•General operating and other expenses include expenses associated with conducting our business, including salaries, other employee-related compensation and other operating expenses such as professional services or travel;

•Change in the fair value of market risk benefits, net represents the changes in fair value of MRBs contained within certain insurance contracts (excluding the impact of changes in our own credit risk), including attributed fees, along with the changes in the fair value of derivatives that economically hedge MRBs. Changes in our own credit risk are included in OCI; and

Corebridge | First Quarter 2024 Form 10-Q 75

TABLE OF CONTENTS

ITEM 2 | Executive Summary

•Interest expense represents the charges associated with our external debt obligations, including debt of consolidated investment entities. This expense varies based on the amount of debt on our balance sheet, as well as the rates of interest associated with those obligations. Interest expense related to consolidated investment entities principally relates to variable interest entities (“VIEs”) for which we are the primary beneficiary; however, creditors or beneficial interest holders of VIEs generally only have recourse to the assets and cash flows of the VIEs and do not have recourse to us except in limited circumstances when we have provided a guarantee to the VIE’s interest holders.

SIGNIFICANT FACTORS IMPACTING OUR RESULTS

The following significant factors have impacted, and may in the future impact, our business, results of operations, financial condition and liquidity.

Impact of Fortitude Re

In 2018, AIG established Fortitude Re, a wholly-owned subsidiary of Fortitude Group Holdings, LLC (“Fortitude Holdings”), in a series of reinsurance transactions related to certain of AIG’s legacy operations. In February 2018, AGL, VALIC and USL entered into modco agreements with Fortitude Re, a registered Class 4 and Class E reinsurer in Bermuda. Following the sale of AIG’s majority ownership interest in Fortitude Holdings, AIG contributed its remaining ownership in Fortitude Re Bermuda and its one seat on its Board of Managers to us. As of March 31, 2024, our ownership interest in Fortitude Re was 2.46%.

In the modco arrangement, the investments supporting the reinsurance agreements, which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AGL, VALIC and USL) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, since we maintain ownership of these investments, we reflect our existing accounting for these assets, which consist primarily of available-for-sale securities (e.g., the changes in fair value of available-for-sale securities are recognized within OCI) on our balance sheet. We have established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing liabilities for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of this derivative are recognized in Net realized gains (losses) on Fortitude Re funds withheld embedded derivative. This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets, primarily available-for-sale securities, associated with these reinsurance agreements. As the majority of the invested assets supporting the modco are fixed income securities that are available-for-sale, there is a mismatch between the accounting for the embedded derivative as its changes in fair value are recorded through net income while changes in the fair value of the fixed maturity securities available-for-sale are recorded through OCI.

Our net income experiences ongoing volatility as a result of the reinsurance agreements, which, as described above, give rise to a funds withheld payable that contains an embedded derivative. However, this net income volatility is almost entirely offset with a corresponding change in OCI, which reflects the fair value change from the investment portfolio supporting the funds withheld payable, which is primarily available-for-sale securities, resulting in minimal impact to our comprehensive income (loss) and equity attributable to Corebridge. The Company has also elected the fair value option on the acquisition of certain new fixed maturity securities, helping reduce the mismatch over time.

As of March 31, 2024, $26.1 billion of reserves had been ceded to Fortitude Re.

For additional information on our reinsurance agreements with Fortitude Re, see Note 8 to the Condensed Consolidated Financial Statements.

Impact of Variable Annuity Guaranteed Benefit Riders and Hedging

Our Individual Retirement and Group Retirement businesses offer variable annuity products with riders that provide guaranteed benefits. The liabilities are accounted for as MRBs and measured at fair value. The fair value of the MRBs may fluctuate significantly based on market interest rates, equity prices, credit spreads, market volatility, policyholder behavior and other factors.

In addition to risk-mitigating features in our variable annuity product design, we have an economic hedging program designed to manage market risk from GMWBs, including exposures to changes in interest rates, equity prices, credit spreads and volatility. The hedging program includes all in-force GMWB policies and utilizes derivative instruments, including, but not limited to, equity options, futures contracts and interest rate swap and option contracts, as well as fixed maturity securities.

For additional information regarding Corebridge’s impact of Variable Annuity Guaranteed Benefit Riders and Hedging, see “Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits — Variable Annuity Guaranteed Benefits and Hedging Results.”

Corebridge | First Quarter 2024 Form 10-Q 76

TABLE OF CONTENTS

ITEM 2 | Executive Summary

Embedded Derivatives for Fixed Index Annuity and Index Universal Life Products

Fixed index annuity contracts contain index interest credits which are accounted for as embedded derivatives and our index universal life insurance products also contain embedded derivatives. Policyholders may elect to rebalance among the various crediting strategies within the product at specified renewal dates. At the end of each index term, we generally have the opportunity to re-price the index component by establishing different participation rates or caps on index credited rates. The index crediting feature of these products results in the recognition of an embedded derivative that is required to be bifurcated from the host contract and carried at fair value with changes in the fair value of the liabilities recorded in Net realized gains (losses). Option pricing models are used to estimate fair value, taking into account assumptions for future index growth rates, volatility of the index, future interest rates and our ability to adjust the participation rate and the cap on index credited rates in light of market conditions and policyholder behavior assumptions.

The following table summarizes the fair values of the embedded derivatives for fixed index annuity and index universal life products:

(in millions)	March 31, 2024		December 31, 2023
Fixed index annuities	$	7,603	$	6,953
Index universal life	$	947	$	989

Our Strategic Partnership with Blackstone

In 2021, we entered into a strategic partnership with Blackstone pursuant to which Blackstone acquired a 9.9% position in our common stock and we entered into a long-term asset management relationship with Blackstone IM. As of March 31, 2024, Blackstone managed approximately $62.7 billion in book value of assets in our investment portfolio.

For additional information on our Strategic Partnership with Blackstone, see “Investments” below.

Our Investment Management Agreements with BlackRock

Since April 2022, we entered into investment management agreements with BlackRock and its investment advisory affiliates. As of March 31, 2024, BlackRock managed approximately $85.7 billion in book value of assets in our investment portfolio, consisting of liquid fixed income and certain private placement assets.

For additional information on our Investment Management Agreements with BlackRock, see “Investments” below.

Fair Value Option Bond Securities

We elect the fair value option on certain bond securities. When the fair value option is elected, the realized and unrealized gains and losses on these securities are reported in net investment income.

The following table shows the net investment income reported on fair value option bond securities:

	Three Months Ended March 31,
(in millions)		2024		2023
Net investment income - excluding Fortitude Re funds withheld assets		$	13	$	10
Net investment income - Fortitude Re funds withheld assets		71		105
Total		$	84	$	115

Separation Costs

In connection with our separation from AIG, we have incurred and expect to continue to incur one-time and recurring expenses. As of March 31, 2024, we have incurred approximately $492 million of one-time expenses on a pre-tax basis. These expenses primarily relate to replicating and replacing functions, systems and infrastructure provided by AIG; rebranding; and accounting advisory, consulting and actuarial fees. In addition to these separation costs, we expect to incur costs related to the evolution of our investments organization to reflect our strategic partnerships with key external managers, our implementation of BlackRock’s “Aladdin” investment management technology platform and our expected reduction in fees for asset management services.

In addition, as part of Corebridge Forward, we aim to achieve an annual run rate expense reduction of approximately $400 million on a pre-tax basis and expect the majority of the reduction to be achieved within 24 months of the IPO. Through March 31, 2024 we have acted upon or contracted approximately $394 million of exit run rate savings on a pre-tax basis. Corebridge Forward is expected to have a cumulative cost to achieve of approximately $300 million on a pre-tax basis. As of March 31, 2024, the cost to achieve has been approximately $181 million.

Corebridge | First Quarter 2024 Form 10-Q 77

TABLE OF CONTENTS

ITEM 2 | Executive Summary

COREBRIDGE’S MACROECONOMIC, INDUSTRY AND REGULATORY TRENDS

Our business is affected by industry and economic factors such as changes in interest rates and credit spreads; geopolitical tensions (including the ongoing armed conflicts between Ukraine and Russia and in the Middle East); credit and equity market conditions; currency exchange rates; regulation; tax policy; competition; and general economic, market and political conditions. We continued to operate under market conditions in 2024 and 2023 characterized by factors such as higher interest rates, inflationary pressures, an uneven global economic recovery and global trade tensions. Responses by central banks and monetary authorities with respect to inflation, growth concerns and other macroeconomic factors have also affected global exchange rates and volatility.

Below is a discussion of certain industry and economic factors impacting our business:

Demographics

We expect our target market of individuals planning for retirement to continue to grow with the size of the U.S. population age 65 and over that is expected to increase by approximately 30% by 2030 from just ten years earlier. In addition, we believe that reduced employer-paid retirement benefits will drive an increasing need for our individual retirement solutions. Further, consumers in the United States continue to prefer purchasing life insurance and retirement products through an agent or advisor, which positions us favorably given our broad distribution platform and in-house advisory capabilities. We continue to seek opportunities to develop new products and adapt our existing products to the growing needs of individuals to plan, save for and achieve secure financial futures.

Equity Markets

Our financial results are impacted by the performance of equity markets, which impacts the performance of our alternative investment portfolio, fee income, MRBs and embedded derivatives. For instance, in our variable annuity separate accounts, mutual fund assets and brokerage and advisory assets, we generally earn fee income based on the account value, which fluctuates with the equity markets as a significant amount of these assets are invested in equity funds. The impact of equity market returns, both increases and decreases, is reflected in our results due to the impact on the account value and the fair values of equity-exposed securities in our investment portfolio.

Our hedging costs could also be significantly impacted by changes in the level of equity markets as rebalancing and option costs are tied to the equity market volatility. These hedging costs are partially offset by our rider fees that are tied to the level of the volatility index (“VIX”). As rebalancing and option costs increase or decrease, the rider fees will increase or decrease partially offsetting the hedging costs incurred.

For Additional information see “Risk Factors—Risks Relating to Market Conditions—We are exposed to risk from equity market declines or volatility in the 2023 Form 10-K.

Market and other economic factors may result in increased credit impairments, downgrades and losses across single or numerous asset classes due to lower collateral values or deteriorating cash flow and profitability by borrowers could lead to higher defaults on our investment portfolio, especially in geographic, industry or investment sectors where we have higher concentrations of exposure, such as real estate related borrowings. These factors can also cause widening of credit spreads which could reduce investment asset valuations, decrease fee income and increase statutory capital requirements, as well as reduce the availability of investments that are attractive from a risk-adjusted perspective.

For additional information see “Risk Factors—Risks Relating to Market Conditions—Our business is highly dependent on economic and capital market conditions in the 2023 Form 10-K.

Alternative investments include private equity funds which are generally reported on a one-quarter lag. Accordingly, changes in valuations driven by equity market conditions during the first quarter of 2024 may impact the private equity investments in the alternative investments portfolio in the second quarter of 2024.

Impact of Changes in the Interest Rate Environment

A rising interest rate environment benefits our spread income as we reinvest cash flows from existing business at higher rates and should have a positive impact on sales of spread-based products resulting in an increase in our base net investment spreads.

As of March 31, 2024, increases in key rates have improved yields on new investments, which are now higher than the yield on maturities and redemptions that we are experiencing in our existing portfolios. Furthermore, the impact of interest rate increases is further reflected in our results as these rate increases have also reduced the value of fixed income assets that are held in the variable annuity separate accounts and brokerage and advisory assets, and accordingly, have adversely impacted the fees that are charged on these accounts. We actively manage our exposure to the interest rate environment through portfolio construction and asset-liability management, including spread management strategies for our investment-oriented products and economic hedging of interest rate risk from guarantee features in our variable annuities, but we may not be able to fully mitigate our interest rate risk by matching exposure of our assets relative to our liabilities.

Corebridge | First Quarter 2024 Form 10-Q 78

TABLE OF CONTENTS

ITEM 2 | Executive Summary

Fluctuations in interest rates may result in changes to certain statutory reserve or capital requirements that are based on formulas or models that consider interest rates or prescribed interest rates, such as cash flow testing. Rising interest rates can have a mixed impact on statutory financials due to higher surrender activity, particularly for fixed annuities, offset by potentially lower reserves for other products under various statutory reserving frameworks.

Regulatory Environment

The insurance and financial services industries are generally subject to close regulatory scrutiny and supervision. Our operations are subject to regulation by a number of different types of domestic and international regulatory authorities, including securities, derivatives and investment advisory regulators. Our insurance subsidiaries are subject to regulation and supervision by the states and jurisdictions in which they do business.

We expect that the domestic and international regulations applicable to us and our regulated entities will continue to evolve for the foreseeable future.

For example, On March 6, 2024, the SEC adopted final rules that require registrants, including Corebridge, to disclose certain climate-related information in registration statements and annual reports. The final rules require registrants to disclose, among other things: the impacts of material climate-related risks; the processes for identifying, assessing and managing such risks; information about the oversight of climate-related risks by the board of directors and management’s role in managing material climate-related risks; and information about any climate-related targets or goals that are material to a registrant's business, results of operations, or financial condition. The final rules also require, if material, disclosure of registrants’ Scope 1 and/or Scope 2 greenhouse gas emissions. In addition, registrants must disclose certain information in their audited financial statements, including aggregate expenditures expensed and losses as well as capitalized costs and charges, in each case as a result of severe weather events and other natural conditions, subject to de minimis disclosure thresholds.

The final rules include a phased-in compliance period beginning in fiscal year 2025 for large accelerated filers such as Corebridge. Numerous legal challenges were filed after the rule’s adoption, which lawsuits have been consolidated in the Eighth Circuit. On April 4, 2024, the SEC exercised its discretion to stay the final rules pending completion of judicial review in the U.S. Court of Appeals for the Eighth Circuit. Corebridge is evaluating the potential impacts of these new requirements. However, if these requirements are implemented following completion of judicial review, they may increase the complexity of Corebridge’s periodic reporting as a U.S. public company and are expected to result in additional compliance and reporting costs.

In addition, on April 25, 2024, the Department of Labor (“DOL”) published a final rule in the Federal Register updating the definition for when a person is an “investment advice fiduciary” for purposes of transactions with ERISA qualified plans, related plan participants and IRAs. The DOL also published changes with respect to existing prohibited transactions exemptions (“PTEs”) relating to such advice, including PTE 84-24 and PTE 2020-02. The rule is effective September 23, 2024, and includes a one-year transition period thereafter for certain requirements. We are evaluating the potential impact of the DOL’s rule to our business.

For information regarding our regulation and supervision by different regulatory authorities in the United States and abroad, see “Business—Regulation” in the 2023 Form 10-K.

Annuity Sales and Surrenders

The rising rate environment and our partnership with Blackstone have provided a strong tailwind for fixed and fixed index annuity sales, however, higher interest rates have also resulted in an increase in surrenders. Rising interest rates could continue to create the potential for increased sales but could also drive higher surrenders relative to what we have already experienced. Fixed annuities have surrender charge periods, generally in the three-to-seven-year range. Fixed index annuities have surrender charge periods, generally in the five-to-ten-year range, and within our Group Retirement segment, certain of our fixed investment options are subject to other withdrawal restrictions, which may help mitigate increased early surrenders in a rising rate environment. In addition, older contracts that have higher minimum interest rates and continue to be attractive to contract holders have driven better than expected persistency in fixed annuities, although the liabilities for such contracts have continued to decrease over time in amount and as a percentage of the total annuity portfolio. We closely monitor surrenders of fixed annuities as contracts with lower minimum interest rates come out of the surrender charge period.

Reinvestment and Spread Management

We actively monitor fixed income markets, including the level of interest rates, credit spreads and the shape of the yield curve. We also frequently review our interest rate assumptions and actively manage the crediting rates used for new and in-force business. Business strategies continue to evolve and we attempt to maintain profitability of the overall business in light of the interest rate environment. A rising interest rate environment results in improved yields on new investments and improves margins for our business while also making certain products, such as fixed annuities, more attractive to potential customers. However, the rising rate environment has resulted in lower values on general and separate account assets, mutual fund assets and brokerage and advisory assets that hold investments in fixed income assets.

Corebridge | First Quarter 2024 Form 10-Q 79

TABLE OF CONTENTS

ITEM 2 | Executive Summary

For investment-oriented products, including universal life insurance, and variable, fixed and fixed index annuities, in each of our operating and reportable segments, our spread management strategies include disciplined pricing and product design for new business, modifying or limiting the sale of products that do not achieve targeted spreads, using asset-liability management to match assets to liabilities to the extent practicable and actively managing crediting rates to help mitigate some of the pressure on investment spreads. Renewal crediting rate management is guided by specific contract provisions designed to allow crediting rates to be reset at pre-established intervals and subject to minimum crediting rate guarantees. We expect to continue to adjust crediting rates on in-force business, as appropriate, to be responsive to changing rate environments. As interest rates rise, we may need to raise crediting rates on in-force business for competitive and other reasons, potentially offsetting a portion of the additional investment income resulting from investing in a higher interest rate environment.

Of the aggregate fixed account values of our Individual Retirement and Group Retirement annuity products, 52% and 54% were crediting at the contractual minimum guaranteed interest rate at March 31, 2024 and December 31, 2023, respectively. The percentages of fixed account values of our annuity products that are currently crediting at rates above 1% were 49% and 50% at March 31, 2024 and December 31, 2023, respectively. In the universal life insurance products in our Life Insurance business, 59% and 59% of the account values were crediting at the contractual minimum guaranteed interest rate at March 31, 2024 and December 31, 2023, respectively. These businesses continue to focus on pricing discipline and strategies to manage the minimum guaranteed interest crediting rates offered on new sales in the context of regulatory requirements and competitive positioning.

For additional information on our investment and asset-liability management strategies, see “Investments” below.

Corebridge | First Quarter 2024 Form 10-Q 80

TABLE OF CONTENTS

ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Use of Non-GAAP Financial Measures and Key Operating Metrics

NON-GAAP FINANCIAL MEASURES

Throughout this MD&A, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are “non-GAAP financial measures” under SEC rules and regulations. We believe presentation of these non-GAAP financial measures allows for a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. These measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with GAAP and should not be viewed as a substitute for GAAP measures. The non-GAAP financial measures we present may not be comparable to similarly named measures reported by other companies. Reconciliations of non-GAAP financial measures for future periods are not provided as we do not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliations.

Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments, 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).

The following table presents a reconciliation of Total revenues to Adjusted revenues:

	Three Months Ended March 31,
(in millions)		2024		2023
Total revenues		$	5,836	$	4,262
Fortitude Re related items:
Net investment (income) on Fortitude Re funds withheld assets		(332)		(394)
Net realized (gains) losses on Fortitude Re funds withheld assets		164		(20)
Net realized (gains) losses on Fortitude Re funds withheld embedded derivatives		(22)		1,025
Subtotal - Fortitude Re related items		(190)		611
Other non-Fortitude Re reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		(18)		(13)
Other (income) - net		(6)		(10)
Net realized (gains) losses*		231		513
Subtotal - Other non-Fortitude Re reconciling items		207		490
Total adjustments		17		1,101
Adjusted revenues		$	5,853	$	5,363

*    Represents all Net realized gains and losses except gains (losses) related to the disposition of real estate investments and earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Earned income for non-qualifying (economic) hedging or for asset replication is reclassified from Net realized gains and losses to specific APTOI line items (e.g., net investment income and interest credited to policyholder account balances) based on the economic risk being hedged.

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

APTOI excludes the impact of the following items:

FORTITUDE RE RELATED ADJUSTMENTS:

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

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

Corebridge | First Quarter 2024 Form 10-Q 81

TABLE OF CONTENTS

ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

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 are 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, along with changes in the fair value of derivatives used to hedge MRBs are recorded through “Change in the fair value of MRBs, net” and are excluded from APTOI.

Changes in the fair value of securities used to economically hedge MRBs are excluded from APTOI.

OTHER ADJUSTMENTS:

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

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

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

•separation costs;

•non-operating litigation reserves and settlements;

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

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

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

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

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

•deferred income tax valuation allowance releases and charges.

Corebridge | First Quarter 2024 Form 10-Q 82

TABLE OF CONTENTS

ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

The following tables present a reconciliation of pre-tax income (loss)/net income (loss) attributable to Corebridge to adjusted pre-tax operating income (loss)/adjusted after-tax operating income (loss) attributable to Corebridge:

Three Months Ended March 31,	2024								2023
(in millions)	Pre-tax		Total Tax<br>(Benefit)<br>Charge		Non-<br>controlling<br>Interests		After Tax		Pre-tax		Total Tax<br>(Benefit)<br>Charge		Non-<br>controlling<br>Interests		After Tax
Pre-tax income/net income, including noncontrolling <br>interests	$	1,016	$	189	$	—	$	827	$	(669)	$	(216)	$	—	$	(453)
Noncontrolling interests	—		—		51		51		—		—		(6)		(6)
Pre-tax income/net income attributable to Corebridge	1,016		189		51		878		(669)		(216)		(6)		(459)
Fortitude Re related items
Net investment (income) on Fortitude Re funds withheld assets	(332)		(71)		—		(261)		(394)		(87)		—		(307)
Net realized (gains) losses on Fortitude Re funds withheld assets	164		35		—		129		(20)		(4)		—		(16)
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative	(22)		(5)		—		(17)		1,025		227		—		798
Subtotal Fortitude Re related items	(190)		(41)		—		(149)		611		136		—		475
Other reconciling items
Reclassification of disproportionate tax effects from AOCI and other tax adjustments	—		26		—		(26)		—		21		—		(21)
Deferred income tax valuation allowance (releases) charges	—		(17)		—		17		—		(16)		—		16
Changes in fair value of market risk benefits, net	(369)		(77)		—		(292)		196		41		—		155
Changes in fair value of securities used to hedge guaranteed living benefits	1		—		—		1		3		1		—		2
Changes in benefit reserves related to net realized gains (losses)	(3)		(1)		—		(2)		(5)		(1)		—		(4)
Net realized (gains) losses*	222		47		—		175		508		107		—		401
Separation costs	67		14		—		53		52		11		—		41
Restructuring and other costs	47		10		—		37		27		6		—		21
Non-recurring costs related to regulatory or accounting changes	—		—		—		—		4		1		—		3
Net (gain) loss on divestiture	(5)		(1)		—		(4)		3		1		—		2
Noncontrolling interests	51		—		(51)		—		(6)		—		6		—
Subtotal: Other non-Fortitude Re reconciling items	11		1		(51)		(41)		782		172		6		616
Total adjustments	(179)		(40)		(51)		(190)		1,393		308		6		1,091
Adjusted pre-tax operating income/Adjusted after-tax operating income attributable to Corebridge	$	837	$	149	$	—	$	688	$	724	$	92	$	—	$	632

*    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.

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.

The following table presents the reconciliation of Book value per common share to Adjusted book value per common share:

	At March 31,		At December 31,
(in millions, except per common share data)	2024		2023
Total Corebridge shareholders' equity (a)	$	11,576	$	11,766
Less: Accumulated other comprehensive income (loss)	(14,139)		(13,458)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets	(2,497)		(2,332)
Adjusted Book Value (b)	$	23,218	$	22,892
Total common shares outstanding (c)	615.4		621.7
Book value per common share (a/c)	$	18.81	$	18.93
Adjusted book value per common share (b/c)	$	37.73	$	36.82

Corebridge | First Quarter 2024 Form 10-Q 83

TABLE OF CONTENTS

ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

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.

The following table presents the reconciliation of Adjusted ROAE:

	Three Months Ended March 31,
(in millions, unless otherwise noted)		2024			2023
Actual or annualized net income (loss) attributable to Corebridge shareholders (a)		$	3,512		$	(1,836)
Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b)		2,752			2,528
Average Corebridge shareholders’ equity (c)		11,671			10,468
Less: Average AOCI		(13,799)			(15,465)
Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets		(2,415)			(2,586)
Average Adjusted Book Value (d)		$	23,055		$	23,347
Return on Average Equity (a/c)		30.1		%	(17.5)%
Adjusted ROAE (b/d)		11.9		%	10.8%

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

The following table presents the premiums and deposits:

	Three Months Ended March 31,
(in millions)	2024		2023
Individual Retirement
Premiums	$	41	$	78
Deposits	4,822		4,807
Other(a)	(2)		(2)
Premiums and deposits	4,861		4,883
Group Retirement
Premiums	5		6
Deposits	2,049		2,240
Premiums and deposits(b)(c)	2,054		2,246
Life Insurance
Premiums	434		425
Deposits	393		398
Other(a)	267		226
Premiums and deposits	1,094		1,049
Institutional Markets
Premiums	1,796		1,575
Deposits	781		581
Other(a)	9		7
Premiums and deposits	2,586		2,163
Total
Premiums	2,276		2,084
Deposits	8,045		8,026
Other(a)	274		231
Premiums and deposits	$	10,595	$	10,341

(a)Other principally consists of ceded premiums, in order to reflect gross premiums and deposits.

(b)Excludes client deposits into advisory and brokerage accounts of $730 million and $542 million for the three months ended March 31, 2024 and 2023, respectively.

(c)Includes inflows related to in-plan mutual funds of $791 million and $1.0 billion for the three months ended March 31, 2024 and 2023, respectively.

Corebridge | First Quarter 2024 Form 10-Q 84

TABLE OF CONTENTS

ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Net investment income (APTOI basis) is the sum of base portfolio income and variable investment income.

The following table presents a reconciliation of net investment income (net income basis) to net investment income (APTOI basis):

	Three Months Ended March 31,
(in millions)		2024		2023
Net investment income (net income basis)		$	2,924	$	2,695
Net investment (income) on Fortitude Re funds withheld assets		(332)		(394)
Change in fair value of securities used to hedge guaranteed living benefits		(18)		(13)
Other adjustments		(6)		(10)
Derivative income recorded in net realized gains (losses)		61		57
Total adjustments		(295)		(360)
Net investment income (APTOI basis)		$	2,629	$	2,335

KEY OPERATING METRICS

Assets Under Management and Administration

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

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

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

The following table presents a summary of our AUMA:

	March 31,		December 31,
(in millions)	2024		2023
Individual Retirement
AUM	$	153,065	$	149,691
AUA	—		—
Total Individual Retirement AUMA	153,065		149,691
Group Retirement
AUM	81,509		79,910
AUA	44,706		42,271
Total Group Retirement AUMA	126,215		122,181
Life Insurance
AUM	26,989		26,691
AUA	—		—
Total Life Insurance AUMA *	26,989		26,691
Institutional Markets
AUM	43,276		40,678
AUA	43,168		44,607
Total Institutional Markets AUMA	86,444		85,285
Total AUMA	$	392,713	$	383,848

*The March 31, 2024 and December 31, 2023 AUMA excludes $184 million and $181 million, respectively, of assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets. See Note 4 to the Condensed Consolidated Financial Statements for additional information.

Corebridge | First Quarter 2024 Form 10-Q 85

TABLE OF CONTENTS

ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Fee and Spread income and Underwriting Margin

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

Spread income is defined as net investment income less interest credited to policyholder account balances, 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.

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.

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

Variable investment income includes call and tender income, 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.

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

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

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

The following table presents a summary of our spread income, fee income and underwriting margin:

	Three Months Ended March 31,
(in millions)		2024		2023
Individual Retirement
Spread income		$	713	$	623
Fee income		307		277
Total Individual Retirement*		1,020		900
Group Retirement
Spread income		200		213
Fee income		190		176
Total Group Retirement		390		389
Life Insurance
Underwriting margin		297		356
Total Life Insurance		297		356
Institutional Markets
Spread income		106		82
Fee income		16		16
Underwriting margin		18		17
Total Institutional Markets		140		115
Total
Spread income		1,019		918
Fee income		513		469
Underwriting margin		315		373
Total		$	1,847	$	1,760

Corebridge | First Quarter 2024 Form 10-Q 86

TABLE OF CONTENTS

ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Net Investment Income (APTOI Basis)

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

	Three Months Ended March 31,
(in millions)		2024		2023
Individual Retirement
Base portfolio income		$	1,335	$	1,123
Variable investment income		4		5
Net investment income		1,339		1,128
Group Retirement
Base portfolio income		494		491
Variable investment income		1		9
Net investment income		495		500
Life Insurance
Base portfolio income		327		317
Variable investment income		(1)		—
Net investment income		326		317
Institutional Markets
Base portfolio income		489		318
Variable investment income		(2)		14
Net investment income		487		332
Total
Base portfolio income		2,645		2,249
Variable investment income		2		28
Net investment income (APTOI basis) - Insurance operations		$	2,647	$	2,277

Net Flows

Net flows for annuity products in Individual Retirement and Group Retirement represent premiums and deposits less death, surrender and other withdrawal benefits. Net flows for mutual funds represent deposits less withdrawals. For Group Retirement, client deposits into advisory and brokerage accounts less total client withdrawals from advisory and brokerage accounts are not included in net flows.

The following table presents a summary of our Net Flows:

	Three Months Ended March 31,
(in millions)		2024		2023
Individual Retirement
Fixed Annuities		$	(211)	$	(90)
Fixed Index Annuities		925		1,388
Variable Annuities		(1,228)		(636)
Total Individual Retirement		(514)		662
Group Retirement		(1,891)		(819)
Total Net Flows		$	(2,405)	$	(157)

Corebridge | First Quarter 2024 Form 10-Q 87

TABLE OF CONTENTS

ITEM 2 Consolidated Results of Operations

Consolidated Results of Operations

The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three months ended March 31, 2024 and 2023. For factors that relate primarily to a specific business, see “— Business Segment Operations.”

	Three Months Ended March 31,
(in millions)		2024		2023
Revenues:
Premiums		$	2,295	$	2,105
Policy fees		714		698
Net investment income		2,924		2,695
Net realized losses		(320)		(1,458)
Advisory fee and other income		223		222
Total revenues		5,836		4,262
Benefits and expenses:
Policyholder benefits		2,807		2,495
Change in the fair value of market risk benefits, net		(369)		196
Interest credited to policyholder account balances		1,199		1,026
Amortization of deferred policy acquisition costs and value of business acquired		267		256
Non-deferrable insurance commissions		143		136
Advisory fee expenses		68		65
General operating expenses		572		582
Interest expense		138		172
Net (gain) loss on divestitures		(5)		3
Total benefits and expenses		4,820		4,931
Income (loss) before income tax expense (benefit)		1,016		(669)
Income tax expense (benefit)		189		(216)
Net income (loss)		827		(453)
Less: Net income (loss) attributable to noncontrolling interests		(51)		6
Net income (loss) attributable to Corebridge		$	878	$	(459)

The following table presents certain balance sheet data:

(in millions, except per common share data)	March 31, 2024		December 31, 2023
Balance sheet data:
Total assets	$	385,588	$	379,270
Long-term debt	$	9,118	$	9,118
Debt of consolidated investment entities	$	2,530	$	2,504
Total Corebridge shareholders’ equity	$	11,576	$	11,766
Book value per common share	$	18.81	$	18.93
Adjusted book value per common share	$	37.73	$	36.82

Financial Highlights

Three Months Ended March 31, 2024 to Three Months Ended March 31, 2023 Net Income Comparison

Income (loss) before income tax expense (benefit)

We recorded pre-tax income of $1.0 billion in the three months ended March 31, 2024 compared to pre-tax loss of $669 million in the three months ended March 31, 2023. The change in pre-tax income was primarily due to:

•lower net realized losses of $1.1 billion primarily driven by lower losses on the Fortitude Re funds withheld embedded derivative and withheld assets;

•favorable change in the fair value of market risk benefits, net of $565 million primarily driven by the impacts of changes in equity markets and interest rate volatility;

•higher net investment income of $229 million primarily driven by higher base portfolio income partially offset by lower income related to the Fortitude Re funds withheld assets and lower variable investment income; and

Corebridge | First Quarter 2024 Form 10-Q 88

TABLE OF CONTENTS

ITEM 2 Consolidated Results of Operations

•higher premiums of $190 million primarily on new pension risk transfer business.

Partially offset by:

•higher policyholder benefits of $312 million primarily on new pension risk transfer business; and

•higher interest credited to policyholder account balances of $173 million primarily due to higher sales activity in fixed and fixed index annuities and increased interest rates on the growing GIC business.

Income tax expense (benefit)

For the three months ended March 31, 2024, there was an income tax expense of $189 million on income from operations, resulting in an effective tax rate on income from operations of 18.6%.

Adjusted pre-tax operating income

The following table presents total Corebridge’s adjusted pre-tax operating income:

	Three Months Ended March 31,
(in millions)		2024		2023
Premiums		$	2,295	$	2,104
Policy fees		714		698
Net investment income		2,629		2,335
Net realized gains (losses)*		(8)		4
Advisory fee and other income		223		222
Total adjusted revenues		5,853		5,363
Policyholder benefits		2,810		2,500
Interest credited to policyholder account balances		1,189		1,015
Amortization of deferred policy acquisition costs		267		256
Non-deferrable insurance commissions		143		136
Advisory fee expenses		68		65
General operating expenses		458		499
Interest expense		132		162
Total benefits and expenses		5,067		4,633
Noncontrolling interests		51		(6)
Adjusted pre-tax operating income		$	837	$	724

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

Three Months Ended March 31, 2024 to Three Months Ended March 31, 2023 APTOI Comparison

APTOI increased $113 million, primarily due to:

•higher net investment income of $294 million primarily driven by higher base portfolio income partially offset by lower variable investment income reflecting lower alternative investment income;

•higher premiums of $191 million primarily on new pension risk transfer business;

•lower general operating expenses by $41 million; and

•lower interest expense of $30 million primarily due to lower interest expense on consolidated investment entities.

Partially offset by:

•higher policyholder benefits of $310 million primarily on new pension risk transfer business; and

•higher interest credited to policyholder account balances of $174 million primarily due to higher sales activity in fixed and fixed index annuities and increased interest rates on the growing GIC business.

Corebridge | First Quarter 2024 Form 10-Q 89

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Business Segment Operations

Our business operations consist of five reportable segments:

•Individual Retirement – consists of fixed annuities, fixed index annuities and variable annuities.

•Group Retirement – consists of recordkeeping, plan administrative and compliance services, financial planning and advisory solutions offered in-plan, along with proprietary and limited non-proprietary annuities, advisory and brokerage products offered out-of-plan.

•Life Insurance – primary products in the United States include term life and universal life insurance. The International Life business issues individual and group life insurance in the United Kingdom and distributed private medical insurance in Ireland. On October 31, 2023 Corebridge completed the sale of Laya and on April 8, 2024 completed the sale of AIG Life.

•Institutional Markets – consists of SVW products, structured settlement and PRT annuities, Corporate Markets products that include corporate- and bank-owned life insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuities products and GICs.

•Corporate and Other – consists primarily of:

–corporate expenses not attributable to our other segments;

–interest expense on financial debt;

–results of our consolidated investment entities;

–institutional asset management business, which includes managing assets for non-consolidated affiliates; and

–results of our legacy insurance lines ceded to Fortitude Re.

The following tables summarize adjusted pre-tax operating income (loss) from our segments:

See Note 3 to the Condensed Consolidated Financial Statements.

	Three Months Ended March 31,
(in millions)		2024		2023
Individual Retirement		$	622	$	534
Group Retirement		200		186
Life Insurance		54		82
Institutional Markets		112		85
Corporate and Other		(148)		(163)
Consolidation and elimination		(3)		—
Adjusted pre-tax operating income		$	837	$	724

Corebridge | First Quarter 2024 Form 10-Q 90

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

DISCUSSION OF SEGMENT RESULTS

Individual Retirement

Individual Retirement Results

	Three Months Ended March 31,
(in millions)		2024		2023
Revenues:
Premiums		$	41	$	78
Policy fees		191		174
Net investment income:
Base portfolio income		1,335		1,123
Variable investment income		4		5
Net investment income		1,339		1,128
Advisory fee and other income*		116		103
Total adjusted revenues		1,687		1,483
Benefits and expenses:
Policyholder benefits		36		65
Interest credited to policyholder account balances		639		519
Amortization of deferred policy acquisition costs		149		137
Non-deferrable insurance commissions		90		86
Advisory fee expenses		35		34
General operating expenses		116		108
Total benefits and expenses		1,065		949
Adjusted pre-tax operating income		$	622	$	534

*    Includes advisory fee income from registered investment services, 12b-1 fees (i.e., marketing and distribution fee income), and other asset management fee income.

Individual Retirement Sources of Earnings

The following table presents the sources of earnings of the Individual Retirement segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:

	Three Months Ended March 31,
(in millions)		2024		2023
Spread income(a)		$	713	$	623
Fee income		307		277
Policyholder benefits, net of premiums		5		13
Non-deferrable insurance commissions		(90)		(86)
Amortization of DAC and DSI		(162)		(151)
General operating expenses		(116)		(108)
Other(b)		(35)		(34)
Adjusted pre-tax operating income		$	622	$	534

(a)Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $13 million and $14 million for the three months ended March 31, 2024 and 2023 respectively.

(b)Other represents advisory fee expenses.

Financial Highlights

Three Months Ended March 31, 2024 to Three Months Ended March 31, 2023 APTOI Comparison

APTOI increased $88 million, primarily due to:

•higher spread income of $90 million driven by higher base spread income of $91 million due to improved base portfolio yields and growth in invested assets driven by higher general account sales.

Corebridge | First Quarter 2024 Form 10-Q 91

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

AUMA

The following table presents Individual Retirement AUMA by product:

	March 31,		December 31,
(in millions)	2024		2023
Fixed annuities	$	53,244	$	53,570
Fixed index annuities	43,004		40,661
Variable annuities:
Variable annuities - General Account	7,035		7,715
Variable annuities - Separate Accounts	49,782		47,745
Variable annuities	56,817		55,460
Total	$	153,065	$	149,691

March 31, 2024 to December 31, 2023 AUMA Comparison

AUMA increased $3.4 billion driven by higher separate accounts asset values of $2.0 billion and an increase of $1.3 billion in the general account. The separate account increased primarily due to increases in the equity markets, partially offset by outflows from separate accounts. The general account increased primarily due to positive general account net flows and income.

Spread and Fee Income

The following table presents Individual Retirement spread and fee income:

	Three Months Ended March 31,
(in millions)		2024		2023
Spread income:
Total spread income
Base portfolio income		$	1,335	$	1,123
Interest credited to policyholder account balances		(626)		(505)
Base spread income		709		618
Variable investment income		4		5
Total spread income*		$	713	$	623
Fee income:
Policy fees		$	191	$	174
Advisory fees and other income		116		103
Total fee income		$	307	$	277

*    Excludes amortization of DSI assets of $13 million and $14 million for the three months ended March 31, 2024 and 2023, respectively.

Corebridge | First Quarter 2024 Form 10-Q 92

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

The following table presents Individual Retirement net investment spread:

	Three Months Ended March 31,
		2024		2023
Fixed annuities base net investment spread:
Base yield*		5.33	%	4.83	%
Cost of funds		3.18		2.82
Fixed annuities base net investment spread		2.15		2.01
Fixed index annuities base net investment spread:
Base yield*		5.10		4.46
Cost of funds		2.30		1.79
Fixed index annuities base net investment spread		2.80		2.67
Variable annuities base net investment spread:
Base yield*		3.66		3.85
Cost of funds		1.49		1.46
Variable annuities base net investment spread		2.17		2.39
Total Individual Retirement base net investment spread:
Base yield*		5.14		4.65
Cost of funds		2.70		2.34
Total Individual Retirement base net investment spread		2.44	%	2.31	%

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

Three Months Ended March 31, 2024 to Three Months Ended March 31, 2023 Comparison

See “Financial Highlights.”

Premiums and Deposits and Net Flows

For Individual Retirement, premiums primarily represent amounts received on life-contingent payout annuities, while deposits represent sales on investment-oriented products.

Net flows for annuity products in Individual Retirement represent premiums and deposits less death, surrender and other withdrawal benefits.

Premiums and Deposits	Three Months Ended March 31,
(in millions)		2024		2023
Fixed annuities		$	2,612	$	2,248
Fixed index annuities		1,883		2,057
Variable annuities		366		578
Total		$	4,861	$	4,883
Net Flows	Three Months Ended March 31,
---	---	---	---
(in millions)		2024		2023
Fixed annuities		$	(211)	$	(90)
Fixed index annuities		925		1,388
Variable annuities		(1,228)		(636)
Total		$	(514)	$	662

Three Months Ended March 31, 2024 to Three Months Ended March 31, 2023 Comparison

Fixed Annuities Net outflows increased by $121 million over the prior year, primarily due to higher surrenders and withdrawals of $687 million, partially offset by higher premiums and deposits of $364 million due to strong sales execution as interest rates rose and lower death benefits of $201 million.

Fixed Index Annuities Net inflows decreased by $463 million primarily due to lower premiums and deposits of $174 million, higher surrenders and withdrawals of $270 million and higher death benefits of $21 million.

Variable Annuities Net outflows increased $592 million primarily due to lower premium and deposits of $212 million due to market volatility and higher surrenders and withdrawals of $364 million and higher death benefits of $15 million.

Corebridge | First Quarter 2024 Form 10-Q 93

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Surrenders

The following table presents Individual Retirement surrender rates:

	Three Months Ended March 31,
		2024		2023
Fixed annuities		20.6	%	15.1	%
Fixed index annuities		8.0		6.7
Variable annuities		9.4		7.1

The following table presents account values for fixed annuities, fixed index annuities and variable annuities by surrender charge category:

	March 31,						December 31,
	2024						2023
(in millions)	Fixed<br>Annuities		Fixed Index<br>Annuities		Variable<br>Annuities		Fixed<br>Annuities		Fixed Index<br>Annuities		Variable<br>Annuities
No surrender charge	$	20,884	$	1,905	$	31,352	$	21,793	$	1,727	$	29,819
Greater than 0% - 2%	859		3,545		6,889		1,023		3,326		6,717
Greater than 2% - 4%	2,784		6,498		6,284		2,844		6,413		5,799
Greater than 4%	23,116		28,965		10,737		21,766		28,128		11,014
Non-surrenderable(a)	2,464		—		1,156		2,474		—		1,156
Total account value(b)	$	50,107	$	40,913	$	56,418	$	49,900	$	39,594	$	54,505

(a)    The non-surrenderable portion of variable annuities relates to funding agreements.

(b)    Includes payout Immediate Annuities and funding agreements.

Individual Retirement annuities are typically subject to a three- to ten-year surrender charge period, depending on the product. For fixed annuities, the proportion of account value subject to surrender charge at March 31, 2024 increased compared to December 31, 2023 primarily due to growth in the business. For fixed index annuities, the proportion of account value subject to surrender charge at March 31, 2024 was flat to December 31, 2023. The increase in the proportion of account value with no surrender charge for variable annuities as of March 31, 2024 compared to December 31, 2023 was principally due to normal aging of the business.

Group Retirement

Group Retirement Results

	Three Months Ended March 31,
(in millions)		2024		2023
Revenues:
Premiums		$	5	$	6
Policy fees		107		100
Net investment income:
Base portfolio income		494		491
Variable investment income		1		9
Net investment income		495		500
Advisory fee and other income*		83		76
Total adjusted revenues		690		682
Benefits and expenses:
Policyholder benefits		3		9
Interest credited to policyholder account balances		298		291
Amortization of deferred policy acquisition costs		21		21
Non-deferrable insurance commissions		29		28
Advisory fee expenses		33		29
General operating expenses		106		118
Total benefits and expenses		490		496
Adjusted pre-tax operating income		$	200	$	186

*    Includes advisory fee income from registered investment services, 12b-1 fees (i.e., marketing and distribution fee income), other asset management fee income, and commission-based broker-dealer services.

Corebridge | First Quarter 2024 Form 10-Q 94

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Group Retirement Sources of Earnings

The following table presents the sources of earnings of the Group Retirement segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:

	Three Months Ended March 31,
(in millions)		2024		2023
Spread income(a)		$	200	$	213
Fee income(b)		190		176
Policyholder benefits, net of premiums		2		(3)
Non-deferrable insurance commissions		(29)		(28)
Amortization of DAC and DSI		(24)		(25)
General operating expenses		(106)		(118)
Other(c)		(33)		(29)
Adjusted pre-tax operating income		$	200	$	186

(a)    Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $3 million and $4 million for the three months ended March 31, 2024 and 2023, respectively.

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

(c)    Other consists of advisory fee expenses.

Financial Highlights

Three Months Ended March 31, 2024 to Three Months Ended March 31, 2023 APTOI Comparison

APTOI increased $14 million, primarily due to:

•lower general operating expenses of $12 million; and

•higher fee income, net of advisory fee expenses of $10 million due to higher average separate account, advisory, and mutual fund assets driven by improved equity market performance.

Partially offset by:

•lower spread income of $13 million primarily driven by a decrease in variable investment income of $8 million.

AUMA

The following table presents Group Retirement AUMA by product:

	March 31,		December 31,
(in millions)	2024		2023
AUMA by asset type:
In-plan spread based	$	24,619	$	25,160
In-plan fee based	58,002		54,807
Total in-plan AUMA(a)	82,621		79,967
Out-of-plan proprietary - General Account	16,925		16,664
Out-of-plan proprietary - Separate Accounts	11,432		11,075
Total out-of-plan proprietary annuities	28,357		27,739
Advisory and brokerage assets	15,237		14,475
Total out-of-plan AUMA(b)	43,594		42,214
Total AUMA	$	126,215	$	122,181

(a)    Includes $13.5 billion of AUMA at March 31, 2024 and $12.7 billion of AUMA at December 31, 2023 that is associated with our in-plan investment advisory service that we offer to participants at an additional fee.

(b)    Includes $12.6 billion of AUMA at March 31, 2024 and $12.0 billion of AUMA at December 31, 2023 that is associated with our out-of-plan investment advisory service that we offer to customers at an additional fee.

March 31, 2024 to December 31, 2023 AUMA Comparison

In-plan assets increased by $2.7 billion driven by $3.2 billion increase in fee based assets, primarily due to higher equity markets. partially offset by $541 million decrease in spread based assets, primarily due to negative net flows, Out-of-plan proprietary annuity assets increased by $618 million, primarily due to higher equity markets. The increase of advisory and brokerage assets of $762 million was driven by higher equity markets and net new assets.

Corebridge | First Quarter 2024 Form 10-Q 95

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Spread and Fee Income

The following table presents Group Retirement spread and fee income:

	Three Months Ended March 31,
(in millions)		2024		2023
Spread income:
Base portfolio income		$	494	$	491
Interest credited to policyholder account balances		(295)		(287)
Base spread income		199		204
Variable investment income		1		9
Total spread income*		$	200	$	213
Fee income:
Policy fees		$	107	$	100
Advisory fees and other income		83		76
Total fee income		$	190	$	176

*Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $3 million and $4 million for the three months ended March 31, 2024 and 2023, respectively.

	Three Months Ended March 31,
		2024		2023
Base net investment spread:
Base yield*		4.42	%	4.22	%
Cost of funds		2.89		2.70
Base net investment spread		1.53	%	1.52	%

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

Three Months Ended March 31, 2024 to Three Months Ended March 31, 2023 Comparison

See “Financial Highlights.”

Premiums and Deposits and Net Flows

For Group Retirement, premiums primarily represent amounts received on life-contingent payout annuities while deposits represent sales on investment-oriented products.

Net flows for annuity products included in Group Retirement represent premiums and deposits less death, surrender and other withdrawal benefits. Net flows for mutual funds represent deposits less withdrawals. For Group Retirement, client deposits into advisory and brokerage accounts less total client withdrawals from advisory and brokerage accounts are not included in net flows. Net new assets into these products contribute to growth in AUA rather than AUM.

Premiums and Deposits and Net Flows	Three Months Ended March 31,
(in millions)		2024		2023
In-plan(a)(b)		$	1,250	$	1,519
Out-of-plan proprietary variable annuity		153		192
Out-of-plan proprietary fixed and index annuities		651		535
Premiums and deposits(c)		$	2,054	$	2,246
Net Flows		$	(1,891)	$	(819)

(a)     In-plan premium and deposits include sales of variable and fixed annuities as well as mutual funds for 403(b), 401(a), 457(b) and 401(k) plans.

(b)     Includes inflows related to in-plan mutual funds of $791 million and $1.0 billion for the three months ended March 31, 2024 and 2023, respectively.

(c)    Excludes client deposits into advisory and brokerage accounts of $730 million and $542 million for the three months ended March 31, 2024 and 2023, respectively.

Three Months Ended March 31, 2024 to Three Months Ended March 31, 2023 Comparison

Net flows remained negative and declined by $1.1 billion primarily due to an increase in surrenders and withdrawals of $862 million, a decrease in deposits of $192 million and an increase in death and payout benefit annuity benefits of $18 million. Large plan acquisitions and surrenders resulted in lower net flows of $459 million compared to the prior year. Excluding large plan acquisitions and surrenders, net outflows were concentrated in higher contractual guaranteed minimum crediting rates.

Corebridge | First Quarter 2024 Form 10-Q 96

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Surrenders

The following table presents Group Retirement surrender rates:

	Three Months Ended March 31,
		2024		2023
Surrender rates		13.6	%	11.0	%

The following table presents account value for Group Retirement annuities by surrender charge category:

	March 31,		December 31,
(in millions)	2024(a)		2023(a)
No surrender charge(b)	$	71,578	$	70,500
Greater than 0% - 2%	1,274		1,251
Greater than 2% - 4%	1,629		1,698
Greater than 4%	6,197		5,757
Non-surrenderable	486		490
Total account value(c)	$	81,164	$	79,696

(a)Excludes mutual fund assets under administration of $29.5 billion and $27.8 billion at March 31, 2024 and December 31, 2023, respectively.

(b)Group Retirement amounts in this category include account value in the general account of approximately $4.0 billion and $4.1 billion at March 31, 2024 and December 31, 2023, respectively, which are subject to 20% annual withdrawal limitations at the participant level and account value in the general account of $5.2 billion and $5.3 billion at March 31, 2024 and December 31, 2023, respectively, which are subject to 20% annual withdrawal limitations at the plan level.

(c)Includes payout Immediate Annuities and funding agreements.

Group Retirement annuity deposits are typically subject to a four- to seven-year surrender charge period, depending on the product. In addition, for annuity assets held within an employer defined contribution plan, participants can only withdraw funds in certain circumstances without incurring tax penalties (for example, separation from service), regardless of surrender charges. At March 31, 2024, Group Retirement annuity account values with no surrender charge increased compared to December 31, 2023 primarily due to an increase in assets under management from higher equity markets partially offset by negative net flows.

Life Insurance

Life Insurance Results

	Three Months Ended March 31,
(in millions)		2024		2023
Revenues:
Premiums		$	434	$	425
Policy fees		368		375
Net investment income:
Base portfolio income		327		317
Variable investment income (loss)		(1)		—
Net investment income		326		317
Other income		—		29
Total adjusted revenues		1,128		1,146
Benefits and expenses:
Policyholder benefits		748		708
Interest credited to policyholder account balances		83		82
Amortization of deferred policy acquisition costs		94		96
Non-deferrable insurance commissions		19		17
Advisory fee expenses		—		2
General operating expenses		130		159
Total benefits and expenses		1,074		1,064
Adjusted pre-tax operating income		$	54	$	82

Corebridge | First Quarter 2024 Form 10-Q 97

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Life Insurance Sources of Earnings

The following table presents the sources of earnings of the Life Insurance segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:

	Three Months Ended March 31,
(in millions)		2024		2023
Underwriting margin(a)		$	297	$	356
General operating expenses		(130)		(159)
Non-deferrable insurance commissions		(19)		(17)
Amortization of DAC		(94)		(96)
Other(b)		—		(2)
Adjusted pre-tax operating income		$	54	$	82

(a)    Underwriting margin represents premiums, policy fees, net investment income and other income, less policyholder benefits and interest credited to policyholder account balances.

(b)    Other primarily represents advisory fee expenses.

Financial Highlights

Three Months Ended March 31, 2024 to Three Months Ended March 31, 2023 APTOI Comparison

APTOI decreased $28 million, primarily due to:

•lower underwriting margin of $59 million from:

–higher policyholder benefits, net of premiums and fees, of $38 million, primarily driven by one-time reinsurance adjustments; and

–lower other income of $29 million, primarily driven by the sale of Laya in October 2023 ($27 million).

Partially offset by:

–higher base portfolio income of $9 million, driven by higher yields.

Partially offset by:

•lower general operating expenses of $29 million, primarily driven by the sale of Laya in October 2023 ($20 million). General operating expenses excluding the impact from the sale of Laya decreased $9 million.

AUMA

The following table presents Life Insurance AUMA:

	March 31,		December 31,
(in millions)	2024		2023
Total AUMA	$	26,989	$	26,691

*    AUMA excludes $184 million and $181 million of assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets, at March 31, 2024 and December 31, 2023, respectively. See Note 4 to the Condensed Consolidated Financial Statements for additional information.

March 31, 2024 to December 31, 2023 AUMA Comparison

AUMA increased $298 million in the three months ended March 31, 2024 compared to the prior year-end due to growth in the business.

Underwriting Margin

The following table presents Life Insurance underwriting margin:

	Three Months Ended March 31,
(in millions)		2024		2023
Premiums		$	434	$	425
Policy fees		368		375
Net investment income		326		317
Other income		—		29
Policyholder benefits		(748)		(708)
Interest credited to policyholder account balances		(83)		(82)
Underwriting margin		$	297	$	356

Corebridge | First Quarter 2024 Form 10-Q 98

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Three Months Ended March 31, 2024 to Three Months Ended March 31, 2023 Comparison

See “Financial Highlights.”

Premiums and Deposits

Premiums and Deposits for Life Insurance represent amounts received on life and health policies. Premiums generally represent amounts received on traditional life products, while deposits represent amounts received on universal life products.

	Three Months Ended March 31,
(in millions)		2024		2023
Traditional Life		$	461	$	441
Universal Life		393		398
Total U.S.		854		839
International		240		210
Premiums and deposits		$	1,094	$	1,049

Three Months Ended March 31, 2024 to Three Months Ended March 31, 2023 Comparison

Premiums and deposits, excluding the effect of foreign exchange, increased $37 million for the three months ended March 31, 2024 compared to the prior year primarily due to growth in international life and domestic traditional life premiums.

Institutional Markets

Institutional Markets Results

	Three Months Ended March 31,
(in millions)		2024		2023
Revenues:
Premiums		$	1,796	$	1,575
Policy fees		48		49
Net investment income:
Base portfolio income		489		318
Variable investment income (loss)		(2)		14
Net investment income		487		332
Other income		1		—
Total adjusted revenues		2,332		1,956
Benefits and expenses:
Policyholder benefits		2,023		1,718
Interest credited to policyholder account balances		169		123
Amortization of deferred policy acquisition costs		3		2
Non-deferrable insurance commissions		5		5
General operating expenses		20		23
Total benefits and expenses		2,220		1,871
Adjusted pre-tax operating income		$	112	$	85

Corebridge | First Quarter 2024 Form 10-Q 99

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Institutional Markets Sources of Earnings

The following table presents the sources of earnings of the Institutional Markets segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:

	Three Months Ended March 31,
(in millions)		2024		2023
Spread income(a)		$	106	$	82
Fee income(b)		16		16
Underwriting margin(c)		18		17
Non-deferrable insurance commissions		(5)		(5)
General operating expenses		(20)		(23)
Other		(3)		(2)
Adjusted pre-tax operating income		$	112	$	85

(a)    Represents spread income on GIC, PRT and structured settlement products.

(b)    Represents fee income on SVW products.

(c)    Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products.

Financial Highlights

Three Months Ended March 31, 2024 to Three Months Ended March 31, 2023 APTOI Comparison

APTOI increased $27 million, primarily due to:

•higher spread income of $24 million.

AUMA

The following table presents Institutional Markets AUMA:

	March 31,		December 31,
(in millions)	2024		2023
SVW (AUA)	$	43,168	$	44,607
GIC, PRT and Structured settlements (AUM)	36,041		33,579
All other (AUM)	7,235		7,099
Total AUMA	$	86,444	$	85,285

March 31, 2024 to December 31, 2023 AUMA Comparison

AUMA increased $1.2 billion due to premiums and deposits of $2.6 billion, primarily PRT and GIC products and investment and other activity of $837 million, partially offset by benefit payments on the GIC, PRT and structured settlement products of $531 million and net outflows of $1.7 billion from SVW products.

Corebridge | First Quarter 2024 Form 10-Q 100

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Spread Income, Fee Income and Underwriting Margin

The following table presents Institutional Markets spread income, fee income and underwriting margin:

	Three Months Ended March 31,
(in millions)		2024		2023
Premiums		$	1,805	$	1,583
Net investment income		449		298
Policyholder benefits		(2,006)		(1,702)
Interest credited to policyholder account balances		(142)		(97)
Total spread income(a)		$	106	$	82
SVW fees		$	16	$	16
Total fee income		$	16	$	16
Premiums		$	(9)	$	(8)
Policy fees (excluding SVW)		32		33
Net investment income		38		34
Other income		1		—
Policyholder benefits		(17)		(16)
Interest credited to policyholder account balances		(27)		(26)
Total underwriting margin(b)		$	18	$	17

(a)Represents spread income from GIC, PRT and structured settlement products.

(b)Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products.

Three Months Ended March 31, 2024 to Three Months Ended March 31, 2023 Comparison

See “Financial Highlights.”

Premiums and Deposits

The following table presents the Institutional Markets premiums and deposits:

	Three Months Ended March 31,
(in millions)		2024		2023
PRT		$	1,767	$	1,528
GICs		600		506
Other*		219		129
Premiums and deposits		$	2,586	$	2,163

*    Other principally consists of structured settlements and Corporate Markets products.

Three Months Ended March 31, 2024 to Three Months Ended March 31, 2023 Comparison

Premiums and deposits increased compared to the prior year period by $423 million, primarily due to higher premiums on new PRT business of $239 million and higher deposits on new GICs of $94 million.

Corebridge | First Quarter 2024 Form 10-Q 101

TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Corporate and Other

Corporate and Other primarily consists of interest expense on financial debt, parent expenses not attributable to other segments, institutional asset management business, which includes managing assets for non-consolidated affiliates, results of our consolidated investment entities, results of our legacy insurance lines ceded to Fortitude Re and intercompany eliminations.

Corporate and Other Results

	Three Months Ended March 31,
(in millions)		2024		2023
Revenues:
Premiums(a)		$	19	$	20
Net investment income (loss)		(10)		68
Net realized gains (losses) on real estate investments		(8)		4
Other income		23		14
Total adjusted revenues		24		106
Benefits and expenses:
General operating expenses:
Corporate and other		66		72
Asset management(b)		20		19
Total general operating expenses		86		91
Interest expense:
Corporate		107		108
Asset management and other		30		64
Total interest expense		137		172
Total benefits and expenses		223		263
Noncontrolling interest(c)		51		(6)
Adjusted pre-tax operating (loss) before consolidation and eliminations		(148)		(163)
Consolidations and eliminations		(3)		—
Adjusted pre-tax operating (loss)		$	(151)	$	(163)

(a)Premiums include an expense allowance associated with Fortitude Re which is entirely offset in general and operating expenses – Corporate and Other.

(b)General operating expenses – Asset management primarily represent the costs to manage the investment portfolio for affiliates that are not included in the consolidated financial statements of Corebridge.

(c)Noncontrolling interests represent the third-party or Corebridge affiliated interest in internally managed consolidated investment vehicles and are almost entirely offset within net investment income, net realized gains (losses) and interest expense.

Corporate and Other Sources of Earnings

The following table presents the sources of earnings of the Corporate and Other segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:

	Three Months Ended March 31,
(in millions)		2024		2023
Corporate expenses		$	(39)	$	(48)
Interest expense on financial debt		(107)		(108)
Asset management		14		—
Consolidated investment entities		(1)		—
Other		(18)		(7)
Adjusted pre-tax operating (loss)		$	(151)	$	(163)

Financial Highlights

Three Months Ended March 31, 2024 to Three Months Ended March 31, 2023 APTOI Comparison

Adjusted pre-tax operating loss decreased $12 million primarily due to:

•lower corporate expenses of $9 million primarily driven by Corebridge Forward, our modernization program delivering both expense reduction and increased efficiency.

Corebridge | First Quarter 2024 Form 10-Q 102

TABLE OF CONTENTS

ITEM 2 | Investments

Investments

OVERVIEW

Our investment strategies are tailored to the specific business needs of each operating unit by targeting an asset allocation mix that supports estimated cash flows of our outstanding liabilities and provides diversification from asset class, sector, issuer and geographic perspectives. The primary objectives are generation of investment income, preservation of capital, liquidity management and growth of surplus. The majority of assets backing our insurance liabilities consist of fixed maturity securities, RMBS, CMBS, CLOs, other ABS and fixed maturity securities issued by government-sponsored entities and corporate entities. At March 31, 2024, for $206.5 billion of invested assets supporting our insurance operating companies, approximately 45% were in corporate debt securities. Mortgage-backed securities (“MBS”), ABS and CLOs represent 34% of our fixed income securities, and 99% were investment grade. At December 31, 2023, for $202.8 billion of invested assets supporting our insurance operating companies, approximately 47% were in corporate debt securities. MBS, ABS and CLOs represent 31% of our fixed income securities and 99% were investment grade.

See “Business - Investment Management” for further information, including current and future management of our investment portfolio.”

Key Investment Strategies

Investment strategies are assessed at the segment level and involve considerations that include local and general market and economic conditions, duration and cash flow management, risk appetite and volatility constraints, rating agency and regulatory capital considerations, tax, regulatory and legal investment limitations, and, as applicable, environmental, social and governance considerations.

In 2021, we entered into a long-term asset management relationship with Blackstone IM. Blackstone IM initially managed $50 billion of our existing investment portfolio, with that amount to increase to an aggregate of $92.5 billion by the third quarter of 2027.

The investments underlying the original $50 billion mandate with Blackstone IM began to run-off in 2022 and will be reinvested over time. As these assets run-off, we expect Blackstone to reinvest primarily in Blackstone-originated investments across a range of asset classes, including private and structured credit, and commercial and residential real estate securitized and whole loans. Blackstone’s preferred credit and lending strategy is to seek to control all significant components of the underwriting and pricing processes with the goal of facilitating bespoke opportunities with historically strong credit protection and attractive risk-adjusted returns. Blackstone seeks to capture enhanced economics to those available in the traditional fixed income markets by going directly to the borrowers.

We believe that Blackstone’s ability to originate attractive and privately sourced, fixed-income oriented assets, will be accretive to our businesses and provide us with an enhanced competitive advantage as we have been able to expand our investment capabilities, access new asset classes and improve our investment yields. We continue to manage asset allocation and portfolio-level risk management decisions with respect to any assets managed by Blackstone, ensuring that we maintain a consistent level of oversight across our entire investment portfolio considering our asset-liability matching needs, risk appetite and capital position.

As of March 31, 2024, Blackstone managed $62.7 billion in book value of assets in our investment portfolio.

Under the investment management agreements with BlackRock and its investment advisory affiliates, as of March 31, 2024, BlackRock managed approximately $85.7 billion in book value of assets in our investment portfolio, consisting of liquid fixed income and certain private placement assets. In addition, liquid fixed income assets associated with the Fortitude Re portfolio were separately transferred to BlackRock for management. The investment management agreements with BlackRock provide us with access to market-leading capabilities, including portfolio management, research and tactical strategies in addition to a larger pool of investment professionals. We believe BlackRock’s scale and fee structure make BlackRock an excellent outsourcing partner for certain asset classes and will allow us to further optimize our investment management operating model while improving overall performance. The investment management agreements contain detailed investment guidelines and reporting requirements. These agreements also contain reasonable and customary representations and warranties, standard of care, expense reimbursement, liability, indemnity and other provisions.

Some of our key investment strategies are as follows:

•our fundamental strategy across the portfolios is to seek investments with similar characteristics to the associated insurance liabilities to the extent practicable;

•we seek to purchase investments that offer enhanced yield through illiquidity premiums, such as private placements and commercial mortgage loans, which also add portfolio diversification. These assets typically afford credit protections through covenants, ability to customize structures that meet our insurance liability needs and deeper due diligence given information access;

Corebridge | First Quarter 2024 Form 10-Q 103

TABLE OF CONTENTS

ITEM 2 | Investments

•we seek investments that provide diversification from assets available in local markets. To the extent we purchase these investments, we generally hedge any currency risk using derivatives, which could provide opportunities to earn higher risk-adjusted returns compared to investments in the functional currency;

•we actively manage our assets and liabilities, counterparties and duration. Our liquidity sources are held primarily in the form of cash, short-term investments and publicly traded, investment grade rated fixed maturity securities that can be readily monetized through sales or repurchase agreements. Certain of our subsidiaries are members of the FHLBs in their respective districts, and we borrow from the FHLB utilizing its funding agreement program. Borrowings from FHLBs are used to supplement liquidity or for other uses deemed appropriate by management. This strategy allows us to both diversify our sources of liquidity and reduce the cost of maintaining sufficient liquidity;

•within the United States, investments are generally split between reserve-backing and surplus portfolios:

–insurance liabilities are backed mainly by investment grade fixed maturity securities that meet our duration, risk-return, tax liquidity, credit quality and diversification objectives. We assess asset classes based on their fundamental underlying risk factors, including credit (public and private), commercial real estate and residential real estate, regardless of whether such investments are bonds, loans or structured products; and

–surplus investments seek to enhance portfolio returns and are generally comprised of a mix of fixed maturity investment grade and below investment grade securities and various alternative asset classes, including private equity, real estate equity and hedge funds. Over the past few years, hedge fund investments have been reduced;

•outside of the United States, fixed maturity securities held by our insurance companies consist primarily of investment grade securities generally denominated in the currencies of the countries in which we operate; and

•we also utilize derivatives to manage our asset and liability duration as well as currency exposures.

Asset Liability Management

Our investment strategy is to invest in assets that generate net investment income to back policyholder benefit and deposit liabilities that result in stable distributable earnings and enhance portfolio value, subject to asset-liability management, capital, liquidity and regulatory constraints.

We use asset-liability management as a primary tool to monitor and manage interest rate and duration risk in our businesses. We maintain a diversified, high quality portfolio of fixed maturity securities issued by corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential and commercial real estate; and commercial mortgage loans that, to the extent practicable, match the duration characteristics of the liabilities. We seek to diversify the portfolio across asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks. The investment portfolio of each product line is tailored to the specific characteristics of its insurance liabilities, and as a result, duration varies between distinct portfolios. The interest rate environment has a direct impact on the asset liability management profile of the businesses, and changes in the interest rate environment may result in the need to lengthen or shorten the duration of the portfolio. In a rising rate environment, we may shorten the duration of the investment portfolio.

Fixed maturity securities of our domestic operations have an average duration of 6.7 years as of March 31, 2024.

In addition, we seek to enhance surplus portfolio returns through investments in a diversified portfolio of alternative investments. Although these alternative investments are subject to earnings fluctuations, they have historically achieved accumulative returns over time in excess of the fixed maturity portfolio returns.

Corebridge | First Quarter 2024 Form 10-Q 104

TABLE OF CONTENTS

ITEM 2 | Investments

Investment Portfolio

The following table presents carrying amounts of our total investments:

(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
March 31, 2024
Bonds available-for-sale:
U.S. government and government-sponsored entities	$	1,104	$	260	$	1,364
Obligations of states, municipalities and political subdivisions	4,803		638		5,441
Non-U.S. governments	3,731		256		3,987
Corporate debt	92,694		11,477		104,171
Mortgage-backed, asset-backed and collateralized:
RMBS	14,841		749		15,590
CMBS	9,815		487		10,302
CLO	11,581		187		11,768
ABS	15,601		602		16,203
Total mortgage-backed, asset-backed and collateralized	51,838		2,025		53,863
Total bonds available-for-sale	154,170		14,656		168,826
Other bond securities	363		4,283		4,646
Total fixed maturities	154,533		18,939		173,472
Equity securities	76		—		76
Mortgage and other loans receivable:
Residential mortgages	8,979		—		8,979
Commercial mortgages	30,833		3,184		34,017
Life insurance policy loans	1,422		325		1,747
Commercial loans, other loans and notes receivable	2,926		161		3,087
Total mortgage and other loans receivable(a)	44,160		3,670		47,830
Other invested assets(b)	7,941		2,095		10,036
Short-term investments	3,983		161		4,144
Total(c)	$	210,693	$	24,865	$	235,558
December 31, 2023
Bonds available-for-sale:
U.S. government and government-sponsored entities	$	946	$	274	$	1,220
Obligations of states, municipalities and political subdivisions	5,178		653		5,831
Non-U.S. governments	3,782		275		4,057
Corporate debt	94,118		11,964		106,082
Mortgage-backed, asset-backed and collateralized:
RMBS	13,531		746		14,277
CMBS	9,493		488		9,981
CLO	10,938		206		11,144
ABS	13,337		598		13,935
Total mortgage-backed, asset-backed and collateralized	47,299		2,038		49,337
Total bonds available-for-sale	151,323		15,204		166,527
Other bond securities	366		4,212		4,578
Total fixed maturities	151,689		19,416		171,105
Equity securities	63		—		63
Mortgage and other loans receivable:
Residential mortgages	8,428		—		8,428
Commercial mortgages	30,354		3,204		33,558
Life insurance policy loans	1,416		330		1,746
Commercial loans, other loans and notes receivable	2,961		174		3,135
Total mortgage and other loans receivable(a)	43,159		3,708		46,867
Other invested assets(b)	8,163		2,094		10,257
Short-term investments	4,207		129		4,336
Total(c)	$	207,281	$	25,347	$	232,628

(a)    Net of total allowance for credit losses for $714 million and $698 million at March 31, 2024 and December 31, 2023, respectively.

(b)    Other invested assets, excluding Fortitude Re funds withheld assets, include $5.5 billion and $5.6 billion of private equity funds as of March 31, 2024 and December 31, 2023, respectively, which are generally reported on a one-quarter lag.

(c)    Includes the consolidation of approximately $5.6 billion and $5.9 billion of consolidated investment entities at March 31, 2024 and December 31, 2023, respectively.

Corebridge | First Quarter 2024 Form 10-Q 105

TABLE OF CONTENTS

ITEM 2 | Investments

The following table presents carrying amounts of our total investments for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

(in millions)	March 31, 2024		December 31, 2023
Bonds available-for-sale:
U.S. government and government-sponsored entities	$	1,104	$	945
Obligations of states, municipalities and political subdivisions	4,802		5,178
Non-U.S. governments	3,730		3,782
Corporate debt
Public credit	72,266		73,014
Private credit	20,658		21,388
Total corporate debt	92,924		94,402
Mortgage-backed, asset-backed and collateralized:
RMBS	15,242		13,941
CMBS	9,817		9,493
CLO	11,532		10,893
ABS	15,604		13,337
Total mortgage-backed, asset-backed and collateralized	52,195		47,664
Total bonds available-for-sale	154,755		151,971
Other bond securities	324		329
Total fixed maturities	155,079		152,300
Equity securities	56		55
Mortgage and other loans receivable:
Residential mortgages	7,444		6,869
Commercial mortgages	31,395		30,892
Commercial loans, other loans and notes receivable	3,018		3,040
Total mortgage and other loans receivable(a)(b)	41,857		40,801
Other invested assets
Hedge funds	184		222
Private equity(c)	5,009		5,012
Real estate investments	262		270
Other invested assets - All other	298		290
Total other invested assets	5,753		5,794
Short-term investments	3,723		3,881
Total(d)	$	206,468	$	202,831

(a)    Does not reflect allowance for credit loss on mortgage loans of $639 million and $623 million at March 31, 2024 and December 31, 2023, respectively.

(b)    Does not reflect policy loans of $1.4 billion and $1.4 billion at March 31, 2024 and December 31, 2023, respectively.

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

(d)    Excludes approximately $5.6 billion and $5.9 billion of consolidated investment entities as well as $2.2 billion and $2.3 billion of eliminations primarily between the consolidated investment entities and the insurance operating companies at March 31, 2024 and December 31, 2023, respectively.

Credit Ratings

At March 31, 2024, nearly all our fixed maturity securities were held by our U.S. entities and 93% of these securities were rated investment grade by one or more of the principal rating agencies.

Moody’s, Standard & Poor’s Financial Services LLC (“S&P”), Fitch or similar foreign rating services rate a significant portion of our foreign entities’ fixed maturity securities portfolio. Rating services are not available for some foreign-issued securities. Our Investments team, with oversight from credit risk management, closely reviews the credit quality of the foreign portfolio’s non-rated fixed maturity securities.

Corebridge | First Quarter 2024 Form 10-Q 106

TABLE OF CONTENTS

ITEM 2 | Investments

NAIC Designations of Fixed Maturity Securities

The Securities Valuation Office (“SVO”) of the National Association of Insurance Commissioners (“NAIC”) evaluates the investments of U.S. insurers for statutory reporting purposes and assigns fixed maturity securities to one of six categories called ‘NAIC Designations.’ In general, NAIC Designations of ‘1,’ highest quality, or ‘2,’ high quality, include fixed maturity securities considered investment grade, while NAIC Designations of ‘3’ through ‘6’ generally include fixed maturity securities referred to as below investment grade. NAIC Designations for non-agency RMBS and CMBS are calculated using third-party modeling results provided through the NAIC. These methodologies result in an improved NAIC Designation for such securities compared to the rating typically assigned by the three major rating agencies. The following tables summarize the ratings distribution of our subsidiaries’ fixed maturity security portfolio by NAIC Designation, and the distribution by composite our credit rating, which is generally based on ratings of the three major rating agencies. As of March 31, 2024 and December 31, 2023, 95% and 95%, respectively, of our fixed maturity security portfolio, excluding Fortitude Re funds withheld assets, were investment grade. The fixed maturity security portfolio of our insurance operating subsidiaries, excluding the Fortitude Re funds withheld assets, was 95% and 95% investment grade as of March 31, 2024 and December 31, 2023, respectively. The remaining below investment grade securities that are not included in consolidated investment entities relate to middle market and high yield bank loans securities.

The following tables present the fixed maturity security portfolio categorized by NAIC Designation, at fair value:

NAIC Designation Excluding Fortitude Re Funds Withheld Assets<br><br>(in millions)	1		2		Total Investment<br>Grade		3		4(a)		5(a)		6		Total Below Investment Grade		Total
March 31, 2024
Other fixed maturity securities	$	48,228	$	46,519	$	94,747	$	4,166	$	2,998	$	399	$	51	$	7,614	$	102,361
Mortgage-backed, asset-backed<br>and collateralized	45,066		6,451		51,517		340		199		25		10		574		52,091
Total(b)	$	93,294	$	52,970	$	146,264	$	4,506	$	3,197	$	424	$	61	$	8,188	$	154,452
Fortitude Re funds withheld assets																	$	18,939
Total fixed maturities																	$	173,391
December 31, 2023
Other fixed maturity securities	$	49,628	$	46,891	$	96,519	$	4,104	$	2,983	$	389	$	58	$	7,534	$	104,053
Mortgage-backed, asset-backed<br>and collateralized	41,165		5,806		46,971		307		224		44		11		586		47,557
Total(b)	$	90,793	$	52,697	$	143,490	$	4,411	$	3,207	$	433	$	69	$	8,120	$	151,610
Fortitude Re funds withheld assets																	$	19,416
Total fixed maturities																	$	171,026

(a)Includes $110 million and $6 million of consolidated CLOs that are rated NAIC 4 and 5, respectively, as of March 31, 2024 and $63 million and $6 million of NAIC 4 and 5 securities, respectively, as of December 31, 2023. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(b)Excludes $81 million and $79 million of fixed maturity securities for which no NAIC Designation is available at March 31, 2024 and December 31, 2023, respectively.

The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value, for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

(in millions)	March 31, 2024		December 31, 2023
NAIC 1	$	93,705	$	91,207
NAIC 2	53,296		53,029
NAIC 3	4,499		4,408
NAIC 4	3,088		3,147
NAIC 5 and 6	478		496
Total(a)(b)	$	155,066	$	152,287

(a)    Excludes approximately $175 million and $121 million of consolidated investment entities and $718 million and $732 million of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at March 31, 2024 and December 31, 2023, respectively.

(b)    Excludes $13 million and $13 million of fixed maturity securities for which no NAIC Designation is available at March 31, 2024 and December 31, 2023, respectively.

Corebridge | First Quarter 2024 Form 10-Q 107

TABLE OF CONTENTS

ITEM 2 | Investments

Composite Corebridge Credit Ratings

With respect to our fixed maturity securities, the credit ratings in the table below and in subsequent tables reflect: (i) a composite of the ratings of the three major rating agencies, or when agency ratings are not available, the rating assigned by the NAIC SVO (100% of total fixed maturity securities), or (ii) our equivalent internal ratings when these investments have not been rated by any of the major rating agencies or the NAIC. The “Non-rated” category in those tables consists of fixed maturity securities that have not been rated by any of the major rating agencies, the NAIC or us.

The following tables present the fixed maturity security portfolio categorized by composite Corebridge credit rating (as described below), at fair value:

Composite Corebridge Credit Rating Excluding Fortitude Re Funds Withheld Assets<br><br>(in millions)	AAA/AA/A		BBB		Total Investment Grade		BB		B		CCC and Lower		Total Below Investment Grade (a)(b)		Total
March 31, 2024
Other fixed maturity securities	$	48,498	$	46,345	$	94,843	$	4,071	$	3,004	$	443	$	7,518	$	102,361
Mortgage-backed, asset-backed<br>and collateralized	41,609		7,201		48,810		395		345		2,541		3,281		52,091
Total(c)	$	90,107	$	53,546	$	143,653	$	4,466	$	3,349	$	2,984	$	10,799	$	154,452
Fortitude Re funds withheld assets															$	18,939
Total fixed maturities															$	173,391
December 31, 2023
Other fixed maturity securities	$	49,833	$	46,706	$	96,539	$	4,083	$	3,014	$	417	$	7,514	$	104,053
Mortgage-backed, asset-backed<br>and collateralized	37,795		6,439		44,234		430		335		2,558		3,323		47,557
Total(c)	$	87,628	$	53,145	$	140,773	$	4,513	$	3,349	$	2,975	$	10,837	$	151,610
Fortitude Re funds withheld assets															$	19,416
Total fixed maturities															$	171,026

(a)    Includes $2.7 billion and $2.7 billion at March 31, 2024 and December 31, 2023, respectively, of certain RMBS that had experienced deterioration in credit quality since its origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

(b)    Includes $127 million of consolidated CLOs as of March 31, 2024 and $76 million as of December 31, 2023. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(c)     Excludes $81 million and $79 million of fixed maturity securities for which no NAIC Designation is available at March 31, 2024 and December 31, 2023, respectively.

The following table presents the fixed maturity security portfolio categorized by composite Corebridge credit rating (as described below), at fair value for our insurance operating subsidiaries:

Composite Corebridge Credit Rating For Our Insurance Operating Subsidiaries<br><br>(in millions)	AAA/AA/A		BBB		Total Investment Grade		BB		B		CCC and Lower		Total Below Investment Grade		Total
March 31, 2024
Other fixed maturity securities	$	48,499	$	46,694	$	95,193	$	4,061	$	2,914	$	421	$	7,396	$	102,589
Mortgage-backed, asset-backed<br>and collateralized	42,014		7,182		49,196		398		346		2,537		3,281		52,477
Total fixed maturities*	$	90,513	$	53,876	$	144,389	$	4,459	$	3,260	$	2,958	$	10,677	$	155,066
December 31, 2023
Other fixed maturity securities	$	49,836	$	47,056	$	96,892	$	4,079	$	2,957	$	408	$	7,444	$	104,336
Mortgage-backed, asset-backed<br>and collateralized	38,204		6,422		44,626		434		338		2,553		3,325		47,951
Total fixed maturities*	$	88,040	$	53,478	$	141,518	$	4,513	$	3,295	$	2,961	$	10,769	$	152,287

*     Excludes $13 million and $13 million of fixed maturity securities for which no NAIC Designation is available at March 31, 2024 and December 31, 2023, respectively.

For a discussion of credit risks associated with investments, see “Business—Investment Management—Credit Risk” in the 2023 Form 10-K.

Corebridge | First Quarter 2024 Form 10-Q 108

TABLE OF CONTENTS

ITEM 2 | Investments

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

	Available-for-Sale				Other Fixed Maturity Securities, <br>at Fair Value				Total
Excluding Fortitude Funds<br><br>Withheld Assets<br><br>(in millions)	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Rating:
Other fixed maturity securities*
AAA	$	1,594	$	1,656	$	—	$	—	$	1,594	$	1,656
AA	21,733		21,970		15		14		21,748		21,984
A	25,156		26,193		—		—		25,156		26,193
BBB	46,328		46,688		17		18		46,345		46,706
Below investment grade	7,496		7,506		10		10		7,506		7,516
Non-rated	25		11		—		—		25		11
Total	$	102,332	$	104,024	$	42	$	42	$	102,374	$	104,066
Mortgage-backed, asset-
backed and collateralized
AAA	$	11,193	$	9,720	$	19	$	19	$	11,212	$	9,739
AA	22,576		20,577		79		83		22,655		20,660
A	7,639		7,293		103		103		7,742		7,396
BBB	7,146		6,383		55		56		7,201		6,439
Below investment grade	3,255		3,297		20		19		3,275		3,316
Non-rated	29		29		45		44		74		73
Total	$	51,838	$	47,299	$	321	$	324	$	52,159	$	47,623
Total
AAA	$	12,787	$	11,376	$	19	$	19	$	12,806	$	11,395
AA	44,309		42,547		94		97		44,403		42,644
A	32,795		33,486		103		103		32,898		33,589
BBB	53,474		53,071		72		74		53,546		53,145
Below investment grade	10,751		10,803		30		29		10,781		10,832
Non-rated	54		40		45		44		99		84
Total	$	154,170	$	151,323	$	363	$	366	$	154,533	$	151,689

Corebridge | First Quarter 2024 Form 10-Q 109

TABLE OF CONTENTS

ITEM 2 | Investments

	Available-for-Sale				Other Fixed Maturity Securities, <br>at Fair Value				Total
Fortitude Re Funds<br><br>Withheld Assets (in millions)	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Rating:
Other fixed maturity securities*
AAA	$	374	$	387	$	22	$	23	$	396	$	410
AA	3,518		3,603		811		795		4,329		4,398
A	3,378		3,559		148		158		3,526		3,717
BBB	4,877		5,084		1,251		1,225		6,128		6,309
Below investment grade	484		533		478		457		962		990
Non-rated	—		—		4		6		4		6
Total	$	12,631	$	13,166	$	2,714	$	2,664	$	15,345	$	15,830
Mortgage-backed, asset-<br>backed and collateralized
AAA	$	150	$	141	$	132	$	117	$	282	$	258
AA	745		770		554		555		1,299		1,325
A	233		238		239		225		472		463
BBB	365		361		589		591		954		952
Below investment grade	531		526		54		59		585		585
Non-rated	1		2		1		1		2		3
Total	$	2,025	$	2,038	$	1,569	$	1,548	$	3,594	$	3,586
Total
AAA	$	524	$	528	$	154	$	140	$	678	$	668
AA	4,263		4,373		1,365		1,350		5,628		5,723
A	3,611		3,797		387		383		3,998		4,180
BBB	5,242		5,445		1,840		1,816		7,082		7,261
Below investment grade	1,015		1,059		532		516		1,547		1,575
Non-rated	1		2		5		7		6		9
Total	$	14,656	$	15,204	$	4,283	$	4,212	$	18,939	$	19,416

Corebridge | First Quarter 2024 Form 10-Q 110

TABLE OF CONTENTS

ITEM 2 | Investments

	Available-for-Sale				Other Fixed Maturity Securities, <br>at Fair Value				Total
Total<br><br>(in millions)	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Rating:
Other fixed maturity securities*
AAA	$	1,968	$	2,043	$	22	$	23	$	1,990	$	2,066
AA	25,251		25,573		826		809		26,077		26,382
A	28,534		29,752		148		158		28,682		29,910
BBB	51,205		51,772		1,268		1,243		52,473		53,015
Below investment grade	7,980		8,039		488		467		8,468		8,506
Non-rated	25		11		4		6		29		17
Total	$	114,963	$	117,190	$	2,756	$	2,706	$	117,719	$	119,896
Mortgage-backed, asset-backed and collateralized
AAA	$	11,343	$	9,861	$	151	$	136	$	11,494	$	9,997
AA	23,321		21,347		633		638		23,954		21,985
A	7,872		7,531		342		328		8,214		7,859
BBB	7,511		6,744		644		647		8,155		7,391
Below investment grade	3,786		3,823		74		78		3,860		3,901
Non-rated	30		31		46		45		76		76
Total	$	53,863	$	49,337	$	1,890	$	1,872	$	55,753	$	51,209
Total
AAA	$	13,311	$	11,904	$	173	$	159	$	13,484	$	12,063
AA	48,572		46,920		1,459		1,447		50,031		48,367
A	36,406		37,283		490		486		36,896		37,769
BBB	58,716		58,516		1,912		1,890		60,628		60,406
Below investment grade	11,766		11,862		562		545		12,328		12,407
Non-rated	55		42		50		51		105		93
Total	$	168,826	$	166,527	$	4,646	$	4,578	$	173,472	$	171,105

*    Consists of assets including U.S. government and government sponsored entities, obligations of states, municipalities and political subdivisions, non-U.S. governments, and corporate debt.

The following table presents the fair value of our aggregate credit exposures to non-U.S. governments for our fixed maturity securities:

	March 31, 2024						December 31, 2023
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Chile	$	371	$	12	$	383	$	357	$	13	$	370
Indonesia	332		22		354		344		23		367
Mexico	255		13		268		257		13		270
France	238		18		256		229		18		247
United Arab Emirates	209		4		213		221		4		225
Qatar	197		53		250		204		61		265
Saudi Arabia	178		19		197		185		20		205
Colombia	157		26		183		155		26		181
Norway	148		—		148		160		—		160
Panama	142		19		161		145		19		164
Other	1,504		83		1,587		1,525		91		1,616
Total*	$	3,731	$	269	$	4,000	$	3,782	$	288	$	4,070

*    Includes bonds available-for-sale and other bond securities.

Corebridge | First Quarter 2024 Form 10-Q 111

TABLE OF CONTENTS

ITEM 2 | Investments

Investments in Corporate Debt Securities

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

	March 31, 2024						December 31, 2023
	Fair Value						Fair Value
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Industry Category:
Financial institutions	$	25,476	$	2,329	$	27,805	$	25,875	$	2,429	$	28,304
Utilities	14,038		2,443		16,481		14,108		2,545		16,653
Communications	5,911		665		6,576		5,957		730		6,687
Consumer noncyclical	11,764		1,405		13,169		12,093		1,444		13,537
Capital goods	4,009		397		4,406		4,230		412		4,642
Energy	8,151		1,052		9,203		8,323		1,096		9,419
Consumer cyclical	5,377		502		5,879		5,114		520		5,634
Basic materials	3,115		322		3,437		3,141		350		3,491
Other	14,853		2,362		17,215		15,277		2,438		17,715
Total*	$	92,694	$	11,477	$	104,171	$	94,118	$	11,964	$	106,082

*    93% and 93% of investments were rated investment grade at March 31, 2024 and December 31, 2023, respectively.

Corebridge | First Quarter 2024 Form 10-Q 112

TABLE OF CONTENTS

ITEM 2 | Investments

Investments in RMBS

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

	March 31, 2024				December 31, 2023
(in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
Agency RMBS	$	4,078	28%		$	4,218	31%
AAA	19				20
AA	4,059				4,198
A	—				—
BBB	—				—
Below investment grade	—				—
Non-rated	—				—
Alt-A RMBS	3,497		24%		3,147		23%
AAA	963				692
AA	717				685
A	72				38
BBB	63				54
Below investment grade	1,682				1,678
Non-rated	—				—
Sub-prime RMBS	1,123		8%		1,124		8%
AAA	—				—
AA	78				78
A	60				60
BBB	68				50
Below investment grade	917				936
Non-rated	—				—
Prime non-agency	2,615		17%		2,399		18%
AAA	1,271				1,163
AA	884				847
A	260				198
BBB	87				76
Below investment grade	112				113
Non-rated	1				2
Other housing related	3,528		23%		2,643		20%
AAA	2,436				1,822
AA	588				465
A	258				246
BBB	229				93
Below investment grade	13				13
Non-rated	4				4
Total RMBS excluding Fortitude Re funds withheld assets	14,841		100	%	13,531		100%
Total RMBS Fortitude Re funds withheld assets	749				746
Total RMBS(a)(b)	$	15,590			$	14,277

(a)    Includes $2.7 billion and $2.7 billion at March 31, 2024 and December 31, 2023, respectively, of certain RMBS that had experienced deterioration in credit quality since their origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

(b)    The weighted average expected life was 6 years at March 31, 2024 and 7 years at December 31, 2023.

Our underwriting principles for investing in RMBS, other ABS and CLOs take into consideration the quality of the originator, the manager, the servicer, security credit ratings, underlying characteristics of the mortgages, borrower characteristics and the level of credit enhancement in the transaction.

Corebridge | First Quarter 2024 Form 10-Q 113

TABLE OF CONTENTS

ITEM 2 | Investments

Investments in CMBS

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

	March 31, 2024				December 31, 2023
(in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
CMBS (traditional)	$	8,840	90	%	$	8,265	87	%
AAA	3,761				3,691
AA	3,129				2,855
A	880				753
BBB	780				621
Below investment grade	290				345
Non-rated	—				—
Agency	787		8	%	815		9	%
AAA	3				3
AA	784				812
A	—				—
BBB	—				—
Below investment grade	—				—
Non-rated	—				—
Other	188		2	%	413		4	%
AAA	32				91
AA	14				130
A	53				100
BBB	89				92
Below investment grade	—				—
Non-rated	—				—
Total excluding Fortitude Re funds withheld assets	9,815		100	%	9,493		100	%
Total Fortitude Re funds withheld assets	487				488
Total	$	10,302			$	9,981

The fair value of CMBS holdings increased slightly during the three months ended March 31,2024. The majority of our investments in CMBS are in tranches that contain substantial protection features through collateral subordination. The majority of CMBS holdings are traditional conduit transactions, broadly diversified across property types and geographical areas.

Corebridge | First Quarter 2024 Form 10-Q 114

TABLE OF CONTENTS

ITEM 2 | Investments

Investments in ABS/CLOs

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

	March 31, 2024				December 31, 2023
(dollars in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
CDO - bank loan (CLO)	$	11,577	43	%	$	10,808	44	%
AAA	2,117				1,741
AA	5,519				5,246
A	3,078				3,058
BBB	825				727
Below investment grade	14				13
Non-rated	24				23
CDO - other	2		—	%	130		1	%
AAA	—				1
AA	—				125
A	—				—
BBB	—				1
Below investment grade	2				3
Non-rated	—				—
ABS	15,603		57	%	13,337		55	%
AAA	591				496
AA	6,804				5,136
A	2,978				2,840
BBB	5,005				4,669
Below investment grade	225				196
Non-rated	—				—
Total excluding Fortitude Re funds withheld assets	27,182		100	%	24,275		100	%
Total Fortitude Re funds withheld assets	789				804
Total	$	27,971			$	25,079

Unrealized Losses of Fixed Maturity Securities

The following tables show the aging of the unrealized losses on available-for-sale fixed maturity securities, the extent to which the fair value is less than amortized cost or cost, and the number of respective items in each category:

March 31, 2024	Less Than or Equal to<br><br>20% of Cost(b)					Greater Than 20% to<br><br>50% of Cost(b)					Greater Than<br><br>50% of Cost(b)					Total
Aging(a)<br><br>(dollars in millions)	Cost(c)		Unrealized Loss(e)		Items(d)	Cost(c)		Unrealized Loss(e)		Items(d)	Cost(c)		Unrealized Loss(e)		Items(d)	Cost(c)		Unrealized Loss(e)		Items(d)
Investment grade bonds
0-6 months	$	12,532	$	349	1,330	$	3,535	$	1,112	284	$	12	$	8	3	$	16,079	$	1,469	1,617
7-11 months	5,357		336		506	1,837		567		140	—		—		—	7,194		903		646
12 months or more	71,145		6,541		7,618	30,322		8,802		2,557	146		78		13	101,613		15,421		10,188
Total	89,034		7,226		9,454	35,694		10,481		2,981	158		86		16	124,886		17,793		12,451
Below investment grade bonds
0-6 months	1,359		53		384	48		16		28	17		15		8	1,424		84		420
7-11 months	496		21		88	62		18		9	7		7		3	565		46		100
12 months or more	4,514		264		1,006	647		184		101	15		9		11	5,176		457		1,118
Total	6,369		338		1,478	757		218		138	39		31		22	7,165		587		1,638
Total bonds
0-6 months	13,891		402		1,714	3,583		1,128		312	29		23		11	17,503		1,553		2,037
7-11 months	5,853		357		594	1,899		585		149	7		7		3	7,759		949		746
12 months or more	75,659		6,805		8,624	30,969		8,986		2,658	161		87		24	106,789		15,878		11,306
Total excluding Fortitude Re funds withheld assets	$	95,403	$	7,564	10,932	$	36,451	$	10,699	3,119	$	197	$	117	38	$	132,051	$	18,380	14,089
Total Fortitude Re funds withheld assets																$	16,416	$	3,109	850
Total																$	148,467	$	21,489	14,939

Corebridge | First Quarter 2024 Form 10-Q 115

TABLE OF CONTENTS

ITEM 2 | Investments

December 31, 2023	Less Than or Equal to<br><br>20% of Cost(b)					Greater than 20% to<br><br>50% of Cost(b)					Greater than<br><br>50% of Cost(b)					Total
Aging(a)<br><br>(dollars in millions)	Cost(c)		Unrealized Loss		Items(d)	Cost(c)		Unrealized Loss		Items(d)	Cost(c)		Unrealized Loss		Items(d)	Cost(c)		Unrealized Loss		Items(d)
Investment grade bonds
0-6 months	$	8,072	$	358	964	$	2,687	$	779	209	$	6	$	3	—	$	10,765	$	1,140	1,173
7-11 months	9,583		490		880	2,176		628		178	4		2		—	11,763		1,120		1,058
12 months or more	74,309		6,603		7,899	28,479		7,968		2,391	79		42		10	102,867		14,613		10,300
Total	91,964		7,451		9,743	33,342		9,375		2,778	89		47		10	125,395		16,873		12,531
Below Investment grade bonds
0-6 months	1,635		64		449	110		40		41	8		7		8	1,753		111		498
7-11 months	497		18		98	47		13		4	1		1		2	545		32		104
12 months or more	5,127		325		1,066	606		177		104	39		25		8	5,772		527		1,178
Total	7,259		407		1,613	763		230		149	48		33		18	8,070		670		1,780
Total bonds
0-6 months	9,707		422		1,413	2,797		819		250	14		10		8	12,518		1,251		1,671
7-11 months	10,080		508		978	2,223		641		182	5		3		2	12,308		1,152		1,162
12 months or more	79,436		6,928		8,965	29,085		8,145		2,495	118		67		18	108,639		15,140		11,478
Total excluding Fortitude Re funds withheld assets	$	99,223	$	7,858	11,356	$	34,105	$	9,605	2,927	$	137	$	80	28	$	133,465	$	17,543	14,311
Total Fortitude Re funds withheld assets																$	16,725	$	2,934	891
Total																$	150,190	$	20,477	15,202

(a)Represents the number of consecutive months that fair value has been less than amortized cost or cost by any amount.

(b)Represents the percentage by which fair value is less than amortized cost or cost at March 31, 2024 and December 31, 2023.

(c)For bonds, represents amortized cost net of allowance.

(d)Item count is by CUSIP by subsidiary.

(e)Includes MTM movement relating to embedded derivatives.

The allowance for credit losses was $5 million and $7 million for investment grade bonds, and $92 million and $121 million for below investment grade bonds as of March 31, 2024 and December 31, 2023, respectively.

Change in Unrealized Gains and Losses on Investments

The change in net unrealized gains and losses on investments for the three months ended March 31,2024, was primarily attributable to a change in the fair value of fixed maturity securities. For the three months ended March 31,2024, net unrealized losses were $1.1 billion due to higher interest rates, partially offset by narrowing of credit spreads.

The change in net unrealized gains and losses on investments for the three months ended March 31, 2023 was primarily attributable to an increase in the fair value of fixed maturity securities. For the three months ended March 31, 2023, net unrealized gains were $4.0 billion due to lower interest rates.

For further discussion of our investment portfolio, see Notes 5 and 6 to the Condensed Consolidated Financial Statements.

Corebridge | First Quarter 2024 Form 10-Q 116

TABLE OF CONTENTS

ITEM 2 | Investments

Commercial Mortgage Loans

At March 31, 2024 and December 31, 2023, we had direct commercial mortgage loan exposure of $34.7 billion and $34.2 billion, respectively. At March 31, 2024 and December 31, 2023, we had an allowance for credit losses of $634 million and $614 million, respectively.

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

	Number of Loans	Class																			Total		Percent of Total
Excluding Fortitude Re Funds Withheld Assets (dollars in millions)			Apartments			Offices			Retail			Industrial			Hotel			Others
March 31, 2024
State:
New York	70			$	1,334		$	3,511		$	278		$	517		$	68		$	1	$	5,709	18	%
California	57			671			844			101			1,137			577			12		3,342		11	%
New Jersey	74			2,074			72			255			752			—			21		3,174		10	%
Texas	40			763			584			329			219			18			128		2,041		7	%
Massachusetts	19			549			638			499			15			—			—		1,701		5	%
Florida	43			642			106			359			78			455			—		1,640		5	%
Illinois	21			504			352			3			65			—			20		944		3	%
Pennsylvania	19			134			94			193			236			23			—		680		2	%
Colorado	14			250			61			87			70			157			—		625		2	%
Ohio	19			77			6			78			406			—			—		567		2	%
Other States	105			2,272			232			501			756			143			—		3,904		12	%
Foreign	72			3,480			1,048			716			1,318			285			221		7,068		23	%
Total*	553			$	12,750		$	7,548		$	3,399		$	5,569		$	1,726		$	403	$	31,395	100	%
Fortitude Re funds withheld assets																					$	3,256
Total Commercial Mortgages																					$	34,651
December 31, 2023
State:
New York	69			$	1,301		$	3,577		$	276		$	392		$	70		$	1	$	5,617	18	%
California	57			665			837			102			1,153			579			12		3,348		11	%
New Jersey	73			2,012			73			256			650			—			21		3,012		10	%
Texas	38			760			609			131			221			18			—		1,739		6	%
Massachusetts	19			550			567			492			15			—			—		1,624		5	%
Florida	44			632			107			361			97			455			—		1,652		5	%
Illinois	20			503			353			3			39			—			20		918		3	%
Pennsylvania	19			128			94			206			188			23			—		639		2	%
Colorado	15			285			61			87			70			157			—		660		2	%
Ohio	19			78			6			80			407			—			—		571		2	%
Other States	105			2,273			221			505			699			144			47		3,889		13	%
Foreign	72			3,479			1,069			728			1,432			291			224		7,223		23	%
Total*	550			$	12,666		$	7,574		$	3,227		$	5,363		$	1,737		$	325	$	30,892	100	%
Fortitude Re funds withheld assets																					$	3,280
Total Commercial Mortgages																					$	34,172

*     Does not reflect allowance for credit losses.

Corebridge | First Quarter 2024 Form 10-Q 117

TABLE OF CONTENTS

ITEM 2 | Investments

The following tables present debt service coverage ratios and loan-to-value ratios for commercial mortgages:

	Debt Service Coverage Ratios(a)
(in millions)	>1.20X		1.00X - 1.20X		<1.00X		Total
March 31, 2024
Loan-to-value ratios(b)
Less than 65%	$	17,658	$	3,241	$	282	$	21,181
65% to 75%	6,035		1,315		44		7,394
76% to 80%	676		65		47		788
Greater than 80%	1,233		401		398		2,032
Total commercial mortgages excluding Fortitude Re(c)	$	25,602	$	5,022	$	771	$	31,395
Total commercial mortgages including Fortitude Re							$	3,256
Total commercial mortgages							$	34,651
December 31, 2023
Loan-to-value ratios(b)
Less than 65%	$	17,301	$	3,141	$	285	$	20,727
65% to 75%	5,577		1,337		44		6,958
76% to 80%	938		64		47		1,049
Greater than 80%	1,349		402		407		2,158
Total commercial mortgages excluding Fortitude Re(c)	$	25,165	$	4,944	$	783	$	30,892
Total commercial mortgages including Fortitude Re							$	3,280
Total commercial mortgages							$	34,172

(a)The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X at both periods ended March 31, 2024 and December 31, 2023. The debt service coverage ratios are updated when additional relevant information becomes available.

(b)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 59% at both periods ended March 31, 2024 and December 31, 2023. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

(c)Does not reflect allowance for credit losses.

Residential Mortgage Loans

At March 31, 2024 and December 31, 2023, we had direct residential mortgage loan exposure of $9.0 billion and $8.4 billion, respectively.

The following tables present credit quality performance indicators for residential mortgages by year of vintage:

March 31, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
FICO:(a)
780 and greater	$	55	$	639	$	592	$	2,292	$	642	$	737	$	4,957
720 - 779	198		1,117		537		542		150		313		2,857
660 - 719	69		363		232		131		40		158		993
600 - 659	—		11		35		18		10		57		131
Less than 600	—		2		18		9		5		28		62
Total residential mortgages(b)(c)	$	322	$	2,132	$	1,414	$	2,992	$	847	$	1,293	$	9,000

Corebridge | First Quarter 2024 Form 10-Q 118

TABLE OF CONTENTS

ITEM 2 | Investments

December 31, 2023
(in millions)	2023		2022		2021		2020		2018		Prior		Total
FICO:(a)
780 and greater	$	514	$	528	$	2,280	$	619	$	239	$	497	$	4,677
720 - 779	1,121		608		558		168		99		209		2,763
660 - 719	313		256		113		40		37		120		879
600 - 659	2		20		11		8		9		51		101
Less than 600	—		—		2		2		4		17		25
Total residential mortgages(b)(c)	$	1,950	$	1,412	$	2,964	$	837	$	388	$	894	$	8,445

(a)Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last three months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On March 31, 2024 and December 31, 2023 residential loans direct to consumers totaled $2.3 billion and $1.7 billion, respectively.

(b)There are no residential mortgage loans under Fortitude Re funds withheld assets.

(c)Does not include allowance for credit losses.

For additional discussion on credit losses, see Note 6 and for additional discussion on commercial mortgage loans, see Note 7 to the Condensed Consolidated Financial Statements.

Net Realized Gains and Losses

Three Months Ended March 31,	2024						2023
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets	Fortitude Re Funds Withheld Assets	Total
Sales of fixed maturity securities	$	(320)	$	(22)	$	(342)	(76)	(17)	(93)
Intent to Sell	(15)		(32)		(47)		—	—	—
Change in allowance for credit losses on fixed maturity securities	(62)		(6)		(68)		(17)	—	(17)
Change in allowance for credit losses on loans	(14)		2		(12)		(34)	(19)	(53)
Foreign exchange transactions, net of related hedges	46		1		47		11	7	18
Index-linked interest credited embedded derivatives, net of related hedges	90		—		90		(178)	—	(178)
All other derivatives and hedge accounting*	105		(106)		(1)		(164)	48	(116)
Sale of alternative investments and real estate	20		(1)		19		5	1	6
Other	(28)		—		(28)		—	—	—
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative	(178)		(164)		(342)		(453)	20	(433)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		22		22		—	(1,025)	(1,025)
Net realized gains (losses)	$	(178)	$	(142)	$	(320)	(453)	(1,005)	(1,458)

*    Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 15 to the Condensed Consolidated Financial Statements.

Lower net realized losses excluding Fortitude Re funds withheld assets in the three months ended March 31, 2024 compared to three months ended March 31, 2023 were due primarily to derivative gains in the current period compared to losses in the same period in the prior year.

Index-linked interest credited embedded derivatives, net of related hedges, reflected higher gains in the three months ended March 31, 2024 compared to gains in the same period in the prior year. Fair value gains or losses in the hedging portfolio are typically not fully offset by increases or decreases in liabilities due to the non-performance or “own credit” risk adjustment used in the valuation of index-linked interest credited embedded derivatives, which are not hedged as part of our economic hedging program, and other risk margins used for valuation that cause the embedded derivatives to be less sensitive to changes in market rates than the hedge portfolio.

Net realized gains (losses) on Fortitude Re funds withheld assets primarily reflect changes in the valuation of the modified coinsurance and funds withheld assets. Increases in the valuation of these assets result in losses to Corebridge as the appreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. Decreases in valuation of the assets result in gains to Corebridge as the depreciation on the assets under those reinsurance agreements must be transferred to Fortitude Re.

For further discussion of our investment portfolio, see Note 6 to the Condensed Consolidated Financial Statements.

Corebridge | First Quarter 2024 Form 10-Q 119

TABLE OF CONTENTS

ITEM 2 | Investments

Other Invested Assets

We seek to enhance returns through investment in a diversified portfolio of alternative asset classes, including private equity, real estate equity and hedge funds.

The following table presents the carrying value of our other invested assets by type:

	March 31, 2024						December 31, 2023
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Alternative investments(a)(b)	$	5,603	$	1,920	$	7,523	$	5,780	$	1,910	$	7,690
Investment real estate(c)	1,721		175		1,896		1,748		184		1,932
All other investments(d)	617		—		617		635		—		635
Total	$	7,941	$	2,095	$	10,036	$	8,163	$	2,094	$	10,257

(a)At March 31, 2024, included hedge funds of $256 million and private equity funds of $7.3 billion. At December 31, 2023, included hedge funds of $299 million and private equity funds of $7.4 billion.

(b)The majority of our hedge fund investments are redeemable upon a single month or quarter’s notice, though redemption terms vary from single, immediate withdrawals, to withdrawals staggered up to eight quarters. Some of the portfolio consists of illiquid run-off or “side-pocket” positions whose liquidation horizons are uncertain and likely beyond a year after submission of the redemption notice.

(c)Net of accumulated depreciation of $660 million and $680 million as of March 31, 2024 and December 31, 2023, respectively.

(d)Includes Corebridge’s ownership interest in Fortitude Re Bermuda, which is recorded using the measurement alternative for equity securities. Our investment in Fortitude Re Bermuda totaled $156 million and $156 million at March 31, 2024 and December 31, 2023, respectively.

Derivatives and Hedge Accounting

We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate swaps) are used to manage interest rate risk associated with both embedded derivatives and MRBs contained in insurance contract liabilities and fixed maturity securities as well as other interest rate sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with foreign denominated investments, net capital exposures and foreign currency transactions. Equity derivatives are used to mitigate financial risk embedded in certain insurance liabilities and economically hedge certain investments. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative instruments with respect to investment operations, which may include, among other things, credit default swaps (“CDS”) and purchases of investments with embedded derivatives, such as equity linked notes and convertible bonds.

We designated certain derivatives entered into with related parties as fair value hedges of available-for-sale investment securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross-currency swaps designated as hedges of the change in fair value of foreign currency denominated available-for-sale securities attributable to changes in foreign exchange rates. We also designated certain interest rate swaps entered into with both third parties and related parties as fair value hedges of fixed rate GICs and commercial mortgage loans attributable to changes in benchmark interest rates.

Credit risk associated with derivative counterparties exists for a derivative contract when that contract has a positive fair value to us. The maximum potential exposure may increase or decrease during the life of the derivative commitments as a function of maturity and market conditions. All derivative transactions must be transacted within counterparty limits.

We utilize various credit enhancements, including guarantees, collateral, credit triggers and margin agreements, to reduce the credit risk related to outstanding financial derivative transactions. We require credit enhancements in connection with specific transactions based on, among other things, the creditworthiness of the counterparties and the transaction size and maturity. Furthermore, we enter into certain agreements that have the benefit of set-off and close-out netting provisions, such as ISDA Master Agreements. These provisions provide that, in the case of an early termination of a transaction, we can set off receivables from a counterparty against payables to the same counterparty arising out of all covered transactions. As a result, where a legally enforceable netting agreement exists, the fair value of the transaction with the counterparty represents the net sum of estimated fair values.

For additional information on embedded derivatives, see Notes 5 and 10 to the Condensed Consolidated Financial Statements.

Corebridge | First Quarter 2024 Form 10-Q 120

TABLE OF CONTENTS

ITEM 2 | Investments

The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:

	March 31, 2024								December 31, 2023
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments(a)
Interest rate contracts	$	696	$	210	$	3,149	$	64	$	2,213	$	238	$	833	$	18
Foreign exchange contracts	5,771		400		1,019		58		2,765		336		4,670		159
Derivatives not designated as hedging instruments(a)
Interest rate contracts	51,805		2,975		34,607		2,993		41,056		2,709		41,225		3,260
Foreign exchange contracts	11,325		597		4,220		259		6,229		584		7,523		379
Equity contracts	76,330		2,876		14,588		1,229		76,561		2,017		14,144		745
Credit contracts	2,005		78		5		—		305		8		5		—
Other contracts(b)	43,182		13		47		—		44,640		13		47		2
Total derivatives, excluding Fortitude Re funds withheld	$	191,114	$	7,149	$	57,635	$	4,603	$	173,769	$	5,905	$	68,447	$	4,563
Total derivatives, Fortitude Re funds withheld	$	63	$	2	$	—	$	—	$	184	$	20	$	514	$	25
Total derivatives, gross	$	191,177	$	7,151	$	57,635	$	4,603	$	173,953	$	5,925	$	68,961	$	4,588
Counterparty netting(c)			(4,279)				(4,279)				(3,646)				(3,646)
Cash collateral(d)			(2,381)				(166)				(1,886)				(801)
Total derivatives on Condensed Consolidated Balance Sheets(e)			$	491			$	158			$	393			$	141

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

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

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

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

(e)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was zero at both March 31, 2024 and December 31, 2023. Fair value of liabilities related to bifurcated embedded derivatives was $10.9 billion and $10.2 billion, respectively, at March 31, 2024 and December 31, 2023. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities, index universal life contracts and bonds available-for-sale, which include equity and interest rate components and the funds withheld arrangement with Fortitude Re. For additional information, see Note 8 to the Condensed Consolidated Financial Statements.

For additional information, see Note 10 to the Condensed Consolidated Financial Statements.

Corebridge | First Quarter 2024 Form 10-Q 121

TABLE OF CONTENTS

ITEM 2 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits

VARIABLE ANNUITY GUARANTEED BENEFITS AND HEDGING RESULTS

The following section provides discussion of our variable annuity guaranteed benefits and hedging results regarding our business segments.

Variable Annuity Guaranteed Benefits and Hedging Results

Our Individual Retirement and Group Retirement businesses offer variable annuity products with riders that provide guaranteed benefits. The liabilities are accounted for as MRBs and measured at fair value. The fair value of the MRBs may fluctuate significantly based on market interest rates, equity prices, credit spreads, market volatility, policyholder behavior and other factors.

In addition to risk-mitigating features in our variable annuity product design, we have an economic hedging program designed to manage market risk from GMWBs, including exposures to changes in interest rates, equity prices, credit spreads and volatility. The hedging program includes all in-force GMWB policies and utilizes derivative instruments, including but not limited to equity options, futures contracts and interest rate swap and option contracts, as well as fixed maturity securities.

For additional discussion of market risk management related to these product features, see “Quantitative and Qualitative Disclosures about Market Risk.”

Differences in Valuation of MRBs and Economic Hedge Target

Our variable annuity hedging program utilizes an economic hedge target, which represents an estimate of the underlying economic risks in our GMWB riders. The economic hedge target differs from the GAAP valuation of the MRBs, creating volatility in our net income (loss) primarily due to the following:

•the MRBs include both the GMWB riders and the GMDB riders while the hedge program is targeting the economic risks of just the GMWB rider;

•the hedge program is designed to offset moves in the GMWB economic liability and therefore has a lower sensitivity to equity market changes than the MRBs;

•the economic hedge target includes 100% of the GMWB rider fees in present value calculations;

•the GAAP valuation reflects those fees attributed to the MRBs such that the initial value at contract issue equals zero. Since the MRB includes GMWBs and GMDBs these attributed fees are typically larger than just the GMWB rider fees;

•the economic hedge target uses best estimate actuarial assumptions and excludes explicit risk margins used for GAAP valuation, such as margins for policyholder behavior, mortality and volatility; and

•the economic hedge target excludes our own credit risk changes (NPAs) used in the GAAP valuation, which are recognized in OCI. The GAAP valuation has different sensitivities to movements in interest rates and other market factors, and to changes from actuarial assumption updates, than the economic hedge target.

For additional information on our valuation methodology for MRBs, see Note 5 to the Consolidated Financial Statements in the 2023 Form 10-K.

The market value of the hedge portfolio compared to the economic hedge target at any point in time may be different and is not expected to be fully offsetting. In addition to the derivatives held in conjunction with the variable annuity hedging program, we generally have cash and invested assets available to cover future claims payable under these guarantees. The primary sources of difference between the change in the fair value of the hedging portfolio and the economic hedge target include:

•basis risk due to the variance between expected and actual fund returns, which may be either positive or negative;

•realized volatility versus implied volatility;

•actual versus expected changes in the hedge target driven by assumptions not subject to hedging, particularly policyholder behavior; and

•risk exposures that we have elected not to explicitly or fully hedge.

Corebridge | First Quarter 2024 Form 10-Q 122

TABLE OF CONTENTS

ITEM 2 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

The following table presents a reconciliation between the fair value of the GAAP MRBs and the value of our economic hedge target:

	March 31,		December 31,
(in millions)	2024		2023
Reconciliation of market risk benefits and economic hedge target:
Market risk benefits liability, net	$	571	$	1,340
Exclude NPA	(814)		(826)
Market risk benefits liability, excluding NPA	(243)		514
Adjustments for risk margins and differences in valuation	667		522
Economic hedge target liability	$	424	$	1,036

Impact on Pre-tax Income (Loss)

The impact on our pre-tax income (loss) of variable annuity guaranteed benefits and related hedging results includes changes in the fair value of MRBs and changes in the fair value of related derivative hedging instruments, and along with attributed rider fees and net of benefits associated with MRBs are together recognized in Change in the fair value of market risk benefits, net, with the exception of NPA changes, which are recognized in OCI. Changes in the fair value of market risk benefits, net are excluded from APTOI of Individual Retirement and Group Retirement.

The change in the fair value of the MRBs and the change in the value of the hedging portfolio are not expected to be fully offsetting, primarily due to the differences in valuation between the economic hedge target, the GAAP MRBs and the fair value of the hedging portfolio, as discussed above. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair value of the MRBs liabilities, resulting in a gain in AOCI, and when corporate credit spreads tighten, the change in the NPA spread generally increases the fair value of the MRBs liabilities, resulting in a loss in AOCI. In addition to changes driven by credit market-related movements in the NPA spread, the NPA balance also reflects changes in business activity and in the net amount at risk from the underlying guaranteed living benefits.

Change in Economic Hedge Target

The decrease in the economic hedge target liability in the three months ended March 31, 2024, was primarily driven by higher interest rates and equity markets.

The following table presents the impact on pre-tax income (loss) and Other comprehensive income (loss) of Variable Annuity MRBs and Hedging for the Individual Retirement and Group Retirement Segments:

	Three Months Ended March 31, 2024			Three Months Ended March 31, 2023
(in millions)		MRB Liability(*)		Hedge Assets		Net		MRB Liability(*)		Hedge Assets		Net
Issuances		$	1	$	—	$	1	$	(3)	$	—	$	(3)
Interest accrual		(9)		(61)		(70)		(15)		(55)		(70)
Attributed fees		(189)		—		(189)		(251)		—		(251)
Expected claims		18		—		18		26		—		26
Effect of changes in interest rates		297		(341)		(44)		(367)		346		(21)
Effect of changes in interest rate volatility		14		(39)		(25)		81		(60)		21
Effect of changes in equity markets		580		(359)		221		421		(262)		159
Effect of changes in equity index volatility		15		31		46		(12)		(7)		(19)
Actual outcome different from model expected outcome		29		—		29		(61)		—		(61)
Effect of changes in future expected policyholder behavior		—		—		—		—		—		—
Effect of changes in other future expected assumptions		(1)		—		(1)		96		—		96
Foreign exchange impact		2		—		2		—		—		—
Total impact on balance before other and changes in our own credit risk		757		(769)		(12)		(85)		(38)		(123)
Other		(2)		2		—		—		(20)		(20)
Effect of changes in our own credit risk		12		17		29		(378)		2		(376)
Total income (loss) impact on market risk benefits		767		(750)		17		(463)		(56)		(519)
Less: impact on OCI		12		(48)		(36)		(378)		56		(322)
Add: fees net of claims and ceded premiums and benefits		168		—		168		224		—		224
Net impact on pre-tax income (loss)		$	923	$	(702)	$	221	$	139	$	(112)	$	27
Net change in value of economic hedge target and related hedges
Net impact on economic gains (losses)						$	3					$	(208)

* MRB Liability is partially offset by MRB Assets.

Corebridge | First Quarter 2024 Form 10-Q 123

TABLE OF CONTENTS

ITEM 2 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

Three Months Ended March 31, 2024

Net impact on pre-tax income of $221 million was primarily driven by increases in equity markets.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the three months ended March 31, 2024, we had a net mark-to-market gain of approximately $3 million from our hedging activities related to our economic hedge target.

Three Months Ended March 31, 2023

•Net impact on pre-tax income of $27 million was primarily driven by increases in equity markets and the impact of the London Interbank Offered Rate to Secured Overnight Financing Rate (“SOFR”) transition.

•The hedge program is designed of offset moves in the GMWB economic liability and therefore has a lower sensitivity to equity market changes than the MRBs.

•With the transition of risk free rates to the SOFR curve our discounting of fees has been reduced, resulting in a one time favorable impact to the MRB liability.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the three months ended March 31, 2023, we had a net mark-to-market loss of approximately $208 million from our hedging activities related to our economic hedge target primarily driven by tightening credit spreads and lower equity volatility.

Corebridge | First Quarter 2024 Form 10-Q 124

TABLE OF CONTENTS

ITEM 2 | Liquidity and Capital Resources

Liquidity and Capital Resources

OVERVIEW

Liquidity is defined as cash and unencumbered assets that can be monetized in a short period of time at a reasonable cost. In addition to the on-balance-sheet liquid assets, liquidity resources include availability under committed bank credit facilities.

Capital refers to the long-term financial resources available to support the operation of our businesses, fund business growth, and cover financial and operational needs that arise from adverse circumstances.

We aim to manage our liquidity and capital resources prudently through a well-defined risk management framework that involves various target operating thresholds, as well as minimum requirements during periods of stress.

We believe that we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations to policyholders, customers, creditors and debt-holders, including those arising from reasonably foreseeable contingencies or events.

For a discussion regarding risks associated with liquidity and capital, see “Risk Factors—Risks Relating to Our Investment Portfolio, Liquidity, Capital and Credit” in the 2023 Form 10-K.

LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE PARENT AND INTERMEDIATE HOLDING COMPANIES

As of March 31, 2024 and December 31, 2023, Corebridge Parent and its non-regulated intermediate holding companies (“Corebridge Hold Cos.”) had $4.2 billion and $4.1 billion, respectively, in liquidity sources. These liquidity sources were primarily held in the form of cash and short-term investments and included a $2.5 billion committed revolving credit facility as of March 31, 2024 and December 31, 2023, respectively. Corebridge Hold Cos.’ primary sources of liquidity are dividends, loans and other payments from subsidiaries, sales of businesses and credit facilities. Corebridge Hold Cos.’ primary uses of liquidity are for debt service, capital and liability management, and operating expenses.

Corebridge Parent expects to maintain liquidity that is sufficient to cover one year of its expenses. We expect the Corebridge Hold Cos. may access the debt and preferred equity markets from time to time to meet funding requirements as needed.

We utilize our capital resources to support our businesses, with the majority of capital held by our insurance businesses. Corebridge Hold Cos. intend to manage capital between Corebridge Hold Cos. and our insurance companies through internal, Board-approved policies as well as management standards. Nevertheless, regulatory and other legal restrictions could limit our ability to transfer capital freely, either to or from our subsidiaries.

As of March 31, 2024, Corebridge Parent and certain of our subsidiaries were parties to several letter of credit agreements with various financial institutions which issue letters of credit from time to time in support of our insurance companies. Letters of credit issued in support of our subsidiaries (primarily, insurance companies) totaled $191 million and $151 million at March 31, 2024 and December 31, 2023, respectively.

The following table presents Corebridge Hold Cos.’ liquidity sources:

	March 31,		December 31,
(in millions)	2024		2023
Cash and short-term investments	$	1,748	$	1,591
Total Corebridge Hold Cos. liquidity	1,748		1,591
Available capacity under committed, revolving credit facility	2,500		2,500
Total Corebridge Hold Cos. liquidity sources	$	4,248	$	4,091

COREBRIDGE HOLD COS. LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS

SOURCES

Liquidity to Corebridge Parent from Subsidiaries

During the three months ended March 31, 2024, Corebridge Hold Cos. received $600 million in dividends from subsidiaries.

Corebridge | First Quarter 2024 Form 10-Q 125

TABLE OF CONTENTS

ITEM 2 | Liquidity and Capital Resources

USES

Interest Payments

We made interest payments on our debt instruments totaling $34 million during the three months ended March 31, 2024.

Dividends

During the three months ended March 31, 2024, Corebridge Parent paid cash dividends totaling $143 million, including a quarterly dividend of $0.23 per share of its common stock.

Repurchase of Common Stock

During the three months ended March 31, 2024, Corebridge Parent repurchased approximately 9.5 million of shares of its common stock, for an aggregate purchase price of approximately $243 million.

For additional information, see Note 17 to the Condensed Consolidated Financial Statements.

LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE INSURANCE SUBSIDIARIES

Insurance Companies

We believe that our insurance companies have sufficient liquidity and capital resources to satisfy reasonably foreseeable future liquidity requirements and meet their obligations, including those arising from reasonably foreseeable contingencies or events, through cash from operations and, to the extent necessary, monetization of invested assets. Our insurance companies’ liquidity resources are primarily held in the form of cash, short-term investments and publicly traded, investment grade-rated fixed maturity securities.

The liquidity of each of our material insurance companies is monitored through various internal liquidity risk measures. The primary sources of liquidity are premiums, deposits, fees, reinsurance recoverables, investment income and maturities. The primary uses of liquidity are paid losses, reinsurance payments, benefit claims, surrenders, withdrawals, interest payments, dividends, expenses, investment purchases and collateral requirements.

Certain of our U.S. insurance companies are members of the FHLBs in their respective districts. Our borrowings from FHLBs are non-puttable and are used to supplement liquidity or for other uses deemed appropriate by management. Our U.S. insurance companies had $5.7 billion which were due to FHLBs in their respective districts at March 31, 2024, under funding agreements which were reported in policyholder contract deposits. These investment contracts do not have mortality or morbidity risk. Proceeds from funding agreements are generally invested in investments intended to generate spread income. In addition, our U.S. insurance companies had no outstanding borrowings in the form of cash advances from FHLBs at March 31, 2024.

Certain of our U.S. insurance companies have securities lending programs that lend securities from their investment portfolios to supplement liquidity or for other uses deemed appropriate by management. Under these programs, these U.S. insurance companies lend securities to financial institutions and receive cash as collateral equal to 102% of the fair value of the loaned securities. Cash collateral received is kept in cash or invested in short-term investments or used for short-term liquidity purposes.

The aggregate amount of securities that a U.S. insurance company can lend under its program at any time is limited to 5% of its general account statutory-basis admitted assets. Our U.S. insurance companies had no securities subject to these agreements at March 31, 2024 and no liabilities to borrowers for collateral received at March 31, 2024.

We manage the capital of our Life Fleet Risk-Based Capital (“RBC”) ratio targeting above 400%. AGC serves as an affiliate reinsurance company. The surplus of AGC is comprised predominantly of the statutory surplus of the Life Fleet. Given that AGC has no primary operations outside of this internal reinsurance, we believe that excluding AGC from the Life Fleet RBC ratio calculation presents a more accurate view of the overall capital position of our U.S. operating entities. Our Life Fleet RBC ratio was above our minimum target Life Fleet RBC ratio of 400% as of December 31, 2023.

Dividend Restrictions

Payments of dividends to Corebridge Hold Cos. by our U.S. insurance subsidiaries are subject to certain restrictions imposed by laws and regulations of their respective states. With respect to our domestic insurance subsidiaries, the payment of a dividend may require formal notice to the insurance department of the state in which the particular insurance subsidiary is domiciled, and prior approval of such insurance regulator is required when the amount of the dividend is above certain regulatory thresholds. See “Business — Regulation — U.S. Regulation — State Insurance Regulation” in the 2023 Form 10-K. Other foreign jurisdictions may restrict the ability of our foreign insurance subsidiaries to pay dividends.

To our knowledge, no Corebridge insurance company is currently on any regulatory or similar “watch list” with regard to solvency.

Corebridge | First Quarter 2024 Form 10-Q 126

TABLE OF CONTENTS

ITEM 2 | Liquidity and Capital Resources

ANALYSIS OF SOURCES AND USES OF CASH

Our primary sources and uses of liquidity are summarized as follows:

	Three Months Ended March 31,
(in millions)	2024		2023
Sources:
Operating activities, net	$	598	$	301
Net changes in policyholder account balances	1,354		1,758
Issuance of debt of consolidated investment entities	57		39
Contributions from noncontrolling interests	21		25
Financing other, net	—		26
Issuance of common stock	1		—
Net change in securities lending and repurchase agreements	1,125		—
Effect of exchange rate changes on cash and restricted cash	1		2
Total Sources	3,157		2,151
Uses:
Investing activities, net	(2,645)		(1,477)
Repayments of debt of consolidated investment entities	(122)		(142)
Repayments of long-term debt	—		—
Distributions to noncontrolling interests	(29)		(50)
Dividends paid on common stock	(143)		(149)
Net change in securities lending and repurchase agreements	—		(442)
Repurchase of common stock	(243)		—
Financing other, net	(177)		—
Total Uses	(3,359)		(2,260)
Net increase (decrease) in cash and cash equivalents	$	(202)	$	(109)

Operating Activities

Cash inflows from operating activities primarily include insurance premiums, fees and investment income. Cash outflows from operating activities primarily include benefit payments, general operating expenses and servicing of debt. Operating cash flow will fluctuate based on the timing of premiums received and benefit payments to policyholders, as well as other core business activities.

Investing Activities

Cash inflows from investing activities primarily include sales and maturities of underlying assets, mainly fixed maturities available-for-sale and principal payments on mortgage and other loans. The primary cash outflows for investing activities relate to the purchases of new securities, mainly fixed maturities available-for-sale.

Financing Activities

Cash inflows from financing activities primarily include policyholder deposits on investment-type contracts, issuances of debt and inflows from the settlement of securities lending and repurchase agreements. Cash outflows primarily relate to policyholder withdrawal activity on investment-type contracts, repayments of debt of consolidated investment entities, repayments of short and long-term debt, repurchases of common stock, shareholder dividends, distributions to noncontrolling interests and outflows for the settlement of securities lending and repurchase agreements.

CONTRACTUAL OBLIGATIONS

As of March 31, 2024, there have been no material changes in our contractual obligations from December 31, 2023, a description of which may be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operation —Liquidity and Capital Resources — Contractual Obligations” in the 2023 Form 10-K.

Corebridge | First Quarter 2024 Form 10-Q 127

TABLE OF CONTENTS

ITEM 2 | Liquidity and Capital Resources

SHORT-TERM AND LONG-TERM DEBT

We expect to repay the short-term and long-term debt maturities and interest accrued on these borrowings through cash flows generated from invested assets, future cash flows from operations, and future debt and other financing arrangements.

The following tables provide the rollforward of our total debt outstanding:

(in millions)	Maturity<br>Date(s)	Balance at December 31, 2023		Issuances		Maturities <br>and Repayments		Other Changes		Balance at March 31, 2024
Short-term debt issued by Corebridge:
Three-Year DDTL Facility*	2024	$	250	$	—	$	—	$	—	$	250
Total short-term debt		250		—		—		—		250
Long-term debt issued by Corebridge:
Senior unsecured notes	2025-2052	7,750		—		—		—		7,750
Hybrid junior subordinated notes	2052	1,000		—		—		—		1,000
Long-term debt issued by Corebridge subsidiaries:
CRBGLH notes	2025-2029	200		—		—		—		200
CRBGLH junior subordinated debentures	2030-2046	227		—		—		—		227
Total long-term debt		9,177		—		—		—		9,177
Debt issuance costs		(59)		—		—		—		(59)
Total long-term debt, net of debt issuance costs		9,118		—		—		—		9,118
Total debt, net of issuance costs		$	9,368	$	—	$	—	$	—	$	9,368

*    The current interest period for the Three-Year Delayed Draw Term Loan (“DDTL”) Facility continues through May 29, 2024. We have the ability to further continue this borrowing through February 25, 2025.

SENIOR UNSECURED NOTES AND DELAYED DRAW TERM LOAN

On September 15, 2022, Corebridge Parent borrowed an aggregate principal amount of $1.5 billion under the Three-Year DDTL Facility. On December 8, 2023 and September 15, 2023, Corebridge Parent used the net proceeds of the issuance of the Senior Notes and cash on hand to repay $750 million and $500 million, respectively, on the Three-Year DDTL Facility. As of March 31, 2024, a total of $250 million of borrowings are outstanding under the Three-Year DDTL Facility. For the current interest period, the Three-Year DDTL Facility will end on May 29, 2024, unless prior to that date Corebridge Parent elects to continue the loan, or a portion of it, for an additional interest period.

The Three-Year DDTL Facility bears interest at a rate per annum equal to the Adjusted Term SOFR Rate (as defined in terms of the Three-Year DDTL Facility) plus the Applicable Rate (as defined in the Three-Year DDTL Agreement, which is currently 1.000%, and is based on the applicable credit ratings of our senior unsecured long-term indebtedness). The Three-Year DDTL Facility matures on February 25, 2025.

REVOLVING CREDIT AGREEMENT

On May 12, 2022, Corebridge Parent entered into a revolving credit agreement (the “Revolving Credit Agreement”). The Revolving Credit Agreement provides for a five-year total commitment of $2.5 billion, consisting of standby letters of credit and/or revolving credit borrowings without any limits on the type of borrowings. Under circumstances described in the Revolving Credit Agreement, the aggregate commitments may be increased by up to $500 million, for a total commitment under the Revolving Credit Agreement of $3.0 billion. Loans under the Revolving Credit Agreement will mature on May 12, 2027. Under the Revolving Credit Agreement, the applicable rate, commitment fee and letter of credit fee are determined by reference to the credit ratings of Corebridge Parent’s senior, unsecured, long-term indebtedness. Borrowings bear interest at a rate per annum equal to (i) in the case of U.S. dollar borrowings, Term SOFR plus an applicable credit spread adjustment plus an applicable rate or an alternative base rate plus an applicable rate; (ii) in the case of Sterling borrowings, sterling overnight index average plus an applicable credit spread adjustment plus an applicable rate; (iii) in the case of Euro borrowings, European Union interbank Offer Rate plus an applicable rate; and (iv) in the case of Japanese Yen, Tokyo Interbank Offered Rate plus an applicable rate. The alternative base rate is equal to the highest of (a) the New York Federal Reserve Bank Rate plus 0.50%, (b) the rate of interest in effect as quoted by The Wall Street Journal as the “Prime Rate” in the United States and (c) Term SOFR plus a credit spread adjustment of 0.100% plus an additional 1.00%.

For additional information on debt outstanding and revolving credit facilities, see Note 17 to the Consolidated Financial Statements in the 2023 Form 10-K.

Corebridge | First Quarter 2024 Form 10-Q 128

TABLE OF CONTENTS

ITEM 2 | Liquidity and Capital Resources

DEBT OF CONSOLIDATED INVESTMENT ENTITIES

Our non-financial debt includes debt of consolidated investment entities and such debt does not represent our contractual obligation and is non-recourse to Corebridge. This non-financial debt includes notes and bonds payables supported by cash and investments held by us and certain of our non-insurance subsidiaries for the repayment of those obligations.

(in millions)	Balance at December 31, 2023		Issuances		Maturities <br>and Repayments		Effect of Foreign Exchange		Other Changes		Balance at March 31, 2024
Debt of consolidated investment entities –<br><br>not guaranteed by Corebridge(a)(b)	$	2,504	$	57	$	(122)	$	7	$	84	$	2,530

(a)At March 31, 2024, includes debt of consolidated investment entities related to real estate investments of $1.0 billion and other securitization vehicles of $1.2 billion.

(b)In relation to the debt of consolidated investment entities not guaranteed by Corebridge, creditors or beneficial interest holders of VIEs generally only have recourse to the assets and cash flows of the VIEs and do not have recourse to us.

CREDIT RATINGS

Credit ratings estimate a company’s ability to meet its obligations and may directly affect the cost and availability of financing to that company.

The following table presents the credit ratings of Corebridge Parent as of the date of this filing:

Senior Unsecured Long-Term Debt			Hybrid Junior Subordinated Long-Term Debt
Moody’s(a)	S&P(b)	Fitch(c)	Moody’s(a)	S&P(b)	Fitch(c)
Baa2 (Stable)	BBB+ (Stable)	BBB+ (Stable)	Baa3 (Stable)	BBB- (Stable)	BBB- (Stable)

(a)Moody’s appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories.

(b)S&P ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

(c)Fitch ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

These credit ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies because of changes in, or unavailability of, information or based on other circumstances. Ratings may also be withdrawn at our request.

We are party to some agreements that contain “ratings triggers.” Depending on the ratings maintained by one or more rating agencies, these triggers could result in (i) the termination or limitation of credit availability or a requirement for accelerated repayment, (ii) the termination of business contracts or (iii) a requirement to post collateral for the benefit of counterparties.

In the event of a downgrade of our long-term debt ratings or our insurance subsidiaries’ Insurer Financial Strength (“IFS”) ratings, we would be required to post additional collateral under some derivative and other transactions, or certain of the counterparties of such other of our subsidiaries would be permitted to terminate such transactions early.

The actual amount of collateral that we or certain of our subsidiaries would be required to post to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at the time of the downgrade.

INSURER FINANCIAL STRENGTH RATINGS

IFS ratings estimate an insurance company’s ability to pay its obligations under an insurance policy.

The following table presents the ratings of our primary insurance subsidiaries as of the date of this filing:

	A.M. Best	S&P	Fitch	Moody’s
American General Life Insurance Company	A	A+	A+	A2
The Variable Annuity Life Insurance Company	A	A+	A+	A2
The United States Life Insurance Company in the City of New York	A	A+	A+	A2

These IFS ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances.

OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS

As March 31, 2024, there have been no material changes in our off-balance-sheet arrangements and commercial commitments from December 31, 2023, a description of which may be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Liquidity and Capital Resources—Off-Balance Sheet Arrangements and Commercial Commitments” in the 2023 Form 10-K.

Corebridge | First Quarter 2024 Form 10-Q 129

TABLE OF CONTENTS

ITEM 2 | Accounting Policies and Pronouncements

Accounting Policies and Pronouncements

CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. On a regular basis, we review estimates and assumptions used in the preparation of financial statements. Actual results may differ from these estimates under different assumptions or conditions. For a detailed discussion of our significant accounting policies and accounting pronouncements, see Note 2 to the Consolidated Financial Statements in the 2023 Form 10-K.

The accounting policies that we believe are most dependent on the application of estimates and assumptions, which are critical accounting estimates, are related to the determination of:

•fair value measurements of certain financial assets and liabilities;

•valuation of MRBs related to guaranteed benefit features of variable annuity, fixed annuity and fixed index annuity products;

•valuation of embedded derivative liabilities for fixed index annuity and index universal life products;

•valuation of future policy benefit liabilities and recognition of remeasurement gains and losses;

•reinsurance assets, including the allowance for credit losses;

•goodwill impairment;

•allowance for credit losses primarily on loans and available-for-sale fixed maturity securities; and

•income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our business, results of operations, financial condition and liquidity could be materially affected.

For a complete discussion of our critical accounting estimates, see “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Accounting Policies and Pronouncements” in the 2023 Form 10-K.

ADOPTION OF ACCOUNTING PRONOUNCEMENTS

See Note 2 to the Condensed Consolidated Financial Statements for a complete discussion of adoption of accounting pronouncements.

Corebridge | First Quarter 2024 Form 10-Q 130

TABLE OF CONTENTS

ITEM 2 | Glossary

Glossary

Credit support annex — a legal document generally associated with an ISDA Master Agreement that provides for collateral postings which could vary depending on ratings and threshold levels.

Deferred policy acquisition costs — deferred costs that are incremental and directly related to the successful acquisition of new business or renewal of existing business.

Deferred sales inducement — represents enhanced crediting rates or bonus payments to contract holders on certain annuity and investment contract products that meet the criteria to be deferred and amortized over the life of the contract.

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.

Financial debt — represents the sum of short-term debt and long-term debt, net of debt issuance costs, not including (a) debt of consolidated investment entities—not guaranteed by Corebridge; (b) investment contracts supported by assets and issued for purposes of earning spread income, such as GICs and FABNs; and (c) operating debt utilized to fund daily operations.

Guaranteed investment contract — a contract whereby the issuer provides a guaranteed repayment of principal and a fixed or floating interest rate for a predetermined period of time.

Guaranteed minimum death benefit — a benefit that guarantees the annuity beneficiary will receive a certain value upon death of the annuitant. The GMDB feature may provide a death benefit of either (a) total deposits made to the contract, less any partial withdrawals plus a minimum return (and in rare instances, no minimum return); (b) return of premium whereby the benefit is the greater of the current account value or premiums paid less any partial withdrawals; (c) rollups whereby the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified rates up to specified ages; or (d) the highest contract value attained, typically on any anniversary date less any subsequent withdrawals following the contract anniversary.

Guaranteed minimum withdrawal benefit — a type of living benefit that guarantees that withdrawals from the contract may be taken up to a contractually guaranteed amount, even if the account value subsequently falls to zero, provided that during each contract year total withdrawals do not exceed an annual withdrawal amount specified in the contract. Once the account value is depleted under the conditions of the GMWB, the policy continues to provide a protected income payment.

ISDA Master Agreement — an agreement between two counterparties, which may have multiple derivative transactions with each other governed by such agreement, that generally provides for the net settlement of all or a specified group of these derivative transactions, as well as pledged collateral, through a single payment, in a single currency, in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions.

Loan-to-value ratio — principal amount of loan divided by appraised value of collateral securing the loan.

Market risk benefit — is an amount that a policyholder would receive in addition to the account balance upon the occurrence of a specific event or circumstance, such as death, annuitization, or periodic withdrawal that involves protection from other-than-nominal capital market risk.

Master netting agreement — an agreement between two counterparties who have multiple derivative contracts with each other that provides for the net settlement of all contracts covered by such agreement, as well as pledged collateral, through a single payment, in a single currency, in the event of default on or upon termination of any one such contract.

Non-performance Risk Adjustment — adjusts the valuation of derivatives and MRBs to account for non-performance risk in the fair value measurement of all MRBs and derivative net liability positions.

Noncontrolling interests — the portion of equity ownership in a consolidated subsidiary not attributable to the controlling parent company.

Policy fees — an amount added to a policy premium, or deducted from a policy cash value or contract holder account, to reflect the cost of issuing a policy, establishing the required records and sending premium notices and other related expenses.

Reinsurance — the practice whereby one insurer, the reinsurer, in consideration of a premium paid to that insurer, agrees to indemnify another insurer, the ceding company, for part or all of the liability of the ceding company under one or more policies or contracts of insurance which it has issued.

Risk-based capital — a formula designed to measure the adequacy of an insurer’s statutory surplus compared to the risks inherent in its business.

Corebridge | First Quarter 2024 Form 10-Q 131

TABLE OF CONTENTS

ITEM 2 | Glossary

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

Surrender charge — a charge levied against an investor for the early withdrawal of funds from a life insurance or annuity contract, or for the cancellation of the agreement.

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

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

Value of business acquired — present value of projected future gross profits from in-force policies of acquired businesses.

Corebridge | First Quarter 2024 Form 10-Q 132

TABLE OF CONTENTS

ITEM 2 | Certain Important Terms

Certain Important Terms

We use the following capitalized terms in this report

“AGC” means AGC Life Insurance Company, a Missouri insurance company;

“AGC Group” means AGC and its directly owned life insurance subsidiaries;

“AGL” means American General Life Insurance Company, a Texas insurance company;

“AHAC” means American Home Assurance Company, a consolidated subsidiary of AIG;

“AIG” means AIG, Inc. and its subsidiaries, other than Corebridge and Corebridge’s subsidiaries, unless the context refers to AIG, Inc. only;

“AIG, Inc.” means American International Group, Inc., a Delaware corporation;

“AIG Life” means AIG Life Limited, a U.K. insurance company, and its subsidiary;

“AIGM” means AIG Markets, Inc., a consolidated subsidiary of AIG;

“AIRCO” means American International Reinsurance Company, Ltd., a consolidated subsidiary of AIG;

“BlackRock” means BlackRock Financial Management, Inc.;

“Blackstone” means Blackstone Inc. and its subsidiaries;

“Blackstone IM” means Blackstone ISG-1 Advisors L.L.C.;

“Board” means the Corebridge Financial, Inc. Board of Directors;

“CIIUS” means Corebridge Institutional Investments (U.S), LLC (formerly known as AIG Asset Management (U.S.), LLC.(“AMG”));

“Corebridge”, “we,” “us,” “our” or the “Company” means Corebridge and its subsidiaries, unless the context refers to Corebridge Parent;

“Corebridge Forward” means Corebridge’s expense savings initiative aimed at improving profitability across its businesses through operating expense reductions;

“Corebridge Parent” means Corebridge Financial, Inc., a Delaware corporation;

“CRBG Bermuda” means Corebridge Insurance Company of Bermuda, Ltd., a Bermuda insurance company;

“CRBGLH” means Corebridge Life Holdings, Inc., a Texas corporation;

“Fortitude Re” means Fortitude Reinsurance Company Ltd., a Bermuda insurance company;

“Fortitude Re Bermuda” means FGH Parent, L.P., a Bermuda exempted limited partnership and the indirect parent of Fortitude Re;

“Laya” means Laya Healthcare Limited, an Irish insurance intermediary, and its subsidiary;

“Life Fleet” means AGL, USL and VALIC;

“NUFIC” means National Union Fire Insurance Company of Pittsburgh, PA, a consolidated subsidiary of AIG;

“NYSE” means the New York Stock Exchange;

“SAFG Capital” means SAFG Capital LLC, a Delaware corporation;

“USL” means The United States Life Insurance Company in the City of New York, a New York insurance company;

“VALIC” means The Variable Annuity Life Insurance Company, a Texas insurance company; and

Corebridge | First Quarter 2024 Form 10-Q 133

TABLE OF CONTENTS

ITEM 2 | Acronyms

Acronyms

•“AATOI” — adjusted after-tax operating income attributable to our common stockholders;

•“ABS” — asset-backed securities;

•“APTOI” — adjusted pre-tax operating income;

•“AUA” — assets under administration;

•“AUM” — assets under management;

•“AUMA” — assets under management and administration;

•“BMA” — Bermuda Monetary Authority;

•“CDO” — collateralized debt obligations;

•“CDS” — credit default swap;

•“CLO” — collateralized loan obligations;

•“CMBS” — commercial mortgage-backed securities;

•“DAC” — deferred policy acquisition costs;

•“DSI” — deferred sales inducement;

•“FABN”— funding-agreement back notes;

•“FASB” — the Financial Accounting Standards Board;

•“GAAP” — accounting principles generally accepted in the United States of America;

•“GIC” — guaranteed investment contract;

•“GMDB” — guaranteed minimum death benefits;

•“GMWB” — guaranteed minimum withdrawal benefits;

•“ISDA” — the International Swaps and Derivatives Association, Inc.;

•“MBS” — mortgage-backed securities;

•“MRB” — market risk benefits;

•“NAIC” — National Association of Insurance Commissioners;

•“NPA” — Non-performance risk adjustment;

•“NPR” — Net premium ratio;

•“PRT” — pension risk transfer;

•“RBC” — Risk-Based Capital;

•“RMBS” — residential mortgage-backed securities;

•“S&P” — Standard & Poor’s Financial Services LLC;

•“SEC” — the U.S. Securities and Exchange Commission;

•“SVW” — stable value wrap;

•“URR” — unearned revenue reserve;

•“VIE” — variable interest entity;

•“VIX” — volatility index; and

•“VOBA” — value of business acquired.

Corebridge | First Quarter 2024 Form 10-Q 134

TABLE OF CONTENTS

ITEM 3 | Quantitative and Qualitative Disclosures about Market Risk

ITEM 3 | Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes to the quantitative and qualitative disclosures about market risk described in “Quantitative and Qualitative Disclosures About Market Risk” in the 2023 Form 10-K.

ITEM 4 | Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by Corebridge management, with the participation of Corebridge’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of March 31, 2024. Based on this evaluation, Corebridge’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2024.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f)) that have occurred during the quarter ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Corebridge | First Quarter 2024 Form 10-Q 135

TABLE OF CONTENTS

Part II - Other Information

ITEM 1 | Legal Proceedings

For information regarding certain legal proceedings pending against us, see Note 16 to the Condensed Consolidated Financial Statements.

ITEM 1A | Risk Factors

In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors discussed in “Risk Factors” in the 2023 Form 10-K.

ITEM 2 | Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information about purchases made by or on behalf of Corebridge Parent or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act) of Corebridge Common Stock during the three months ended March 31, 2024:

Period	Total Number<br>of Shares<br>Repurchased	Average Price<br>Paid per Share*		Total Number of Shares<br>Purchased as Part of<br>Publicly Announced<br>Plans or Programs	Approximate Dollar Value<br>of Shares that May Yet Be<br>Purchased Under the Plans<br>or Programs (in millions)
01/01/24 through 01/31/24	898,800	$	23.62	898,800	$	481
02/01/24 through 02/29/24	1,306,400	24.40		1,306,400	449
03/01/24 through 03/31/24	7,258,816	26.20		7,258,816	259
Total	9,464,016	$	25.71	9,464,016	$	259

*Excludes excise tax of $2.4 million due to the Inflation Reduction Act of 2022 for the three months ended March 31, 2024.

During the three months ended March 31, 2024, Corebridge Parent repurchased approximately 9.5 million shares of Corebridge Common Stock, par value $0.01 per share for an aggregate purchase price of $243 million, pursuant to the share repurchase program under which Corebridge Parent may, from time to time, purchase up to $1.0 billion of its common stock but is not obligated to purchase any particular number of shares.

As of March 31, 2024, approximately $259 million remained under the share repurchase program authorization.

Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. For instance, certain of our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans, including the share repurchase plan Corebridge Parent adopted on March 15, 2024, which, unless extended expires on May 8, 2024. The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.

ITEM 5 | Other Information

Not applicable.

Corebridge | First Quarter 2024 Form 10-Q 136

TABLE OF CONTENTS

Exhibit Index

Exhibit Index

Exhibit <br>Number	Description
10.1	Stockholders’ Agreement, dated as of November 2, 2021, among Corebridge Financial, Inc., American International Group, Inc. and Argon Holdco LLC (a wholly owned subsidiary of Blackstone Inc.), incorporated by reference to Exhibit 10.1 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.2*	Amendment and Waiver of Consent and Voting Rights, dated as of March 11, 2024, by and among Corebridge Financial, Inc., American International Group, Inc., Argon Holdco LLC, Blackstone Holdings II L.P., Blackstone Holdings I/II GP L.L.C., Blackstone Inc., Blackstone Group Management L.L.C. and Stephen A. Schwarzman.
10.3*	Form of Corebridge Financial, Inc. Long Term Incentive Plan, Long Term Incentive Award Agreement
31.1*	13a-14(a) and Rule 15d-14(a) Certifications.
32.1**	Section 1350 Certifications.
101**	Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, (ii) the Condensed Consolidated Statements of Income (Loss) for the three months ended March 31, 2024 and 2023, (iii) the Condensed Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023, (iv) the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023, (v) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023, and (vi) the Notes to the Condensed Consolidated Financial Statements
104*	Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in exhibits 101).
*	Filed herewith.
**	This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, as amended.
†	Identifies each management contract or compensatory plan or arrangement.

Corebridge | First Quarter 2024 Form 10-Q 137

TABLE OF CONTENTS

Exhibit Index

Signatures

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

COREBRIDGE FINANCIAL, INC.
(Registrant)
/s/ ELIAS HABAYEB
Elias Habayeb
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
/s/ CHRISTOPHER FILIAGGI
Christopher Filiaggi
Senior Vice President and
Chief Accounting Officer
(Principal Accounting Officer)

Dated May 3, 2024

Corebridge | First Quarter 2024 Form 10-Q 138

Document

Exhibit 10.2

AMENDMENT AND WAIVER OF CONSENT AND VOTING RIGHTS

THIS AMENDMENT AND WAIVER OF CONSENT AND VOTING RIGHTS (this “Amendment and Waiver”) dated as of March 11, 2024, is by and among Corebridge Financial, Inc. (the “Company”), American International Group, Inc. (“AIG”), Argon Holdco LLC (the “Stockholder”), Blackstone Holdings II L.P. (“Holdings II”), Blackstone Holdings I/II GP L.L.C (“Holdings II GP”), Blackstone Inc. (“Blackstone”), Blackstone Group Management L.L.C. (“BGM”) and Stephen A. Schwarzman (collectively with the Stockholder, Holdings II, Holdings II GP, Blackstone and BGM, the “Blackstone Parties”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Stockholders Agreement (defined below);

WHEREAS, the Company, AIG and the Stockholder are parties to the Stockholders Agreement, dated as of November 2, 2021 (the “Stockholders Agreement”);

WHEREAS, as of the date of this Amendment and Waiver, the Stockholder is the owner of 61,962,123 shares of the Company’s common stock, par value $0.01 per share (the “Company Common Stock”);

WHEREAS, prior to the date of this Amendment and Waiver, the Blackstone Parties filed (i) a Disclaimer of Control pursuant to Section 1501(c) of the New York Insurance Law regarding The United States Life Insurance Company in the City of New York (“U.S. Life”), (ii) a Disclaimer of Affiliation regarding American General Life Insurance Company (“AGL”) and The Variable Annuity Life Insurance Company (“VALIC”) pursuant to Section 823.010 of the Texas Insurance Code and (iii) a Disclaimer of Affiliation regarding AGC Life Insurance Company (together with U.S. Life, AGL and VALIC, the “Domestic Insurers”) pursuant to Mo. Rev. Stat. § 382.170;

WHEREAS, each of the Domestic Insurers is a wholly-owned subsidiary of the Company;

WHEREAS, on or before the date of this Amendment and Waiver, each of the Disclaimer of Control and the Disclaimers of Affiliation in relation to the Domestic Insurers, was approved in respect of the Blackstone Parties and is in effect as of the date of this Amendment and Waiver;

WHEREAS, (i) the Company, AIG and the Stockholder desire to amend Section 2.5(a)(iii) of the Stockholders Agreement, to provide that the Stockholder shall waive and agree to not exercise its consent right, and to cause any other Blackstone Party (to the extent applicable) to waive and agree to not exercise, the consent right over any repurchase of shares of Company Common Stock, if such repurchase would result in the Stockholder owning, of record, more than 9.9% of the then-outstanding Company Common Stock and (ii) each of the Blackstone Parties desires to waive (and, to the extent applicable, to cause any affiliated transferee of a Blackstone Party to waive) its right to vote, or act by written consent, with respect to any shares of Company Common Stock owned by it from time to time.

NOW, THEREFORE, in consideration of the foregoing, of the mutual promises herein contained and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1.Amendment to Section 2.5(a)(iii) of the Stockholders Agreement. Section 2.5(a)(iii) of the Stockholders Agreement is hereby amended and restated in its entirety to read as follows: “(iii) repurchase shares of Company Common Stock, if such repurchase would result in the Stockholder owning, of record, more than 9.9% of the then-outstanding Company Common Stock; provided, that, effective as of March 11, 2024, the Stockholder shall have no right to consent to any repurchase that would violate this

Section 2.5(a)(iii); provided, further that, no such repurchase shall be permitted that would result in the Stockholder owning, of record, more than 14.9% of the then-outstanding Company Common Stock;”.

2.Waiver of Voting Rights.

(a)Each of the Blackstone Parties agrees that (i) at any annual or special meeting of stockholders of the Company, it shall (A) take all necessary actions to cause any shares of Company Common Stock owned by it to be present at such meeting for purposes of establishing a quorum and (B) not vote any such shares of Company Common Stock at such meeting and (ii) it shall not execute or deliver any written consent in respect of shares of Company Common Stock owned by it.

(b)In the event that any Blackstone Party seeks to transfer any shares of Company Common Stock to any of its Affiliates, or any such Affiliate of a Blackstone Party seeks to acquire any shares of Company Common Stock, it shall be a precondition to such transfer or acquisition that, and the Blackstone Parties shall cause, such Affiliate to execute a joinder to this Amendment and Waiver such that the Affiliate shall be bound by this Amendment and Waiver as if it was a Blackstone Party.

(c)This Section 2 (i) shall terminate and be of no further force and effect at such time that the Blackstone Parties and their Affiliates do not own any shares of Company Common Stock and (ii) shall not apply to any transferee of any Blackstone Party (or any Affiliate of any Blackstone Party) that is not an Affiliate of a Blackstone Party. For the avoidance of doubt, any person that is not a Blackstone Party or an Affiliate of a Blackstone Party who is the transferee of any shares of Company Common Stock shall have the full right to vote, or act by written consent with respect to, such shares of Company Common Stock.

3.Amendment; Waiver.

(a)This Amendment and Waiver may be amended, restated, supplemented, modified or terminated, in each case, only by a written instrument signed by each of the Company, AIG and the Blackstone Parties; provided, that any amendment, restatement, supplement, modification or termination (other than by its terms) of this Amendment and Waiver shall require the prior written consent of the Missouri Department of Insurance, the New York Department of Financial Services and the Texas Department of Insurance.

(b)A provision of this Amendment and Waiver may only be waived by a written instrument signed by the party waiving a right hereunder. No delay on the part of a party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of a party of any right, power or privilege, nor any single or partial exercise of any such right, power or privilege, preclude any further exercise thereof or the exercise of any other such right, power or privilege.

4.Assignment. Neither this Amendment and Waiver nor any of the rights, interests or obligations under this Amendment and Waiver shall be assigned, in whole or in part, by operation of law or otherwise, by a party without the prior written consent of the other parties, and any such assignment that is not consented to shall be null and void.

5.Third Parties. Except as otherwise expressly provided for in Section 3(a) or Section 13, as applicable, this Amendment and Waiver is not intended to confer upon any person other than the parties to this Amendment and Waiver any rights or remedies.

6.Governing Law. This Amendment and Waiver and any dispute arising hereunder shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to

its principles or rules of conflict of laws, to the extent such principles or rules are not mandatorily applicable by statute and would permit or require the application of the laws of another jurisdiction.

7.Arbitration; Jurisdiction; Waiver of Jury Trial.

(a)Each party hereto hereby agrees that any action, directly or indirectly, arising out of, under or relating to this Amendment and Waiver shall exclusively be resolved by a panel of three arbitrators in a confidential expedited arbitration administered by the American Arbitration Association (“AAA”) under the AAA’s Commercial Arbitration Rules and Mediation Procedures, and judgment on the award rendered by such arbitrators may be entered in any court having jurisdiction thereof. Unless the parties to such action otherwise agree to conduct any arbitration proceeding pursuant to this Section 7(a) elsewhere, such proceeding shall be seated and any decision shall be rendered in New York, New York. The arbitration hearings shall take place in New York, New York at a venue to be selected by mutual agreement of the parties to such action. The award rendered by the arbitrators shall be reasoned, final and binding on the parties to the action; provided that (i) by agreeing to arbitration, the parties do not intend to deprive any court with jurisdiction of its ability to issue an injunction, order of specific enforcement, attachment or other form of provisional remedy or non-monetary relief and a request for such remedies by a party to a court shall not be deemed a waiver of this Amendment and Waiver to arbitrate, and (ii) in addition to the authority conferred upon the tribunal by the rules specified above, the tribunal shall also have the authority to grant provisional remedies, including injunctive relief. Any settlement discussions or arbitration proceedings to settle the action occurring under this Amendment and Waiver shall be conducted in strict confidence. Except as necessary to enforce an award or as required by Applicable Law, no information or documents produced, generated or exchanged in connection with settlement discussions or arbitration proceedings (including any award(s) that might be rendered by the tribunal) shall be disclosed to any Person without the prior written consent of all parties to the settlement or arbitration proceedings. This restriction shall not apply to public records or other documents obtained by the parties in the normal course of business independent of any settlement discussions or arbitration proceedings.

(b)Each party hereto hereby agrees that any action for an injunction, order of specific enforcement, attachment or other form of provisional remedy or non-monetary relief shall be brought in and shall exclusively be heard and determined by the Court of Chancery of the State of Delaware and, solely in connection with any such action contemplated by this Section 7(b), (i) irrevocably and unconditionally consents and submits to the foregoing and (ii) solely with respect to the actions contemplated by this Section 7(b), (A) irrevocably and unconditionally waives any objection to the laying of venue in respect of the Court of Chancery of the State of Delaware courts, (B) irrevocably and unconditionally waives and agrees not to plead or claim that the Court of Chancery of the State of Delaware is an inconvenient forum or does not have personal jurisdiction over any party hereto, and (C) agrees that mailing of process or other papers in connection with any such action in the manner provided herein or in such other manner as may be permitted by Applicable Law shall be valid and sufficient service thereof. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATED TO THIS AMENDMENT AND WAIVER OR THE TRANSACTIONS CONTEMPLATED THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO OTHER PARTY OR REPRESENTATIVE, AGENT OR ATTORNEY THEREOF HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (III) IT MAKES SUCH WAIVER VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AMENDMENT AND WAIVER BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7(B).

8.Specific Performance. The parties agree that irreparable damage would occur in the event that any of the provisions of this Amendment and Waiver were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that, without the necessity of posting bond or other undertaking, the parties shall be entitled to an injunction or injunctions to prevent breaches of this Amendment and Waiver and to enforce specifically the terms and provisions of this Amendment and Waiver in accordance with this Amendment and Waiver, this being in addition to any other remedy to which such party is entitled at law or in equity. In the event that any action is brought in equity to enforce the provisions of this Amendment and Waiver, no party shall allege, and each party hereby waives any defense or counterclaim, that there is an adequate remedy at law. The parties further agree that nothing contained in this Section 8 shall require a party to institute any action for (or limit such party’s right to institute any action for) specific performance under this Section 8 before exercising any other right under this Amendment and Waiver.

9.Entire Agreement. This Amendment and Waiver constitutes the entire agreement, and supersede all prior agreements, understandings, representations and warranties, both written and oral, among the parties with respect to the subject matter of this Amendment and Waiver.

10.Severability. Whenever possible, each provision or portion of any provision of this Amendment and Waiver will be interpreted in such manner as to be effective and valid under Applicable Law, but if any provision or portion of any provision of this Amendment and Waiver is held to be invalid, illegal or unenforceable in any respect under any Applicable Law in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or portion of any provision in such jurisdiction, and this Amendment and Waiver will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein.

11.Headings and Captions. The headings contained in this Amendment and Waiver are for reference purposes only and shall not affect in any way the meaning or interpretation of this Amendment and Waiver.

12.Counterparts. This Amendment and Waiver may be executed in counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. Each party may deliver its signed counterpart of this Amendment and Waiver to the other party by means of electronic mail or any other electronic medium utilizing image scan technology, and such delivery will have the same legal effect as hand delivery of an originally executed counterpart.

13.No Recourse. Notwithstanding anything to the contrary contained herein or otherwise, this Amendment and Waiver may only be enforced against, and any claims or causes of action that may be based upon, arise out of or relate to this Amendment and Waiver, or the negotiation, execution or performance of this Amendment and Waiver or the transactions contemplated hereby, may only be made against, the Persons that are expressly identified as parties to this Amendment and Waiver (in the preamble and signature pages hereto) in their capacities as parties to this Amendment and Waiver and no former, current or future equity holders, controlling persons, directors, officers, employees, agents, Affiliates, members, managers or general or limited partners of any of the Persons that are not expressly identified herein as parties to this Amendment and Waiver or any former, current or future stockholder, controlling person, director, officer, employee, general or limited partner, member, manager, Affiliate or agent of any of the foregoing, or any other non-party, shall have any liability for any obligations or liabilities of the parties or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, the transactions contemplated hereby or in respect of any representations, warranties or statements made or

alleged to be made in connection herewith. Without limiting the rights of either party against the other party, in no event shall either party or any of its Affiliates seek to enforce this Amendment and Waiver against, make any claims for breach of this Amendment and Waiver against, or seek to recover monetary damages for breach of this Amendment and Waiver from, any non-party, whether by or through attempted piercing of the corporate, limited partnership or limited liability company veil, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute, regulation or Applicable Law, or otherwise. The non-parties shall be express third party beneficiaries with respect to this Section 13, entitled to enforce this Section 13 as though each such non-party were a party to this Amendment and Waiver.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the Parties hereto have caused this Amendment and Waiver to be duly executed and delivered as of the date first above written.

COREBRIDGE FINANCIAL, INC.

/s/ Kevin T. Hogan
Name:    Kevin T. Hogan
Title:     Chief Executive Officer and President
AMERICAN INTERNATIONAL GROUP, INC.
/s/ Sabra R. Purtill
Name:    Sabra R. Purtill
Title:     Executive Vice President and Chief Financial Officer
ARGON HOLDCO LLC<br><br>By: BLACKSTONE HOLDINGS II L.P.<br><br>    By:     BLACKSTONE HOLDINGS I/II <br>        GP L.L.C.
/s/ John G. Finley
Name:    John G. Finley
Title:     Chief Legal Officer
BLACKSTONE HOLDINGS II L.P.<br><br><br><br>By: BLACKSTONE HOLDINGS I/II GP L.L.C.
---
/s/ John G. Finley
Name:    John G. Finley
Title:     Chief Legal Officer
BLACKSTONE HOLDINGS I/II GP L.L.C.
---
/s/ John G. Finley
Name:    John G. Finley
Title:     Chief Legal Officer
BLACKSTONE INC.
---
/s/ John G. Finley

[Signature Page to Amendment and Waiver of Consent and Voting Rights]

Name:    John G. Finley
Title:     Chief Legal Officer
BLACKSTONE GROUP MANAGEMENT L.L.C.
---
/s/ John G. Finley
Name:    John G. Finley
Title:     Chief Legal Officer
STEPHEN A. SCHWARZMAN
---
/s/ Stephen A. Schwarzman

[Signature Page to Amendment and Waiver of Consent and Voting Rights]

Document

Exhibit 10.3

COREBRIDGE FINANCIAL, INC. LONG TERM INCENTIVE PLAN

LTI AWARD AGREEMENT

1.Status of Award; Defined Terms. Corebridge Financial, Inc. (“Corebridge”) has awarded you [performance share units] [restricted stock units] [and] [stock options] (the “Award”) pursuant to the Corebridge Financial, Inc. Long Term Incentive Plan and the Corebridge Financial, Inc. 2022 Omnibus Incentive Plan (together the “Plan”). This award agreement (“Award Agreement”), which sets forth the terms and conditions of your Award, is made pursuant to the Plan. This Award and Award Agreement are subject to the terms of the Plan. Capitalized terms not defined in this Award Agreement have the meanings ascribed to them in the Plan.

2.Award.

[(a) Award of PSUs.

(i)Corebridge hereby awards you the number of performance share units (“PSUs”) specified in Schedule A (the “Target PSUs”). You are also entitled to receive Dividend Equivalents in the form of cash in accordance with the Plan. Each PSU constitutes an unfunded and unsecured promise of Corebridge to deliver (or cause to be delivered) one Share (or, at the election of Corebridge, cash equal to the Fair Market Value thereof) in accordance with the Plan.

(ii)The actual number of PSUs that will be earned is subject to the Committee’s assessment of achievement based on the Performance Measures established for the Performance Period.

(iii)After the end of the Performance Period, the Committee will determine the percentage of your Target PSUs that will be earned (such earned PSUs, the “Earned PSUs”). The number of Shares covered by your Earned PSUs may range from 0% to 200% of your Target PSUs. Your Earned PSUs, if any, will vest and be paid in accordance with the schedule specified in Schedule A, subject to earlier vesting, forfeiture or termination as provided in accordance with the Plan. On any payment date, the number of Shares to be issued under this Award Agreement shall be rounded down to the nearest whole Share.]

Exhibit 10.3

[(a)][(b)] [Award of RSUs.

Corebridge hereby awards you the number of restricted stock units (“RSUs”) specified in Schedule A. You are also entitled to receive Dividend Equivalents in the form of cash in accordance with the Plan.

Each RSU constitutes an unfunded and unsecured promise of Corebridge to deliver (or cause to be delivered) one Share (or, at the election of Corebridge, cash equal to the Fair Market Value thereof) in accordance with the Plan. Until such delivery, you have only the rights of a general unsecured creditor, and no rights as a shareholder, of Corebridge. You will earn the RSUs subject to your continued Employment throughout the Performance Period. Your RSUs will vest and be paid in accordance with the schedule specified in Schedule A, subject to earlier vesting, forfeiture or termination as provided in accordance with the Plan. On any payment date, the number of Shares to be issued under this Award Agreement shall be rounded down to the nearest whole Share.]

[(a)][(b)(c)] [Award of Stock Options. Corebridge hereby awards you the number of [time-vesting] [and] [performance-vesting] stock options (“Options”) specified in Schedule A. Each Option represents a right to purchase one share of Common Stock of Corebridge, subject to the terms and conditions set forth in the Award Agreement and the Plan. The Options are subject to the [time-] [and] [performance-] vesting and expiration terms specified in Schedule A, subject to earlier vesting, forfeiture or termination as provided in accordance with the Plan.

3.Non-Disclosure. During the term of your Employment, the Company has permitted and will continue to permit you to have access to and become acquainted with information of a confidential, proprietary and/or trade secret nature. Subject to and in addition to any confidentiality or non-disclosure requirements to which you were subject prior to the date you electronically consent to or execute this Award Agreement, during your Employment and any time thereafter, you agree that (i) all confidential, proprietary and/or trade secret information received, obtained or possessed at any time by you concerning or relating to the business, financial, operational, marketing, economic, accounting, tax or other affairs at the Company or any client, customer, agent or supplier or prospective client, customer, agent or supplier of the Company will be treated by you in the strictest confidence and will not be disclosed or used by you in any manner other than in connection with the discharge of your job responsibilities without the prior written consent of the Company or unless required by law, and (ii) you will not remove or destroy any confidential, proprietary and/or trade secret information and will return any such information in your possession, custody or control at the end of your Employment (or earlier if so requested by the

Exhibit 10.3

Company). Nothing herein shall prevent you from making or publishing any truthful statement (a) when required by law, subpoena or court order, or at the request of an administrative agency or legislature, (b) in the course of any legal, arbitral, administrative, legislative or regulatory proceeding, (c) to any governmental authority, regulatory agency or self-regulatory organization, (d) in connection with any investigation by the Company, or (e) where a prohibition or limitation on such communication is unlawful.

Nothing in this Award Agreement or any Corebridge policy prohibits or restricts you from communicating with or responding to any inquiry by the Securities and Exchange Commission, law enforcement, the Equal Employment Opportunity Commission, the New York State Division of Human Rights, the New York City Commission on Civil Rights or any other state or local fair employment practices agency or commission on human rights, an attorney retained by you, or any other local, state, or federal governmental or regulatory authority, or any self-regulatory organization, provided that Corebridge does not waive any attorney-client privilege over any information provided by you that is appropriately covered by such privilege.

4.Non-Solicitation. Your Employment with the Company requires exposure to and use of confidential, proprietary and/or trade secret information (as set forth in the above Paragraph). Subject to and in addition to any non-solicitation requirements to which you were subject prior to the date you electronically consent to or execute this Award Agreement, you agree that (i) during your Employment with the Company and any time thereafter, you will not, directly or indirectly, on your own behalf or on behalf of any other person or entity, solicit, contact, call upon, communicate with or attempt to communicate with any customer or client or prospective customer or client of the Company where to do so would require the use or disclosure of confidential, proprietary and/or trade secret information, and (ii) during your Employment with the Company and for a period of one (1) year after your Employment terminates for any reason, you will not, directly or indirectly, regardless of who initiates the communication, solicit, participate in the solicitation or recruitment of, or in any manner encourage or provide assistance to any employee, consultant, registered representative, or agent of the Company to terminate his or her Employment or other relationship with the Company or to leave its employ or other relationship with the Company for any engagement in any capacity or any other person or entity.

Exhibit 10.3

[ALL OR A PORTION OF SECTION 5 TO BE INSERTED AT THE DISCRETION OF THE COMMITTEE OR ITS DELEGATE]

5.Non-Disparagement. You agree that during and after your Employment with the Company, you will not make disparaging comments about Corebridge or any of its subsidiaries or affiliates or any of their officers, directors or employees to any person or entity not affiliated with the Company. Nothing in this Agreement shall prevent you from making or publishing any truthful statement (a) when required by law, subpoena or court order, or at the request of an administrative agency or legislature (b) in the course of any legal, arbitral. administrative, legislative or regulatory proceeding, (c) to any governmental authority, regulatory agency or self-regulatory organization, (d) in connection with any investigation by the Company, or (e) where a prohibition or limitation on such communication is unlawful. For example, nothing in this Award Agreement or any other agreement shall prohibit, prevent, limit or restrict you from (i) exercising your Section 7 rights under the National Labor Relations Act, including but not limited to, the right to participate in activities or communications related to wages or compensation or other terms, conditions or privileges of Employment or (ii) disclosing information about unlawful acts in the workplace, including, but not limited to, sexual harrassment. [IF EMPLOYEE IS IN CALIFORNIA, DELETE CLAUSE (ii) IN PRIOR SENTENCE AND ADD:] (ii) discussing or disclosing information about acts in the workplace that you have a good faith belief are unlawful, including, but not limited to, harassment, discrimination, retaliation, or any other conduct that you have reason to believe is unlawful.

[SECTION 6 TO BE INSERTED AT DISCRETION OF THE COMMITTEE OR ITS DELEGATE]

6.Notice of Termination of Employment. Except where local law prohibits enforcement or you resign for Good Reason under the terms of the Plan, you agree that if you voluntarily resign you will give at least six months’ written notice to the Company of your voluntary Termination, which may be working notice or non-working notice at the Company’s sole discretion and which notice period is waivable by the Company at the Company’s sole discretion. This notice period provision supersedes any conflicting notice period provision contained in the award agreements governing your prior long-term incentive awards awarded under the Plan.

Exhibit 10.3

[SECTION 6 TO BE INSERTED AT DISCRETION OF THE COMMITTEE OR ITS DELEGATE]

6.    Notice of Termination of Employment. Except where local law prohibits enforcement or you resign for Good Reason under the terms of the Plan, you agree that if you voluntarily resign you will give at least three months’ written notice to the Company of your voluntary Termination, which may be working notice or non-working notice at the Company’s sole discretion and which notice period is waivable by the Company at the Company’s sole discretion. This notice period provision supersedes any conflicting notice period provision contained in the award agreements governing your prior long-term incentive awards awarded under the Plan.

[SECTION 6 TO BE INSERTED AT DISCRETION OF THE COMMITTEE OR ITS DELEGATE]

6.Notice of Termination of Employment. You agree that:

1.if you voluntarily resign (other than if you resign for Good Reason under the terms of the Plan), you will give at least three months’ written notice to the Company of your voluntary Termination, which may be working notice or non-working notice at the Company’s sole discretion and which notice period is waivable by the Company at the Company’s sole discretion, except to the extent prohibited by local law; and

2.if your employment is not at-will and you are or the Company is obligated to give other advance notice of a Termination by virtue of local law, any applicable collective bargaining agreement or your employment agreement, such notice obligation will not be affected by this provision. As set forth in the Executive Severance Plan (“ESP”), any severance payment paid in accordance with the ESP will be reduced by any payment in lieu of notice paid by the Company to you, and you will cease to have any further entitlement to notice.

This notice period provision supersedes any conflicting notice period provision contained in any of the award agreements governing your prior long-term incentive awards awarded under the Plan.

7.Clawback/Repayment. Any incentive compensation, including, but not limited to this Award and any payments hereunder, will be subject to forfeiture and/or repayment to the extent provided for in any clawback policy of Corebridge or a consolidated affiliate, as in effect from time to time if it is determined that an event (as defined in the applicable policy) has occurred which requires that such incentive compensation be forfeited

Exhibit 10.3

and/or repaid. By accepting this Award, you acknowledge that any incentive compensation you receive may be forfeited and/or subject to repayment to the extent any such clawback policy applies to you.

8.Entire Agreement. The Plan is incorporated herein by reference. This Award Agreement, the Plan, the personalized information in Schedule A, and such other documents as may be provided to you pursuant to this Award Agreement regarding any applicable service, performance or other vesting conditions and the size of your Award, constitute the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all prior understandings and agreements with respect to such subject matter.

9.Representations. You acknowledge that you have at least 14 days to consider this Award Agreement before being required to sign it. If you have signed this Award Agreement before the expiration of the period afforded to you, you have done so of your own volition. You also acknowledge that you are hereby advised to consult with an attorney before signing this Award Agreement.

10.Notices. Any notice or communication required to be given or delivered to the Company under the terms of this Award Agreement shall be in writing (which may include an electronic writing) and addressed to the Corporate Secretary of Corebridge at its principal corporate offices as specified in Section 9.F of the Plan or, with respect to the acceptance of an Award, as specified in Schedule A or the Compensation Plan Grant Acceptance website. Any notice required to be given or delivered to you shall be in writing (including an electronic writing) and addressed to you at your Company email address or your home address on file in the Company’s payroll or personnel records. All notices shall be deemed to have been given or delivered upon: personal delivery; electronic delivery or three (3) business days after deposit in the United States mail by certified or registered mail (return receipt requested) or one (1) business day after deposit with any return receipt express courier (prepaid).

11.Governing Law. This Award Agreement will be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflict of laws.

12.Signatures. Execution of this Award Agreement by Corebridge and/or you may be in the form of an electronic, manual or similar signature, and such signature shall be treated as an original signature for all purposes.

Exhibit 10.3

IN WITNESS WHEREOF, COREBRIDGE FINANCIAL, INC. has caused this

Award Agreement to be duly executed and delivered as of the Date of Award specified in

Schedule A.

COREBRIDGE FINANCIAL, INC.
By:

Exhibit 10.3

Schedule A

Long-Term Incentive Award

Recipient:    ●

Employee ID:    ●

Date of Award Agreement:    ●

[[PSUs] [and] [RSUs] Award]	Target Number	Performance Period		Vesting Terms		Payment
[PSUs]	[●]	[●]		[●]		[●]
[RSUs]	[●]	[●]		[●]		[●]
[Options Award]	Number of Options	Exercise Price	Performance Period		Vesting Terms	Expiration Date
[Time-Vesting<br><br>Options]	[●]	[$●]	[●]		[●]	[●]
[Performance- Vesting<br><br>Options]	[●]	[$●]	[●]		[●]	[●]

[The following termination treatment will [apply to your Award] [supersede that provided in Section 6 of the Plan: ●]

Receipt<br><br>Acknowledged:
	Signature	Date
Address:
	Street
	City,         State        Zip Code

Exhibit 10.3

In order to be eligible to receive your Award, you must agree to and either electronically consent or sign the Award Agreement within 90 days of the receipt of this communication. If you do not electronically consent to or sign the Award Agreement within 90 days, you may forfeit your Award.

[Insert instructions]

9

Document

Exhibit 31.1

CERTIFICATIONS

I, Kevin Hogan, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Corebridge Financial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 3, 2024

/S/ KEVIN HOGAN
Kevin Hogan
Chief Executive Officer

CERTIFICATIONS

I, Elias Habayeb, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Corebridge Financial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 3, 2024

/S/ ELIAS HABAYEB
Elias Habayeb
Executive Vice President and
Chief Financial Officer

Document

Exhibit 32

CERTIFICATION

In connection with this Quarterly Report on Form 10-Q of Corebridge Financial, Inc. (the “Company”) for the three months ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Kevin Hogan, Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 3, 2024

/S/ KEVIN HOGAN
Kevin Hogan
Chief Executive Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

CERTIFICATION

In connection with this Quarterly Report on Form 10-Q of Corebridge Financial, Inc. (the “Company”) for the three months ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Elias Habayeb, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 3, 2024

/S/ ELIAS HABAYEB
Elias Habayeb
Executive Vice President and
Chief Financial Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.