8-K
Corebridge Financial, Inc. (CRBG)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 4, 2023
Corebridge Financial, Inc.
(Exact name of Registrant as Specified in Its Charter)
| Delaware | 001-41504 | 95-4715639 |
|---|---|---|
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer 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
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br><br> <br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock | CRBG | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. |
|---|
The financial information in Exhibit 99.1 is based on Corebridge Financial, Inc.’s (the “Company”) adoption of the Financial Accounting Standards Board’s Accounting Standard Update 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts (“LDTI”). The recast quarterly financial supplement is unaudited.
The information in this Item (including Exhibit 99.1) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.
| Item 7.01 | Regulation FD Disclosure. |
|---|
The Company adopted LDTI on January 1, 2023, with a transition date of January 1, 2021. The Company adopted LDTI using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs associated therewith, while the Company adopted LDTI in relation to market risk benefits on a retrospective basis.
To facilitate investors’ ability to evaluate the changes resulting from LDTI, the Company has prepared a presentation, attached hereto as Exhibit 99.2, which outlines the key areas of impact.
The information in this Item (including 99.2) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.
| Item 9.01 | Financial Statements and Exhibits. |
|---|
(d) Exhibits
| Exhibit No. | Description of Exhibit |
|---|---|
| 99.1 | Recast Historical Results, Quarterly Financial Supplement (furnished and not filed) |
| 99.2 | Long-Duration Targeted Improvements Financial Results Presentation (furnished and not filed) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Corebridge Financial, Inc. | ||
|---|---|---|
| Date: May 4, 2023 | By: | /s/ Christina Banthin |
| Name: Christina Banthin | ||
| Title: Chief Corporate Counsel and Corporate Secretary |
Exhibit 99.1
Recast Historical Results Quarterly Financial Supplement All financial information in this document is unaudited. This financial supplement has been recast to reflect Corebridge’s adoption, as of January 1, 2023, of Targeted Improvements to the Accounting for Long Duration Contracts (ASU 2018-12), which retroactively recast all prior periods presented. This supplement should be read in conjunction with Corebridge’s Annual Report on Form 10-K for the year ended December 31, 2022, which has been filed with the Securities and Exchange Commission.
Table of Contents Page(s) 1 2-3 4 5 6 7-10 11-12 13 14-15 16 17 18 Consolidated Results Overview of Recast Historical Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Consolidated Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Consolidated Statement of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Assets Under Management and Administration Rollforward . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Operating Results by Segment Individual Retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Group Retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Variable Annuity Account Value by Benefit Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Institutional Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual Actuarial Assumption Updates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Corporate and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investments Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Invested Assets Summary, at Carrying Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Investments - Commercial Mortgage Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21-22 Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Realized Investment Gains (Losses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25-42 Corebridge Financial, Inc. Contact: Investors Josh Smith: joshua.smith1@corebridgefinancial.com Investor Relations Mailbox: InvestorRelations@corebridgefinancial.com
Table of Contents Corebridge Financial, Inc. Overview of Recast Historical Results In August 2018, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update (the “standard” or “LDTI”) with the objective of making targeted improvements to the existing recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity. The Company adopted the standard on January 1, 2023 using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs (“DAC”). The Company also adopted the standard in relation to MRBs on a full retrospective basis. As of January 1, 2021 transition date (“Transition Date”), the impact of the adoption of the standard was a net decrease to beginning Accumulated other comprehensive income (loss) of $2.3 billion and a net increase to beginning Shareholders’ net investment of $1.2 billion primarily driven by (1) changes related to MRBs in our Individual Retirement and Group Retirement segments, including the impact of non-performance risk adjustments, (2) changes to the discount rate which most significantly impacted our Life Insurance and Institutional Markets segments, and (3) the removal of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments. The accounting for Fortitude Re reinsurance contracts continue to remain largely unchanged. With respect to Fortitude Re, the reinsurance assets, including the discount rates, continued to be calculated using the same methodology and assumptions as the direct policies. Accounting for modco reinsurance remained unchanged. Market risk benefits (“MRBs”): The standard requires the measurement of all MRBs (e.g., living benefit and death benefit guarantees associated with variable annuities) associated with deposit (or account balance) contracts at fair value at each reporting period. Changes in fair value compared to prior periods are recorded and presented separately within the income statement, with the exception of instrument-specific credit risk changes (non-performance adjustments), which are recognized in Other comprehensive income. MRBs impacted both shareholder net investment and AOCI upon transition. The accounting for MRBs primarily impacted our Individual Retirement and Group Retirement segments. Discount rate assumption: The standard requires the discount rate assumption for the liability for future policy benefits to be updated at the end of each reporting period using an upper-medium grade (low credit risk) fixed income instrument yield that maximizes the use of observable market inputs. Upon transition, the Company had an adjustment to AOCI due to the fact that the market upper-medium grade (low credit risk) interest rates as of the Transition Date differed from reserve interest accretion rates. Following adoption, the impact of changes to discount rates are recognized through Other comprehensive income. Changes resulting from updating the discount rate each reporting period primarily impact term life insurance and other traditional life insurance products, as well as pension risk transfer (“PRT”) and structured settlement (“SS”) products. Removal of balances related to changes in unrealized appreciation (depreciation) on investments: Under the standard, the majority of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments were eliminated. In addition to the above, the standard also: Requires the review and, if necessary, update of future policy benefit assumptions at least annually for traditional and limited pay long duration contracts, with the recognition and separate presentation of any resulting re-measurement gain or loss (except for discount rate changes as noted above) in the Condensed Consolidated Statements of Income (Loss). Simplifies the amortization of DAC to a constant level basis over the expected term of the related contracts and no longer requires an impairment test. Increases disclosures of disaggregated rollforwards of several balances, including but not limited to liabilities for future policy benefits, deferred acquisition costs, account balances, MRBs, separate account liabilities and information about significant inputs, judgments and methods used in measurement and changes thereto and impact of those changes The Company’s Adjusted Operating Income measure has also been revised to reflect the exclusion of the MRBs. For additional information see Non-GAAP Financial Measures on page 26. Overview of Recast Historical Results 1
(in millions, except per share data) Quar terly Decem ber 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Results of Operations Data (attributable to Corebridge common shareholders) Net income (loss) $ (207) $ 2,406 $ 2,594 $ 3,366 $ 8,159 $ 8,243 Net income (loss) per share: Common stock - basic (1) $ (0.32) $ 3.73 $ 4.02 $ 5.22 $ 12.63 N/A Common stock - diluted (1) $ (0.32) $ 3.72 $ 4.02 $ 5.22 $ 12.60 N/A Common stock Class A - basic and diluted N/A N/A N/A N/A N/A $ 13.18 Common stock Class B - basic and diluted N/A N/A N/A N/A N/A $ 9.14 Weighted average shares outstanding: Common stock - basic (1) 648.7 645.7 645.0 645.0 646.1 N/A Common stock - diluted (1) 648.7 646.4 645.0 645.0 647.4 N/A Common stock Class A - basic and diluted (2) N/A N/A N/A N/A N/A 581.1 Common stock Class B - basic and diluted (2) N/A N/A N/A N/A N/A 63.9 Effective tax rate 45.3 % 20.2 % 19.6 % 20.0 % 19.2 % 18.5 % Adjusted after-tax operating income $ 610 $ 527 $ 491 $ 743 $ 2,371 $ 3,477 Operating earnings per share (3) $ 0.93 $ 0.82 $ 0.76 $ 1.15 $ 3.66 $ 5.39 Weighted average shares outstanding - operating 653.1 646.4 645.0 645.0 647.4 645.0 Adjusted effective tax rate 13.4 % 16.3 % 19.6 % 18.3 % 16.9 % 20.6 % Adjusted pre-tax/after-tax operating income (loss) Individual Retirement $ 465 $ 375 $ 365 $ 468 $ 1,673 $ 2,289 Group Retirement 172 190 179 242 783 1,249 Life Insurance 142 124 97 84 447 459 Institutional Markets 60 83 76 115 334 547 Corporate and Other (133) (146) (116) — (395) (161) Consolidation and elimination (2) 4 10 — 12 (2) Adjusted pre-tax operating income 704 630 611 909 2,854 4,381 Income tax expense 94 103 120 166 483 904 Adjusted after-tax operating income $ 610 $ 527 $ 491 $ 743 $ 2,371 $ 3,477 Sources of Income Spread income $ 835 $ 734 $ 720 $ 890 $ 3,179 $ 4,355 Fee income 468 491 494 522 1,975 2,213 Underwriting margin 447 389 408 394 1,638 1,716 Total $ 1,750 $ 1,614 $ 1,622 $ 1,806 $ 6,792 $ 8,284 Adjusted Return On Average Equity (ROAE) ROAE (9.2)% 92.3 % 64.3 % 57.0 % 52.6 % 23.9 % Adjusted ROAE 10.4 % 9.1 % 8.7 % 13.5 % 10.4 % 12.3 % Twelve Months Ended The shares reflect our capital structure subsequent to the 6,450-for-1 share split and recapitalization on September 6, 2022. The Class A and Class B EPS information reflects our capital structure prior to the 6,450-for-1 share split and recapitalization on September 6, 2022. Operating earnings per share is the same for Common stock Class A and B. Table of Contents Corebridge Financial, Inc. Consolidated Financial Highlights - Recast Historical Results Consolidated Financial Highlights - Recast Historical Results 2
( in millions, except per share data) Quarterly Twelve Months Ended December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Corebridge Capitalization Adjusted book value $ 23,437 $ 23,598 $ 22,634 $ 22,309 $ 23,437 $ 21,626 Financial debt 9,368 9,368 8,783 8,773 9,368 8,744 Amounts drawn under revolving credit facility — — — — — — Non-redeemable noncontrolling interest 939 845 1,208 1,565 939 1,759 Total capital $ 33,744 $ 33,811 $ 32,625 $ 32,647 $ 33,744 $ 32,129 Interest Expense - Financial Debt $ 103 $ 85 $ 73 $ 38 $ 299 $ 57 Leverage Ratio Financial debt / total capital 27.8 % 27.7 % 26.9 % 26.9 % 27.8 % 27.2 % Dividends (1) Dividends declared per common share $ 0.23 $ 0.23 $ 0.45 $ 0.45 $ 1.36 $ 2.39 Total dividends declared on common stock $ 148 $ 148 $ 290 $ 290 $ 876 $ 1,544 Adjusted Book Value Per Common Share Total Corebridge shareholders' equity (a) $ 9,380 $ 8,595 $ 12,251 $ 20,028 $ 9,380 $ 27,230 Less: Accumulated other comprehensive income (AOCI) (16,863) (17,954) (12,106) (2,026) (16,863) 8,233 Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (2,806) (2,951) (1,723) 255 (2,806) 2,629 Total adjusted book value (b) $ 23,437 $ 23,598 $ 22,634 $ 22,309 $ 23,437 $ 21,626 Total common shares outstanding (c) 645.0 645.0 645.0 645.0 645.0 645.0 Book value per common share (a/c) $ 14.54 $ 13.33 $ 18.99 $ 31.05 $ 14.54 $ 42.22 Adjusted book value per common share (b/c) $ 36.34 $ 36.59 $ 35.09 $ 34.59 $ 36.34 $ 33.53 Closing share price $ 20.06 $ 19.69 N/A N/A $ 20.06 N/A Table of Contents Corebridge Financial, Inc. Consolidated Financial Highlights - Recast Historical Results Consolidated Financial Highlights - Recast Historical Results 3
(in millions) Quarterly Twelve Months Ended December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Revenues: Premiums (1) $ 2,044 $ 1,301 $ 1,011 $ 735 $ 5,091 $ 5,653 Policy fees 720 735 729 730 2,914 3,005 Net investment income: Net investment income - excluding Fortitude Re funds withheld assets 2,281 2,003 2,098 2,303 8,685 9,897 Net investment income - Fortitude Re funds withheld assets 274 157 182 278 891 1,775 Total net investment income 2,555 2,160 2,280 2,581 9,576 11,672 Net realized gains (losses): Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative (942) 724 186 173 141 1,515 Net realized gains (losses) on Fortitude Re funds withheld assets (125) (89) (60) (123) (397) 924 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative (347) 1,463 2,394 2,837 6,347 (687) Total net realized gains (losses) (1,414) 2,098 2,520 2,887 6,091 1,752 Advisory fee income 113 114 117 131 475 597 Other income 111 130 133 176 550 578 Total revenues 4,129 6,538 6,790 7,240 24,697 23,257 Benefits and expenses: Policyholder benefits (1) 2,467 1,656 1,429 1,168 6,720 7,387 Change in the fair value of market risk benefits, net (2) (245) (435) (45) (233) (958) (447) Interest credited to policyholder account balances 993 954 907 878 3,732 3,562 Amortization of deferred policy acquisition costs and value of business acquired 262 263 252 243 1,020 951 Non-deferrable insurance commissions 135 138 151 144 568 623 Advisory fee expenses 65 65 65 71 266 322 General operating expenses 582 578 577 586 2,323 2,104 Interest expense 177 149 127 81 534 389 (Gain) loss on extinguishment of debt — — — — — 219 Net (gain) loss on divestitures — (2) 1 2 1 (3,081) Net (gain) loss on Fortitude Re transactions — — — — — (26) Total benefits and expenses 4,436 3,366 3,464 2,940 14,206 12,003 Income (loss) before income tax expense (307) 3,172 3,326 4,300 10,491 11,254 Income tax expense (benefit) (139) 640 652 859 2,012 2,082 Net income (loss) (168) 2,532 2,674 3,441 8,479 9,172 Less net income attributable to noncontrolling interests 39 126 80 75 320 929 Net income (loss) attributable to Corebridge $ (207) $ 2,406 $ 2,594 $ 3,366 $ 8,159 $ 8,243 Includes PRT and SS sales activity of: $ 1,385 $ 814 $ 505 $ 247 $ 2,951 $ 3,810 Represents changes in fair value of market risk benefits compared to prior periods, except for instrument-specific credit risk changes (non-performance adjustments) which are recognized in other comprehensive income. Table of Contents Corebridge Financial, Inc. Consolidated Statement of Operations - Recast Historical Results Consolidated Statement of Operations - Recast Historical Results 4
December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 (in millions) Assets Investments: Fixed maturity securities Bonds available for sale, at fair value $ 156,793 $ 151,039 $ 161,949 $ 180,644 $ 198,568 Bond trading securities, at fair value 3,769 4,775 3,233 2,671 2,082 Equity securities, at fair value 170 144 118 109 242 Mortgage and other loans receivable, net of allowance 44,566 42,539 43,125 40,949 39,388 Other invested assets 10,418 10,143 10,388 10,971 10,567 Short-term investments 4,400 5,166 4,977 4,439 5,471 Total Investments 220,116 213,806 223,790 239,783 256,318 Cash 552 382 457 583 537 Accrued investment income 1,813 1,793 1,755 1,783 1,760 Premiums and other receivables, net of allowance 916 695 1,187 1,103 884 Reinsurance assets - Fortitude Re, net of allowance 26,844 26,581 28,698 31,057 34,102 Reinsurance assets - other, net of allowance 2,517 2,355 2,597 2,932 3,101 Deferred income taxes 8,831 9,421 7,672 6,230 4,796 Deferred policy acquisition costs and value of business acquired 10,563 10,502 10,555 10,594 10,598 Market risk benefit assets, at fair value 796 743 642 666 610 Other assets, including restricted cash 2,521 2,418 3,057 2,696 3,614 Separate account assets, at fair value 84,853 81,302 86,735 100,850 109,111 Total assets $ 360,322 $ 349,998 $ 367,145 $ 398,277 $ 425,431 Liabilities Future policy benefits for life and accident and health insurance contracts $ 50,518 $ 48,035 $ 52,269 $ 57,415 $ 64,270 Policyholder contract deposits 156,058 154,974 153,239 152,447 151,545 Market risk benefit liabilities, at fair value 4,736 4,635 5,302 6,081 7,499 Other policyholder funds 2,885 2,872 2,868 2,884 2,879 Fortitude Re funds withheld payable 26,551 26,559 28,588 31,497 35,144 Other liabilities 9,076 6,801 9,068 9,769 10,231 Short-term debt 1,500 1,500 1,895 8,346 8,317 Long-term debt 7,868 7,868 6,888 427 427 Debt of consolidated investment entities 5,958 5,995 6,776 6,886 6,936 Separate account liabilities 84,853 81,302 86,735 100,850 109,111 Total liabilities 350,003 340,541 353,628 376,602 396,359 Redeemable noncontrolling interests $ — $ 17 $ 58 $ 82 $ 83 Corebridge shareholders' equity Common stock $ 6 $ 6 $ 6 $ 6 $ — Common stock class A — — — — 5 Common stock class B — — — — 1 Additional paid-in capital 8,030 8,030 8,033 8,034 8,054 Retained earnings 18,207 18,513 16,318 14,014 10,937 Accumulated other comprehensive (loss) income (16,863) (17,954) (12,106) (2,026) 8,233 Total Corebridge shareholders' equity 9,380 8,595 12,251 20,028 27,230 Non-redeemable noncontrolling interests 939 845 1,208 1,565 1,759 Total equity 10,319 9,440 13,459 21,593 28,989 Total liabilities, redeemable NCI and equity $ 360,322 $ 349,998 $ 367,145 $ 398,277 $ 425,431 Table of Contents Corebridge Financial, Inc. Consolidated Balance Sheet - Recast Historical Results Consolidated Balance Sheet - Recast Historical Results 5
(in millions) Quarterly Twelve Months Ended December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 dividual Retirement eginning AUMA balance $ 134,450 $ 139,936 $ 151,113 $ 160,244 $ 160,244 $ 157,395 Premiums and deposits 3,827 3,792 3,620 3,881 15,120 13,657 Surrenders and other withdrawals (3,055) (2,447) (2,229) (2,205) (9,936) (9,707) Death benefits/other (562) (649) (763) (802) (2,776) (3,138) In B 2,036 (6,182) (11,805) (10,005) (25,956) 2,037 $ 136,696 $ 134,450 $ 139,936 $ 151,113 $ 136,696 $ 160,244 Interest credited and investment performance Ending AUMA balance (2) Group Retirement Beginning AUMA balance $ 109,239 $ 115,114 $ 130,307 $ 139,842 $ 139,842 $ 130,054 Premiums and deposits 2,243 2,039 1,772 1,888 7,942 7,766 Surrenders and other withdrawals (2,989) (2,610) (2,074) (2,473) (10,146) (10,097) Death benefits/other (210) (217) (246) (234) (907) (877) 6,649 (5,087) (14,645) (8,716) (21,799) 12,996 $ 114,932 $ 109,239 $ 115,114 $ 130,307 $ 114,932 $ 139,842 Interest credited and investment performance/other (3) Ending AUMA balance Life Insurance Beginning AUMA balance $ 26,722 $ 28,371 $ 31,478 $ 34,355 $ 34,355 $ 34,781 Premiums and deposits 1,073 1,057 1,049 1,057 4,236 4,228 Surrenders and other withdrawals (123) (165) (109) (155) (552) (487) Death benefits/other (770) (800) (939) (1,007) (3,516) (3,817) 858 (1,741) (3,108) (2,772) (6,763) (350) $ 27,760 $ 26,722 $ 28,371 $ 31,478 $ 27,760 $ 34,355 Interest credited and investment performance Ending AUMA balance Institutional Markets The adoption of LDTI did not impact AUMA. Excludes AUMA from the assets of our retail mutual fund business that were sold to Touchstone on July 16, 2021, or otherwise liquidated, in connection with the sale. Other represents the total change in off-balance sheet advisory and brokerage assets. Includes Guaranteed Investment Contract (GIC) maturities. Other represents the change in notional value of the Stable Value Wrap products. Beginning AUMA balance $ 74,781 $ 74,607 $ 75,146 $ 76,503 $ 76,503 $ 73,677 Premiums and deposits 1,551 1,897 550 327 4,325 4,957 Surrenders and other withdrawals (4) (177) (365) (53) (16) (611) (1,821) Death benefit/other (319) (271) (232) (274) (1,096) (887) Interest credited and investment performance/other (5) 1,928 (1,087) (804) (1,394) (1,357) 577 Ending AUMA balance $ 77,764 $ 74,781 $ 74,607 $ 75,146 $ 77,764 $ 76,503 Total Corebridge AUMA $ 357,152 $ 345,192 $ 358,028 $ 388,044 $ 357,152 $ 410,944 Table of Contents Corebridge Financial, Inc. Assets Under Management and Administration (AUMA) - Recast Historical Results (1) Assets Under Management and Administration (AUMA) - Recast Historical Results 6
(in millions) Quar terly Decem ber 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Sources of Earnings Spread income (1) $ 574 $ 463 $ 448 $ 542 $ 2,027 $ 2,599 Fee income (2) 283 300 301 308 1,192 1,335 Policyholder benefits, net of premiums (10) (13) (17) (10) (50) (122) Non-deferrable insurance commissions (86) (87) (86) (92) (351) (396) Amortization of DAC and DSI (153) (154) (139) (132) (578) (509) General operating expense (108) (100) (107) (111) (426) (437) Other (3) (35) (34) (35) (37) (141) (181) Adjusted pre-tax operating income $ 465 $ 375 $ 365 $ 468 $ 1,673 $ 2,289 Market risk benefit, net of reinsurance $ 3,644 $ 3,595 $ 4,288 $ 4,970 $ 3,644 $ 6,307 Surrender rates by product Fixed annuities 12.6% 9.7% 7.9% 6.8% 9.2% 7.2% Fixed index annuities 6.3% 4.6% 4.0% 4.0% 4.8% 4.7% Variable annuities 7.2% 6.4% 6.2% 6.4% 6.5% 7.2% Spread income Base portfolio income $ 1,042 $ 953 $ 873 $ 857 $ 3,725 $ 3,478 Interest credited to policyholder account balances (1) (490) (477) (453) (441) (1,861) (1,735) Base spread income 552 476 420 416 1,864 1,743 Variable investment income (loss), excluding affordable housing 22 (13) 28 126 163 711 Affordable housing — — — — — 145 Total spread income $ 574 $ 463 $ 448 $ 542 $ 2,027 $ 2,599 (1) Excludes amortization of Deferred Sales Inducement (DSI) of: $ 14 $ 15 $ 13 $ 13 $ 55 $ 58 (2) Fee income excludes income related to assets of the retail mutual funds business that were sold to Touchstone on July 16, 2021, or otherwise liquidated, in connection with the sale. $ — $ — $ — $ — $ — $ 54 Twelve Months Ended (3) Other primarily represents interest expense and advisory fee expenses. The year ended December 31, 2021 also includes income related to the assets of the retail mutual funds business that were sold to Touchstone on July 16,2021 or otherwise liquidated, in connection with the sale. Table of Contents Corebridge Financial, Inc. Individual Retirement Sources of Earnings and Operating Statistics - Recast Historical Results Individual Retirement - Recast Historical Results 7
Twelve Months Ended Excludes the amortization of DSI. Excludes immediate annuities. Includes incremental effect on base yield of variable investment income. Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. Excludes the impact of variable investment income. (in millions) Qua rt erly Decem ber 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Assets under management and administration: General accounts $ 51,672 $ 50,904 $ 52,076 $ 54,589 $ 51,672 $ 57,646 Separate accounts 134 128 136 162 134 177 Total assets under management and administration $ 51,806 $ 51,032 $ 52,212 $ 54,751 $ 51,806 $ 57,823 Fee income as a % of average AUMA (annualized) 0.09 % 0.09 % 0.09 % 0.07 % 0.08 % 0.07 % Spread income Base portfolio income $ 616 $ 547 $ 488 $ 488 $ 2,139 $ 2,050 Interest credited to policyholder account balances (1) (330) (331) (319) (315) (1,295) (1,276) Base spread income 286 216 169 173 844 774 Variable investment income, excluding affordable housing 13 1 29 86 129 422 Affordable housing — — — — — 87 Total spread income $ 299 $ 217 $ 198 $ 259 $ 973 $ 1,283 Net investment spread (annualized) (2) Total yield 4.48 % 3.92 % 3.78 % 4.23 % 4.10 % 4.63 % Less: Variable investment income (3) 0.07 % 0.14 % (0.04)% (0.47)% (0.07)% (0.69)% Base yield (4) 4.55 % 4.06 % 3.74 % 3.76 % 4.03 % 3.94 % Cost of funds (1) 2.71 % 2.71 % 2.66 % 2.67 % 2.69 % 2.64 % Base net investment spread (5) 1.84 % 1.35 % 1.08 % 1.09 % 1.34 % 1.30 % Total net investment spread 1.77 % 1.21 % 1.12 % 1.56 % 1.41 % 1.99 % DAC/VOBA rollforward Balance at beginning of period $ 1,004 $ 1,024 $ 1,027 $ 1,028 $ 1,028 $ 1,084 Capitalization 28 21 27 31 107 71 Amortization expense (40) (40) (32) (31) (143) (127) Other, including foreign exchange — (1) 2 (1) — — Balance at end of period $ 992 $ 1,004 $ 1,024 $ 1,027 $ 992 $ 1,028 Table of Contents Corebridge Financial, Inc. Individual Retirement Results - Fixed Annuities Operating Statistics - Recast Historical Results Individual Retirement - Recast Historical Results 8
(in millions) Quarterly Twelve Months Ended December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Assets under management and administration General accounts $ 30,403 $ 29,568 $ 29,435 $ 30,548 $ 30,403 $ 31,809 Separate accounts — — — — — — Total assets under management and administration $ 30,403 $ 29,568 $ 29,435 $ 30,548 $ 30,403 $ 31,809 Fee income as a % of average AUMA (annualized) 0.47 % 0.42 % 0.43 % 0.42 % 0.44 % 0.47 % Spread income Base portfolio income $ 342 $ 311 $ 289 $ 273 $ 1,215 $ 1,015 Interest credited to policyholder account balances (1) (137) (123) (112) (104) (476) (368) Base spread income 205 188 177 169 739 647 Variable investment income (loss), excluding affordable housing 8 (11) (4) 14 7 147 — — — — — 24 $ 213 $ 177 $ 173 $ 183 $ 746 $ 818 Affordable housing Total spread income Net investment spread (annualized) Total yield Less: Variable investment income (2) Base yield (3) 4.17 % 3.69 % 3.64 % 3.78 % 3.83 % 4.25 % — % 0.23 % 0.15 % (0.08)% 0.07 % (0.47)% 4.17 % 3.92 % 3.79 % 3.70 % 3.90 % 3.78 % Balance at end of period $ 1,424 $ 1,391 $ 1,356 $ 1,329 $ 1,424 $ 1,305 Excludes the amortization of DSI. Includes incremental effect on base yield of variable investment income. Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. Excludes the impact of variable investment income. Cost of funds (1) 1.66 % 1.55 % 1.49 % 1.45 % 1.54 % 1.39 % Base net investment spread (4) 2.51 % 2.37 % 2.30 % 2.25 % 2.36 % 2.39 % Total net investment spread 2.51 % 2.14 % 2.15 % 2.33 % 2.29 % 2.86 % DAC/VOBA rollforward Balance at beginning of period $ 1,391 $ 1,356 $ 1,329 $ 1,305 $ 1,305 $ 1,182 Capitalization 78 79 67 61 285 246 Amortization expense (45) (44) (40) (37) (166) (123) Other, including foreign exchange — — — — — — Table of Contents Corebridge Financial, Inc. Individual Retirement Results - Fixed Index Annuities Operating Statistics - Recast Historical Results Individual Retirement - Recast Historical Results 9
(in millions) Quarterly Twelve Months Ended December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Assets under management and administration: General accounts $ 9,443 $ 10,593 $ 12,163 $ 12,476 $ 9,443 $ 12,862 Separate accounts 45,044 43,257 46,126 53,338 45,044 57,750 Total assets under management and administration $ 54,487 $ 53,850 $ 58,289 $ 65,814 $ 54,487 $ 70,612 Fee income as a % of average AUMA (annualized) 1.75 % 1.83 % 1.65 % 1.56 % 1.67 % 1.65 % Spread income Base portfolio income $ 84 $ 95 $ 96 $ 96 $ 371 $ 413 Interest credited to policyholder account balances (1) (23) (23) (22) (22) (90) (91) Base spread income 61 72 74 74 281 322 Variable investment income (loss), excluding affordable housing 1 (3) 3 26 27 142 — — — — — 34 $ 62 $ 69 $ 77 $ 100 $ 308 $ 498 Affordable housing Total spread income Net investment spread (annualized) Total yield Less: Variable investment income (2) Base yield (3) 3.55 % 3.48 % 3.53 % 4.46 % 3.76 % 5.01 % 0.31 % 0.46 % 0.21 % (0.61)% 0.09 % (1.05)% 3.86 % 3.94 % 3.74 % 3.85 % 3.85 % 3.96 % Balance at end of period $ 2,230 $ 2,247 $ 2,263 $ 2,274 $ 2,230 $ 2,274 Excludes the amortization of DSI. Includes incremental effect on base yield of variable investment income. Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. Excludes the impact of variable investment income. Cost of funds (1) 1.44 % 1.46 % 1.40 % 1.42 % 1.43 % 1.42 % Base net investment spread (4) 2.42 % 2.48 % 2.34 % 2.43 % 2.42 % 2.54 % Total net investment spread 2.11 % 2.02 % 2.13 % 3.04 % 2.33 % 3.59 % DAC/VOBA rollforward Balance at beginning of period $ 2,247 $ 2,263 $ 2,274 $ 2,274 $ 2,274 $ 2,213 Capitalization 37 39 43 51 170 262 Amortization expense (54) (55) (54) (51) (214) (201) Other, including foreign exchange — — — — — — Table of Contents Corebridge Financial, Inc. Individual Retirement Results - Variable Annuities Operating Statistics - Recast Historical Results Individual Retirement - Recast Historical Results 10
(in millions) Quarterly Twelve Months Ended December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Sources of Earnings Spread income (1) $ 210 $ 205 $ 205 $ 247 $ 867 $ 1,269 Fee income 169 175 177 199 720 817 Policyholder benefits, net of premiums (4) (2) (8) (2) (16) (9) Non-deferrable insurance commissions (34) (31) (30) (28) (123) (122) Amortization of DAC and DSI (25) (23) (23) (23) (94) (93) General operating expenses (115) (103) (112) (117) (447) (445) Other (2) (29) (31) (30) (34) (124) (168) Adjusted pre-tax operating income $ 172 $ 190 $ 179 $ 242 $ 783 $ 1,249 Operating Statistics: Assets under management and administration by asset type In-plan spread based $ 27,473 $ 26,838 $ 28,031 $ 30,271 $ 27,473 $ 32,549 In-plan fee based 47,838 44,604 47,506 55,896 47,838 60,300 Total in-plan assets under management and administration 75,311 71,442 75,537 86,167 75,311 92,849 Out-of-plan proprietary general account 16,769 16,338 16,903 18,267 16,769 19,697 Out-of-plan proprietary separate account 10,429 9,950 10,677 12,392 10,429 13,466 Total Out-of-plan proprietary annuities 27,198 26,288 27,580 30,659 27,198 33,163 Advisory and brokerage assets 12,423 11,509 11,997 13,481 12,423 13,830 Total out-of-plan assets under management and administration 39,621 37,797 39,577 44,140 39,621 46,993 Total assets under management and administration $ 114,932 $ 109,239 $ 115,114 $ 130,307 $ 114,932 $ 139,842 Fee income as a % of average AUMA (annualized) 0.60 % 0.62 % 0.58 % 0.59 % 0.59 % 0.60 % Surrender rates 11.9 % 10.4 % 7.7 % 8.5 % 9.5 % 8.8 % Excludes the amortization of DSI of: Other consists of advisory fee expenses and interest expense. $ 4 $ 3 $ 3 $ 4 $ 14 $ 15 Table of Contents Corebridge Financial, Inc. Group Retirement Sources of Earnings and Operating Statistics - Recast Historical Results Group Retirement - Recast Historical Results 11
(in millions) Quarterly Twelve Months Ended December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Spread income Base portfolio income $ 493 $ 485 $ 454 $ 450 $ 1,882 $ 1,905 Interest credited to policyholder account balances (1) (284) (286) (283) (280) (1,133) (1,144) Base spread income 209 199 171 170 749 761 Variable investment income, excluding affordable housing 1 6 34 77 118 424 Affordable housing — — — — — 84 Total spread income $ 210 $ 205 $ 205 $ 247 $ 867 $ 1,269 Net investment spread (annualized) 1.59 % 1.57 % 1.32 % 1.28 % 1.44 % 1.49 % Base net investment spread (4) Total net investment spread 1.45 % 1.46 % 1.48 % 1.80 % 1.55 % 2.35 % Balance at end of period $ 1,061 $ 1,064 $ 1,069 $ 1,074 $ 1,061 $ 1,079 Excludes the amortization of DSI. Includes incremental effect on base yield of variable investment income. Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments. Excludes the impact of variable investment income. Total yield 4.05 % 4.07 % 4.08 % 4.40 % 4.15 % 4.97 % Less: Variable investment income (2) 0.14 % 0.11 % (0.16)% (0.52)% (0.11)% (0.86)% Base yield (3) 4.19 % 4.18 % 3.92 % 3.88 % 4.04 % 4.11 % Cost of funds (1) 2.60 % 2.61 % 2.60 % 2.60 % 2.60 % 2.62 % Market risk benefit, net of reinsurance $ 296 $ 297 $ 372 $ 445 $ 296 $ 582 DAC/VOBA rollforward Balance at beginning of period $ 1,064 $ 1,069 $ 1,074 $ 1,079 $ 1,079 $ 1,094 Capitalization 18 15 15 14 62 63 Amortization expense (21) (20) (20) (19) (80) (78) Other, including foreign exchange — — — — — — Table of Contents Corebridge Financial, Inc. Group Retirement Sources of Earnings and Operating Statistics - Recast Historical Results Group Retirement - Recast Historical Results 12
(in millions) December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Individual Retirement Account value by benefit type for contracts with GMDB features Guaranteed Minimum Death Benefits (GMDB) only (1) $ 9,283 $ 8,960 $ 9,534 $ 11,220 $ 12,178 Guaranteed Minimum Income Benefits (GMIB) (2) 1,816 1,739 1,851 2,206 2,425 Guaranteed Minimum Withdrawal Benefits (GMWB) (3) 39,208 37,974 40,156 45,205 48,386 Group Retirement (4) Account value by benefit type for contracts with GMDB features Guaranteed Minimum Death Benefits (1) $ 55,277 $ 54,093 $ 56,531 $ 62,892 $ 66,495 Guaranteed Minimum Withdrawal Benefits (3) 2,135 2,078 2,228 2,540 2,752 A guaranteed minimum death benefit is an amount paid from a variable annuity upon the death of the owner. This benefit protects beneficiaries from market volatility and may be different than the account value. This benefit may be subject to a maximum amount based on age of owner or dollar amount. "Guaranteed Minimum Death Benefits only" signifies that no other guarantees are present in the contract. Contracts with a guaranteed living benefit may also have a guaranteed minimum death benefit, but a policyholder can generally only receive payout from one guaranteed feature, i.e. the features are generally mutually exclusive. A guaranteed minimum income benefit guarantees a minimum level of periodic income payments upon annuitization. A guaranteed minimum withdrawal benefit creates a guaranteed income stream which, within certain parameters, may continue for the life of the annuitant even if the entire contract value has been reduced to zero. The fair value of GMWB market risk benefits is based on actuarial and capital market assumptions related to projected cash flows of rider fees and claims over the expected lives of the contracts. Excludes assumed reinsurance. Table of Contents Corebridge Financial, Inc. Variable Annuity Account Value by Benefit Type - Recast Historical Results Variable Annuity Account Value by Benefit Type - Recast Historical Results 13
(in millions) Quarterly Twelve Months Ended December 31, Total gross life insurance in force $ 1,209,115 $ 1,186,327 $ 1,197,549 $ 1,206,018 $ 1,209,115 $ 1,206,118 Life insurance CPPE sales (3) Traditional life $ 39 $ 40 $ 38 $ 37 $ 154 $ 150 Universal life 27 23 22 22 94 103 International life 41 49 51 55 196 201 Total sales $ 107 $ 112 $ 111 $ 114 $ 444 $ 454 Surrender/lapse rates (4) Domestic Life 4.37 % 4.20 % 4.20 % 4.05 % 4.21 % 3.92 % International Life 9.50 % 9.20 % 8.30 % 7.90 % 9.60 % 8.30 % Includes variable investment income of: Gross in force includes direct and assumed business. $ 5 $ 2 $ 49 $ 51 $ 107 $ 375 4Q22 3Q22 2Q22 1Q22 2022 2021 Sources of Earnings Underwriting Margin (1) $ 430 $ 370 $ 389 $ 372 $ 1,561 $ 1,614 General operating expenses (177) (154) (159) (166) (656) (682) Non deferrable insurance commissions (10) (15) (29) (18) (72) (80) Amortization of deferred policy acquisition costs (100) (102) (104) (104) (410) (416) Impact of annual actuarial assumption update — 25 — — 25 48 Other (1) — — — (1) (25) Adjusted pre-tax operating income $ 142 $ 124 $ 97 $ 84 $ 447 $ 459 Underwriting margin ratio 40.1 % 35.0 % 37.1 % 35.2 % 36.9 % 38.2 % Operating Statistics Gross life insurance in force, end of period (2) Traditional life $ 858,060 $ 856,170 $ 854,029 $ 851,792 $ 858,060 $ 850,959 Universal life 125,606 125,239 125,431 125,255 125,606 125,596 International life 225,449 204,918 218,089 228,971 225,449 229,563 Life insurance sales are shown on a continuous payment premium equivalent (CPPE) basis. Life insurance sales include periodic premiums from new business expected to be collected over a one- year period and 10 percent of unscheduled and single premiums from new and existing policyholders. Surrender/lapse rates are reported on a 90-day lag basis to include grace period processing. Table of Contents Corebridge Financial, Inc. Life Insurance Sources of Earnings and Operating Statistics - Recast Historical Results Life Insurance - Recast Historical Results 14
(in millions) Quarterly Twelve Months Ended December 31, Balance at end of period $ 4,805 $ 4,750 $ 4,802 $ 4,851 $ 4,805 $ 4,874 GAAP reserves by financial statement line Future policy benefits $ 13,354 $ 12,961 $ 14,423 $ 16,184 $ 13,354 $ 18,535 Policyholder contract deposits 10,258 10,084 10,135 10,216 10,258 10,300 Separate account liabilities 800 757 807 960 800 1,044 Total GAAP reserves by financial statement line $ 24,412 $ 23,802 $ 25,365 $ 27,360 $ 24,412 $ 29,879 GAAP reserves by product Traditional life $ 9,504 $ 9,333 $ 10,156 $ 11,086 $ 9,504 $ 12,396 Universal life 14,367 14,029 14,564 15,361 14,367 16,319 International life 541 440 645 913 541 1,164 4Q22 3Q22 2Q22 1Q22 2022 2021 DAC/VOBA rollforward Balance at beginning of period $ 4,750 $ 4,802 $ 4,851 $ 4,874 $ 4,874 $ 4,894 Capitalization 108 103 103 100 414 404 Amortization expense (100) (102) (104) (104) (410) (416) Other, including foreign exchange 47 (53) (48) (19) (73) (8) Total GAAP reserves by product $ 24,412 $ 23,802 $ 25,365 $ 27,360 $ 24,412 $ 29,879 Table of Contents Corebridge Financial, Inc. Life Insurance Sources of Earnings and Operating Statistics - Recast Historical Results Life Insurance - Recast Historical Results 15
(in millions) Quarterly Twelve Months Ended December 31, $ 60 $ 83 $ 76 $ 115 $ 334 $ 547 Adjusted pre-tax operating income Operating Statistics Premiums and deposits by product Pension risk transfer $ 1,328 $ 756 $ 450 $ 215 $ 2,749 $ 3,667 Guaranteed investment contracts — 1,000 — — 1,000 1,000 Corporate Markets 14 21 3 30 68 77 Structured settlements 209 120 97 82 508 214 Stable value wrap — — — — — (1) $ 1,551 $ 1,897 $ 550 $ 327 $ 4,325 $ 4,957 Total premiums and deposits by product GAAP reserves by financial statement line Future policy benefits $ 13,745 $ 12,048 $ 12,702 $ 13,718 $ 13,745 $ 15,109 Policyholder contract deposits 11,718 11,563 10,901 10,939 11,718 10,969 Separate account liabilities 4,515 4,632 4,764 4,904 4,515 5,002 $ 29,978 $ 28,243 $ 28,367 $ 29,561 $ 29,978 $ 31,080 Total GAAP reserves by financial statement line GAAP reserves by product Pension risk transfer $ 11,281 $ 9,670 $ 10,153 $ 10,969 $ 11,281 $ 12,082 Guaranteed investment contracts 7,952 7,932 7,328 7,393 7,952 7,477 Corporate markets 7,196 7,322 7,444 7,587 7,196 7,674 Structured settlements 3,549 3,319 3,442 3,612 3,549 3,847 4Q22 3Q22 2Q22 1Q22 2022 2021 Sources of Earnings Spread income (1) $ 51 $ 66 $ 67 $ 101 $ 285 $ 487 Fee income 16 16 16 15 63 61 Underwriting Margin (2) 17 19 19 22 77 102 Non deferrable insurance commissions (5) (4) (5) (6) (20) (22) General operating expenses (18) (18) (18) (19) (73) (77) Other (3) (1) 4 (3) 2 2 (4) $ 29,978 $ 28,243 $ 28,367 $ 29,561 $ 29,978 $ 31,080 $ 12,403 $ 11,016 $ 10,590 $ 10,443 $ 12,403 $ 10,418 Total GAAP reserves by product Pension risk transfer reserves at original discount rate Stable value wraps (401k and bank-owned life insurance) - assets under administration (4) $ 47,078 $ 45,781 $ 45,323 $ 44,039 $ 47,078 $ 43,830 (4) Comprises the notional value of stable value wrap contracts, excluding the portion included in total insurance reserves. (1) Includes variable investment income of: $ (6) $ 3 $ 6 $ 40 $ 43 $ 239 (2) Includes variable investment income of: $ — $ 1 $ 3 $ 4 $ 8 $ 43 (3) Includes variable investment income of: $ 1 $ — $ — $ 2 $ 3 $ 8 Table of Contents Corebridge Financial, Inc. Institutional Markets Sources of Earnings and Operating Statistics - Recast Historical Results Institutional Markets - Recast Historical Results 16
Assumption update - 2022 Individual Retirement Variable Annuities Fixed Index Annuities Fixed Annuities Total Individual Retirement Group Retirement Life Insurance Institutional Markets Total Spread income Fee income Underwriting margin Policyholder benefits, net of premium Increase (decrease) to adjusted pre-tax operating income (loss) Net realized gains (losses) Change in the fair value of market risk benefits, net Increase (decrease) to pre-tax income (loss) Assumption update - 2021 Individual Retirement Variable Annuities Fixed Index Annuities Fixed Annuities Total Individual Retirement Group Retirement Life Insurance Institutional Markets Total Spread income Fee income Underwriting margin Policyholder benefits, net of premium Increase (decrease) to adjusted pre-tax operating income (loss) Net realized gains (losses) Change in the fair value of market risk benefits, net Increase (decrease) to pre-tax income (loss) $ — $ — $ — $ — $ — $ — $ — $ — — — — — — — — — — — — — — — — — — — — — — 25 4 29 $ — $ — $ — $ — $ — $ 25 $ 4 $ 29 — (2) — (2) (1) 1 — (2) 85 — 2 87 18 — — 105 $ 85 $ (2) $ 2 $ 85 $ 17 $ 26 $ 4 $ 132 $ — $ — $ — $ — $ — $ — $ — $ — — — — — — — — — — — — — — — — — — — — — — 48 — 48 $ — $ — $ — $ — $ — $ 48 $ — $ 48 — — — — — — — — (53) — — (53) 36 — — (17) $ (53) $ — $ — $ (53) $ 36 $ 48 $ — $ 31 Table of Contents Corebridge Financial, Inc. Annual Actuarial Assumption Updates - Recast Historical Results (in millions) Annual Actuarial Assumption Updates - Recast Historical Results 17
(in millions) Quarterly Twelve Months Ended December 31, Adjusted pre-tax operating income (loss) $ (135) $ (142) $ (106) $ — $ (383) $ (163) $ — $ — $ — $ — $ — $ (25) $ — $ — $ — $ 56 $ 56 $ — $ 9 $ (41) $ — $ — $ (32) $ — 4Q22 3Q22 2Q22 1Q22 2022 2021 Sources of Earnings Corporate expenses $ (46) $ (49) $ (33) $ (32) $ (160) $ (143) Interest Expense on Financial Debt (103) (85) (73) (38) (299) (57) Asset Management 15 12 8 3 38 30 Consolidated Investment Entities (2) 2 14 (13) 21 24 19 Other (3)(4) (3) (34) 5 46 14 (12) The adoption of LDTI did not impact corporate and other sources of earnings. Includes APTOI attributable to six transactions AIG entered into between 2012 and 2014 which securitized portfolios of certain debt securities, the majority of which were previously owned by Corebridge. During the year ended December 31, 2021, all six transactions were terminated. Includes gains from Corebridge’s ownership interest in Fortitude Re Bermuda of: Includes non-recurring losses associated with the unwind of internal securitizations with AIG as part of separation: Table of Contents Corebridge Financial, Inc. Corporate and Other Sources of Earnings - Recast Historical Results (1) Corporate and Other Sources of Earnings - Recast Historical Results 18
December 31, 2022 Excluding Fortitude Re Funds Withheld Fortitude Re Funds December 31, 2021 Excluding Fortitude Re Funds Withheld Fortitude Re Funds NAIC 1 $ 78,012 $ — $ 78,012 $ 94,608 $ — $ 94,608 NAIC 2 50,496 — 50,496 63,533 — 63,533 NAIC 3 5,285 — 5,285 5,889 — 5,889 NAIC 4 5,988 — 5,988 6,786 — 6,786 NAIC 5 & 6 936 — 936 1,061 — 1,061 No designation 21 — 21 — — — Fortitude Re funds withheld assets — 19,824 19,824 — 28,773 28,773 (in millions) Asset Withheld Assets Total Asset Withheld Assets Total Bonds available for sale U.S. government and government sponsored entities $ 925 $ 273 $ 1,198 $ 1,255 $ 457 $ 1,712 Obligations of states, municipalities and political subdivisions 5,195 731 5,926 7,240 1,436 8,676 Non-U.S. governments 3,977 415 4,392 5,579 818 6,397 Corporate debt 91,939 12,753 104,692 118,715 21,348 140,063 Total bonds available for sale, excl. MBS, CLO, and ABS 102,036 14,172 116,208 132,789 24,059 156,848 Mortgage-backed, asset-backed and collateralized RMBS 11,122 822 11,944 13,850 1,108 14,958 CMBS 9,528 540 10,068 10,311 989 11,300 CLO 7,994 192 8,186 7,163 239 7,402 ABS 9,774 613 10,387 7,275 785 8,060 Total mortgage-backed, asset-backed and collateralized 38,418 2,167 40,585 38,599 3,121 41,720 Total bonds available for sale 140,454 16,339 156,793 171,388 27,180 198,568 Other bond securities 284 3,485 3,769 489 1,593 2,082 Total fixed maturities 140,738 19,824 160,562 171,877 28,773 200,650 Equity securities 170 — 170 241 1 242 Mortgage and other loans receivable Residential mortgages 5,851 — 5,851 4,671 — 4,671 Commercial mortgages 29,190 3,272 32,462 27,176 2,929 30,105 Life insurance policy loans 1,395 355 1,750 1,452 380 1,832 Commercial loans, other loans and notes receivable 4,285 218 4,503 2,530 250 2,780 Total mortgage and other loans receivable 40,721 3,845 44,566 35,829 3,559 39,388 Other invested assets 8,392 2,026 10,418 8,760 1,807 10,567 Short term investments 4,331 69 4,400 5,421 50 5,471 Total $ 194,352 $ 25,764 $ 220,116 $ 222,128 $ 34,190 $ 256,318 NAIC Designation $ 140,738 $ 19,824 $ 160,562 $ 171,877 $ 28,773 $ 200,650 Total (1) The adoption of LDTI did not impact total investments. Table of Contents Corebridge Financial, Inc. Total Investments - Recast Historical Results (1) Total Investments - Recast Historical Results 19
(in millions) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Bonds available for sale: Fixed maturities NAIC designation: U.S. government and government-sponsored entities $ 928 $ 1,260 NAIC 1 $ 78,518 $ 95,321 Obligations of states, municipalities and political subdivisions 5,194 7,240 NAIC 2 50,946 63,937 Non-U.S. governments 3,978 5,578 NAIC 3 4,860 5,683 Corporate Debt 88,876 115,351 NAIC 4 3,224 3,433 Mortgage-backed, asset-backed and collateralized: NAIC 5 and 6 904 1,150 RMBS 11,546 14,427 No designation 21 — CMBS 9,527 10,312 Total (6) $ 138,473 $ 169,524 CLO 8,292 7,521 ABS 9,775 7,274 Total mortgage-backed, asset-backed and collateralized 39,140 39,534 Total bonds available for sale 138,116 168,963 Other bond securities 357 561 Total fixed maturities 138,473 169,524 Equity securities 119 19 Mortgage and other loans receivable: Residential mortgages 4,181 2,727 Commercial mortgages 29,632 27,552 Commercial loans, other loans and notes receivable 4,465 2,659 Total mortgage and other loans receivable (2) 38,278 32,938 Other invested assets (5) 5,845 5,657 Short-term investments 3,781 4,329 Total (3)(4) $ 186,496 $ 212,467 The adoption of LDTI did not impact the invested assets at carrying value. Does not reflect allowance for credit loss on mortgage loans of $509 million and $447 million at December 31, 2022 and December 31, 2021, respectively. Does not reflect policy loans of $1.4 billion and $1.5 billion at December 31, 2022 and December 31, 2021, respectively. Excludes approximately $9.7 billion and $11.4 billion of consolidated investment entities as well as $2.7 billion and $2.7 billion of eliminations primarily between the consolidated investment entities and the insurance operating companies at December 31, 2022 and December 31, 2021, respectively. Other invested assets include private equity funds, which are generally reported on a one-quarter lag. Excludes approximately $3.4 billion and $3.7 billion of consolidated investment entities and $1.2 billion and $1.4 billion of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at December 31, 2022 and December 31, 2021, respectively. Table of Contents Corebridge Financial, Inc. Invested Assets Summary, at Carrying Value - Recast Historical Results (1) Total Investments for Insurance Operating Subsidiaries Excluding the Fortitude Re Funds Withheld Assets: Invested Assets Summary, at Carrying Value - Recast Historical Results 20
Total Number of Loans (1) Apartments Offices Retail Industrial Hotel Others Percent of Total Excluding Fortitude Re Funds Withheld Assets State: New York 72 $ 1,355 $ 3,820 $ 282 $ 357 $ 71 $ — $ 5,885 20 % California 51 507 653 112 1,129 611 13 3,025 10 % New Jersey 59 1,829 143 322 436 7 22 2,759 9 % Texas 41 692 687 137 155 143 — 1,814 6 % Florida 51 343 119 212 151 355 — 1,180 4 % Massachusetts 16 466 328 471 15 — — 1,280 4 % Illinois 20 488 353 3 41 — 20 905 3 % Ohio 19 80 7 83 408 — — 578 2 % Pennsylvania 16 77 94 189 190 24 — 574 2 % District of Columbia 6 369 — — — 11 — 380 1 % Other States 114 1,718 333 549 652 255 19 3,526 12 % Foreign 90 4,212 1,423 327 1,264 284 216 7,726 27 % Total excluding Fortitude Re funds withheld assets (2) 555 $ 12,136 $ 7,960 $ 2,687 $ 4,798 $ 1,761 $ 290 $ 29,632 100 % Fortitude Re funds withheld assets 3,361 Total $ 32,993 December 31, 2022 Class Number of Loans (1) Apartments Offices Retail Industrial Hotel Others Total Percent of Total (dollars in millions) Credit Quality Indicator: In Good Standing 547 $ 12,136 $ 7,654 $ 2,671 $ 4,798 $ 1,702 $ 290 $ 29,251 99% Restructured 6 — 295 16 — 59 — 370 1% 90 Days or Less Delinquent — — — — — — — — —% >90 Days Delinquent or In Process of Foreclosure 2 — 11 — — — — 11 —% Total excluding Fortitude Re funds withheld assets (2) 555 $ 12,136 $ 7,960 $ 2,687 $ 4,798 $ 1,761 $ 290 $ 29,632 100% Total Fortitude Re funds withheld assets 3,361 Total $ 32,993 Reflects a correction of the loan count previously reported as of December 31, 2022. Does not reflect allowance for credit losses. Table of Contents Corebridge Financial, Inc. Commercial Mortgage Loan Exposure by Location and Class of Loan Based on Amortized Cost - Recast Historical Results December 31, 2022 (dollars in millions) Class Investments - Commercial Mortgage Loans - Recast Historical Results 21
(in millions) >1.20X 1.00X - 1.20X <1.00X Total Loan-to-value ratios (3) Less than 65% $ 18,524 $ 2,817 $ 628 $ 21,969 65% to 75% 4,497 429 435 5,361 76% to 80% 314 — 46 360 Greater than 80% 1,338 154 450 1,942 Total excluding Fortitude Re funds withheld assets (4) $ 24,673 $ 3,400 $ 1,559 $ 29,632 Total Fortitude Re funds withheld assets 3,361 Total $ 32,993 December 31, 2022 Vintage Year (in millions) 2022 2021 2020 2019 2018 Prior Total Loan-to-value ratios (3) Less than 65% $ 4,791 $ 1,816 $ 1,331 $ 3,440 $ 2,610 $ 7,982 $ 21,970 65% to 75% 901 393 343 1,329 1,334 1,061 5,361 76% to 80% 35 36 — — 70 218 359 Greater than 80% — 201 27 50 559 1,105 1,942 Total excluding Fortitude Re funds withheld assets (4) $ 5,727 $ 2,446 $ 1,701 $ 4,819 $ 4,573 $ 10,366 $ 29,632 Total Fortitude Re funds withheld assets 3,361 Total $ 32,993 The adoption of LDTI did not impact commercial mortgage loans. 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 December 31, 2022 . The debt service coverage ratios have been updated within the last three months. 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 December 31, 2022. The loan-to-value ratios have been updated within the last three to nine months. Does not reflect allowance for credit losses. Table of Contents Corebridge Financial, Inc. Commercial Mortgages - Debt Service Coverage Ratios and Loan-to-Value Ratios by Vintage Year - Recast Historical Results (1) December 31, 2022 Debt Service Coverage Ratios (2) Investments - Commercial Mortgage Loans - Recast Historical Results 22
(in millions) Quarterly Twelve Months Ended December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Net investment income by asset class Fixed maturity securities - AFS, at fair value $ 1,813 $ 1,710 $ 1,612 $ 1,591 $ 6,726 $ 6,440 Equity securities — — — — — — Mortgage and other loans receivable 481 384 370 350 1,585 1,362 Other invested assets 1 1 1 — 3 4 Cash and short-term investments 31 20 9 2 62 17 Total base portfolio gross investment income - insurance operations 2,326 2,115 1,992 1,943 8,376 7,823 Investment expenses 126 119 134 113 492 329 Total base portfolio investment income (APTOI basis) - insurance operations 2,200 1,996 1,858 1,830 7,884 7,494 Alternatives 15 (17) 102 266 366 1,298 Call and tender 1 1 47 28 77 428 Fair value option (10) 1 (38) (19) (66) 17 Other variable investment income 17 14 9 25 65 286 Total variable investment income (loss) - insurance operations 23 (1) 120 300 442 2,029 Corporate and Other (includes eliminations) 84 36 131 181 432 394 $ 2,307 $ 2,031 $ 2,109 $ 2,311 $ 8,758 $ 9,917 Total net investment income (APTOI basis) Breakdown by Segment Net investment income (Net income basis) $ 2,555 $ 2,160 $ 2,280 $ 2,581 $ 9,576 $ 11,672 Individual Retirement $ 1,064 $ 940 $ 901 $ 983 $ 3,888 $ 4,334 Group Retirement 494 491 488 527 2,000 2,413 Life Insurance 376 307 350 356 1,389 1,621 Institutional Markets 289 257 239 264 1,049 1,155 Corporate and Other (includes eliminations) 84 36 131 181 432 394 Total net investment income (APTOI basis) $ 2,307 $ 2,031 $ 2,109 $ 2,311 $ 8,758 $ 9,917 Reconciliation to Net Investment Income (Net income basis) Net investment income on Fortitude Re funds withheld assets 274 157 182 278 891 1,775 Change in fair value of securities used to hedge guaranteed living benefits 16 13 13 14 56 60 Derivative (income) reclass to net realized investment gains (losses) (55) (54) (36) (34) (179) (110) Other adjustments 13 13 12 12 50 30 Total adjustments 248 129 171 270 818 1,755 (1) The adoption of LDTI did not impact net investment income. Table of Contents Corebridge Financial, Inc. Net Investment Income - Recast Historical Results (1) Net Investment Income - Recast Historical Results 23
(in millions) Quarterly Twelve Months Ended December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Sales of securities (fixed maturity and equity) $ (21) $ (42) $ (183) $ (79) $ (325) $ 103 Change in allowance for credit losses on fixed maturity securities (59) (9) (21) (26) (115) 8 Change in allowance for credit losses on loans (23) (40) 13 (26) (76) 133 Foreign exchange transactions, net of related hedges (339) 525 398 111 695 310 Index-linked interest credited embedded derivatives, net of related hedges (337) 35 (20) 205 (117) (3) All other derivatives and hedge accounting (1) (148) 120 (3) (12) (43) (6) Sales of alternative investments and real estate investments (2) 32 137 2 8 179 794 Other (47) (2) — (8) (57) 176 Net realized gains (losses) - excluding Fortitude Re funds withheld assets embedded derivative (942) 724 186 173 141 1,515 Net realized gains (losses) on Fortitude Re funds withheld assets (125) (89) (60) (123) (397) 924 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative (347) 1,463 2,394 2,837 6,347 (687) Total net realized gains (losses) $ (1,414) $ 2,098 $ 2,520 $ 2,887 $ 6,091 $ 1,752 Derivative activity related to hedging market risk benefits is recorded in Change in the fair value of market risk benefits, net. The year ended December 31, 2021 includes gains from the sale of global real estate investments and gains from the sale of certain affordable housing partnerships. N/A N/A N/A N/A N/A $ 1,177 Table of Contents Corebridge Financial, Inc. Net Realized Gains (Losses) - Recast Historical Results Net Realized Gains (Losses) - Recast Historical Results 24
Table of Contents Page(s) Non-GAAP Measures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Earnings Per Share Computations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reconciliation of Adjusted Return on Average Adjusted Equity (ROAE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reconciliation of Adjusted Pre-tax and After-Tax Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-GAAP Reconciliation - Premiums and Premiums and Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Consolidated Adjusted Pre-Tax Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Individual Retirement Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Group Retirement Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Life Insurance Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Institutional Markets Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Corporate and Other Operations Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26-28 29 30 31-32 33-34 35 36 37 38-39 40-41 42 Table of Contents Corebridge Financial, Inc. Supplemental Information Table of Contents Supplemental Information 25
Table of Contents Corebridge Financial, Inc. Non-GAAP Financial Measures Throughout this Financial Supplement, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are ‘‘Non-GAAP financial measures’’ under Securities and Exchange Commission rules and regulations. We believe presentation of these non-GAAP financial measures allows for a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. These measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with GAAP and should not be viewed as a substitute for GAAP measures. The non-GAAP financial measures we present may not be comparable to similarly-named measures reported by other companies. Adjusted pre-tax operating income (“APTOI”) is derived by excluding the items set forth below from income 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 RELATED ADJUSTMENTS: The 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)”, including changes in the allowance for credit losses on available-for-sale securities and loans, as well as gains or losses from sales of securities, 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, and insurance liabilities that are accounted for as embedded derivatives 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 GMWB’s and/or GMDBs which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to instrument-specific 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. Non-GAAP Financial Measures 26
Table of Contents Corebridge Financial, Inc. Non-GAAP Financial Measures OTHER ADJUSTMENTS: Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable: restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization; non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles; separation costs; non-operating litigation reserves and settlements; loss (gain) on extinguishment of debt, if any; losses from the impairment of goodwill, if any; and income and loss from divested or run-off business, if any. Adjusted after-tax operating income attributable to our common shareholders (“Adjusted After-tax Operating Income” or “AATOI”) is derived by excluding the tax effected APTOI adjustments described above, as well as the following tax items from net income attributable to us: changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance; and deferred income tax valuation allowance releases and charges. Adjusted Book Value is derived by excluding AOCI, adjusted for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets. We believe this measure is useful to investors as it eliminates items that can fluctuate significantly from period to period, including changes in fair value of our available-for-sale securities portfolio, changes in the fair value of market risk benefits attributable to changes in the instrument-specific risk, changes in the discount rates used to measure traditional and limited payment long-duration insurance contracts and foreign currency translation adjustments. This measure also 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. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re. Adjusted Book Value per Common Share is computed as adjusted book value divided by total common shares outstanding. Adjusted Return on Average Equity (“Adjusted ROAE”) is derived by dividing AATOI by average Adjusted Book Value and is used by management to evaluate our recurring profitability and evaluate trends in our business. We believe this measure is useful to investors because it eliminates items that can fluctuate significantly from period to period, including changes in fair value of our available-for-sale securities portfolio, changes in the fair value of market risk benefits attributable to changes in the instrument-specific risk, changes in the discount rates used to measure traditional and limited payment long-duration insurance contracts and foreign currency translation adjustments. This measure also 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. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments, income from non-operating litigation settlements (included in Other income for GAAP purposes) and changes in fair value of securities used to hedge guaranteed living benefits (included in Net investment income for GAAP purposes). Net investment income (APTOI basis) is the sum of base portfolio income and variable investment income. Non-GAAP Financial Measures 27
Table of Contents Corebridge Financial, Inc. Non-GAAP Financial Measures Operating EPS is derived by dividing AATOI by weighted average diluted shares. Premiums and deposits is a non-GAAP financial measure that includes direct and assumed premiums received and earned on traditional life insurance policies, group benefit policies and life-contingent payout annuities, as well as deposits received on universal life insurance, investment-type annuity contracts and GICs. We believe the measure of premiums and deposits is useful in understanding customer demand for our products, evolving product trends and our sales performance period over period. Assets Under Management and Administration Assets Under Management (AUM) include assets in the general and separate accounts of our subsidiaries that support liabilities and surplus related to our life and annuity insurance products. Assets Under Administration (AUA) include Group Retirement mutual fund assets and other third-party assets that we sell or administer and the notional value of Stable Value Wrap (SVW) contracts. Assets Under Management and Administration (AUMA) is the cumulative amount of AUM and AUA. Key Terms - Throughout this Financial Supplement, we use the following terms: Base net investment spread means base yield less cost of funds, excluding the amortization of deferred sales inducements assets. Base portfolio income includes interest, dividends and foreclosed real estate income, net of investment expenses and non-qualifying (economic) hedges. Base spread income means base portfolio income less interest credited to policyholder account balances, excluding the amortization of deferred sales inducements assets. Base yield means the returns from base portfolio income including accretion and impacts from holding cash and short-term investments. Fee Income is defined as policy fees plus advisory fees plus other fee income. For Institutional Markets segment, its SVW products utilize fee income. Life CPPE sales are shown on a continuous payment premium equivalent (CPPE) basis. Life insurance sales include periodic premiums from new business expected to be collected over a one-year period and 10 percent of unscheduled and single premiums from new and existing policyholders. Spread income is defined as net investment income less interest credited to policyholder account balances, exclusive of amortization of deferred sales inducement assets. Spread income is comprised of both base spread income and variable investment income. For our Institutional Markets segment, its structured settlements, PRT and GIC products utilize 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 utilize underwriting margin, which includes premiums, net investment income, policy and advisory fee income, less interest credited and policyholder benefits and excludes the annual assumption update. Underwriting margin ratio equals the underwriting margin divided by premiums and deposits. Variable investment income includes call and tender income, 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, affordable housing investments and other miscellaneous investment income, including income of certain partnership entities that are required to be consolidated. Alternative investments include private equity funds which are generally reported on a one-quarter lag. Non-GAAP Financial Measures 28
(in millions, except per share data) Quarterly Twelve Months Ended December 31, Income per common share attributable to Corebridge common shareholders (1) Basic Common stock $ (0.32) $ 3.73 $ 4.02 $ 5.22 $ 12.63 N/A Common stock Class A N/A N/A N/A N/A N/A $ 13.18 Common stock Class B N/A N/A N/A N/A N/A $ 9.14 Diluted Common stock $ (0.32) $ 3.72 $ 4.02 $ 5.22 $ 12.60 N/A Common stock Class A N/A N/A N/A N/A N/A $ 13.18 Common stock Class B N/A N/A N/A N/A N/A $ 9.14 perating Basis (1) Adjusted after-tax operating income attributable to Corebridge shareholders $ 610 $ 527 $ 491 $ 743 $ 2,371 $ 3,477 Weighted average common shares outstanding - diluted 653.1 646.4 645.0 645.0 647.4 645.0 Operating earnings per common share $ 0.93 $ 0.82 $ 0.76 $ 1.15 $ 3.66 $ 5.39 4Q22 3Q22 2Q22 1Q22 2022 2021 GAAP Basis Numerator for EPS Net income (loss) $ (168) $ 2,532 $ 2,674 $ 3,441 $ 8,479 $ 9,172 Less: Net income (loss) attributable to noncontrolling interests 39 126 80 75 320 929 Net income (loss) attributable to Corebridge common shareholders $ (207) $ 2,406 $ 2,594 $ 3,366 $ 8,159 $ 8,243 Net income attributable to Class A shareholders N/A N/A N/A N/A N/A $ 7,658 Net income attributable to Class B shareholders N/A N/A N/A N/A N/A $ 584 Denominator for EPS (1) Weighted average common shares outstanding - basic 648.7 645.7 645.0 645.0 646.1 N/A Dilutive common shares (2) — 0.7 — — 1.3 N/A Weighted average common shares outstanding - diluted 648.7 646.4 645.0 645.0 647.4 N/A Common stock Class A - basic and diluted N/A N/A N/A N/A N/A 581.1 Common stock Class B - basic and diluted N/A N/A N/A N/A N/A 63.9 O The results of the September 6, 2022 stock split have been applied retroactively for all periods prior to September 6, 2022. Operating earnings per share is the same for Common stock Class A and B. Potential dilutive common shares include our share-based employee compensation plans. On September 6, 2022, Corebridge Financial, Inc. effectuated a stock split and recapitalization of its 100,000 shares of common stock, of which 90,100 shares were Class A Common Stock and 9,900 shares were Class B Common Stock. Subsequent to September 6, 2022, there is only a single class of Common Stock therefore the two-class method for allocating net income will no longer be applicable. Corebridge Financial, Inc. split its 100,000 shares of Class A shares and Class B shares in a 6,450 to 1 stock split for a total of 645,000,000 shares of a single class of Common Stock. The results of the stock split have been applied retroactively to the weighted average common shares outstanding for all periods prior to September 6, 2022. After closing the sale of a 9.9% equity stake in Corebridge to Blackstone on November 2, 2021, Blackstone owned 63,855,000 shares of Class B Common Stock. Prior to the sale of the Class B shares to Blackstone on November 2, 2021, Class B shares were owned exclusively by AIG. The Class B Common Stock is pari passu to the Class A Common Stock except for distributions associated with the sale of the affordable housing portfolio. Prior to September 6, 2022, we used the two-class method for allocating net income to each class of our common stock. Prior to November 1, 2021, the EPS calculation allocated all net income ratably to Class A and Class B shares. After November 2, 2021, income was allocated ratably to the Class A and B shares, except for distributions associated with the sale of the affordable housing portfolio in 2021 for which the Class B shareholder did not participate. Table of Contents Corebridge Financial, Inc. Earnings Per Share - Recast Historical Results Earnings Per Share Computations - Recast Historical Results 29
(in millions, unless otherwise noted) Quarterly Twelve Months Ended December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Return on Equity Computations Actual or annualized net income (loss) attributable to Corebridge shareholders (a) $ (828) $ 9,624 $ 10,376 $ 13,464 $ 8,159 $ 8,243 Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b) $ 2,440 $ 2,108 $ 1,964 $ 2,972 $ 2,371 $ 3,477 Average Corebridge Shareholders’ equity (c) $ 8,988 $ 10,423 $ 16,140 $ 23,629 $ 15,497 $ 34,441 Less: Average AOCI (17,409) (15,030) (7,066) 3,104 (8,143) 9,105 Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (2,879) (2,337) (734) 1,442 (919) 2,994 Average Adjusted Book Value (d) $ 23,518 $ 23,116 $ 22,472 $ 21,967 $ 22,721 $ 28,330 Return on Average Equity (a/c) (9.2)% 92.3 % 64.3 % 57.0 % 52.6 % 23.9 % Adjusted ROAE (b/d) 10.4 % 9.1 % 8.7 % 13.5 % 10.4 % 12.3 % (1) For purposes of adjusted ROAE, the twelve months ended December 31, 2021, utilize January 1, 2021 equity to calculate average Corebridge shareholders’ equity. Table of Contents Corebridge Financial, Inc. Reconciliation of Return On Average Equity (ROAE) - Recast Historical Results (1) Reconciliation of Return On Average Equity - Recast Historical Results 30
(in millions) Quarterly Twelve Months Ended December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Pre-tax income (loss) $ (307) $ 3,172 $ 3,326 $ 4,300 $ 10,491 $ 11,254 Fortitude Re related items: Net investment income on Fortitude Re funds withheld assets (274) (157) (182) (278) (891) (1,775) Net realized (gains) losses on Fortitude Re funds withheld assets 125 89 60 123 397 (924) Net realized losses on Fortitude Re funds withheld embedded derivative 347 (1,463) (2,394) (2,837) (6,347) 687 Net realized losses on Fortitude transactions — — — — — (26) Subtotal – Fortitude Re related items 198 (1,531) (2,516) (2,992) (6,841) (2,038) Other Reconciling Items: Change in the fair value of market risk benefits, net (245) (435) (45) (233) (958) (447) Changes in fair value of securities used to hedge guaranteed living benefits (1) (6) (10) (13) (30) (56) Change in benefit reserves related to net realized (gains) losses (4) (2) (7) (2) (15) 15 Loss on extinguishment of debt — — — — — 219 Net realized (gains) losses (1) 1,019 (542) (146) (120) 211 (711) Non-operating litigation reserves and settlements — (3) (2) (20) (25) — Separation costs 54 45 37 44 180 — Restructuring and other costs 22 59 52 14 147 44 Non-recurring costs related to regulatory or accounting changes 7 1 1 3 12 31 Net (gain) loss on divestiture — (2) 1 2 1 (3,081) Pension expense - non operating — — — 1 1 12 Noncontrolling interests (39) (126) (80) (75) (320) (861) Subtotal - Other Non-Fortitude Re reconciling items 813 (1,011) (199) (399) (796) (4,835) Total adjustments 1,011 (2,542) (2,715) (3,391) (7,637) (6,873) Adjusted pre-tax operating income $ 704 $ 630 $ 611 $ 909 $ 2,854 $ 4,381 (1) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Additionally, gains (losses) related to the disposition of real estate investments are also excluded from this adjustment. Table of Contents Corebridge Financial, Inc. Reconciliation of Adjusted Pre-tax Operating Income - Consolidated - Recast Historical Results Reconciliation of Adjusted Pre-Tax Operating Income - Recast Historical Results 31
(in millions, unless otherwise noted) Quarterly Twelve Months Ended December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Net income (loss) $ (168) $ 2,532 $ 2,674 $ 3,441 $ 8,479 $ 9,172 Less net income attributable to noncontrolling interests 39 126 80 75 320 929 Net income (loss) attributable to Corebridge (207) 2,406 2,594 3,366 8,159 8,243 Fortitude Re related items Net investment income on Fortitude Re funds withheld assets (217) (124) (143) (220) (704) (1,402) Net realized (gains) losses on Fortitude Re funds withheld assets 99 70 48 97 314 (730) Net realized (gains) losses on Fortitude Re funds withheld embedded derivative 278 (1,149) (1,879) (2,227) (4,977) 543 Net realized (gains) losses on Fortitude Re transactions — — — — — (21) Subtotal – Fortitude Re related items 160 (1,203) (1,974) (2,350) (5,367) (1,610) Other Reconciling Items: Changes in uncertain tax positions and other tax adjustments (5) (14) (34) (42) (95) (174) Deferred income tax valuation allowance (release) charges 6 127 — 24 157 26 Change in the fair value of market risk benefits, net (195) (344) (37) (183) (759) (352) Changes in fair value of securities used to hedge guaranteed living benefits (1) (5) (8) (10) (24) (44) Changes in benefit reserves related to net realized (gains) losses (3) (2) (5) (2) (12) 12 Loss on extinguishment of debt — — — — — 173 Net realized (gains) losses (1) 805 (428) (115) (95) 167 (494) Non-operating litigation reserves and settlements — (3) (1) (16) (20) — Separation costs 28 (54) 29 35 38 — Restructuring and other costs 17 47 41 11 116 35 Non-recurring costs related to regulatory or accounting changes 5 1 1 2 9 24 Net (gain) loss on divestiture — (1) — 2 1 (2,371) Pension expense - non operating — — — 1 1 9 Noncontrolling interests — — — — — — Subtotal - Other Non-Fortitude Re reconciling items 657 (676) (129) (273) (421) (3,156) Total adjustments 817 (1,879) (2,103) (2,623) (5,788) (4,766) Adjusted after-tax income (loss) attributable to Corebridge common shareholders $ 610 $ 527 $ 491 $ 743 $ 2,371 $ 3,477 Calculation of Effective Tax Rates Adjusted pre-tax operating income 704 $ 630 $ 611 $ 909 $ 2,854 $ 4,381 Income tax (benefit) expense 94 103 120 166 483 904 Adjusted after-tax operating income (loss) attributable to Corebridge common shareholders $ 610 $ 527 $ 491 $ 743 $ 2,371 $ 3,477 Effective tax rates on adjusted pre-tax income (loss) 13.4 % 16.3 % 19.6 % 18.3 % 16.9 % 20.6 % (1) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Additionally, gains (losses) related to the disposition of real estate investments are also excluded from this adjustment. Table of Contents Corebridge Financial, Inc. Reconciliation of Adjusted After-tax Operating Income - Consolidated - Recast Historical Results Reconciliation of Adjusted After-tax Operating Income - Recast Historical Results 32
(in millions) Qua rterly December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Individual Retirement (Fixed Annuities) Premiums $ 63 $ 56 $ 57 $ 56 $ 232 $ 190 Deposits 1,363 1,264 1,330 1,519 5,476 2,829 Other — (4) (3) (6) (13) (8) Premiums and deposits $ 1,426 $ 1,316 $ 1,384 $ 1,569 $ 5,695 $ 3,011 Individual Retirement (Fixed Index Annuities) Premiums $ — $ — $ — $ — $ — $ — Deposits 1,749 1,745 1,458 1,364 6,316 5,621 Other — — — — — — Premiums and deposits $ 1,749 $ 1,745 $ 1,458 $ 1,364 $ 6,316 $ 5,621 Individual Retirement (Variable Annuities) Premiums $ — $ — $ 3 $ — $ 3 $ 5 Deposits 652 731 778 947 3,108 5,023 Other — — (3) 1 (2) (3) Premiums and deposits $ 652 $ 731 $ 778 $ 948 $ 3,109 $ 5,025 Individual Retirement (Total) Premiums $ 63 $ 56 $ 60 $ 56 $ 235 $ 195 Deposits (1) 3,764 3,740 3,566 3,830 14,900 13,473 Other (2) — (4) (6) (5) (15) (11) Premiums and deposits $ 3,827 $ 3,792 $ 3,620 $ 3,881 $ 15,120 $ 13,657 Group Retirement Premiums $ 3 $ 3 $ 5 $ 8 $ 19 $ 22 Deposits 2,240 2,036 1,767 1,880 7,923 7,744 Other — — — — — — Premiums and deposits (3)(4) $ 2,243 $ 2,039 $ 1,772 $ 1,888 $ 7,942 $ 7,766 Twelve Months Ended Table of Contents Corebridge Financial, Inc. Non-GAAP Reconciliation - Premiums to Premiums and Deposits - Recast Historical Results Premiums to Premiums and Deposits - Recast Historical Results 33
Premiums and deposits $ 8,694 $ 8,785 $ 6,991 $ 7,153 $ 31,623 $ 30,608 (1) Excludes deposits from the assets of our retail mutual funds business that were sold to Touchstone on July 16, 2021, or otherwise liquidated in connection with the sale. N/A N/A N/A N/A N/A $ 259 (2) Other principally consists of ceded premiums, in order to reflect gross premiums and deposits. (3) Includes premiums and deposits related to in-plan mutual funds of: $ 973 $ 896 $ 739 $ 868 $ 3,476 $ 3,120 (4) Excludes client deposits into advisory and brokerage accounts of: $ 414 $ 463 $ 579 $ 602 $ 2,058 $ 2,502 4Q22 3Q22 2Q22 1Q22 2022 2021 Life Insurance Premiums $ 582 $ 417 $ 440 $ 425 $ 1,864 $ 1,586 Deposits 411 404 389 397 1,601 1,635 Other (2) 80 236 220 235 771 1,007 Premiums and deposits $ 1,073 $ 1,057 $ 1,049 $ 1,057 $ 4,236 $ 4,228 Institutional Markets Premiums $ 1,375 $ 804 $ 496 $ 238 $ 2,913 $ 3,774 Deposits 169 1,085 46 82 1,382 1,158 Other (2) 7 8 8 7 30 25 Premiums and deposits $ 1,551 $ 1,897 $ 550 $ 327 $ 4,325 $ 4,957 Total Premiums $ 2,023 $ 1,280 $ 1,001 $ 727 $ 5,031 $ 5,577 Deposits 6,584 7,265 5,768 6,189 25,806 24,010 Other (2) 87 240 222 237 786 1,021 (in millions) Quarterly Twelve Months Ended December 31, Table of Contents Corebridge Financial, Inc. Non-GAAP Reconciliation - Premiums to Premiums and Deposits - Recast Historical Results Premiums to Premiums and Deposits - Recast Historical Results 34
(in millions) Qua rterly December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Revenues Premiums (1) $ 2,043 $ 1,300 $ 1,022 $ 748 $ 5,113 $ 5,663 Policy fees 720 735 729 730 2,914 3,005 Net investment income: Base portfolio income 2,200 1,996 1,858 1,830 7,884 7,494 Variable investment income (loss) 23 (1) 120 300 442 2,029 Corporate and other (includes eliminations) 84 36 131 181 432 394 Net investment income 2,307 2,031 2,109 2,311 8,758 9,917 Net realized gains (losses) 27 132 — 11 170 701 Advisory fee and other income 226 241 245 288 1,000 1,175 Total adjusted revenues 5,323 4,439 4,105 4,088 17,955 20,461 Benefits and expenses Policyholder benefits (1) 2,470 1,658 1,436 1,170 6,734 7,373 Interest credited to policyholder account balances 983 950 910 882 3,725 3,580 Amortization of deferred policy acquisition costs 262 263 252 243 1,020 951 Non-deferrable insurance commissions 135 138 151 144 568 623 Advisory fee expenses 65 65 65 71 266 322 General operating expenses 501 473 486 524 1,984 2,016 Interest expense 164 136 114 70 484 354 Total benefits and expenses 4,580 3,683 3,414 3,104 14,781 15,219 Adjusted pre-tax operating income (loss) before NCI 743 756 691 984 3,174 5,242 Noncontrolling interest (39) (126) (80) (75) (320) (861) Adjusted pre-tax operating income 704 630 611 909 2,854 4,381 Income tax expense (94) (103) (120) (166) (483) (904) Twelve Months Ended Adjusted after-tax operating income (1) Includes PRT and SS sales activity of: $ 610 $ 527 $ 491 $ 743 $ 2,371 $ 3,477 $ 1,385 $ 814 $ 505 $ 247 $ 2,951 $ 3,810 Table of Contents Corebridge Financial, Inc. Consolidated Adjusted Pre-tax Operating Income - Recast Historical Results Consolidated Adjusted Pre-Tax Operating Income - Recast Historical Results 35
(in millions) Quarterly Twelve Months Ended December 31, — — — — — $ 54 $ 14 $ 15 $ 13 $ 13 55 58 See page 17 for impacts from annual actuarial assumption update. Includes fee income related to assets of the retail mutual funds business that were sold to Touchstone on July 16, 2021, or otherwise liquidated, in connection with the sale. Includes amortization of DSI of: 4Q22 3Q22 2Q22 1Q22 2022 2021 Revenues (1) Premiums $ 63 $ 56 $ 60 $ 56 $ 235 $ 195 Policy fees 178 192 186 185 741 797 Net investment income: Base portfolio income 1,042 953 873 857 3,725 3,478 Variable investment income (loss) 22 (13) 28 126 163 856 Total net investment income 1,064 940 901 983 3,888 4,334 Advisory fee and other income (2) 105 108 115 123 451 592 Total adjusted revenues 1,410 1,296 1,262 1,347 5,315 5,918 Benefits and expenses (1) Policyholder benefits 73 69 77 66 285 317 Interest credited to policyholder account balances (3) 504 492 466 454 1,916 1,793 Amortization of deferred policy acquisition costs 139 139 126 119 523 451 Non-deferrable insurance commissions 86 87 86 92 351 396 Advisory fee expenses 35 34 35 37 141 189 General operating expenses 108 100 107 111 426 437 Interest expense — — — — — 46 Total benefits and expenses 945 921 897 879 3,642 3,629 Adjusted pre-tax operating income $ 465 $ 375 $ 365 $ 468 $ 1,673 $ 2,289 Table of Contents Corebridge Financial, Inc. Individual Retirement Results - Recast Historical Results Individual Retirement Results - Recast Historical Results 36
(in millions) Quarterly Twelve Months Ended December 31, See page 17 for impacts from annual actuarial assumption update. Includes amortization of DSI of: $ 4 $ 3 $ 3 $ 4 $ 14 $ 15 4Q22 3Q22 2Q22 1Q22 2022 2021 Revenues (1) Premiums $ 3 $ 3 $ 5 $ 8 $ 19 $ 22 Policy fees 96 101 104 114 415 480 Net investment income: Base portfolio income 493 485 454 450 1,882 1,905 Variable investment income 1 6 34 77 118 508 Total net investment income 494 491 488 527 2,000 2,413 Advisory fee and other income 73 74 73 85 305 337 Total adjusted revenues 666 669 670 734 2,739 3,252 Benefits and expenses (1) Policyholder benefits 7 5 13 10 35 31 Interest credited to policyholder account balances (2) 288 289 286 284 1,147 1,159 Amortization of deferred policy acquisition costs 21 20 20 19 80 78 Non-deferrable insurance commissions 34 31 30 28 123 122 Advisory fee expenses 29 31 30 34 124 133 General operating expenses 115 103 112 117 447 445 Interest expense — — — — — 35 Total benefits and expenses 494 479 491 492 1,956 2,003 Adjusted pre-tax operating income $ 172 $ 190 $ 179 $ 242 $ 783 $ 1,249 Table of Contents Corebridge Financial, Inc. Group Retirement Results - Recast Historical Results Group Retirement Results - Recast Historical Results 37
(in millions) Quarterly Twelve Months Ended December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Revenues (1) Premiums (2) $ 582 $ 417 $ 440 $ 425 $ 1,864 $ 1,586 Policy fees (2) 397 393 390 384 1,564 1,541 Net investment income: Base portfolio income 371 305 301 305 1,282 1,246 Variable investment income 5 2 49 51 107 375 Total net investment income 376 307 350 356 1,389 1,621 Other income (2)(3) 27 28 30 36 121 110 Total adjusted revenues 1,382 1,145 1,210 1,201 4,938 4,858 Benefits and expenses (1) Policyholder benefits 866 666 734 744 3,010 2,842 Interest credited to policyholder account balances (2) 86 84 87 85 342 354 Amortization of deferred policy acquisition costs 100 102 104 104 410 416 Non-deferrable insurance commissions 10 15 29 18 72 80 Advisory fee expenses 1 — — — 1 — General operating expenses 177 154 159 166 656 682 Interest expense — — — — — 25 Total benefits and expenses 1,240 1,021 1,113 1,117 4,491 4,399 Adjusted pre-tax operating income $ 142 $ 124 $ 97 $ 84 $ 447 $ 459 See page 17 for impacts from annual actuarial assumption update. Underwriting margin represents premiums, policy fees, net investment income and other income, less policyholder benefits and interest credited to policyholder account balances. Underwriting margin is also exclusive of the impacts from the annual assumption update. See page 39 for breakout. Other income is primarily related to Laya Healthcare Ltd. commission and profit sharing revenues received from insurers for distribution of their products. Table of Contents Corebridge Financial, Inc. Life Insurance Results - Recast Historical Results Life Insurance Results - Recast Historical Results 38
(in millions) Quarterly Twelve Months Ended December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Premiums $ 582 $ 417 $ 440 $ 425 $ 1,864 $ 1,586 Policy fees 397 393 390 384 1,564 1,541 Net investment income 376 307 350 356 1,389 1,621 Other income 27 28 30 36 121 110 Policyholder benefits (866) (666) (734) (744) (3,010) (2,842) Interest credited to policyholder account balances (86) (84) (87) (85) (342) (354) Less: Impact of annual actuarial assumption update — (25) — — (25) (48) Underwriting margin $ 430 $ 370 $ 389 $ 372 $ 1,561 $ 1,614 Table of Contents Corebridge Financial, Inc. Life Insurance Results - Underwriting Margin - Recast Historical Results Life Insurance Results - Underwriting Margin - Recast Historical Results 39
(in millions) Quarterly Twelve Months Ended December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Revenues (1) Premiums (2) $ 1,375 $ 804 $ 496 $ 238 $ 2,913 $ 3,774 Policy fees 49 49 49 47 194 187 Net investment income: Base portfolio income 294 253 230 218 995 865 Variable investment income (5) 4 9 46 54 290 Total net investment income 289 257 239 264 1,049 1,155 Other income 1 — — 1 2 2 Total adjusted revenues 1,714 1,110 784 550 4,158 5,118 Benefits and expenses (1) Policyholder benefits (2) 1,524 918 612 350 3,404 4,183 Interest credited to policyholder account balances 105 85 71 59 320 274 Amortization of deferred policy acquisition costs 2 2 2 1 7 6 Non-deferrable insurance commissions 5 4 5 6 20 22 General operating expenses 18 18 18 19 73 77 Interest expense — — — — — 9 Total benefits and expenses 1,654 1,027 708 435 3,824 4,571 Adjusted pre-tax operating income $ 60 $ 83 $ 76 $ 115 $ 334 $ 547 See page 17 for impacts from annual actuarial assumption update. Includes PRT and SS sales activity of: $ 1,385 $ 814 $ 505 $ 247 $ 2,951 $ 3,810 Table of Contents Corebridge Financial, Inc. Institutional Markets Results - Recast Historical Results Institutional Markets Results - Recast Historical Results 40
(in millions) Quarterly Twelve Months Ended December 31, Total spread income (1) $ 51 $ 66 $ 67 $ 101 $ 285 $ 487 SVW fees Total fee income $ 16 $ 16 $ 16 $ 15 $ 63 $ 61 $ 16 $ 16 $ 16 $ 15 $ 63 $ 61 Premiums $ (9) $ (10) $ (9) $ (9) $ (37) $ (35) Policy fees (excluding SVW) 33 33 33 32 131 126 Net investment income 35 34 37 37 143 175 Other income 1 — — 1 2 1 Policyholder benefits (16) (8) (15) (13) (52) (57) Interest credited to policyholder account balances (27) (27) (27) (26) (107) (108) Less: Impact of annual actuarial assumption update — (3) — — (3) — 4Q22 3Q22 2Q22 1Q22 2022 2021 Premiums $ 1,384 $ 814 $ 505 $ 247 $ 2,950 $ 3,810 Net investment income 253 221 203 224 901 969 Policyholder benefits (1,508) (910) (597) (337) (3,352) (4,126) Interest credited to policyholder account balances (78) (58) (44) (33) (213) (166) Total underwriting margin (2) $ 17 $ 19 $ 19 $ 22 $ 77 $ 102 Represents spread income from GIC, PRT and SS products. Represents underwriting margin from Corporate Markets products, including private placement variable universal life insurance and private placement variable annuity products. Table of Contents Corebridge Financial, Inc. Institutional Markets Results - Spread Income, Fee Income, and Underwriting Margin - Recast Historical Results Institutional Markets Results - Spread Income, Fee Income, and Underwriting Margin - Recast Historical Results 41
Quarterly Twelve Months Ended December 31, 4Q22 3Q22 2Q22 1Q22 2022 2021 Revenues Premiums $ 20 $ 20 $ 21 $ 21 $ 82 $ 86 Net investment income 112 39 136 186 473 443 Net realized gains (losses) 27 132 — 11 170 701 Other income 20 31 32 38 121 134 Total adjusted revenues 179 222 189 256 846 1,364 Benefits and expenses Non-deferrable insurance commissions — 1 1 — 2 3 General operating expenses Corporate and other 67 65 53 56 241 220 Asset Management 20 32 43 48 143 155 Total general operating expenses 87 97 96 104 384 375 Interest expense Corporate expenses 103 85 73 38 299 57 Asset Management and other 83 59 55 39 236 229 Total interest expense 186 144 128 77 535 286 Total benefits and expenses 273 242 225 181 921 664 Adjusted pre-tax operating income (loss) before NCI (94) (20) (36) 75 (75) 700 Noncontrolling interests (39) (126) (80) (75) (320) (861) Adjusted pre-tax operating income (loss) before consolidations and eliminations (133) (146) (116) — (395) (161) Total consolidations and eliminations (2) 4 10 — 12 (2) Adjusted pre-tax operating income (loss) $ (135) $ (142) $ (106) $ — $ (383) $ (163) (1) The adoption of LDTI did not impact Corporate and Other Results. Table of Contents Corebridge Financial, Inc. Corporate & Other Operations Results - Recast Historical Results (1) (in millions) Corporate & Other Operations Results - Recast Historical Results 42
Corebridge Financial (NYSE: CRBG) makes it possible for more people to take action in their financial lives. With over $355 billion in assets under management and administration as of December 31, 2022, Corebridge is one of the largest providers of retirement solutions and insurance products in the United States. We proudly partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. For more information, visit corebridgefinancial.com and follow us on LinkedIn, YouTube, Facebook and Twitter. Table of Contents
Exhibit 99.2
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