UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2023

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

For the transition period from to

Commission File Number 001-41504

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Corebridge Financial, Inc.

(Exact name of registrant as specified in its charter)

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

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

____________________

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

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

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

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

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

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☐
	Emerging growth company ☐

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

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

As of May 5, 2023, there were 648,143,336 shares outstanding of the registrant’s common stock.

COREBRIDGE FINANCIAL, INC.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023

FORM 10-Q

Item Number	Description		Page
Part I - Financial Information
ITEM 1	Financial Statements		4
	NOTE 1.	Overview and Basis of Presentation	10
	NOTE 2.	Summary of Significant Accounting Policies	11
	NOTE 3.	Segment Information	16
	NOTE 4.	Fair Value Measurements	19
	NOTE 5.	Investments	36
	NOTE 6.	Lending Activities	43
	NOTE 7.	Reinsurance	47
	NOTE 8.	Variable Interest Entities	50
	NOTE 9.	Derivatives and Hedge Accounting	52
	NOTE 10.	Deferred Policy Acquisition Costs	57
	NOTE 11.	Insurance Liabilities	61
	NOTE 12.	Market Risk Benefits	73
	NOTE 13.	Separate Account Assets and Liabilities	77
	NOTE 14.	Contingencies, Commitments and Guarantees	78
	NOTE 15.	Equity and Redeemable Noncontrolling Interest	80
	NOTE 16.	Earnings Per Common Share	83
	NOTE 17.	Income Taxes	84
	NOTE 18.	Related Parties	86
	NOTE 19.	Subsequent Events	90
ITEM 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations		91
	•Executive Summary		93
	•Use of Non-GAAP Measures		102
	•Key Operating Metrics		106
	•Consolidated Results of Operations		109
	•Business Segment Operations		111
	•Investments		124
	•Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits		144
	•Liquidity and Capital Resources		146
	•Accounting Policies and Pronouncements		152
	•Glossary		156
	•Certain Important Terms		158
	•Acronyms		160
ITEM 3	Quantitative and Qualitative Disclosures About Market Risk		161
ITEM 4	Controls and Procedures		161
Part II – Other Information
ITEM 1	Legal Proceedings		162
ITEM 1A	Risk Factors		162
ITEM 2	Unregistered Sales of Equity Securities and Use of Proceeds		162
ITEM 4	Mine Safety Disclosures		162
ITEM 6	Exhibits		162
Signatures			163

Corebridge | First Quarter 2023 Form 10-Q 1

Cautionary Statement Regarding Forward-Looking Information

This Quarterly Report on Form 10-Q (“Quarterly Report”) may include statements, which, to the extent they are not statements of historical or present fact, constitute “forward looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “projects,” “is optimistic,” “intends,” “targets,” “plans,” “estimates,” “anticipates” or other comparable terms. Forward-looking statements include, without limitation, all matters that are not historical facts. They appear in a number of places throughout this Quarterly Report and include, without limitation, statements regarding our intentions, beliefs, assumptions or current plans and expectations concerning, among other things, financial position and future financial condition; results of operations; expected operating and non-operating relationships; ability to meet debt service obligations and financing plans; product sales; distribution channels; retention of business; investment yields and spreads; investment portfolio and ability to manage asset-liability cash flows; financial goals and targets; prospects; growth strategies or expectations; laws and regulations; customer retention; the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class action litigation; the impact of our separation from AIG; the impact of the ongoing COVID-19 pandemic; geopolitical events, including the ongoing conflict in Ukraine; and the impact of prevailing capital markets and economic conditions.

Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition, liquidity and cash flows, and the development of the markets in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this Quarterly Report. In addition, even if our results of operations, financial condition, liquidity and cash flows, and the development of the markets in which we operate, are consistent with the forward-looking statements contained in this Quarterly Report, those results or developments may not be indicative of results or developments in subsequent periods. A number of important factors, including, without limitation, the risks and uncertainties discussed in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”) could cause actual results and outcomes to differ materially from those reflected in the forward-looking statements. Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, without limitation:

•changes in interest rates and changes to credit spreads,

•the deterioration of economic conditions, the likelihood of a recession, changes in market conditions, weakening in capital markets, volatility in equity markets, the rise of inflation, pressures on the commercial real estate market, recent stress in the banking sector, uncertainty regarding the U.S. federal government’s debt limit and geopolitical tensions, including the continued armed conflict between Ukraine and Russia;

•uncertainty related to the impact of COVID-19;

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

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

•uncertainty and unpredictability related to our reinsurance agreements with Fortitude Re and its performance of its obligations under these agreements;

•our limited ability to access funds from our subsidiaries;

•our potential inability to refinance all or a portion of our indebtedness or to obtain additional financing;

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

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

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

•potential adverse impact to liquidity and other risks due to our participation in a securities lending program and a repurchase program;

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

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

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

•our inability to maintain the availability of critical technology systems and the confidentiality of our data;

•the ineffectiveness of our risk management policies and procedures;

•significant legal, governmental or regulatory proceedings;

•the ineffectiveness of our business strategy in accomplishing our objectives;

•the intense competition we face in each of our business lines and the technological changes that may present new and intensified challenges to our business;

Corebridge | First Quarter 2023 Form 10-Q 2

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

•material changes to, or termination of, our investment advisory arrangements with AIG and Fortitude Re;

•changes in accounting principles and financial reporting requirements;

•our foreign operations, which may expose us to risks that may affect our operations;

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

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

•challenges associated with a variety of privacy and information security laws;

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

•our potential to be deemed an “investment company” under the Investment Company Act of 1940;

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

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

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

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

•the impact of risks associated with our arrangements with Blackstone IM including risks related to limitations on our ability to terminate the Blackstone IM arrangements and related to our exclusive arrangements with Blackstone IM in relation to certain asset classes;

•the historical performance of AMG, Blackstone IM, BlackRock or any other external asset manager we retain not being indicative of the future results of our investment portfolio;

•challenges related to management of our investment portfolio due to increased regulation or scrutiny of investment advisers;

•our failure to replicate or replace functions, systems and infrastructure provided by AIG (including through shared service contracts) or our loss of benefits from AIG’s global contracts, and AIG’s failure to perform the services provided for in the Transition Services Agreement;

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

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

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

•certain provisions in our Organizational Documents;

•volatility in or declines in the market price of our common stock; and

•applicable insurance laws, which could make it difficult to effect a change of control of our company.

Other risks, uncertainties and factors, including those discussed in “Risk Factors” in the 2022 Annual Report, could cause our actual results to differ materially from those projected in any forward-looking statements we make. You should read carefully the factors described in “Risk Factors” in the 2022 Annual Report to better understand the risks and uncertainties inherent in our business and underlying any forward-looking statements.

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

Corporate Information

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

Corebridge | First Quarter 2023 Form 10-Q 3

Part I – Financial Information

Item 1. | Financial Statements

Corebridge Financial, Inc.

Condensed Consolidated Balance Sheets (unaudited)

(in millions, except for share data)	March 31, 2023		December 31, 2022
Assets:
Investments:
Fixed maturity securities:
Bonds available for sale, at fair value, net of allowance for credit losses of $96 in 2023 and $148 in 2022 (amortized cost: 2023 - $179,471; 2022 - $181,274)*	$	159,061	$	156,793
Other bond securities, at fair value (See Note 5)*	4,103		3,769
Equity securities, at fair value (See Note 5)*	191		170
Mortgage and other loans receivable, net of allowance for credit losses of $659 in 2023 and $600 in 2022*	45,869		44,566
Other invested assets (portion measured at fair value: 2023 - $7,934; 2022 - $7,879)*	10,496		10,418
Short-term investments, including restricted cash of $55 in 2023 and $69 in 2022 (portion measured at fair value:<br><br>2023 - $1,540; 2022 - $1,357)*	4,006		4,400
Total investments	223,726		220,116
Cash*	465		552
Accrued investment income*	1,923		1,813
Premiums and other receivables, net of allowance for credit losses and disputes of $1 in 2023 and $1 in 2022	745		916
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes of $0 in 2023 and $0 in 2022	27,238		26,844
Reinsurance assets - other, net of allowance for credit losses and disputes of $74 in 2023 and $84 in 2022	2,643		2,517
Deferred income taxes	8,435		8,831
Deferred policy acquisition costs and value of business acquired	10,641		10,563
Market risk benefit assets, at fair value	830		796
Other assets, including restricted cash of $4 in 2023 and $12 in 2022 (portion measured at fair value:<br><br>2023 - $690; 2022 - $299)*	2,688		2,521
Separate account assets, at fair value	87,357		84,853
Total assets	$	366,691	$	360,322
Liabilities:
Future policy benefits for life and accident and health insurance contracts	$	53,406	$	50,518
Policyholder contract deposits (portion measured at fair value: 2023 - $6,180; 2022 - $5,464)	158,025		156,058
Market risk benefit liabilities, at fair value	5,144		4,736
Other policyholder funds	2,897		2,885
Fortitude Re funds withheld payable (portion measured at fair value: 2023 - $1,774; 2022 - $1,262)	26,633		26,551
Other liabilities (portion measured at fair value: 2023 - $159; 2022 - $97)*	8,705		9,076
Short-term debt	1,500		1,500
Long-term debt	7,871		7,868
Debt of consolidated investment entities (portion measured at fair value: 2023 - $6; 2022 - $6)*	2,688		5,958
Separate account liabilities	87,357		84,853
Total liabilities	$	354,226	$	350,003
Contingencies, commitments and guarantees (See Note 14)
Corebridge Shareholders' equity:
Common stock, $0.01 par value; 2,500,000,000 shares authorized; shares issued:<br><br>2023 - 648,129,652 and 2022 645,000,000	6		6
Additional paid-in capital	8,024		8,030
Retained earnings	17,592		18,207
Accumulated other comprehensive loss	(14,067)		(16,863)
Total Corebridge Shareholders' equity	11,555		9,380
Non-redeemable noncontrolling interests	910		939
Total equity	12,465		10,319
Total liabilities and equity	$	366,691	$	360,322

*See Note 8 for details of balances associated with variable interest entities.

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

Corebridge | First Quarter 2023 Form 10-Q 4

Corebridge Financial, Inc.

Condensed Consolidated Statements of Income (Loss) (unaudited)


(in millions, except per common share data)	2023		2022
Revenues:
Premiums	$	2,105	$	735
Policy fees	698		730
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets	2,301		2,303
Net investment income - Fortitude Re funds withheld assets	394		278
Total net investment income	2,695		2,581
Net realized gains (losses):
Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative	(453)		173
Net realized gains (losses) on Fortitude Re funds withheld assets	20		(123)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	(1,025)		2,837
Total net realized gains (losses)	(1,458)		2,887
Advisory fee income	116		131
Other income	106		176
Total revenues	4,262		7,240
Benefits and expenses:
Policyholder benefits (including remeasurement (gains) losses of 64 and 147, for the three months ended March 31, 2023 and 2022, respectively)	2,495		1,168
Change in the fair value of market risk benefits, net	196		(233)
Interest credited to policyholder account balances	1,026		878
Amortization of deferred policy acquisition costs and value of business acquired	256		243
Non-deferrable insurance commissions	136		144
Advisory fee expenses	65		71
General operating expenses	582		586
Interest expense	172		81
Net loss on divestitures	3		2
Total benefits and expenses	4,931		2,940
Income (loss) before income tax expense (benefit)	(669)		4,300
Income tax expense (benefit)	(216)		859
Net income (loss)	(453)		3,441
Less:
Net income (loss) attributable to noncontrolling interests	6		75
Net income (loss) attributable to Corebridge	$	(459)	$	3,366
Income (loss) per common share attributable to Corebridge common shareholders:
Common stock - Basic	$	(0.70)	$	5.22
Common stock - Diluted	$	(0.70)	$	5.22
Weighted averages shares outstanding:
Common stock - Basic	650.8		645.0
Common stock - Diluted	650.8		645.0

All values are in US Dollars.

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

Corebridge | First Quarter 2023 Form 10-Q 5

Corebridge Financial, Inc.

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


(in millions)	2023		2022
Net income (loss)	$	(453)	$	3,441
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken	30		(51)
Change in unrealized appreciation (depreciation) of all other investments	3,132		(13,376)
Change in fair value of market risk benefits attributable to changes in the instrument-specific risk	74		782
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts	(465)		2,232
Change in cash flow hedges	(4)		177
Change in foreign currency translation adjustments	36		(23)
Change in retirement plan liabilities	2		—
Other comprehensive income (loss)	2,805		(10,259)
Comprehensive income (loss)	2,352		(6,818)
Less:
Comprehensive income attributable to noncontrolling interests	15		75
Comprehensive income (loss) attributable to Corebridge	$	2,337	$	(6,893)

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

Corebridge | First Quarter 2023 Form 10-Q 6

| Corebridge Financial, Inc. Condensed Consolidated Statements of Equity | | --- || (in millions) | Common Stock | | Common Stock Class A | | Common Stock Class B | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total Corebridge Shareholders' Equity | | Non- Redeemable Noncontrolling Interests | | Total Shareholders' Equity | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Three Months Ended March 31, 2023 | | | | | | | | | | | | | | | | | | | | Balance, beginning of period | $ | 6 | $ | — | $ | — | $ | 8,030 | $ | 18,207 | $ | (16,863) | $ | 9,380 | $ | 939 | $ | 10,319 | | Net income attributable to Corebridge or noncontrolling interests | — | | — | | — | | — | | (459) | | — | | (459) | | 6 | | (453) | | | Dividends on common stock | — | | — | | — | | — | | (149) | | — | | (149) | | — | | (149) | | | Other comprehensive income, net of tax | — | | — | | — | | — | | — | | 2,796 | | 2,796 | | 9 | | 2,805 | | | Changes in noncontrolling interests due to divestitures and acquisitions | — | | — | | — | | — | | — | | — | | — | | (19) | | (19) | | | Contributions from noncontrolling interests | — | | — | | — | | — | | — | | — | | — | | 25 | | 25 | | | Distributions to noncontrolling interests | — | | — | | — | | — | | — | | — | | — | | (50) | | (50) | | | Other | — | | — | | — | | (6) | | (7) | | — | | (13) | | — | | (13) | | | Balance, end of period | $ | 6 | $ | — | $ | — | $ | 8,024 | $ | 17,592 | $ | (14,067) | $ | 11,555 | $ | 910 | $ | 12,465 || (in millions) | Common Stock | | Common Stock Class A | | Common Stock Class B | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total Corebridge Shareholders' Equity | | Non- Redeemable Noncontrolling Interests | | Total Shareholders' Equity | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Three Months Ended March 31, 2022 | | | | | | | | | | | | | | | | | | | | Balance, beginning of period* | $ | — | $ | 5 | $ | 1 | $ | 8,054 | $ | 10,937 | $ | 8,233 | $ | 27,230 | $ | 1,759 | $ | 28,989 | | Net income attributable to Corebridge or noncontrolling interests | — | | — | | — | | — | | 3,366 | | — | | 3,366 | | 76 | | 3,442 | | | Dividends on common stock | — | | — | | — | | — | | (290) | | — | | (290) | | — | | (290) | | | Other comprehensive loss, net of tax | — | | — | | — | | — | | — | | (10,259) | | (10,259) | | — | | (10,259) | | | Contributions from noncontrolling interests | — | | — | | — | | — | | — | | — | | — | | 14 | | 14 | | | Distributions to noncontrolling interests | — | | — | | — | | — | | — | | — | | — | | (280) | | (280) | | | Other | — | | — | | — | | (20) | | 1 | | — | | (19) | | (4) | | (23) | | | Reorganization transactions | 6 | | (5) | | (1) | | — | | — | | — | | — | | — | | — | | | Balance, end of period | $ | 6 | $ | — | $ | — | $ | 8,034 | $ | 14,014 | $ | (2,026) | $ | 20,028 | $ | 1,565 | $ | 21,593 |

* Balance, beginning of period has been updated to reflect the adoption of long-duration targets improvements. See Note 2.

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

Corebridge | First Quarter 2023 Form 10-Q 7

Corebridge Financial, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)

	Three Months Ended March 31,
(in millions)	2023		2022
Cash flows from operating activities:
Net income (loss)	$	(453)	$	3,441
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash revenues, expenses, gains and losses included in income (loss):
Net losses on sales of securities available for sale and other assets	89		90
Net loss on divestitures	3		2
Unrealized (gains) losses in earnings - net	151		(36)
Change in the fair value of market risk benefits in earnings, net	316		(496)
Equity in income from equity method investments, net of dividends or distributions	(22)		(51)
Depreciation and other amortization	105		157
Changes in operating assets and liabilities:
Insurance reserves	41		(212)
Premiums and other receivables and payables - net	(17)		61
Funds held relating to Fortitude Re Reinsurance contracts	538		(3,443)
Reinsurance assets and funds held under reinsurance treaties	58		311
Capitalization of deferred policy acquisition costs	(318)		(261)
Current and deferred income taxes - net	(220)		341
Other, net	30		93
Total adjustments	754		(3,444)
Net cash provided by operating activities	301		(3)
Cash flows from investing activities:
Proceeds from (payments for)
sales or distributions of:
Available-for-sale securities	2,621		2,795
Other securities	208		123
Other invested assets	226		582
Divestitures, net	32		—
Maturities of fixed maturity securities available for sale	1,876		2,819
Principal payments received on mortgage and other loans receivable	714		1,618
Purchases of:
Available-for-sale securities	(4,558)		(4,916)
Other securities	(413)		(844)
Other invested assets	(259)		(512)
Mortgage and other loans receivable	(1,868)		(3,312)
Acquisition of businesses, net of cash and restricted cash acquired	—		(107)
Net change in short-term investments	100		982
Net change in derivative assets and liabilities	(301)		(187)
Other, net	145		(287)
Net cash used in investing activities	(1,477)		(1,246)
Cash flows from financing activities:
Proceeds from (payments for):
Policyholder contract deposits	8,226		6,410
Policyholder contract withdrawals	(6,468)		(4,802)
Issuance of debt of consolidated investment entities	39		729
Maturities and repayments of debt of consolidated investment entities	(142)		(765)
Dividends paid on common stock	(149)		(290)
Distributions to noncontrolling interests	(50)		(187)
Contributions from noncontrolling interests	25		14
Net change in securities lending and repurchase agreements	(442)		(130)
Other, net	26		271
Net cash provided by (used in) financing activities	1,065		1,250
Effect of exchange rate changes on cash and restricted cash	2		(2)
Net decrease in cash and restricted cash	(109)		(1)
Cash and restricted cash at beginning of year	633		601
Cash and restricted cash at end of year	$	524	$	600

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

Corebridge | First Quarter 2023 Form 10-Q 8

Corebridge Financial, Inc.

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

Supplementary Disclosure of Consolidated Cash Flow Information
	Three Months Ended March 31,
(in millions)	2023		2022
Cash	$	465	$	583
Restricted cash included in short-term investments*	55		13
Restricted cash included in other assets*	4		4
Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	524	$	600
Cash paid during the period for:
Interest	$	83	$	44
Taxes	4		518
Non-cash investing activities:
Fixed maturity securities, designated available for sale, received in connection with pension risk transfer transactions	(1,424)		—
Fixed maturity securities, designated available for sale, transferred in connection with reinsurance transactions	456		204
Equity securities distributed in lieu of cash to non-consolidated Corebridge affiliate	—		94
Non-cash financing activities:
Interest credited to policyholder contract deposits included in financing activities	1,107		854
Fee income debited to policyholder contract deposits included in financing activities	(525)		(420)
Distribution in lieu of cash, in equity securities, to non-consolidated Corebridge affiliate	—		(94)

*Primarily includes funds held for tax sharing payments to Corebridge Parent, security deposits.

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

Corebridge | First Quarter 2023 Form 10-Q 9

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

Overview and Basis of Presentation

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

These unaudited Condensed Consolidated Financial Statements present the results of operations, financial condition and cash flows of the Company. On September 19, 2022, we completed an initial public offering (the “IPO”) in which American International Group, Inc. (“AIG Parent”) sold 80,000,000 shares of Corebridge Parent common stock to the public. As of March 31, 2023, AIG owns 77.3% of the outstanding common stock of Corebridge Parent. AIG Parent is a publicly traded entity, listed on the New York Stock Exchange (NYSE:AIG). The term “AIG” means AIG Parent and its consolidated subsidiaries, unless the context refers to AIG Parent only.

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

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

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

We adopted the Financial Accounting Standards Board’s (the “FASB”) targeted improvements to the accounting for long-duration contracts (the “standard” or “LDTI”) on January 1, 2023 with a transition date of January 1, 2021 (“the transition date”). In accordance with the transition guidance in the standard, we updated our prior period Condensed Consolidated Financial Statements presented herein to reflect LDTI. For additional detail, see Note 2.

USE OF ESTIMATES

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

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

•valuation of embedded derivative liabilities for fixed index annuity and index universal life products;

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

•reinsurance assets, including the allowance for credit losses;

•goodwill impairment;

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

•fair value measurements of certain financial assets and liabilities; and

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

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

Corebridge | First Quarter 2023 Form 10-Q 10

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 2. Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

There were no material changes to our significant accounting policies with the exception of the policies listed below which were impacted by the adoption of LDTI. For additional information on our significant accounting policies not impacted by the adoption LDTI, see Note 2 to the Consolidated Financial Statements in the 2022 Annual Report.

The following list identifies our significant accounting policies presented in other Notes to these Condensed Consolidated Financial Statements, with a reference to the Note where a detailed description can be found:

Note 5. Investments

•Net realized gains (losses)

Note 7. Reinsurance

•Reinsurance assets – net of allowance

Note 10. Deferred Policy Acquisition Costs

•Deferred policy acquisition costs

•Value of business acquired

•Deferred sales inducements

•Amortization of deferred policy acquisition costs

•Non-deferrable insurance commissions

Note 11. Insurance Liabilities

•Future policy benefits

•Policyholder contract deposits

•Other policyholder funds

Note 12. Market Risk Benefits

Note 13. Separate Account Assets and Liabilities

OTHER SIGNIFICANT ACCOUNTING POLICIES

Insurance revenues include premiums and policy fees. All premiums and policy fees are presented net of reinsurance, as applicable. Premiums from long-duration life products, other than universal and variable life contracts, are recognized as revenues when due. Premiums from individual and group annuity contracts that are life contingent are recognized as revenues when due.

For limited payment contracts, premiums are due over a significantly shorter period than the period over which benefits are provided. Prior to the adoption of LDTI on January 1, 2021, the difference between the gross premium received and the net premium was deferred and recognized in premiums in a constant relationship to insurance in-force, or for annuities, the amount of expected future policy benefits. This Deferred Profit Liability (“DPL”) was recorded in the Condensed Consolidated Balance Sheets in Other policyholder funds. After January 1, 2021, the difference between the gross premium received and recorded as revenue and the net premium is deferred and recognized in Policyholder benefits in a constant relationship to insurance in-force, or for annuities, the amount of expected future policy benefits. This DPL is recorded in the Condensed Consolidated Balance Sheets in Future policy benefits for life and accident and health insurance contracts.

Premiums on short-duration accident and health policies are earned primarily on a pro rata basis over the term of the related coverage. The reserve for unearned premiums includes the portion of premiums written relating to the unexpired terms of coverage. This unearned revenue reserve (“URR”) is recorded in the Condensed Consolidated Balance Sheets in Other policyholder funds.

Prior to the adoption of LDTI on January 1, 2021, reinsurance premiums ceded under yearly renewable term (“YRT”) reinsurance agreements were recognized as a reduction in revenues over the period the reinsurance coverage was utilized in proportion to the risks to which the premiums relate, while premiums ceded under modified coinsurance (“modco”) treaties were recognized when due. After January 1, 2021 all reinsurance premiums ceded are recognized when due, following a ceded net premium ratio methodology that also accrues a proportionate amount of estimated benefits.

Reinsurance premiums for assumed business are estimated based on information received from ceding companies and reinsurers. Any subsequent differences that arise regarding such estimates are recorded in the periods in which they are determined.

Corebridge | First Quarter 2023 Form 10-Q 11

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 2. Summary of Significant Accounting Policies

Amounts received as payment for investment-oriented contracts such as universal life, variable annuities, fixed annuities, and fixed index annuities, are reported as deposits to Policyholder contract deposits or Separate account liabilities, as applicable. Revenues from these contracts are recorded in policy fees and consist of policy charges for the cost of insurance, policy administration charges, surrender charges and amortization of unearned revenue reserves. Policy fees are recognized as revenues in the period in which they are assessed against policyholders, unless the fees are designed to compensate Corebridge for services to be provided in the future. Prior to the adoption of LDTI on January 1, 2021, fees deferred as unearned revenue were amortized in relation to the incidence of estimated gross profits (“EGPs”) to be realized over the estimated lives of the contracts. After January 1, 2021 fees deferred as unearned revenue are amortized on a constant level basis over the estimated lives of the contracts, consistent with the amortization of deferred acquisition costs. This unearned revenue reserve is recorded in the Condensed Consolidated Balance Sheets in Other policyholder funds.

ACCOUNTING STANDARDS ADOPTED DURING 2023

Targeted Improvements to the Accounting for Long-Duration Contracts

In August 2018, the FASB issued an accounting standard update 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 the January 1, 2021 transition date, the impact of the adoption of the standard was a net decrease to beginning Accumulated other comprehensive income (loss) (“AOCI”) 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 which reclassified the portion of the changes in fair value attributable to non-performance risk from Shareholders' net investment to AOCI, (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 the Fortitude Reinsurance Company Ltd. (“Fortitude Re”) reinsurance assets, including the discount rates, continued to be calculated using the same methodology and assumptions as the direct policies, and therefore have been recalculated on an LDTI basis. The accounting for reinsurance transactions between the Company and Fortitude Re structured as modco remained unchanged.

Market risk benefits: 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 (loss) (“OCI”). MRBs impacted both Shareholders’ net investment and AOCI upon transition.

The accounting for MRBs primarily impacted our Individual Retirement and Group Retirement segments. For additional disclosures about MRBs, see Note 12.

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 of the standard, the impact of changes to discount rates are recognized through OCI. 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 products. For additional information on the discount rate assumption under accounting for Long-Duration Contracts Standard, see Note 11.

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). For additional information, see Note 11.

•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. For additional information, see Note 10.

Corebridge | First Quarter 2023 Form 10-Q 12

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 2. Summary of Significant Accounting Policies

•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 following table presents the impacts in connection with the adoption of LDTI on January 1, 2021 as well as cross references to the applicable notes herein for additional information:

	Balance, Beginning of Year		Cumulative Effect Adjustment as of January 1, 2021		Updated Balances post-adoption of LDTI
(in millions)
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes(a)	$	29,158	$	7,666	$	36,824
Reinsurance assets - other, net of allowance for credit losses and disputes(a)	2,707		433		3,140
Deferred income taxes	3,640		310		3,950
Deferred policy acquisition costs and value of business acquired(b)	7,363		3,137		10,500
Market risk benefit assets(c)	—		338		338
Other assets(d)	3,428		396		3,824
Total assets	410,155		12,280		422,435
Future policy benefits for life and accident and health insurance(e)	54,660		10,522		65,182
Policyholder contract deposits(e)	154,892		(6,471)		148,421
Market risk benefit liabilities(c)	—		8,739		8,739
Other policyholder funds(f)	2,492		248		2,740
Other liabilities(g)	9,954		399		10,353
Total liabilities	370,323		13,437		383,760
Shareholders’ net investment(h)	22,579		1,192		23,771
Accumulated other comprehensive income(h)	14,653		(2,349)		12,304
Total Corebridge Shareholders' net investment	37,232		(1,157)		36,075
Total equity	39,781		(1,157)		38,624
Total liabilities, redeemable noncontrolling interest and shareholder’s net investment	$	410,155	$	12,280	$	422,435

(a) Refer to Note 7 for additional information on the transition impacts associated with LDTI.

(b) Refer to Note 10 for additional information on the transition impacts associated with LDTI.

(c) Refer to Note 12 for additional information on the transition impacts associated with LDTI.

(d) Other assets include deferred sales inducement assets. Refer to Note 10 for additional information on the transition impacts associated with LDTI.

(e) Refer to Note 11 for additional information on the transition impacts associated with LDTI.

(f) Other policyholder funds include URR. Refer to Note 11 for additional information on the transition impacts associated with LDTI.

(g) Other liabilities include deferred cost of reinsurance liabilities. Refer to Note 7 for additional information on the transition impacts associated with LDTI.

(h) Includes a correction of $158 million to increase shareholders' net investment and decrease AOCI.

Corebridge | First Quarter 2023 Form 10-Q 13

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 2. Summary of Significant Accounting Policies

The following table presents the impacts in connection with the adoption of LDTI on January 1, 2021 on our previously reported Condensed Consolidated Balance Sheet as of December 31, 2022:

December 31, 2022	As Previously Reported		Effect of Change		Updated Balances post-adoption of LDTI
(in millions)
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes	$	27,794	$	(950)	$	26,844
Reinsurance assets - other, net of allowance for credit losses and disputes	2,980		(463)		2,517
Deferred income taxes	9,162		(331)		8,831
Deferred policy acquisition costs and value of business acquired	13,179		(2,616)		10,563
Market risk benefit assets	—		796		796
Other assets	2,852		(331)		2,521
Total assets	364,217		(3,895)		360,322
Future policy benefits for life and accident and health insurance	57,266		(6,748)		50,518
Policyholder contract deposits	158,966		(2,908)		156,058
Market risk benefit liabilities	—		4,736		4,736
Other policyholder funds	3,331		(446)		2,885
Other liabilities	8,775		301		9,076
Total liabilities	355,068		(5,065)		350,003
Retained earnings	16,121		2,086		18,207
Accumulated other comprehensive income	(15,947)		(916)		(16,863)
Total Corebridge Shareholders' equity	8,210		1,170		9,380
Total equity	9,149		1,170		10,319
Total liabilities, redeemable noncontrolling interest and equity	$	364,217	$	(3,895)	$	360,322

The following table presents the impacts in connection with the adoption of LDTI on our previously reported Condensed Consolidated Statement of Income (Loss) for the three months ended March 31, 2022:

Three Month Ended March 31, 2022	As Previously Reported		Effect of Change		Updated Balances post-adoption of LDTI
(in millions, except per common share data)
Revenues:
Premiums	$	726	$	9	$	735
Policy fees	764		(34)		730
Total net realized gains (losses)	3,726		(839)		2,887
Total revenues	8,104		(864)		7,240
Benefits and expenses:
Policyholder benefits	1,366		(198)		1,168
Change in the fair value of market risk benefits, net	—		(233)		(233)
Interest credited to policyholder account balances	875		3		878
Amortization of deferred acquisition costs and value of business acquired	543		(300)		243
Non-deferrable insurance commissions	161		(17)		144
Total benefits and expenses	3,685		(745)		2,940
Income (loss) before income tax expense (benefit)	4,419		(119)		4,300
Income tax expense (benefit):	883		(24)		859
Net income (loss)	3,536		(95)		3,441
Net income (loss) attributable to Corebridge	$	3,461	$	(95)	$	3,366
Income (loss) per common share attributable to Corebridge common shareholders:
Common stock - Basic	$	5.37	$	(0.15)	$	5.22
Common stock - Diluted	$	5.37	$	(0.15)	$	5.22

Corebridge | First Quarter 2023 Form 10-Q 14

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 2. Summary of Significant Accounting Policies

The following table presents the impacts in connection with the adoption of LDTI on our previously reported Condensed Consolidated Statement of Comprehensive Income (Loss) for the three months ended March 31, 2022:

Three Month Ended March 31, 2022	As Previously Reported		Effect of Change		Updated Balances post-adoption of LDTI
(in millions)
Net income	$	3,536	$	(95)	$	3,441
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of all other investments	(10,860)		(2,516)		(13,376)
Change in fair value of market risk benefits attributable to changes in the instrument-specific risk	—		782		782
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts	—		2,232		2,232
Other comprehensive income (loss)	(10,756)		497		(10,259)
Comprehensive income (loss)	(7,220)		402		(6,818)
Comprehensive income (loss) attributable to Corebridge	$	(7,295)	$	402	$	(6,893)

The following table presents the impacts in connection with the adoption of LDTI on our previously reported Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2022:

Three Month Ended March 31, 2022	As Previously Reported		Effect of Change		Updated Balances post-adoption of LDTI
(in millions)
Cash flows from operating activities:
Net income	$	3,536	$	(95)	$	3,441
Adjustments to reconcile net income to net cash provided by operating activities:
Noncash revenues, expenses, gains and losses included in income (loss):
Unrealized gains in earnings - net	(1,169)		1,133		(36)
Change in the fair value of market risk benefits in earnings, net	—		(496)		(496)
Depreciation and other amortization	469		(312)		157
Changes in operating assets and liabilities:
Insurance reserves	67		(279)		(212)
Reinsurance assets and funds held under reinsurance treaties	97		214		311
Capitalization of deferred policy acquisition costs	(244)		(17)		(261)
Current and deferred income taxes - net	365		(24)		341
Other, net	235		(142)		93
Total adjustments	(3,521)		77		(3,444)
Net cash provided by operating activities	$	15	$	(18)	$	(3)
Cash flows from financing activities:
Policyholder contract deposits	$	6,392	$	18	$	6,410
Net cash provided by financing activities	$	1,232	$	18	$	1,250

Troubled Debt Restructuring and Vintage Disclosures

In March 2022, the FASB issued an accounting standard update that eliminates the accounting guidance for troubled debt restructurings (“TDRs”) for creditors and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. The standard also updates the requirements for accounting for credit losses by adding enhanced disclosures for creditors related to loan refinancings and restructurings for borrowers experiencing financial difficulty. The Company adopted the standard prospectively as of January 1, 2023 and the standard did not have a material impact on our reported consolidated financial condition, results of operations, or cash flows. For the updated required disclosures, see Note 6.

FUTURE APPLICATION OF ACCOUNTING STANDARDS

Fair Value Measurement

On June 30, 2022, the FASB issued an accounting standards update to address diversity in practice by clarifying that a contractual sale restriction should not be considered in the measurement of the fair value of an equity security. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim period within those years, with early adoption permitted. For entities other than investment companies, the accounting standards update applies prospectively, with any adjustments resulting from adoption recognized in earnings on the date of adoption. We are assessing the impact of this standard.

Corebridge | First Quarter 2023 Form 10-Q 15

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

Segment Information

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

We report our results of operations as five reportable segments:

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

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

•Life Insurance – primary products in the United States include term life and universal life insurance. The International Life business issues individual and group life insurance in the United Kingdom, and distributes private medical insurance in Ireland.

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

•Corporate and Other – consists primarily of:

–corporate expenses not attributable to our other segments;

–interest expense on financial debt;

–results of our consolidated investment entities;

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

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

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

APTOI excludes the impact of the following items:

Fortitude-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).

Corebridge | First Quarter 2023 Form 10-Q 16

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

Market Risk Benefits adjustments:

Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain guaranteed minimum withdrawal benefits (“GMWBs”) and/or guaranteed minimum death benefits (“GMDBs”) which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to 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.

Other adjustments:

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

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

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

•separation costs;

•non-operating litigation reserves and settlements;

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

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

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

Corebridge | First Quarter 2023 Form 10-Q 17

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

The following table presents Corebridge’s operations by segment:

(in millions)	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate & Other		Eliminations		Total Corebridge		Adjustments		Total Consolidated
Three Months Ended March 31, 2023
Premiums	$	78	$	6	$	425	$	1,575	$	20	$	—	$	2,104	$	1	$	2,105
Policy fees	174		100		375		49		—		—		698		—		698
Net investment income(a)	1,128		500		317		332		68		(10)		2,335		360		2,695
Net realized gains (losses)(a)(b)	—		—		—		—		4		—		4		(1,462)		(1,458)
Advisory fee and other income	103		76		29		—		14		—		222		—		222
Total adjusted revenues	1,483		682		1,146		1,956		106		(10)		5,363		(1,101)		4,262
Policyholder benefits	65		9		708		1,718		—		—		2,500		(5)		2,495
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		196		196
Interest credited to policyholder account balances	519		291		82		123		—		—		1,015		11		1,026
Amortization of deferred policy acquisition costs	137		21		96		2		—		—		256		—		256
Non-deferrable insurance commissions	86		28		17		5		—		—		136		—		136
Advisory fee expenses	34		29		2		—		—		—		65		—		65
General operating expenses	108		118		159		23		91		—		499		83		582
Interest expense	—		—		—		—		172		(10)		162		10		172
Net (gain) loss on divestitures	—		—		—		—		—		—		—		3		3
Total benefits and expenses	949		496		1,064		1,871		263		(10)		4,633		298		4,931
Noncontrolling interests	—		—		—		—		(6)		—		(6)
Adjusted pre-tax operating income (loss)	$	534	$	186	$	82	$	85	$	(163)	$	—	$	724
Adjustments to:
Total revenue													(1,101)
Total expenses													298
Noncontrolling interests													6
Income before income tax expense (benefit)													$	(669)			$	(669)
Three Months Ended March 31, 2022
Premiums	$	56	$	8	$	425	$	238	$	21	$	—	$	748	$	(13)	$	735
Policy fees	185		114		384		47		—		—		730		—		730
Net investment income(a)	983		527		356		264		186		(5)		2,311		270		2,581
Net realized gains (losses)(a)(b)	—		—		—		—		11		—		11		2,876		2,887
Advisory fee and other income	123		85		36		1		38		5		288		19		307
Total adjusted revenues	1,347		734		1,201		550		256		—		4,088		3,152		7,240
Policyholder benefits	66		10		744		350		—		—		1,170		(2)		1,168
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		(233)		(233)
Interest credited to policyholder account balances	454		284		85		59		—		—		882		(4)		878
Amortization of deferred policy acquisition costs	119		19		104		1		—		—		243		—		243
Non-deferrable insurance commissions	92		28		18		6		—		—		144		—		144
Advisory fee expenses	37		34		—		—		—		—		71		—		71
General operating expenses	111		117		166		19		104		7		524		62		586
Interest expense	—		—		—		—		77		(7)		70		11		81
Net (gain) loss on divestitures	—		—		—		—		—		—		—		2		2
Total benefits and expenses	879		492		1,117		435		181		—		3,104		(164)		2,940
Noncontrolling interests	—		—		—		—		(75)		—		(75)
Adjusted pre-tax operating income (loss)	$	468	$	242	$	84	$	115	$	—	$	—	$	909
Adjustments to:
Total revenue													3,152
Total expenses													(164)
Noncontrolling interests													75
Income before income tax expense (benefit)													$	4,300			$	4,300

(a) Adjustments include Fortitude Re activity of $(611) million and $3.0 billion for the three months ended March 31, 2023 and 2022, respectively.

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

Corebridge | First Quarter 2023 Form 10-Q 18

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

Fair Value Measurements

FAIR VALUE MEASUREMENTS ON A RECURRING BASIS

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

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

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

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

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

The following is a description of the valuation methodologies used for instruments carried at fair value. These methodologies are applied to assets and liabilities across the levels discussed above, and it is the observability of the inputs used that determines the appropriate level in the fair value hierarchy for the respective asset or liability.

VALUATION METHODOLOGIES OF FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE

There were no changes to valuation methodologies of financial instruments measured at fair value with the exception of the valuation methodologies listed below which were impacted by the adoption of LDTI. For additional information on valuation methodologies not impacted by the adoption LDTI, see Note 4 to the Consolidated Financial Statements in the 2022 Annual Report.

Market Risk Benefits and Embedded Derivatives within Policyholder Contract Deposits

Certain variable annuity, fixed annuity and fixed index annuity contracts contain MRBs related to guaranteed benefit features that we separate from the host contracts and account for at fair value, with certain changes recognized in earnings. MRBs are contracts or contract features that provide protection to policyholders from other-than-nominal capital market risks and expose the insurance entity to other-than-nominal capital market risks.

The fair value of MRBs contained in certain variable annuity, fixed annuity and fixed index annuity contracts is measured based on policyholder behavior and capital market assumptions related to projected cash flows over the expected lives of the contracts. These discounted cash flow projections primarily include benefits and related fees assessed, when applicable. In some instances, the projected cash flows from fees may exceed projected cash flows related to benefit payments and therefore, at a point in time, the carrying value of the MRBs may be in a net asset position. The projected cash flows incorporate best estimate assumptions for policyholder behavior (including mortality, lapses, withdrawals and benefit utilization), along with an explicit risk margin to reflect a market participant’s estimates of projected cash flows and policyholder behavior. Estimates of future policyholder behavior assumptions are subjective and are based primarily on our historical experience.

Because of the dynamic and complex nature of the projected cash flows with respect to MRBs in our variable annuity, fixed annuity, and fixed index annuity contracts, risk neutral valuations are used, which are calibrated to observable interest rate and equity option prices. Estimating the underlying cash flows for these products involves judgments regarding the capital market assumptions related to expected market rates of return, market volatility, credit spreads, correlations of certain market variables, fund performance and discount rates. Additionally, estimating the underlying cash flows for these products also involves judgments regarding policyholder behavior. The portion of fees attributable to the fair value of expected benefit payments is included within the fair value measurement of these MRBs, and related fees are classified in change in the fair value of MRBs, net, as earned, consistent with other changes in the fair value of these MRBs. Any portion of the fees not attributed to the MRBs is excluded from the fair value measurement and classified in policy fees as earned.

Option pricing models are used to estimate the fair value of embedded derivatives in our fixed index annuity and life contracts, taking into account the capital market assumptions for future index growth rates, volatility of the equity indices, future interest rates, and our

Corebridge | First Quarter 2023 Form 10-Q 19

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

ability to adjust the participation rate and the cap on fixed index credited rates in light of market conditions and policyholder behavior assumptions.

Projected cash flows are discounted using the interest rate swap curve (“swap curve”), which is viewed as being consistent with the credit spreads for highly-rated financial institutions (S&P AA-rated or above). A swap curve shows the fixed-rate leg of a non-complex swap against the floating rate (for example, SOFR or LIBOR) leg of a related tenor. We also incorporate our own risk of non-performance in the valuation of MRBs and embedded derivatives associated with variable annuity, fixed annuity, fixed index annuity and life contracts. The non-performance risk adjustment (“NPA”) reflects a market participant’s view of our claims-paying ability by incorporating an additional spread to the swap curve used to discount projected benefit cash flows. The non-performance risk adjustment is calculated by constructing forward rates based on a weighted average of observable corporate credit indices to approximate the claims-paying ability rating of our insurance companies. MRBs are measured using a non-performance risk adjustment that is a locked-in approximation of our claims-paying ability at policy issue (“locked-in NPA”) as well as a non-performance risk adjustment that reflects an approximation of our current claims-paying ability (“current NPA”).

When MRBs are remeasured each period, both the interest rates and current non-performance risk adjustment are updated. Changes in the swap curve and the time value accretion of the at-issue non-performance risk adjustment are recorded to net income while the difference between the MRBs measured using the at-issue non-performance risk adjustment and the current non-performance risk adjustment is recorded through OCI. For embedded derivatives, changes in the interest rates and the period-over-period change in the non-performance risk adjustment are recorded to net income.

Corebridge | First Quarter 2023 Form 10-Q 20

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

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

March 31, 2023		Level 1		Level 2		Level 3		Counterparty<br><br>Netting(a)		Cash<br>Collateral		Total
(in millions)
Assets:
Bonds available for sale:	Bonds available for sale:
U.S. government and government sponsored entities		$	—	$	1,259	$	—	$	—	$	—	$	1,259
Obligations of states, municipalities and political subdivisions		—		5,303		858		—		—		6,161
Non-U.S. governments		—		4,318		—		—		—		4,318
Corporate debt		—		102,389		1,704		—		—		104,093
RMBS(b)		—		6,791		5,687		—		—		12,478
CMBS		—		9,421		718		—		—		10,139
CLO(c)		—		7,239		1,834		—		—		9,073
ABS		—		833		10,707		—		—		11,540
Total bonds available for sale		—		137,553		21,508		—		—		159,061
Other bond securities:
U.S. government and government sponsored entities		—		1		—		—		—		1
Obligations of states, municipalities and political subdivisions		—		63		1		—		—		64
Non-U.S. governments		—		30		—		—		—		30
Corporate debt		—		2,231		130		—		—		2,361
RMBS(d)		—		61		114		—		—		175
CMBS		—		230		27		—		—		257
CLO(e)		—		293		71		—		—		364
ABS		—		70		781		—		—		851
Total other bond securities		—		2,979		1,124		—		—		4,103
Equity securities		140		1		50		—		—		191
Other invested assets(f)		—		—		1,852		—		—		1,852
Derivative assets:
Interest rate contracts		—		1,105		344		—		—		1,449
Foreign exchange contracts		—		1,230		—		—		—		1,230
Equity contracts		26		137		513		—		—		676
Credit contracts		—		—		—		—		—		—
Other contracts		—		—		14		—		—		14
Counterparty netting and cash collateral		—		—		—		(2,303)		(376)		(2,679)
Total derivative assets		26		2,472		871		(2,303)		(376)		690
Short-term investments		1		1,539		—		—		—		1,540
Market risk benefit assets		—		—		830		—		—		830
Separate account assets		84,202		3,155		—		—		—		87,357
Total		$	84,369	$	147,699	$	26,235	$	(2,303)	$	(376)	$	255,624
Liabilities:
Policyholder contract deposits(g)		$	—	$	116	$	6,064	$	—	$	—	$	6,180
Derivative liabilities:
Interest rate contracts		—		2,087		—		—		—		2,087
Foreign exchange contracts		—		356		—		—		—		356
Equity contracts		36		9		16		—		—		61
Credit contracts		—		—		—		—		—		—
Other contracts		—		—		—		—		—		—
Counterparty netting and cash collateral		—		—		—		(2,303)		(42)		(2,345)
Total derivative liabilities		36		2,452		16		(2,303)		(42)		159
Fortitude Re funds withheld payable(h)		—		—		1,774		—		—		1,774
Market risk benefit liabilities		—		—		5,144		—		—		5,144
Debt of consolidated investment entities		—		—		6		—		—		6
Total		$	36	$	2,568	$	13,004	$	(2,303)	$	(42)	$	13,263

Corebridge | First Quarter 2023 Form 10-Q 21

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

December 31, 2022	Level 1		Level 2		Level 3		Counterparty<br><br>Netting(a)		Cash<br>Collateral		Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	—	$	1,198	$	—	$	—	$	—	$	1,198
Obligations of states, municipalities and political subdivisions	—		5,121		805		—		—		5,926
Non-U.S. governments	—		4,392		—		—		—		4,392
Corporate debt	—		102,724		1,968		—		—		104,692
RMBS(b)	—		6,274		5,670		—		—		11,944
CMBS	—		9,350		718		—		—		10,068
CLO(c)	—		6,516		1,670		—		—		8,186
ABS	—		792		9,595		—		—		10,387
Total bonds available for sale	—		136,367		20,426		—		—		156,793
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		37		—		—		—		37
Non-U.S. governments	—		22		—		—		—		22
Corporate debt	—		1,805		417		—		—		2,222
RMBS(d)	—		58		107		—		—		165
CMBS	—		204		28		—		—		232
CLO(e)	—		268		11		—		—		279
ABS	—		71		741		—		—		812
Total other bond securities	—		2,465		1,304		—		—		3,769
Equity securities	141		3		26		—		—		170
Other invested assets(f)	—		—		1,832		—		—		1,832
Derivative assets:
Interest rate contracts	1		1,269		303		—		—		1,573
Foreign exchange contracts	—		1,247		—		—		—		1,247
Equity contracts	11		124		282		—		—		417
Credit contracts	—		—		—		—		—		—
Other contracts	—		1		14		—		—		15
Counterparty netting and cash collateral	—		—		—		(2,547)		(406)		(2,953)
Total derivative assets	12		2,641		599		(2,547)		(406)		299
Short-term investments	1		1,356		—		—		—		1,357
Market risk benefit assets	—		—		796		—		—		796
Separate account assets	81,655		3,198		—		—		—		84,853
Total	$	81,809	$	146,030	$	24,983	$	(2,547)	$	(406)	$	249,869
Liabilities:
Policyholder contract deposits(g)	$	—	$	97	$	5,367	$	—	$	—	$	5,464
Derivative liabilities:
Interest rate contracts	—		2,676		—		—		—		2,676
Foreign exchange contracts	—		632		—		—		—		632
Equity contracts	2		10		15		—		—		27
Credit contracts	—		—		—		—		—		—
Other contracts	—		—		—		—		—		—
Counterparty netting and cash collateral	—		—		—		(2,547)		(691)		(3,238)
Total derivative liabilities	2		3,318		15		(2,547)		(691)		97
Fortitude Re funds withheld payable(h)	—		—		1,262		—		—		1,262
Market risk benefit liabilities	—		—		4,736		—		—		4,736
Debt of consolidated investment entities	—		—		6		—		—		6
Total	$	2	$	3,415	$	11,386	$	(2,547)	$	(691)	$	11,565

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

(b)Includes investments in RMBS issued by related parties of $38 million and $2 million classified as Level 2 and Level 3, respectively, as of March 31, 2023. Additionally, includes investments in RMBS issued by related parties of $37 million and $2 million classified as Level 2 and Level 3, respectively, as of December 31, 2022.

(c)Includes investments in collateralized loan obligations (“CLOs”) issued by related parties of $238 million and $0 million as of March 31, 2023 and December 31, 2022, respectively. Of these amounts, $176 million of CLOs are classified as Level 3 as of March 31, 2023.

(d)Includes less than $1 million of investments in RMBS issued by related parties classified as Level 2 as of March 31, 2023 and December 31, 2022.

(e)Includes investments in CLOs issued by related parties of $28 million and $0 million as of March 31, 2023 and December 31, 2022, respectively. The $17 million of CLOs are classified as Level 3 as of March 31, 2023.

Corebridge | First Quarter 2023 Form 10-Q 22

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

(f)Excludes investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent), which totaled $6.1 billion and $6.0 billion as of March 31, 2023 and December 31, 2022, respectively.

(g)Excludes basis adjustments for fair value hedges.

(h)As discussed in Note 7, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s balance sheet. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge, which are primarily available-for-sale securities.

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

The following tables present changes during the three months ended March 31, 2023 and 2022 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at March 31, 2023 and 2022:.

(in millions)	Fair Value<br> Beginning<br> of Period		Net<br> Realized<br> and <br>Unrealized Gains<br> (Losses)<br> Included <br>in Income		Other<br> Comprehensive<br>Income (Loss)		Purchases,<br> Sales,<br> Issuances<br> and<br> Settlements,<br>Net		Gross <br>Transfers<br> In		Gross<br> Transfers<br> Out		Other		Fair Value<br> End <br>of Period		Changes in<br> Unrealized<br>Gains<br> (Losses)<br> Included in<br>Income on<br>Instruments<br>Held at <br>End of Period		Changes in <br>Unrealized <br>Gain (Losses) <br>Included in<br> Other Comprehensive Income (Loss) <br>for Recurring<br> Level 3 Instruments<br> Held at<br> End of Period
Three Months Ended March 31, 2023
Assets:
Bonds available for sale:
Obligations of states,<br> municipalities and<br> political subdivisions	$	805	$	—	$	55	$	(2)	$	—	$	—	$	—	$	858	$	—	$	43
Corporate debt	1,968		(102)		44		14		167		(371)		(16)		1,704		—		51
RMBS	5,670		81		(40)		(8)		—		(16)		—		5,687		—		(66)
CMBS	718		7		(4)		—		24		(27)		—		718		—		(25)
CLO	1,670		9		(18)		21		54		(92)		190		1,834		—		(16)
ABS	9,595		42		269		804		—		(3)		—		10,707		—		254
Total bonds available for sale	20,426		37		306		829		245		(509)		174		21,508		—		241
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		1		—		—		—		1		—		—
Corporate debt	417		—		—		(96)		—		(191)		—		130		3		—
RMBS	107		4		—		3		—		—		—		114		2		—
CMBS	28		(1)		—		—		—		—		—		27		(1)		—
CLO	11		9		—		1		1		(5)		54		71		4		—
ABS	741		26		—		14		—		—		—		781		19		—
Total other bond securities	1,304		38		—		(77)		1		(196)		54		1,124		27		—
Equity securities	26		—		—		24		—		—		—		50		—		—
Other invested assets	1,832		(44)		5		59		—		—		—		1,852		(42)		—
Total(a)	$	23,588	$	31	$	311	$	835	$	246	$	(705)	$	228	$	24,534	$	(15)	$	241

Corebridge | First Quarter 2023 Form 10-Q 23

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

(in millions)	Fair Value<br> Beginning<br> of Period		Net<br> Realized<br> and <br>Unrealized (Gains)<br> Losses<br> Included <br>in Income		Other<br> Comprehensive<br>(Income) Loss		Purchases,<br> Sales,<br> Issuances<br> and<br> Settlements,<br>Net		Gross <br>Transfers<br> In		Gross<br> Transfers<br> Out		Other		Fair Value<br> End <br>of Period		Changes in<br> Unrealized<br>Gains<br> (Losses)<br> Included in Income on Instruments Held at <br>End of Period		Changes in <br>Unrealized <br>Gain (Losses) <br>Included in<br> Other Comprehensive Income (Loss) <br>for Recurring<br> Level 3 Instruments<br> Held at<br> End of Period
Liabilities:
Policyholder contract deposits	$	5,367	$	381	$	—	$	316	$	—	$	—	$	—	$	6,064	$	(368)	$	—
Derivative liabilities, net:
Interest rate contracts	(303)		78		—		(119)		—		—		—		(344)		(71)		—
Foreign exchange contracts	—		—		—		—		—		—		—		—		—		—
Equity contracts	(156)		(176)		—		(165)		—		—		—		(497)		178		—
Credit contracts	—		—		—		—		—		—		—		—		—		—
Other contracts	(14)		(16)		—		16		—		—		—		(14)		16		—
Total derivative liabilities, net(b)	(473)		(114)		—		(268)		—		—		—		(855)		123		—
Fortitude Re funds withheld payable	1,262		1,025		—		(513)		—		—		—		1,774		(633)		—
Debt of consolidated investment entities	6		—		—		—		—		—		—		6		—		—
Total(c)	$	6,162	$	1,292	$	—	$	(465)	$	—	$	—	$	—	$	6,989	$	(878)	$	—	(in millions)	Fair Value<br> Beginning<br> of Period	Net<br> Realized<br> and <br>Unrealized Gains<br> (Losses)<br> Included <br>in Income	Other<br> Comprehensive<br>Income (Loss)	Purchases,<br> Sales,<br> Issuances<br> and<br> Settlements,<br>Net	Gross <br>Transfers<br> In	Gross<br> Transfers<br> Out	Other	Fair Value<br> End <br>of Period	Changes in<br> Unrealized <br>Gains<br> (Losses) <br>Included in <br>Income on <br>Instruments <br>Held at <br>End of Period	Changes in <br>Unrealized <br>Gain (Losses) <br>Included in<br> Other Comprehensive Income (Loss) <br>for Recurring<br> Level 3 Instruments<br> Held at<br> End of Period
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Three Months Ended March 31, 2022
Assets:
Bonds available for sale:
Obligations of states,<br> municipalities and<br> political subdivisions	$	1,395	$	2	$	(282)	$	(56)	$	—	$	—	$	—	$	1,059	$	—	$	(270)
Corporate debt	1,907		(9)		(59)		218		91		(93)		—		2,055		—		(56)
RMBS	7,595		92		(404)		(365)		—		(406)		—		6,512		—		(400)
CMBS	1,072		7		(60)		10		—		(281)		—		748		—		(58)
CLO	3,038		(2)		(52)		11		825		(432)		—		3,388		—		(53)
ABS	7,400		16		(446)		671		—		—		—		7,641		—		(444)
Total bonds available for sale	22,407		106		(1,303)		489		916		(1,212)		—		21,403		—		(1,281)
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		—		—		—		—		—		—		—
Corporate debt	134		—		—		77		61		(12)		—		260		—		—
RMBS	106		(3)		—		12		—		—		—		115		(6)		—
CMBS	33		(2)		—		—		—		—		—		31		(2)		—
CLO	149		(7)		—		—		50		(2)		—		190		(2)		—
ABS	205		(17)		—		289		—		—		—		477		(18)		—
Total other bond securities	627		(29)		—		378		111		(14)		—		1,073		(28)		—
Equity securities	2		—		—		1		—		—		—		3		—		—
Other invested assets	1,892		110		(5)		(28)		24		(153)		—		1,840		118		—
Total(a)	$	24,928	$	187	$	(1,308)	$	840	$	1,051	$	(1,379)	$	—	$	24,319	$	90	$	(1,281)

Corebridge | First Quarter 2023 Form 10-Q 24

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

(in millions)	Fair Value<br> Beginning<br> of Period		Net<br> Realized<br> and <br>Unrealized (Gains)<br> Losses<br> Included <br>in Income		Other<br> Comprehensive<br>(Income) Loss		Purchases,<br> Sales,<br> Issuances<br> and<br> Settlements,<br>Net		Gross <br>Transfers<br> In		Gross<br> Transfers<br> Out		Other		Fair Value<br> End <br>of Period		Changes in<br> Unrealized <br>Gains<br> (Losses) <br>Included in <br>Income on <br>Instruments <br>Held at <br>End of Period		Changes in <br>Unrealized <br>Gain (Losses) <br>Included in<br> Other Comprehensive Income (Loss) <br>for Recurring<br> Level 3 Instruments<br> Held at<br> End of Period
Liabilities:
Policyholder contract deposits	$	5,572	$	(658)	$	—	$	121	$	—	$	—	$	—	$	5,035	$	845	$	—
Derivative liabilities, net:
Interest rate contracts	—		(1)		—		(2)		—		—		—		(3)		1		—
Foreign exchange contracts	—		—		—		—		—		—		—		—		—		—
Equity contracts	(457)		315		—		(26)		—		—		—		(168)		(238)		—
Credit contracts	(1)		1		—		—		—		—		—		—		(1)		—
Other contracts	(12)		(17)		—		14		—		—		—		(15)		17		—
Total derivative liabilities, net(b)	(470)		298		—		(14)		—		—		—		(186)		(221)		—
Fortitude Re funds withheld payable	7,974		(2,837)		—		(341)		—		—		—		4,796		3,016		—
Debt of consolidated investment entities	5		1		—		(1)		—		—		—		5		(1)		—
Total(c)	$	13,081	$	(3,196)	$	—	$	(235)	$	—	$	—	$	—	$	9,650	$	3,639	$	—

(a)Excludes MRB assets of $830 million and $666 million for the three months ended March 31, 2023 and 2022, respectively. Refer to Note 12 for additional information.

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

(c)Excludes MRB liabilities of $5.1 billion and $6.1 billion for the three months ended March 31, 2023 and 2022, respectively. Refer to Note 12 for additional information.

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

(in millions)	Policy <br>Fees		Net Investment Income		Net Realized and Unrealized Gains<br>(Losses)		Interest Expense		Change in the Fair Value of Market Risk Benefits, net(a)		Total
Three Months Ended March 31, 2023
Assets:
Bonds available for sale	$	—	$	32	$	5	$	—	$	—	$	37
Other bond securities	$	—	$	38	$	—	$	—	$	—	$	38
Equity securities	$	—	$	—	$	—	$	—	$	—	$	—
Other invested assets	$	—	$	(43)	$	(1)	$	—	$	—	$	(44)
Three Months Ended March 31, 2022
Assets:
Bonds available for sale	$	—	$	117	$	(11)	$	—	$	—	$	106
Other bond securities	$	—	$	(29)	$	—	$	—	$	—	$	(29)
Equity securities	$	—	$	—	$	—	$	—	$	—	$	—
Other invested assets	$	—	$	110	$	—	$	—	$	—	$	110

Corebridge | First Quarter 2023 Form 10-Q 25

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

(in millions)	Policy <br>Fees		Net Investment Income		Net Realized and Unrealized Gains<br>(Losses)		Interest Expense		Change in the Fair Value of Market Risk Benefits, net(a)		Total
Three Months Ended March 31, 2023
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(381)	$	—	$	—	$	(381)
Derivative liabilities, net	$	16	$	—	$	197	$	—	$	(99)	$	114
Fortitude Re funds withheld payable	$	—	$	—	$	(1,025)	$	—	$	—	$	(1,025)
Market risk benefit liabilities, net(c)	$	—	$	—	$	—	$	—	$	(87)	$	(87)
Debt of consolidated investment entities	$	—	$	—	$	—	$	—	$	—	$	—
Three Months Ended March 31, 2022
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	658	$	—	$	—	$	658
Derivative liabilities, net	$	15	$	—	$	(344)	$	—	$	31	$	(298)
Fortitude Re funds withheld payable	$	—	$	—	$	2,837	$	—	$	—	$	2,837
Market risk benefit liabilities, net(c)	$	—	$	—	$	3	$	—	$	699	$	702
Debt of consolidated investment entities	$	—	$	—	$	—	$	1	$	—	$	1

(a) The portion of the fair value change attributable to instrument-specific credit risk is recognized in OCI.

(b) Primarily embedded derivatives.

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three months ended March 31, 2023 and 2022 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:

(in millions)	Purchases		Sales		Issuances<br><br>and<br><br>Settlements(*)		Purchases, Sales,<br><br>Issuances and<br><br>Settlements,<br><br>Net(*)
Three Months Ended March 31, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	(2)	$	(2)
Corporate debt	28		—		(14)		14
RMBS	167		—		(175)		(8)
CMBS	9		(6)		(3)		—
CLO	10		—		11		21
ABS	858		—		(54)		804
Total bonds available for sale	1,072		(6)		(237)		829
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		1
Corporate debt	—		—		(96)		(96)
RMBS	6		—		(3)		3
CMBS	—		—		—		—
CLO	1		—		—		1
ABS	32		—		(18)		14
Total other bond securities	40		—		(117)		(77)
Equity securities	24		—		—		24
Other invested assets	70		—		(11)		59
Total assets	$	1,206	$	(6)	$	(365)	$	835
Liabilities:
Policyholder contract deposits	$	—	$	326	$	(10)	$	316
Derivative liabilities, net	(101)		—		(167)		(268)
Fortitude Re funds withheld payable	—		—		(513)		(513)
Debt of consolidated investment entities	—		—		—		—
Total liabilities	$	(101)	$	326	$	(690)	$	(465)

Corebridge | First Quarter 2023 Form 10-Q 26

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

(in millions)	Purchases		Sales		Issuances<br><br>and<br><br>Settlements*		Purchases, Sales,<br>Issuances and<br>Settlements,<br>Net*
Three Months Ended March 31, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	—	$	(55)	$	(1)	$	(56)
Corporate debt	—		—		218		218
RMBS	108		—		(473)		(365)
CMBS	42		—		(32)		10
CLO	53		—		(42)		11
ABS	824		—		(153)		671
Total bonds available for sale	1,027		(55)		(483)		489
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		—
Corporate debt	19		—		58		77
RMBS	17		—		(5)		12
CMBS	—		—		—		—
CLO	9		—		(9)		—
ABS	291		—		(2)		289
Total other bond securities	336		—		42		378
Equity securities	—		—		1		1
Other invested assets	239		—		(267)		(28)
Total assets	$	1,602	$	(55)	$	(707)	$	840
Liabilities:
Policyholder contract deposits	$	—	$	195	$	(74)	$	121
Derivative liabilities, net	(73)		—		59		(14)
Fortitude Re funds withheld payable	—		—		(341)		(341)
Debt of consolidated investment entities	—		—		(1)		(1)
Total liabilities	$	(73)	$	195	$	(357)	$	(235)

* There were no issuances during the three months ended March 31, 2023 and 2022.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at March 31, 2023 and 2022 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

We record transfers of assets and liabilities into or out of Level 3 at their fair values as of the end of each reporting period, consistent with the date of the determination of fair value. The net realized and unrealized gains (losses) included in net income (loss) or OCI as shown in the table above excludes $7 million and $(25) million of net gains (losses) related to assets transferred into Level 3 during the three months ended March 31, 2023 and 2022, respectively, and includes $11 million and $(39) million of net gains (losses) related to assets transferred out of Level 3 during the three months ended March 31, 2023 and 2022, respectively.

Transfers of Level 3 Assets

During the three months ended March 31, 2023 and 2022, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, commercial mortgage backed securities (“CMBS”), CLO and asset-backed securities (“ABS”). Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.

During the three months ended March 31, 2023 and 2022, transfers out of Level 3 assets primarily included private placement and other corporate debt, CMBS, RMBS, CLO, ABS and certain investments in municipal securities. Transfers of certain investments in municipal securities, corporate debt, RMBS, CMBS and CLO and ABS out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt and certain ABS out of Level 3 assets were primarily the result of using observable

Corebridge | First Quarter 2023 Form 10-Q 27

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

Transfers of Level 3 Liabilities

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three months ended March 31, 2023. During the three months ended March 31, 2022, transfers of Level 3 liabilities primarily included certain equity derivatives.

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

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

(in millions)	Fair Value at March 31, 2023		Valuation<br>Technique	Unobservable Input(a)	Range<br><br>(Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$	833	Discounted cash flow	Yield	4.91%-5.55% (5.23%)
Corporate debt	$	1,655	Discounted cash flow	Yield	4.77% - 9.70% (7.24%)
RMBS(c)	$	3,590	Discounted cash flow	Prepayment Speed	4.73% - 10.10% (7.41%)
				Default Rate	0.86% - 2.72% (1.79%)
				Yield	6.19% - 7.87% (7.03%)
				Loss Severity	44.50% - 78.53% (61.51%)
CLO(c)	$	1,518	Discounted cash flow	Yield	6.75% - 8.44% (7.59%)
ABS(c)	$	8,332	Discounted cash flow	Yield	5.60% - 7.41% (6.50%)
CMBS	$	570	Discounted cash flow	Yield	4.28% - 25.46% (11.78%)
Market risk benefit assets	$	830	Discounted cash flow	Equity volatility	6.55%- 51.75%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(h)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.34% - 2.45%
Liabilities(d):
Market risk benefit liabilities
Variable annuities guaranteed benefits	$	2,381	Discounted cash flow	Equity volatility	6.55%- 51.75%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% -160.01%
				Utilization(h)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.34% - 2.45%
Fixed annuities guaranteed benefits	$	806	Discounted cash flow	Base lapse rate	0.20% - 15.75%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	40.26% - 168.43%
				Utilization(h)	90.00% - 97.50%
				NPA(g)	0.34% - 2.45%

Corebridge | First Quarter 2023 Form 10-Q 28

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

(in millions)	Fair Value at March 31, 2023		Valuation<br>Technique	Unobservable Input(a)	Range<br><br>(Weighted Average)(b)
Fixed index annuities guaranteed benefits	$	1,957	Discounted cash flow	Equity volatility	6.55% - 51.75%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 180.00%
				Utilization(h)	60.00% - 97.50%
				Option Budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.34% - 2.45%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities	$	5,269	Discounted cash flow	Equity volatility	6.55% - 51.75%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 180.00%
				Utilization(h)	60.00% - 97.50%
				Option Budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.34% - 2.45%
Index Life	$	795	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality multiplier(e)(f)	0.00%- 100.00%
				Equity Volatility	5.75% - 21.40%
				NPA(g)	0.34% - 2.45%	(in millions)	Fair Value at December 31, 2022	Valuation<br>Technique	Unobservable Input(a)	Range<br><br>(Weighted Average)(b)
---	---	---	---	---	---
Assets:
Obligations of states, municipalities and political subdivisions	$	780	Discounted cash flow	Yield	5.33% - 5.92% (5.63%)
Corporate debt	$	1,988	Discounted cash flow	Yield	4.90% - 9.54% (7.22%)
RMBS(c)	$	3,725	Discounted cash flow	Constant prepayment rate	4.84% - 10.35% (7.60%)
				Loss severity	45.01% - 77.28% (61.14%)
				Constant default rate	0.79% - 2.67% (1.73%)
				Yield	5.95% - 7.72% (6.84%)
CLO(c)	$	1,547	Discounted cash flow	Yield	7.13% - 7.59% (7.36%)
ABS(c)	$	6,591	Discounted cash flow	Yield	6.01% - 7.96% (6.98%)
CMBS	$	663	Discounted cash flow	Yield	4.72% - 10.21% (7.46%)
Market risk benefit assets	$	796	Discounted cash flow	Equity volatility	6.45% - 50.75%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(h)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.03%

Corebridge | First Quarter 2023 Form 10-Q 29

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

(in millions)	Fair Value at December 31, 2022		Valuation<br>Technique	Unobservable Input(a)	Range<br><br>(Weighted Average)(b)
Liabilities(d):
Market risk benefit liabilities
Variable annuities guaranteed benefits	$	2,358	Discounted cash flow	Equity volatility	6.45%- 50.75%
				Base lapse rate	0.16%- 28.80%
				Dynamic lapse multiplier(e)	20.00%- 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(h)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.03%
Fixed annuities guaranteed benefits	$	680	Discounted cash flow	Base lapse rate	0.20% - 15.75%
				Dynamic lapse multiplier(e)	20.00% - 186.16%
				Mortality multiplier(e)(f)	40.26% - 168.43%
				Utilization(h)	90.00% - 97.50%
				NPA(g)	0.00% - 2.03%
Fixed index annuities guaranteed benefits	$	1,698	Discounted cash flow	Equity volatility	6.45% - 50.75%
				Base lapse rate	0.20% -50.00%
				Dynamic lapse multiplier(e)	20.00%- 186.18%
				Mortality multiplier(e)(f)	24.00% - 180.00%
				Utilization(h)	60.00% - 97.50%
				Option Budget	0.00% - 5.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.03%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities	$	4,657	Discounted cash flow	Equity volatility	6.45% - 50.75%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 180.00%
				Utilization(h)	60.00% - 97.50%
				Option Budget	0.00% - 5.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.03%
Index Life	$	710	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality multiplier(e)(f)	0.00% - 100.00%
				Equity volatility	5.75% - 23.63%
				NPA(g)	0.00% - 2.03%

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

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

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

(d)The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 7, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s balance sheet. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the reinsurance agreements that are held on Corebridge’s balance sheet.

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

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

(g)The non-performance risk adjustment (“NPA”) applied as a spread over risk-free curve for discounting.

Corebridge | First Quarter 2023 Form 10-Q 30

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

(h)The partial withdrawal utilization unobservable input range shown applies only to policies with guaranteed minimum withdrawal benefit riders. The total embedded derivative liability at March 31, 2023 and December 31, 2022 was approximately $1.2 billion and $1.1 billion, respectively.

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

Interrelationships Between Unobservable Inputs

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

Fixed Maturity Securities

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

MRBs and Embedded Derivatives within Policyholder Contract Deposits

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

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

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

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

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

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

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

Corebridge | First Quarter 2023 Form 10-Q 31

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

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

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

Embedded Derivatives within Reinsurance Contracts

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

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

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

		March 31, 2023				December 31, 2022
(in millions)	Investment Category Includes	Fair Value<br>Using NAV<br>Per Share (or<br>its equivalent)		Unfunded<br>Commitments		Fair Value<br>Using NAV<br>Per Share (or<br>its equivalent)		Unfunded<br>Commitments
Investment Category
Private equity funds:
Leveraged buyout	Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage	$	2,114	$	1,660	$	2,014	$	1,719
Real estate	Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities	1,064		548		1,082		549
Venture capital	Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company	208		109		212		118
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses	492		33		510		40
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies	445		88		443		78
Other	Includes distressed funds that invest in securities of <br>companies that are in default or under bankruptcy protection, as well as funds that have multi-strategy, and other strategies	956		297		902		284
Total private equity funds		5,279		2,735		5,163		2,788

Corebridge | First Quarter 2023 Form 10-Q 32

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

		March 31, 2023				December 31, 2022
(in millions)	Investment Category Includes	Fair Value<br>Using NAV<br>Per Share (or<br>its equivalent)		Unfunded<br>Commitments		Fair Value<br>Using NAV<br>Per Share (or<br>its equivalent)		Unfunded<br>Commitments
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations	5		—		5		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk	272		—		335		—
Macro	Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions	351		—		366		—
Other	Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments	175		—		178		—
Total hedge funds		803		—		884		—
Total		$	6,082	$	2,735	$	6,047	$	2,788

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

The hedge fund investments included above, which are carried at fair value, are generally redeemable subject to the redemption notice periods. The majority of our hedge fund investments are redeemable monthly or quarterly.

FAIR VALUE OPTION

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

	Three Months Ended March 31,
(in millions)	2023		2022
Assets:
Other bond securities(a)	$	115	$	(112)
Alternative investments(b)	1		243
Total assets	116		131
Liabilities:
Policyholder contract deposits(c)	(1)		7
Debt of consolidated investment entities(d)	—		(1)
Total liabilities	(1)		6
Total gain (loss)	$	115	$	137

(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.

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

(c)Represents GICs.

(d)Primarily related to six transactions securitizing certain debt portfolios previously owned by Corebridge and its affiliates and were terminated during 2021. For additional information, see Note 8.

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

We have elected the fair value option on certain debt securities issued by Corebridge or its affiliates. As of March 31, 2023, and December 31, 2022, the fair value was $6 million and $6 million, respectively. This relates to interest only notes issued by residential mortgage loan securitization structures for which the principal of the notes is a reference amount only and its repayment is not expected. The aforementioned principal reference amounts are $648 million and $655 million as of March 31, 2023 and December 31, 2022, respectively.

Corebridge | First Quarter 2023 Form 10-Q 33

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS

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

	Assets at Fair Value								Impairment Charges
	Non-Recurring Basis								Three Months Ended March 31,
(in millions)	Level 1		Level 2		Level 3		Total		2023		2022
March 31, 2023
Other investments	$	—	$	—	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—	$	—	$	—	$	—
December 31, 2022
Other investments	$	—	$	—	$	12	$	12
Total	$	—	$	—	$	12	$	12

In addition to the assets presented in the table above, at March 31, 2023, Corebridge had $100 million of loans held for sale which are carried at fair value, determined on an individual loan basis. There is no associated impairment charge.

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

Information regarding the estimation of fair value for financial instruments not carried at fair value (excluding insurance contracts and lease contracts) is discussed below:

•Mortgage and other loans receivable: Fair values of loans on commercial real estate and other loans receivable are estimated for disclosure purposes using discounted cash flow calculations based on discount rates that we believe market participants would use in determining the price that they would pay for such assets. For certain loans, our current incremental lending rates for similar types of loans are used as the discount rates, because we believe this rate approximates the rates market participants would use. Fair values of residential mortgage loans are generally determined based on market prices, using market-based adjustments for credit and servicing as appropriate. The fair values of policy loans are generally estimated based on unpaid principal amount as of each reporting date. No consideration is given to credit risk because policy loans are effectively collateralized by the cash surrender value of the policies.

•Other invested assets: Certain of our subsidiaries are members of Federal Home Loan Banks (FHLBs) and such membership requires the members to own stock in these FHLBs. The carrying amounts of these stocks approximate fair values.

•Cash and short-term investments: The carrying amounts of these assets approximate fair values because of the relatively short period of time between origination and expected realization, and their limited exposure to credit risk.

•Policyholder contract deposits associated with investment-type contracts: Fair values for policyholder contract deposits associated with investment-type contracts not accounted for at fair value are estimated using discounted cash flow calculations based on interest rates currently being offered for similar contracts with maturities consistent with those of the contracts being valued. When no similar contracts are being offered, the discount rate is the appropriate swap rate (if available) or current risk-free interest rate consistent with the currency in which the cash flows are denominated. To determine fair value, other factors include current policyholder account values and related surrender charges and other assumptions include expectations about policyholder behavior and an appropriate risk margin.

•Other liabilities: The majority of the Other liabilities that are financial instruments not measured at fair value represent secured financing arrangements, including repurchase agreements. The carrying amounts of these liabilities approximate fair value because the financing arrangements are short-term and are secured by cash or other liquid collateral.

•Fortitude Re funds withheld payable: The funds withheld payable contains an embedded derivative and the changes in its fair value are recognized in earnings each period. The difference between the total Fortitude Re funds withheld payable and the embedded derivative represents the host contract.

•Short-term and long-term debt and debt of consolidated investment entities: Fair values of these obligations were determined by reference to quoted market prices, when available and appropriate, or discounted cash flow calculations based upon our current market observable implicit credit spread rates for similar types of borrowings with maturities consistent with those remaining for the debt being valued.

•Separate Account Liabilities—Investment Contracts: Only the portion of separate account liabilities related to products that are investment contracts are reflected in the table below. Separate account liabilities are recorded at the amount credited to the contract holder, which reflects the change in fair value of the corresponding separate account assets, including contract holder deposits less withdrawals and fees; therefore, carrying value approximates fair value.

Corebridge | First Quarter 2023 Form 10-Q 34

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

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

	Estimated Fair Value
(in millions)	Level 1		Level 2		Level 3		Total		Carrying<br>Value
March 31, 2023
Assets:
Mortgage and other loans receivable	$	—	$	32	$	42,928	$	42,960	$	45,770
Other invested assets	—		244		—		244		244
Short-term investments	—		2,466		—		2,466		2,466
Cash	465		—		—		465		465
Other assets	4		—		—		4		4
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—		115		132,903		133,018		138,269
Fortitude Re funds withheld payable	—		—		24,859		24,859		24,859
Other liabilities	—		2,614		—		2,614		2,614
Short-term debt			1,500		—		1,500		1,500
Long-term debt	—		7,108		—		7,108		7,871
Debt of consolidated investment entities	—		86		2,347		2,433		2,682
Separate account liabilities - investment contracts	—		83,452		—		83,452		83,452
December 31, 2022
Assets:
Mortgage and other loans receivable	$	—	$	31	$	40,936	$	40,967	$	44,403
Other invested assets	—		222		—		222		222
Short-term investments	—		3,043		—		3,043		3,043
Cash	552		—		—		552		552
Other assets	4		8		—		12		12
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—		119		129,174		129,293		137,086
Fortitude Re funds withheld payable	—		—		25,289		25,289		25,289
Other liabilities	—		3,056		—		3,056		3,056
Short-term debt	—		1,500		—		1,500		1,500
Long-term debt	—		7,172		—		7,172		7,868
Debt of consolidated investment entities	—		3,055		2,488		5,543		5,952
Separate account liabilities - investment contracts	—		80,649		—		80,649		80,649

Corebridge | First Quarter 2023 Form 10-Q 35

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

Investments

SECURITIES AVAILABLE FOR SALE

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

(in millions)	Amortized<br><br>Cost or<br><br>Costs(a)		Allowance<br><br>for Credit<br><br>Losses(b)		Gross<br>Unrealized<br>Gains		Gross<br>Unrealized<br>Losses		Fair<br><br>Value(a)
March 31, 2023
Bonds available for sale:
U.S. government and government sponsored entities	$	1,409	$	—	$	25	$	(175)	$	1,259
Obligations of states, municipalities and political subdivisions	6,761		—		77		(677)		6,161
Non-U.S. governments	5,065		(5)		32		(774)		4,318
Corporate debt	120,224		(64)		977		(17,044)		104,093
Mortgage-backed, asset-backed and collateralized:
RMBS	12,737		(26)		556		(789)		12,478
CMBS	11,245		(1)		8		(1,113)		10,139
CLO	9,409		—		27		(363)		9,073
ABS	12,621		—		27		(1,108)		11,540
Total mortgage-backed, asset-backed and collateralized	46,012		(27)		618		(3,373)		43,230
Total bonds available for sale	$	179,471	$	(96)	$	1,729	$	(22,043)	$	159,061
December 31, 2022
Bonds available for sale:
U.S. government and government sponsored entities	$	1,405	$	—	$	17	$	(224)	$	1,198
Obligations of states, municipalities and political subdivisions	6,808		—		42		(924)		5,926
Non-U.S. governments	5,251		(5)		25		(879)		4,392
Corporate debt	124,068		(116)		729		(19,989)		104,692
Mortgage-backed, asset-backed and collateralized:
RMBS	12,267		(27)		574		(870)		11,944
CMBS	11,176		—		7		(1,115)		10,068
CLO	8,547		—		15		(376)		8,186
ABS	11,752		—		15		(1,380)		10,387
Total mortgage-backed, asset-backed and collateralized	43,742		(27)		611		(3,741)		40,585
Total bonds available for sale	$	181,274	$	(148)	$	1,424	$	(25,757)	$	156,793

(a) The table above includes available-for-sale securities issued by related parties. This includes RMBS which had a fair value of $40 million and $39 million, and an amortized cost of $43 million and $43 million as of March 31, 2023 and December 31, 2022, respectively. Additionally, this includes CLOs which had a fair value of $238 million and an amortized cost of $249 million as of March 31, 2023. There were no available-for-sale CLO securities issued by related parties as of December 31, 2022.

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

Corebridge | First Quarter 2023 Form 10-Q 36

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

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

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

	Less Than 12 Months				12 Months or More				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
March 31, 2023
Bonds available for sale:
U.S. government and government sponsored entities	$	809	$	175	$	1	$	—	$	810	$	175
Obligations of states, municipalities and political subdivisions	4,762		675		22		2		4,784		677
Non-U.S. governments	3,762		769		7		—		3,769		769
Corporate debt	66,755		12,539		22,643		4,484		89,398		17,023
RMBS	4,745		374		2,523		348		7,268		722
CMBS	6,649		643		3,017		467		9,666		1,110
CLO	4,486		156		3,555		207		8,041		363
ABS	5,018		423		4,794		685		9,812		1,108
Total bonds available for sale	$	96,986	$	15,754	$	36,562	$	6,193	$	133,548	$	21,947
December 31, 2022
Bonds available for sale:
U.S. government and government sponsored entities	$	761	$	224	$	—	$	—	$	761	$	224
Obligations of states, municipalities and political subdivisions	5,076		924		—		—		5,076		924
Non-U.S. governments	3,932		868		—		—		3,932		868
Corporate debt	82,971		16,866		11,143		3,070		94,114		19,936
RMBS	6,227		653		903		171		7,130		824
CMBS	7,902		797		1,708		318		9,610		1,115
CLO	5,573		234		2,007		142		7,580		376
ABS	6,998		854		2,271		526		9,269		1,380
Total bonds available for sale	$	119,440	$	21,420	$	18,032	$	4,227	$	137,472	$	25,647

At March 31, 2023, we held 16,145 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,087 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2022, we held 16,516 individual fixed maturity securities that were in an unrealized loss position (including 1,923 individual fixed maturity securities were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at March 31, 2023 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data.

Contractual Maturities of Fixed Maturity Securities Available for Sale

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

	Total Fixed Maturity Securities<br>Available for sale
(in millions)	Amortized Cost,<br>Net of Allowance		Fair Value
March 31, 2023
Due in one year or less	$	1,994	$	1,989
Due after one year through five years	21,059		20,376
Due after five years through ten years	26,335		23,999
Due after ten years	84,002		69,467
Mortgage-backed, asset-backed and collateralized	45,985		43,230
Total	$	179,375	$	159,061

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

Corebridge | First Quarter 2023 Form 10-Q 37

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

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

	Three Months Ended March 31,
	2023				2022
(in millions)	Gross<br>Realized<br>Gains		Gross<br>Realized<br>Losses		Gross<br>Realized<br>Gains		Gross<br>Realized<br>Losses
Fixed maturity securities	$	46	$	(139)	$	64	$	(163)

For the three months ended March 31, 2023 and 2022, the aggregate fair value of available for sale securities sold was $ 2.7 billion and $2.1 billion, respectively, which resulted in net realized gains (losses) of $(93) million and $(99) million, respectively. Included within the net realized gains (losses) are $(17) million and $(20) million of realized gains (losses) for the three months ended March 31, 2023 and 2022, respectively, which relate to the Fortitude Re funds withheld assets held by Corebridge in support of Fortitude Re’s reinsurance obligations to Corebridge (Fortitude Re funds withheld assets). These realized gains (losses) are included in net realized gains (losses) on Fortitude Re funds withheld assets.

OTHER SECURITIES MEASURED AT FAIR VALUE

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

	March 31, 2023				December 31, 2022
(in millions)	Fair<br><br>Value*		Percent<br>of Total		Fair<br><br>Value*				Percent<br>of Total
Fixed maturity securities:
U.S. government and government sponsored entities	$	1	—	%	$	—	—	%	—	%
Obligations of states, municipalities and political subdivisions	64		1	%	37				1	%
Non-U.S. governments	30		1	%	22				1	%
Corporate debt	2,361		55	%	2,222				56	%
Mortgage-backed, asset-backed and collateralized:
RMBS	175		4	%	165				4	%
CMBS	257		6	%	232				6	%
CLO	364		9	%	279				7	%
ABS	851		20	%	812				21	%
Total mortgage-backed, asset-backed and collateralized	1,647		39	%	1,488				38	%
Total fixed maturity securities	4,103		96	%	3,769				96	%
Equity securities	191		4	%	170				4	%
Total	$	4,294	100	%	$	3,939			100	%

* The table above includes other securities measured at fair value issued by related parties, which are primarily Corebridge affiliates that are not consolidated. This includes CLOs which had a fair value of $28 million as of March 31, 2023.

OTHER INVESTED ASSETS

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

(in millions)	March 31, 2023		December 31, 2022
Alternative investments(a) (b)	$	8,037	$	8,014
Investment real estate (c)	1,868		1,831
All other investments (d)	591		573
Total (e)	$	10,496	$	10,418

(b)At March 31, 2023, approximately 77% of our hedge fund portfolio is available for redemption in 2023. The remaining 23% will be available for redemption between 2024 and 2028. At December 31, 2022, approximately 77% of our hedge fund portfolio is available for redemption in 2023. The remaining 23% will be available for redemption between 2024 and 2028.

(c)Represents values net of accumulated depreciation of $627 million and $616 million as of March 31, 2023 and December 31, 2022, respectively. The accumulated depreciation related to the investment real estate held by legacy assets owned by us was $123 million and $124 million as of March 31, 2023 and December 31, 2022, respectively.

(d)Includes Corebridge’s ownership interest in Fortitude Holdings, which is recorded using the measurement alternative for equity securities. Our investment in Fortitude Holdings totaled $156 million and $156 million at March 31, 2023 and December 31, 2022, respectively.

(e)Includes investments in related parties, which totaled $6 million and $6 million as of March 31, 2023 and December 31, 2022, respectively.

Corebridge | First Quarter 2023 Form 10-Q 38

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

Other Invested Assets – Equity Method Investments

The following table presents the carrying amount and ownership percentage of equity method investments at March 31, 2023 and December 31, 2022:

	March 31, 2023			December 31, 2022
(in millions)	Carrying<br>Value		Ownership<br>Percentage	Carrying<br>Value		Ownership<br>Percentage
Equity method investments	$	3,218	Various	$	3,185	Various

NET INVESTMENT INCOME

The following table presents the components of Net investment income:

Three Months Ended March 31,	2023						2022
(in millions)	Excluding<br>Fortitude<br>Re Funds<br>Withheld<br>Assets		Fortitude<br>Re Funds<br>Withheld<br>Assets		Total		Excluding<br>Fortitude<br>Re Funds<br>Withheld<br>Assets		Fortitude<br>Re Funds<br>Withheld<br>Assets		Total
Available-for-sale fixed maturity securities, including short-term investments	$	1,896	$	217	$	2,113	$	1,620	$	268	$	1,888
Other bond securities	10		105		115		(19)		(93)		(112)
Equity securities	29		—		29		(57)		—		(57)
Interest on mortgage and other loans	512		50		562		384		40		424
Alternative investments*	(1)		31		30		445		71		516
Real estate	4		—		4		(3)		—		(3)
Other investments	3		—		3		38		—		38
Total investment income	2,453		403		2,856		2,408		286		2,694
Investment expenses	152		9		161		105		8		113
Net investment income	$	2,301	$	394	$	2,695	$	2,303	$	278	$	2,581

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

NET REALIZED GAINS AND LOSSES

Net realized gains and losses are determined by specific identification. The net realized gains and losses are generated primarily from the following sources:

•Sales or full redemptions of available for sale fixed maturity securities, real estate and other alternative investments.

•Reductions to the amortized cost basis of available for sale fixed maturity securities that have been written down due to our intent to sell them or it being more likely than not that we will be required to sell them.

•Changes in the allowance for credit losses on bonds available for sale, mortgage and other loans receivable, and loans commitments.

•Changes in fair value of free standing and embedded derivatives, including changes in the non-performance adjustment, except for those instruments that hedge the change in the fair value of certain MRBs or are designated as hedging instruments when the change in the fair value of the hedged item is not reported in Net realized gains (losses).

•Foreign exchange gains and losses resulting from foreign currency transactions.

•Changes in fair value of the embedded derivative related to the Fortitude Re funds withheld assets.

Corebridge | First Quarter 2023 Form 10-Q 39

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

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

Three Months Ended March 31,	2023						2022
(in millions)	Excluding Fortitude<br>Re Funds<br>Withheld<br>Assets		Fortitude<br>Re Funds<br>Withheld<br>Assets		Total		Excluding<br>Fortitude<br>Re Funds<br>Withheld<br>Assets		Fortitude<br>Re Funds<br>Withheld<br>Assets		Total
Sales of fixed maturity securities	$	(76)	$	(17)	$	(93)	$	(79)	$	(20)	$	(99)
Change in allowance for credit losses on fixed maturity securities	(17)		—		(17)		(26)		(40)		(66)
Change in allowance for credit losses on loans	(34)		(19)		(53)		(26)		(6)		(32)
Foreign exchange transactions, net of related hedges	11		7		18		111		6		117
Index-linked interest credited embedded derivatives, net of related hedges	(178)		—		(178)		205		—		205
All other derivatives and hedge accounting*	(164)		48		(116)		(12)		(66)		(78)
Sales of alternative investments and real estate investments	5		1		6		8		1		9
Other	—		—		—		(8)		2		(6)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative	(453)		20		(433)		173		(123)		50
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		(1,025)		(1,025)		—		2,837		2,837
Net realized gains (losses)	$	(453)	$	(1,005)	$	(1,458)	$	173	$	2,714	$	2,887

* Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 12.

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

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

	Three Months Ended March 31,
(in millions)	2023		2022
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	4,019	$	(16,874)
Other investments	1		—
Total increase (decrease) in unrealized appreciation (depreciation) of investments	$	4,020	$	(16,874)

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

Three Months Ended March 31,	2023						2022
(in millions)	Equities		Other Invested Assets		Total		Equities		Other Invested Assets		Total
Net gains (losses) recognized during the period on equity securities and other investments	$	29	$	31	$	60	$	(57)	$	299	$	242
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	33		1		34		(46)		(3)		(49)
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	(4)	$	30	$	26	$	(11)	$	302	$	291

Corebridge | First Quarter 2023 Form 10-Q 40

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES

For a discussion of our policy for evaluating investments for an allowance for credit losses, see Note 5 to the Consolidated Financial Statements in the 2022 Annual Report.

Credit Impairments

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

Three Months Ended March 31,	2023						2022
(in millions)	Structured		Non-Structured		Total		Structured		Non-Structured		Total
Balance, beginning of period	$	27	$	121	$	148	$	8	$	70	$	78
Additions:
Securities for which allowance for credit losses were not previously recorded	2		12		14		33		94		127
Reductions:
Securities sold during the period	(2)		(17)		(19)		—		(2)		(2)
Additional net increases or decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery, amortized cost basis	—		3		3		(30)		(32)		(62)
Write-offs charged against the allowance	—		(50)		(50)		—		—		—
Balance, end of period	$	27	$	69	$	96	$	11	$	130	$	141

Purchased Credit Deteriorated/Impaired Securities

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

•current delinquency rates;

•expected default rates and the timing of such defaults;

•loss severity and the timing of any recovery; and

•expected prepayment speeds.

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

We did not purchase securities with more-than-insignificant credit deterioration since their origination during the three months ended March 31, 2023 and 2022.

PLEDGED INVESTMENTS

Secured Financing and Similar Arrangements

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

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

Corebridge | First Quarter 2023 Form 10-Q 41

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

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

(in millions)	March 31, 2023		December 31, 2022
Fixed maturity securities available for sale	$	2,679	$	2,968

At March 31, 2023 and December 31, 2022, amounts borrowed under repurchase agreements totaled $2.6 billion and $3.1 billion, respectively.

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

	Remaining Contractual Maturity of the Repurchase Agreements
(in millions)	Overnight and Continuous		Up to 30 Days		31 - 90 Days		91 - 364 Days		365 Days or Greater		Total
March 31, 2023
Bonds available for sale:
Non-U.S. governments	$	—	$	74	$	—	$	—	$	—	$	74
Corporate debt	28		2,084		493		—		—		2,605
Total	$	28	$	2,158	$	493	$	—	$	—	$	2,679
December 31, 2022
Bonds available for sale:
Non-U.S. governments	$	—	$	21	$	—	$	—	$	—	$	21
Corporate debt	—		2,370		577		—		—		2,947
Total	$	—	$	2,391	$	577	$	—	$	—	$	2,968

There were no securities lending agreements at March 31, 2023 and December 31, 2022.

There were no reverse repurchase agreements at March 31, 2023 and December 31, 2022.

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

Insurance – Statutory and Other Deposits

The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements, including certain annuity-related obligations and certain reinsurance treaties, was $5.0 billion and $3.5 billion at March 31, 2023 and December 31, 2022, respectively.

Other Pledges and Restrictions

Certain of our subsidiaries are members of Federal Home Loan Banks (“FHLBs”) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $244 million and $222 million of stock in FHLBs at March 31, 2023 and December 31, 2022, respectively. In addition, our subsidiaries have pledged securities available for sale and residential loans associated with borrowings and funding agreements from FHLBs, with a fair value of $5.9 billion and $2.1 billion, respectively, at March 31, 2023 and $4.8 billion and $1.8 billion, respectively, at December 31, 2022.

Certain GICs recorded in policyholder contract deposits with a carrying value of $72 million and $56 million at March 31, 2023 and December 31, 2022, respectively, have provisions that require collateral to be posted or payments to be made by us upon a downgrade of our Insurer Financial Strength ratings. The actual amount of collateral required to be posted to the counterparties in the event of such downgrades and the aggregate amount of payments that we could be required to make depend on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. The fair value of securities pledged as collateral with respect to these obligations was approximately $63 million at March 31, 2023 and December 31, 2022. This collateral primarily consists of securities of the U.S. government and government-sponsored entities and generally cannot be repledged or resold by the counterparties.

As part of our collateralized reinsurance transactions, we pledge collateral to cedants as contractually required. The fair value of securities pledged as excess collateral with respect to these obligations was approximately $246 million and $144 million at March 31, 2023 and December 31, 2022, respectively. Additionally, assets supporting these transactions are held solely for the benefit of the cedants and insulated from obligations owed to our other policyholders and general creditors.

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

For further discussion on the sale of Fortitude Holdings, see Note 7.

Corebridge | First Quarter 2023 Form 10-Q 42

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

Lending Activities

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

(in millions)	March 31, 2023		December 31, 2022
Commercial mortgages(a)	$	33,692	$	32,993
Residential mortgages	6,627		5,856
Life insurance policy loans	1,740		1,750
Commercial loans, other loans and notes receivable(b)	4,469		4,567
Total mortgage and other loans receivable	46,528		45,166
Allowance for credit losses(c)	(659)		(600)
Mortgage and other loans receivable, net	$	45,869	$	44,566

(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 19% and 10%, respectively, at March 31, 2023, and 20% and 11%, respectively, at December 31, 2022). The weighted average loan-to-value ratio for NY and CA was 60% and 54% at March 31, 2023, respectively, and 59% and 53% at December 31, 2022, respectively. The debt service coverage ratio for NY and CA was 2.0X and 2.1X at March 31, 2023, respectively, and 2.0X and 2.1X at December 31, 2022, respectively.

(b)Includes loans held for sale which are carried at lower cost or market, determined on an individual loan basis, and are collateralized primarily by apartments. As of March 31, 2023 and December 31, 2022, the net carrying value of these loans was $173 million and $170 million, respectively.

(c)Does not include allowance for credit losses of $54 million and $60 million at March 31, 2023 and December 31, 2022, respectively in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest are repaid or when a portion of the delinquent contractual payments are made, and the ongoing required contractual payments have been made for an appropriate period. As of March 31, 2023, $2 million and $650 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status. As of December 31, 2022, $3 million and $623 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status.

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of March 31, 2023, accrued interest receivable was $17 million and $147 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2022, accrued interest receivable was $15 million and $130 million associated with residential mortgage loans and commercial mortgage loans, respectively.

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

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

CREDIT QUALITY OF COMMERCIAL MORTGAGES

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

March 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
>1.2X	$	307	$	5,471	$	2,061	$	1,177	$	4,918	$	13,530	$	27,464
1.00 - 1.20X	46		993		857		755		358		1,399		4,408
<1.00X	—		38		—		23		—		1,759		1,820
Total commercial mortgages	$	353	$	6,502	$	2,918	$	1,955	$	5,276	$	16,688	$	33,692
December 31, 2022
(in millions)	2022		2021		2020		2019		2018		Prior		Total
>1.2X	$	5,382	$	2,043	$	1,521	$	4,832	$	3,505	$	9,948	$	27,231
1.00 - 1.20X	859		734		388		343		470		1,088		3,882
<1.00X	37		—		23		52		707		1,061		1,880
Total commercial mortgages	$	6,278	$	2,777	$	1,932	$	5,227	$	4,682	$	12,097	$	32,993

* 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 March 31, 2023 and 1.9X at December 31, 2022. The debt service coverage ratios are updated when additional information becomes available.

Corebridge | First Quarter 2023 Form 10-Q 43

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

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

March 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
Less than 65%	$	321	$	5,461	$	2,210	$	1,535	$	3,795	$	12,215	$	25,537
65% to 75%	32		1,006		428		269		1,431		2,313		5,479
76% to 80%	—		35		43		—		—		301		379
Greater than 80%	—		—		237		151		50		1,859		2,297
Total commercial mortgages	$	353	$	6,502	$	2,918	$	1,955	$	5,276	$	16,688	$	33,692
December 31, 2022
(in millions)	2022		2021		2020		2019		2018		Prior		Total
Less than 65%	$	5,270	$	2,061	$	1,515	$	3,752	$	2,666	$	9,205	$	24,469
65% to 75%	973		435		391		1,425		1,356		1,184		5,764
76% to 80%	35		43		—		—		70		218		366
Greater than 80%	—		238		26		50		590		1,490		2,394
Total commercial mortgages	$	6,278	$	2,777	$	1,932	$	5,227	$	4,682	$	12,097	$	32,993

* 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 58% at March 31, 2023, and 59% at December 31, 2022. The loan-to-value ratios reflect the latest obtained valuations of the collateral properties. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

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

(dollars in millions)	Number <br>of <br>Loans		Class																				Percent<br> of <br>Total
		Apartments			Offices			Retail			Industrial			Hotel			Others			Total(b)
March 31, 2023
Credit Quality Performance Indicator:
In good standing	607		$	13,344		$	8,614		$	3,602		$	5,540		$	1,853		$	298		$	33,251	99%
90 days or less delinquent	2		276			—			—			—			—			—			276		1%
>90 days delinquent or in<br><br>process of foreclosure(c)	3		—			165			—			—			—			—			165		—%
Total(a)	612		$	13,620		$	8,779		$	3,602		$	5,540		$	1,853		$	298		$	33,692	100%
Allowance for credit losses			$	89		$	348		$	56		$	66		$	21		$	6		$	586	2	%
December 31, 2022
Credit Quality Performance Indicator:
In good standing	599		$	13,226		$	8,470		$	3,192		$	5,417		$	1,749		$	290		$	32,344	98%
Restructured	9		—			329			94			—			59			—			482		1%
90 days or less delinquent	—		—			—			—			—			—			—			—		—%
>90 days delinquent or in<br><br>process of foreclosure(c)	3		—			167			—			—			—			—			167		1%
Total(a)	611		$	13,226		$	8,966		$	3,286		$	5,417		$	1,808		$	290		$	32,993	100%
Allowance for credit losses			$	89		$	294		$	54		$	65		$	23		$	6		$	531	2	%

(a) Does not reflect allowance for credit losses.

(b) Our commercial mortgage loan portfolio is current as to payments of principal and interest, for both periods presented. There were no significant amounts of nonperforming commercial mortgages (defined as those loans where payment of contractual principal or interest is more than 90 days past due) during any of the periods presented.

(c) Includes $157 million and $156 million of Office loans supporting the Fortitude Re funds withheld arrangements, greater than 90 days delinquent or in process of foreclosure, at March 31, 2023 and December 31, 2022, respectively.

Corebridge | First Quarter 2023 Form 10-Q 44

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

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

March 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
FICO*:
780 and greater	$	70	$	477	$	2,326	$	646	$	233	$	511	$	4,263
720 - 779	269		523		509		168		71		194		1,734
660 - 719	72		230		81		34		16		94		527
600 - 659	2		21		6		—		2		47		78
Less than 600	—		—		1		—		1		23		25
Total residential mortgages	$	413	$	1,251	$	2,923	$	848	$	323	$	869	$	6,627
December 31, 2022
(in millions)	2022		2021		2020		2019		2018		Prior		Total
FICO*:
780 and greater	$	294	$	2,141	$	652	$	229	$	76	$	437	$	3,829
720 - 779	536		711		167		75		32		134		1,655
660 - 719	163		79		28		16		9		47		342
600 - 659	2		4		2		1		2		13		24
Less than 600	—		—		—		1		—		5		6
Total residential mortgages	$	995	$	2,935	$	849	$	322	$	119	$	636	$	5,856

* Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and has been updated within the last twelve months.

Corebridge | First Quarter 2023 Form 10-Q 45

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

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

Three Months Ended March 31,	2023						2022
(in millions)	Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total
Allowance, beginning of period	$	531	$	69	$	600	$	423	$	73	$	496
Loans charged off	—		—		—		(5)		—		(5)
Net charge-offs	—		—		—		(5)		—		(5)
Addition to (release of) allowance for loan losses	55		4		59		$	(5)	$	2	$	(3)
Divestitures	—		—		—		—		—		—
Allowance, end of period	$	586	$	73	$	659	$	413	$	75	$	488

* Does not include allowance for credit losses of $54 million and $93 million, respectively, at March 31, 2023 and 2022 in relation to the off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Condensed Consolidated Balance Sheets.

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

LOAN MODIFICATIONS

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

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

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

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

During the three-month period ended March 31, 2023, Corebridge did not modify any loans to borrowers experiencing financial difficulty.

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

Prior to January 1, 2023, we were required to assess loan modifications to determine if they were a TDR. A TDR was a modification of a loan with a borrower that was experiencing financial difficulty and the modification involved us granting a concession to the troubled borrower. Concessions previously granted included extended maturity dates, interest rate changes, principal or interest forgiveness, payment deferrals and easing of loan covenants.

During the three-month period ended March 31, 2022, loans with a carrying value of $77 million were modified as troubled debt restructurings. Effective January 1, 2023, we are no longer required to assess whether loan modifications are TDRs.

Corebridge | First Quarter 2023 Form 10-Q 46

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

Reinsurance

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

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

Prior to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard

Prior to January 1, 2021, assumptions used in estimating reinsurance recoverables related to coinsurance or modco contracts were consistent with those used in estimating the related liabilities and reflected locked-in assumptions, absent a loss recognition event. Amounts recoverable on YRT treaties were recognized when claims were incurred on the reinsured policies.

Subsequent to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard

Reinsurance recoverables are recognized in a manner consistent with the liabilities relating to the underlying reinsured contracts. The reinsurance recoverables for coinsurance and modco contracts, along with amounts recoverable on YRT treaties are determined based on updated net premium ratios, reflecting updated actuarial assumptions using locked-in upper-medium investment instrument yield discount rates with changes recognized as remeasurement gains and losses reported in income. In addition, reinsurance recoverables are remeasured at the balance sheet date using current upper-medium grade discount rates with changes reported in OCI. For reinsurance agreements that reinsure existing, or non-contemporaneous (in-force) traditional and limited payment long-duration insurance contracts, the reinsurance recoverable is measured using the upper-medium grade fixed-income instrument yield discount rate assumption related to the effective date of the reinsurance contract. Therefore, for non-contemporaneous reinsurance agreements executed after January 1, 2021, the locked-in rate to accrete interest into the income statement related to the reinsurance recoverable would be different from the locked-in rate used for accreting interest on the direct reserve for future policy benefits. Certain reinsured guaranteed benefits previously reported as reinsurance recoverables are classified as Market risk benefit assets in the Condensed Consolidated Balance Sheets and are measured at fair value.

The following table presents the transition rollforward for reinsurance recoverables:

	Individual		Life		Institutional
(in millions)	Retirement		Insurance		Markets		Total
Pre-adoption, December 31, 2020 for Reinsurance assets - other, net of allowance for credit losses and disputes(a)	$	309	$	2,370	$	43	$	2,722
Reclassification of Cost of Reinsurance(b)	—		416		—		416
Reclassification to Market risk benefits	(35)		—		—		(35)
Change in cash flow assumptions and effect of net premiums exceeding gross premiums	—		(52)		—		(52)
Change due to the current upper-medium grade discount rate	—		99		5		104
Post-adoption January 1, 2021 for Reinsurance assets - other, net of allowance for credit losses and disputes	$	274	$	2,833	$	48	$	3,155

(a) Excludes $(15) million of Reinsurance assets - other, net of allowance for credit losses and disputes in Other Operations.

(b) Cost of reinsurance is reported in Other liabilities in the Condensed Consolidated Balance sheets.

Corebridge | First Quarter 2023 Form 10-Q 47

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

	Corporate and
(in millions)	Other
Pre-adoption, December 31, 2020 for Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes	$	29,158
Change in cash flow assumptions and effect of net premiums exceeding gross premiums	55
Change due to the current upper-medium grade discount rate	7,611
Post-adoption January 1, 2021 for Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes	$	36,824

The remeasurement of the reinsurance recoverable using the current upper-medium grade discount rate is offset in AOCI.

FORTITUDE RE

In February 2018, AGL, VALIC and USL entered into a modco agreement with Fortitude Re, then a wholly owned AIG subsidiary and registered Class 4 and Class E reinsurer in Bermuda. Fortitude Holdings was formed by AIG to act as a holding company for Fortitude Re.

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

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

	March 31, 2023				December 31, 2022
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value		Corresponding Accounting Policy
Fixed maturity securities - available for sale	$	16,302	$	16,302	$	16,339	$	16,339	Fair value through other comprehensive income
Fixed maturity securities - fair value option	3,745		3,745		3,485		3,485		Fair value through net investment income
Commercial mortgage loans	3,525		3,317		3,490		3,241		Amortized cost
Real estate investments	130		315		133		348		Amortized cost
Private equity funds/hedge funds	1,900		1,900		1,893		1,893		Fair value through net investment income
Policy loans	345		345		355		355		Amortized cost
Short-term Investments	114		114		69		69		Fair value through net investment income
Funds withheld investment assets	26,061		26,038		25,764		25,730
Derivative assets, net(a)	81		81		90		90		Fair value through realized gains (losses)
Other(b)	514		514		731		731		Amortized cost
Total	$	26,656	$	26,633	$	26,585	$	26,551

(a) The derivative assets and liabilities have been presented net of cash collateral. The derivative assets supporting the Fortitude Re funds withheld arrangements had a fair market value of $276 million and $189 million as of March 31, 2023 and December 31, 2022, respectively. These derivative assets and liabilities are fully collateralized either by cash or securities.

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

Corebridge | First Quarter 2023 Form 10-Q 48

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

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


(in millions)	2023		2022
Net investment income - Fortitude Re funds withheld assets	$	394	$	278
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized gains (losses) Fortitude Re funds withheld assets	20		(123)
Net realized gains (losses) Fortitude Re funds withheld embedded derivatives	(1,025)		2,837
Net realized gains (losses) on Fortitude Re funds withheld assets	(1,005)		2,714
Income (loss) before income tax benefit (expense)	(611)		2,992
Income tax benefit (expense)*	128		(628)
Net income (loss)	(483)		2,364
Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available for sale*	451		(2,276)
Comprehensive income (loss)	$	(32)	$	88

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

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

REINSURANCE – CREDIT LOSSES

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

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

•paid and unpaid amounts recoverable;

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

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

•whether collateral and collateral arrangements exist.

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

The total reinsurance recoverables as of March 31, 2023 were $29.9 billion. As of that date, utilizing Corebridge’s ORRs, (i) approximately 100% of the reinsurance recoverables were investment grade, (ii) less than 1% were non-investment grade reinsurance recoverables and (iii) none of the reinsurance recoverables were related to entities that were not rated by Corebridge.

Reinsurance Recoverable Allowance

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


(in millions)	2023		2022
Balance, beginning of period	$	84	$	101
Current period provision for expected credit losses and disputes	(10)		4
Write-offs charged against the allowance for credit losses and disputes	—		—
Other changes	—		—
Balance, end of period	$	74	$	105

Corebridge | First Quarter 2023 Form 10-Q 49

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

There were no material recoveries of credit losses previously written off for the three months ended March 31, 2023 or 2022.

Past-Due Status

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

For further discussion of arbitration proceedings against us, see Note 14.

Variable Interest Entities

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

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

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

Corebridge | First Quarter 2023 Form 10-Q 50

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8. Variable Interest Entities

BALANCE SHEET CLASSIFICATION AND EXPOSURE TO LOSS

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

(in millions)	Real Estate and<br><br>Investment<br><br>Entities(c)		Securitization<br><br>and Repackaging<br><br>Vehicles(d)		Total
March 31, 2023
Assets:
Bonds available for sale	$	—	$	119	$	119
Other bond securities	—		—		—
Equity securities	40		—		40
Mortgage and other loans receivable	—		2,034		2,034
Other invested assets
Alternative investments(a)	2,840		—		2,840
Investment real estate	1,766		—		1,766
Short-term investments	190		7		197
Cash	96		—		96
Accrued investment income	—		5		5
Other assets	133		—		133
Total assets(b)	$	5,065	$	2,165	$	7,230
Liabilities:
Debt of consolidated investment entities	$	1,363	$	1,322	$	2,685
Other liabilities	97		—		97
Total liabilities	$	1,460	$	1,322	$	2,782
December 31, 2022
Assets:
Bonds available for sale	$	—	$	3,571	$	3,571
Other bond securities	—		—		—
Equity securities	51		—		51
Mortgage and other loans receivable	—		2,088		2,088
Other invested assets
Alternative investments(a)	2,842		—		2,842
Investment real estate	1,731		—		1,731
Short-term investments	191		265		456
Cash	71		—		71
Accrued investment income	—		7		7
Other assets	102		68		170
Total assets(b)	$	4,988	$	5,999	$	10,987
Liabilities:
Debt of consolidated investment entities	$	1,382	$	4,576	$	5,958
Other liabilities	85		47		132
Total liabilities	$	1,467	$	4,623	$	6,090

(a) Composed primarily of investments in real estate joint ventures at March 31, 2023 and December 31, 2022.

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

(c) Off-balance-sheet exposure primarily consisting of commitments by insurance operations and affiliates into real estate and investment entities. At March 31, 2023 and December 31, 2022, together the Company and AIG affiliates have commitments to internal parties of $2.0 billion and $2.1 billion and commitments to external parties of $0.5 billion and $0.6 billion, respectively. At March 31, 2023, $1.4 billion out of the internal commitments was from subsidiaries of Corebridge entities and $0.7 billion was from other AIG affiliates. At December 31, 2022, $1.4 billion out of the internal commitments was from subsidiaries of Corebridge entities, and $0.7 billion was from other AIG affiliates.

(d) During the three-month period ended March 31, 2023, Corebridge deconsolidated certain consolidated investment entities, as part of the sale of AIG Credit Management, LLC with $3.6 billion assets and $3.2 billion in liabilities, resulting in a pre-tax loss of $3 million.

Corebridge | First Quarter 2023 Form 10-Q 51

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8. Variable Interest Entities

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

	Real Estate and		Securitization
	Investment		and Repackaging
(in millions)	Entities		Vehicles		Total
Three Months Ended March 31, 2023
Total revenue	$	53	$	59	$	112
Net income attributable to noncontrolling interests	6		—		6
Net income (loss) attributable to Corebridge	33		45		78
Three Months Ended March 31, 2022
Total revenue	$	200	$	62	$	262
Net income attributable to noncontrolling interests	75		—		75
Net income (loss) attributable to Corebridge	114		31		145

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

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


(in millions)	Total VIE<br>Assets		On-Balance<br><br>Sheet(b)		Off-Balance<br><br>Sheet (c)		Total
March 31, 2023
Real estate and investment entities(a)	$	376,688	$	5,649	$	2,832	$	8,481
Total	$	376,688	$	5,649	$	2,832	$	8,481
December 31, 2022
Real estate and investment entities(a)	$	376,055	$	5,575	$	2,784	$	8,359
Total	$	376,055	$	5,575	$	2,784	$	8,359

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

(b) At March 31, 2023 and December 31, 2022, $5.6 billion and $5.6 billion, respectively, of our total unconsolidated VIE assets were recorded as other invested assets.

Additionally, from time to time, AIG designed internal securitizations and a series of VIEs, which are not consolidated by Corebridge, that securitized certain secured loans, bank loans and RMLs. The notes held by Corebridge and their related fair values are included in the available-for-sale disclosures that are reported in Notes 4 and 5. As of March 31, 2023, the total VIE assets of these securitizations are $3.0 billion, of which Corebridge’s maximum exposure to loss including unfunded commitments is $2.2 billion. As of December 31, 2022, the total VIE assets of these securitizations are $3.2 billion, of which Corebridge’s maximum exposure to loss is $1.5 billion.

Derivatives and Hedge Accounting

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

Interest rate, currency and equity swaps, credit contracts, swaptions, options and forward transactions are accounted for as derivatives, recorded on a trade-date basis and carried at fair value. Unrealized gains and losses are generally reflected in income, except in certain situations in which hedge accounting is applied and unrealized gains and losses are reflected in AOCI. Aggregate

Corebridge | First Quarter 2023 Form 10-Q 52

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Derivatives and Hedge Accounting

asset or liability positions are netted on the Condensed Consolidated Balance Sheets only to the extent permitted by qualifying master netting arrangements in place with each respective counterparty. Cash collateral posted with counterparties in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative liability, while cash collateral received in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative asset.

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

For additional information on embedded derivatives and MRBs, see Notes 4, 11 and 12.

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

	March 31, 2023								December 31, 2022
	Gross Derivative <br>Assets				Gross Derivative Liabilities				Gross Derivative <br>Assets				Gross Derivative Liabilities
(in millions)	Notional<br>Amount		Fair<br>Value		Notional<br>Amount		Fair<br>Value		Notional<br>Amount		Fair<br>Value		Notional<br>Amount		Fair<br>Value
Derivatives designated as<br><br>hedging instruments:(a)
Interest rate contracts	$	575	$	225	$	762	$	14	$	155	$	202	$	1,798	$	77
Foreign exchange contracts	1,766		241		1,199		23		3,535		575		3,354		176
Derivatives not designated<br><br>as hedging instruments:(a)
Interest rate contracts	19,292		1,224		34,211		2,073		27,656		1,371		21,553		2,599
Foreign exchange contracts	8,850		989		7,845		333		4,630		672		6,673		456
Equity contracts	25,238		676		8,785		61		26,041		417		9,962		27
Other contracts(b)	46,652		14		—		—		47,128		15		48		—
Total derivatives, gross	$	102,373	$	3,369	$	52,802	$	2,504	$	109,145	$	3,252	$	43,388	$	3,335
Counterparty netting(c)			(2,303)				(2,303)				(2,547)				(2,547)
Cash collateral(d)			(376)				(42)				(406)				(691)
Total derivatives on Condensed<br><br>Consolidated Balance Sheets(e)			$	690			$	159			$	299			$	97

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

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

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

(e) Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. The fair value of assets related to bifurcated embedded derivatives were both zero at March 31, 2023 and December 31, 2022. The fair value of liabilities related to bifurcated embedded derivatives was $7.9 billion and $6.7 billion at March 31, 2023 and December 31, 2022, respectively. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities and index universal life contracts, which include equity and interest rate components and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7.

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

	March 31, 2023								December 31, 2022
	Gross Derivative <br>Assets				Gross Derivative <br>Liabilities				Gross Derivative <br>Assets				Gross Derivative <br>Liabilities
(in millions)	Notional<br>Amount		Fair<br>Value		Notional<br>Amount		Fair<br>Value		Notional<br>Amount		Fair<br>Value		Notional<br>Amount		Fair<br>Value
Total derivatives with related parties	$	48,001	$	3,074	$	47,768	$	2,268	$	60,633	$	3,177	$	42,109	$	3,154
Total derivatives with third parties	54,372		295		5,034		236		48,512		75		1,279		181
Total derivatives, gross	$	102,373	$	3,369	$	52,802	$	2,504	$	109,145	$	3,252	$	43,388	$	3,335

Corebridge | First Quarter 2023 Form 10-Q 53

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Derivatives and Hedge Accounting

As of March 31, 2023 and December 31, 2022, the following amounts were recorded on the Condensed Consolidated Balance Sheets related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges:

	March 31, 2023				December 31, 2022
(in millions)	Carrying <br>Amount of the Hedged Assets<br>(Liabilities)		Cumulative Amount of<br>Fair Value Hedging<br>Adjustments Included<br>In the Carrying Amount<br>of the Hedged Assets<br>Liabilities		Carrying <br>Amount of the Hedged Assets<br>(Liabilities)		Cumulative Amount of<br>Fair Value Hedging<br>Adjustments Included<br>In the Carrying Amount<br>of the Hedged Assets<br>Liabilities
Balance sheet line item in which hedged item is recorded:
Fixed maturities, available for sale, at fair value	$	6,201	$	—	$	6,520	$	—
Commercial mortgage and other loans(a)	—		(25)		—		(25)
Policyholder contract deposits(b)	(2,818)		(18)		(2,218)		68

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

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

COLLATERAL

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

Collateral posted by us to third parties for derivative transactions was $254 million and $255 million at March 31, 2023 and December 31, 2022, respectively. Collateral posted by us to related parties for derivative transactions was $855 million and $1.5 billion at March 31, 2023 and December 31, 2022, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $214 million and $40 million at March 31, 2023 and December 31, 2022, respectively. Collateral provided to us from related parties for derivative transactions was $338 million and $380 million at March 31, 2023 and December 31, 2022, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.

OFFSETTING

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

HEDGE ACCOUNTING

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

During 2022, we designated certain interest rate swaps entered into with related parties as cash flow hedges of forecasted coupon payments associated with anticipated long-term debt issuances. For the year ended December 31, 2022, we recognized derivative gains of $223 million in AOCI and reclassified $21 million into interest expense. For the three-month period ended March 31, 2023, $7 million has been reclassified into Interest expense. There are no additional derivative gains or losses recognized in AOCI for this period. The remaining amount in AOCI, of $195 million, will be reclassified into Interest expense over the life of the hedging

Corebridge | First Quarter 2023 Form 10-Q 54

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Derivatives and Hedge Accounting

relationship, which can extend up to 30 years. We expect $28 million to be reclassified into Interest expense over the next 12 months. There are no amounts excluded from the assessment of hedge effectiveness that are recognized in earnings.

For additional information related to the debt issuances, see Note 14.

We use cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. We recognized gains (losses) for the three months ended March 31, 2023 and 2022 of $(1) million and $2 million, respectively, included in Change in foreign currency translation adjustment in OCI related to the net investment hedge relationships. The gains (losses) recognized primarily include transactions with related parties. A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while regression analysis is employed for all other hedges.

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

	Gains/(Losses) Recognized in Earnings for:
(in millions)	Hedging<br><br>Derivatives(a)(c)		Excluded<br><br>Components(b)(c)		Hedged<br>Items		Net Impact
Three Months Ended March 31, 2023
Interest rate contracts:
Realized gains (losses)	$	—	$	—	$	—	$	—
Interest credited to policyholder account balances	86		—		(88)		(2)
Net investment income	—		—		—		—
Foreign exchange contracts:
Realized gains (losses)	(83)		79		83		79
Three Months Ended March 31, 2022
Interest rate contracts:
Realized gains (losses)	$	—	$	—	$	—	$	—
Interest credited to policyholder account balances	(57)		—		59		2
Net investment income	1		—		(1)		—
Foreign exchange contracts:
Realized gains (losses)	147		8		(147)		8

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

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

Corebridge | First Quarter 2023 Form 10-Q 55

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Derivatives and Hedge Accounting

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS

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

	Gains (Losses) Recognized in Earnings
	Three Months Ended March 31,
(in millions)	2023		2022
By Derivative Type:
Interest rate contracts	$	32	$	(814)
Foreign exchange contracts	(67)		226
Equity contracts	83		(196)
Credit contracts	—		(1)
Other contracts	(127)		17
Embedded derivatives within policyholder contract deposits	(384)		661
Fortitude Re funds withheld embedded derivative	(1,025)		2,837
Total(a)	$	(1,488)	$	2,730
By Classification:
Policy fees	$	16	$	15
Net investment income	(2)		(4)
Net realized gains (losses) - excluding Fortitude Re funds withheld assets	(414)		407
Net realized gains (losses) on Fortitude Re funds withheld assets	43		(52)
Net realized losses on Fortitude Re funds withheld embedded derivatives	(1,025)		2,837
Policyholder benefits	3		(7)
Change in the fair value of market risk benefits(b)	(109)		(466)
Total(a)	$	(1,488)	$	2,730

(a) Includes gains (losses) with related parties of $6 million and $(1.0) billion for the three months ended March 31, 2023 and 2022, respectively.

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

In addition to embedded derivatives within policyholder contract deposits, certain guaranteed benefits within insurance contracts are classified as MRBs. The change in the fair value of these benefits is disclosed in Note 12. The change in the fair value of MRBs and the derivative instruments that hedge those risks are recognized in “Change in the fair value of MRBs, net” in the Condensed Consolidated Statements of Income (Loss).

HYBRID SECURITIES WITH EMBEDDED CREDIT DERIVATIVES

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

We elect to account for our investments in these hybrid securities with embedded written credit derivatives at fair value, with changes in fair value recognized in Net investment income. Our investments in these hybrid securities are reported as Other bond securities in the Condensed Consolidated Balance Sheets. The fair values of these hybrid securities were both zero at March 31, 2023 and December 31, 2022. These securities have par amounts of $25 million and $25 million at March 31, 2023 and December 31, 2022, respectively, and have remaining stated maturity dates that extend to 2052.

Corebridge | First Quarter 2023 Form 10-Q 56

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |10. Deferred Policy Acquisition Costs

Deferred Policy Acquisition Costs

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

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

Prior to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard

Long-duration insurance contracts: Policy acquisition costs for participating life, traditional life and accident and health insurance products were generally deferred and amortized, with interest, over the premium paying period. The assumptions used to calculate the benefit liabilities and DAC for these traditional products were set when a policy was issued and did not change with changes in actual experience, unless a loss recognition event occurred. These “locked-in” assumptions included mortality, morbidity, persistency, maintenance expenses and investment returns, and included margins for adverse deviation to reflect uncertainty given that actual experience might deviate from these assumptions. A loss recognition event occurred when there was a shortfall between the carrying amount of future policy benefit liabilities, net of DAC, and what the future policy benefit liabilities, net of DAC, would be when applying updated current assumptions. When we determined a loss recognition event had occurred, we first reduced any DAC related to that block of business through amortization of acquisition expense, and after DAC was depleted, we recorded additional liabilities through a charge to Policyholder benefits. Groupings for loss recognition testing were consistent with our manner of acquiring, servicing and measuring the profitability of the business and applied by product groupings. We performed separate loss recognition tests for traditional life products, payout annuities and long-term care products. Our policy was to perform loss recognition testing net of reinsurance. Once loss recognition had been recorded for a block of business, the old assumption set was replaced, and the assumption set used for the loss recognition would then be subject to the lock-in principle.

Investment-oriented contracts: Certain policy acquisition costs and policy issuance costs related to investment-oriented contracts, for example universal life, variable and fixed annuities, and fixed index annuities, were deferred and amortized, with interest, in relation to the incidence of EGPs to be realized over the estimated lives of the contracts. EGPs were affected by a number of factors, including levels of current and expected interest rates, net investment income and spreads, net realized gains and losses, fees, surrender rates, mortality experience, policyholder behavior experience and equity market returns and volatility. In each reporting period, current period amortization expense was adjusted to reflect actual gross profits. If the assumptions used for estimating gross profit changed significantly, DAC was recalculated using the new assumptions, including actuarial assumptions such as mortality, lapse, benefit utilization, and premium persistency, and any resulting adjustment was included in income. If the new assumptions indicated that future EGPs were higher than previously estimated, DAC was increased resulting in a decrease in amortization expense and increase in income in the current period; if future EGPs were lower than previously estimated, DAC was decreased resulting in an increase in amortization expense and decrease in income in the current period. Updating such assumptions may result in acceleration of amortization in some products and deceleration of amortization in other products. DAC was grouped consistent with the manner in which the insurance contracts were acquired, serviced and measured for profitability and was reviewed for recoverability based on the current and projected future profitability of the underlying insurance contracts.

To estimate future EGPs for variable life and annuity products, a long-term annual asset growth assumption was applied to determine the future growth in assets and related asset-based fees. In determining the asset growth rate, the effect of short-term fluctuations in the equity markets was partially mitigated through the use of a “reversion to the mean” methodology for variable annuities, whereby short-term asset growth above or below long-term annual rate assumptions impacted the growth assumption applied to the five-year period subsequent to the current balance sheet date. The reversion to the mean methodology allowed us to maintain our long-term growth assumptions, while also giving consideration to the effect of actual investment performance. When actual performance significantly deviated from the annual long-term growth assumption, as evidenced by growth assumptions in the five-year reversion to the mean period falling below a certain rate (floor) or rising above a certain rate (cap) for a sustained period, judgment was applied to revise or “unlock” the growth rate assumptions to be used for both the five-year reversion to the mean period as well as the long-term annual growth assumption applied to subsequent periods.

Corebridge | First Quarter 2023 Form 10-Q 57

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |10. Deferred Policy Acquisition Costs

Value of Business Acquired (“VOBA”) is determined at the time of acquisition and is reported in the Condensed Consolidated Balance Sheets with DAC. This value is based on the present value of future pre-tax profits discounted at yields applicable at the time of purchase. VOBA was amortized, consistent with DAC, i.e., over the premium paying period or in relation to the EGPs.

Unrealized Appreciation (Depreciation) of Investments: DAC related to investment-oriented contracts was also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available for sale on EGPs, with related changes recognized through OCI. The adjustment was made at each balance sheet date, as if the securities had been sold at their stated aggregate fair value and the proceeds reinvested at current yields. Similarly, for long-duration traditional insurance contracts, if the assets supporting the liabilities were in a net unrealized gain position at the balance sheet date, loss recognition testing assumptions were updated to exclude such gains from future cash flows by reflecting the impact of reinvestment rates on future yields. If a future loss was anticipated under this basis, any additional shortfall indicated by loss recognition tests was recognized as a reduction in OCI. Similar to other loss recognition on long-duration insurance contracts, such shortfall is first reflected as a reduction in DAC and secondly as an increase in liabilities for Future policy benefits. The change in these adjustments, net of tax, was included with the change in net unrealized appreciation of investments that is credited or charged directly to OCI.

Internal Replacements of Long-duration and Investment-oriented Products: For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If the modification does not substantially change the contract, we do not change the accounting and amortization of existing DAC and related actuarial balances. If an internal replacement represents a substantial change, the original contract is considered to be extinguished and any related DAC or other policy balances are charged or credited to income, and any new deferrable costs associated with the replacement contract are deferred.

Subsequent to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard

DAC for all contracts, except for those with limited to no exposure to policyholder behavior risk, (i.e., certain investment contracts), is grouped and amortized on a constant level basis (i.e., approximating straight line amortization with adjustments for expected terminations) over the expected term of the related contracts using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding contracts, as applicable. Capitalized expenses are only included in DAC amortization as expenses are incurred. For amortization purposes, contracts are grouped into annual cohorts by issue year and product and to segregate reinsured and non-reinsured contracts. Changes in future assumptions (e.g., expected duration of contracts or amount of coverage expected to be in force) are applied by adjusting the amortization rate prospectively. The Company has elected to implicitly account for actual experience, whether favorable or unfavorable, in its amortization expense each period. DAC is capped at the amount of expenses capitalized as the DAC balance does not accrue interest. DAC is not subject to recoverability testing.

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

Internal Replacements of Long-duration and Investment-oriented Products: the accounting of internal replacements has generally not been impacted by the adoption of LDTI.

The following table presents the transition rollforward for DAC:

	Individual<br>Retirement		Group<br>Retirement		Life<br>Insurance		Institutional<br>Markets		Total
(in millions)
Pre-adoption December 31, 2020 DAC balance	$	2,426	$	560	$	4,229	$	26	$	7,241
Adjustments for the removal of related balances in Accumulated other comprehensive income originating from unrealized gains (losses)	2,050		533		544		7		3,134
Post-adoption January 1, 2021 DAC balance	$	4,476	$	1,093	$	4,773	$	33	$	10,375

Prior to the adoption of LDTI, DAC for investment-oriented products included the effect of unrealized gains or losses on fixed maturity securities classified as available for sale. At the transition date, these adjustments were removed with a corresponding offset in AOCI. As the available for sale portfolio was in an unrealized gain position as of the transition date, the adjustment for removal of related balances in AOCI originating from unrealized gains (losses) balances were reducing DAC.

Corebridge | First Quarter 2023 Form 10-Q 58

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |10. Deferred Policy Acquisition Costs

The following table presents the transition rollforward for value of business acquired for long-duration contracts:

			Group<br>Retirement		Life<br>Insurance		Total
(in millions)
Pre-adoption December 31, 2020 VOBA balance	$	3	$	1	$	118	$	122
Adjustments for the removal of related balances in accumulated other comprehensive income originating from unrealized gains (losses)	—		—		3		3
Post-adoption January 1, 2021 VOBA balance	$	3	$	1	$	121	$	125

Prior to the adoption of LDTI, VOBA for investment-oriented products included the effect of unrealized gains or losses on fixed maturity securities classified as available for sale. At the transition date, these adjustments were removed with a corresponding offset in AOCI. As the available for sale portfolio was in an unrealized gain position as of the transition date, the adjustment for removal of related balances in AOCI originating from unrealized gains (losses) balances were reducing VOBA.

The following table presents a rollforward of deferred policy acquisition costs related to long-duration contracts for the three months periods ended March 31, 2023 and 2022:

Three Months Ended March 31, 2023	Individual<br>Retirement		Group<br>Retirement		Life<br>Insurance		Institutional<br>Markets		Total
(in millions)
Balance, beginning of year	$	4,643	$	1,060	$	4,718	$	51	$	10,472
Capitalization	187		21		107		4		319
Amortization expense	(137)		(21)		(93)		(2)		(253)
Other, including foreign exchange	—		—		13		—		13
Balance, end of period	$	4,693	$	1,060	$	4,745	$	53	$	10,551
Value of Business Acquired	1		1		88		—		90
Deferred policy acquisition costs and value of business acquired	$	4,694	$	1,061	$	4,833	$	53	$	10,641	Three Months Ended March 31, 2022	Individual<br>Retirement	Group<br>Retirement	Life<br>Insurance	Institutional<br>Markets	Total
---	---	---	---	---	---	---	---	---	---	---
(in millions)
Balance, beginning of year	$	4,604	$	1,078	$	4,765	$	38	$	10,485
Capitalization	143		14		100		3		260
Amortization expense	(119)		(19)		(101)		(1)		(240)
Other, including foreign exchange	—		—		(18)		(1)		(19)
Balance, end of period	$	4,628	$	1,073	$	4,746	$	39	$	10,486
Value of Business Acquired	2		1		105		—		108
Deferred policy acquisition costs and value of business acquired	$	4,630	$	1,074	$	4,851	$	39	$	10,594

The following table presents a rollforward of value of business acquired for the three months periods ended March 31, 2023 and 2022:

Three Months Ended March 31,	2023									2022
	Individual<br>Retirement			Group<br>Retirement		Life<br>Insurance		Total		Individual<br>Retirement			Group<br>Retirement				Life<br>Insurance		Total
(in millions)
Balance, beginning of year		$	3	$	1	$	87	$	91		$	3	$	1			$	109	$	113
Amortization expense		—		—		(3)		(3)			—		—		—		(3)		(3)
Other, including foreign exchange		(2)		—		4		2			(1)		—				(1)		(2)
Balance, end of period		$	1	$	1	$	88	$	90		$	2	$	1	$	—	$	105	$	108

DEFERRED SALES INDUCEMENTS

We offer deferred sales inducements (“DSI”) which include enhanced crediting rates or bonus payments to contract holders (bonus interest) on certain annuity and investment contract products. To qualify for such accounting treatment as an asset, the bonus interest must be explicitly identified in the contract at inception. We must also demonstrate that such amounts are incremental to amounts we credit on similar contracts without bonus interest and are higher than the contracts’ expected ongoing crediting rates for periods after

Corebridge | First Quarter 2023 Form 10-Q 59

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |10. Deferred Policy Acquisition Costs

the bonus period. DSI is reported in Other assets, while amortization related to DSI is recorded in Interest credited to policyholder account balances.

Prior to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard

DSI amounts were deferred and amortized over the life of the contract in relation to the incidence of EGPs to be realized over the estimated lives of the contracts. DSI was adjusted for the effect on EGPs of unrealized gains and losses on available-for-sale securities, with related changes recognized through OCI.

Subsequent to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard

DSI amounts are deferred and amortized on a constant level basis over the life of the contract consistent with DAC, changes in future assumptions (e.g., expected duration of contracts) are applied by adjusting the amortization rate prospectively rather than through a retrospective catch up adjustment. The Company has elected to implicitly account for actual experience, whether favorable or unfavorable, in its amortization expense each period, consistent with DAC.

The following table presents the transition rollforward for deferred sales inducement assets for long-duration contracts:

(in millions)	Individual<br> Retirement		Group<br> Retirement		Total
Pre-adoption December 31, 2020 deferred sales inducement assets balance	$	194	$	91	$	285
Adjustments for the removal of related balances in Accumulated other comprehensive income originating from unrealized gains (losses)	282		114		396
Post-adoption January 1, 2021 deferred sales inducement asset balance	$	476	$	205	$	681

Prior to the adoption of LDTI, deferred sales inducements for investment-oriented products included the effect of unrealized gains or losses on fixed maturity securities classified as available-for-sale. At the transition date, these adjustments were removed with a corresponding offset in AOCI. As the available for sale portfolio was in an unrealized gain position as of the transition date, the adjustment for removal of related balances in AOCI originating from unrealized gains (losses) balances were reducing DSI.

The following table presents a rollforward of deferred sales inducement assets related to long-duration contracts for the three months periods ended March 31, 2023 and 2022:

Three Months Ended March 31,	2023						2022
	Individual<br>Retirement		Group<br>Retirement		Total		Individual<br>Retirement		Group<br>Retirement		Total
(in millions)
Balance, beginning of year	$	381	$	177	$	558	$	428	$	191	$	619
Capitalization	2		—		2		2		—		2
Amortization expense	(14)		(3)		(17)		(13)		(4)		(17)
Balance, end of period	$	369	$	174	$	543	$	417	$	187	$	604
Other reconciling items*					2,145						2,092
Other assets, including restricted cash					$	2,688					$	2,696

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

Corebridge | First Quarter 2023 Form 10-Q 60

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Insurance Liabilities

Insurance Liabilities

FUTURE POLICY BENEFITS

Future policy benefits primarily include reserves for traditional life and annuity payout contracts, which represent an estimate of the present value of future benefits less the present value of future net premiums. Included in Future policy benefits are liabilities for annuities issued in structured settlement arrangements whereby a claimant receives life contingent payments over their lifetime. Also included are pension risk transfer arrangements whereby an upfront premium is received in exchange for guaranteed retirement benefits. All payments under these arrangements are fixed and determinable with respect to their amounts and dates.

Prior to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard

Future policy benefits for traditional and limited pay contracts were reserved using actuarial assumptions locked-in at contract issuance. These assumptions were only updated when a loss recognition event occurred. Also included in Future policy benefits, were reserves for contracts in loss recognition, including the adjustment to reflect the effect of unrealized gains on fixed maturity securities available for sale with related changes recognized through OCI.

Future policy benefits also included certain guaranteed benefits of annuity products that were not considered embedded derivatives.

Subsequent to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard

For traditional and limited pay long-duration products, benefit reserves are accrued and benefit expense is recognized using a net premium reserve (“NPR”) methodology for each annual cohort of business. This NPR method incorporates periodic retrospective revisions to the NPR to reflect updated actuarial assumptions and variances in actual versus expected experience. The Future policy benefit liability is accrued by multiplying the gross premium recognized in each period by the net premium ratio. The net premium is equal to the portion of the gross premium required to provide for all benefits and certain expenses and may not exceed 100%. Benefits in excess of premiums are expensed immediately through Policyholder benefits. In addition, periodic revisions to the NPR below 100% may result in reclassification between the benefit reserves and deferred profit liability for limited pay contracts.

Insurance contracts are aggregated into annual cohorts for the purposes of determining the Liability for future policy benefits (“LFPB”), but are not aggregated across segments. These annual cohorts may be further segregated based on product characteristics, or to distinguish business reinsured from non-reinsured business or products issued in different functional currencies. The assumptions used to calculate the future policy benefits include discount rates, persistency and recognized morbidity and mortality tables modified to reflect the Company's experience.

The current discount rate assumption for the liability for future policy benefits is derived from market observable yields on upper-medium-grade fixed income instruments. The Company uses an external index as the source of the yields on these instruments for the first 30 years. For years 30 to 50, the yield is derived using market observable credit spreads. Yields for years 50 to 100 are extrapolated using a flat forward approach, maintaining a constant forward spread through the period. The current discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change in the discount rate reflected in OCI.

The method for constructing and applying the locked-in discount rate assumptions on newly issued business is determined based on factors such as product characteristics and the expected timing of cash flows. This discount rate assumption is derived from market observable yields on upper-medium-grade fixed income instruments. Similar to the current discount rate assumption, the Company may employ conversion and interpolation methodologies when necessary. The applicable interest accretion is reflected in Policyholder benefits in the Condensed Consolidated Statements of Income (Loss).

Corebridge | First Quarter 2023 Form 10-Q 61

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Insurance Liabilities

The following table presents the transition rollforward of the liability for future policy benefits for nonparticipating contracts:

	Individual<br>Retirement		Group<br>Retirement		Life<br>Insurance		Institutional<br>Markets		Corporate and Other		Total
(in millions)
Pre-adoption December 31, 2020 liability for future policy benefits balance	$	1,309	$	282	$	11,129	$	11,029	$	22,206	$	45,955
Adjustments for the reclassification to the deferred profit liability	(65)		(8)		—		(766)		(859)		(1,698)
Change in cash flow assumptions and effect of net premiums exceeding gross premiums	(14)		2		16		4		55		63
Effect of the remeasurement of the liability at a current single A rate	156		63		2,977		1,655		7,611		12,462
Adjustment for the removal of loss recognition balances related to unrealized gain or loss on securities and other	(63)		(60)		4		(292)		—		(411)
Post-adoption January 1, 2021 liability for future policy benefits balance	$	1,323	$	279	$	14,126	$	11,630	$	29,013	$	56,371

Adjustments for the reclassification between the liability for future policy benefits and deferred profit liability represent changes in the net premium ratios that are less than 100% at transition for certain limited pay cohorts, resulting in a reclassification between the two liabilities, with no impact on Retained earnings.

Adjustments for changes in cash flow assumptions represents revised net premium ratios in excess of 100% for certain cohorts at transition, with an offset to Retained earnings.

Prior to adoption, loss recognition for traditional products was adjusted for the effect of unrealized gains on fixed maturity securities available for sale. At the transition date, these adjustments were removed with a corresponding offset in AOCI.

The effect of the remeasurement at the current single A rate is reported at the transition date and each subsequent balance sheet date, with an offset in AOCI.

Corebridge | First Quarter 2023 Form 10-Q 62

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Insurance Liabilities

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

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

Corebridge | First Quarter 2023 Form 10-Q 63

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Insurance Liabilities

Three Months Ended March 31, 2022	Individual<br>Retirement		Group<br>Retirement		Life<br>Insurance		Institutional<br>Markets		Corporate and Other		Total
(in millions, except for liability durations)
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	14,369	$	—	$	1,274	$	15,643
Effect of changes in discount rate assumptions (AOCI)	—		—		(706)		—		(150)		(856)
Beginning balance at original discount rate	—		—		13,663		—		1,124		14,787
Effect of changes in cash flow assumptions	—		—		—		—		—		—
Effect of actual variances from expected experience	—		—		29		—		2		31
Adjusted beginning of year balance	—		—		13,692		—		1,126		14,818
Issuances	4		—		375		—		—		379
Interest accrual	—		—		100		—		13		113
Net premium collected	(4)		—		(355)		—		(30)		(389)
Foreign exchange impact	—		—		(140)		—		—		(140)
Other	—		—		—		—		—		—
Ending balance at original discount rate	—		—		13,672		—		1,109		14,781
Effect of changes in discount rate assumptions (AOCI)	—		—		(339)		—		55		(284)
Balance, end of period	$	—	$	—	$	13,333	$	—	$	1,164	$	14,497
Present value of expected future policy benefits
Balance, beginning of year	$	1,373	$	264	$	27,442	$	13,890	$	27,674	$	70,643
Effect of changes in discount rate assumptions (AOCI)	(95)		(46)		(2,717)		(870)		(5,673)		(9,401)
Beginning balance at original discount rate	1,278		218		24,725		13,020		22,001		61,242
Effect of changes in cash flow assumptions(a)	—		—		—		—		—		—
Effect of actual variances from expected experience(a)	1		(2)		38		(5)		(10)		22
Adjusted beginning of year balance	1,279		216		24,763		13,015		21,991		61,264
Issuances	50		5		374		223		3		655
Interest accrual	10		3		221		105		262		601
Benefit payments	(28)		(8)		(523)		(198)		(382)		(1,139)
Foreign exchange impact	—		—		(178)		(93)		—		(271)
Other	—		—		(1)		1		—		—
Ending balance at original discount rate	1,311		216		24,656		13,053		21,874		61,110
Effect of changes in discount rate assumptions (AOCI)	(24)		25		170		(551)		2,705		2,325
Balance, end of period	1,287		241		24,826		12,502		24,579		63,435
Net liability for future policy benefits, end of period	1,287		241		11,493		12,502		23,415		48,938
Liability for future policy benefits for certain participating contracts	—		—		15		—		1,371		1,386
Liability for universal life policies with secondary guarantees and similar features(b)	—		—		4,168		—		55		4,223
Deferred profit liability	81		11		11		1,216		913		2,232
Other reconciling items(c)	29		—		497		—		110		636
Future policy benefits for life and accident and health insurance contracts	1,397		252		16,184		13,718		25,864		57,415
Less: Reinsurance recoverable:	(4)		—		(1,492)		(43)		(25,864)		(27,403)
Net liability for future policy benefits after reinsurance recoverable	$	1,393	$	252	$	14,692	$	13,675	$	—	$	30,012
Weighted average liability duration of the liability for future policy benefits(d)	8.1		7.4		13.6		12.1		12.8

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

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

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

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

Corebridge | First Quarter 2023 Form 10-Q 64

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Insurance Liabilities

For the three months ended March 31, 2023 and 2022 in the traditional term life insurance block, capping of net premium ratios at 100% causes our reserves to be higher by $25 million and $14 million, respectively.

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

					Three Months Ended March 31,
(in millions)					2023				2022
Individual Retirement		Expected future benefits and expense			$	2,048			$	1,757
	Expected future gross premiums		$	—			$	—
Group Retirement		Expected future benefits and expense			$	317			$	317
	Expected future gross premiums		$	—			$	—
Life Insurance		Expected future benefits and expense			$	39,028			$	38,739
	Expected future gross premiums		$	28,964			$	29,125
Institutional Markets		Expected future benefits and expense			$	29,029			$	20,824
	Expected future gross premiums		$	—			$	—
Corporate and Other *		Expected future benefits and expense			$	44,148			$	45,468
	Expected future gross premiums		$	2,225			$	2,389

*Represents activity ceded to Fortitude Re.

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

	Gross Premiums<br>Three Months Ended March 31,				Interest Accretion Three Months Ended March 31,
(in millions)	2023		2022		2023		2022
Individual Retirement	$	75	$	51	$	12	$	10
Group Retirement	6		8		3		3
Life Insurance	575		582		118		121
Institutional Markets	1,581		244		139		105
Corporate and Other	54		56		245		249
Total	$	2,291	$	941	$	517	$	488

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

March 31, 2023	Individual<br>Retirement		Group<br>Retirement		Life<br>Insurance		Institutional<br>Markets		Corporate and Other
Weighted-average interest rate, original discount rate	3.65	%	5.19	%	4.11	%	3.76	%	4.88	%
Weighted-average interest rate, current discount rate	5.33	%	4.91	%	5.08	%	5.04	%	5.10	%
March 31, 2022
Weighted-average interest rate, original discount rate	3.04	%	4.70	%	4.12	%	3.23	%	4.80	%
Weighted-average interest rate, current discount rate	3.72	%	3.68	%	3.72	%	3.59	%	3.92	%

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

Deferred Profit Liability: Corebridge issues certain annuity and life insurance contracts where premiums are paid up-front or for a shorter period than benefits will be paid (i.e., limited pay contracts). A DPL is required to be established to avoid recognition of gains when these contracts are issued. DPLs are amortized over the life of the contracts to align the revenue recognized with the related benefit expenses. The DPL is amortized in a constant relationship to the amount of discounted insurance in force for life insurance or expected future benefit payments for annuity contracts over the term of the contract.

Corebridge | First Quarter 2023 Form 10-Q 65

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Insurance Liabilities

Prior to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard

Limited pay contracts were subject to a lock-in concept and assumptions derived at policy issue were not subsequently updated unless a loss recognition event occurred. The net premiums were recorded as revenue. The difference between the gross premium received and the net premium was deferred and recognized in premiums in a constant relationship to insurance in-force, or for annuities, the amount of expected future policy benefits. This unearned revenue (deferred profit) was recorded in the Condensed Consolidated Balance Sheets in Other policyholder funds.

Subsequent to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard

The difference between the gross premium received and recorded as revenue and the net premium is deferred and recognized in Policyholder benefits in a constant relationship to insurance in-force, or for annuities, the amount of expected future policy benefits. This deferred profit liability accretes interest and is recorded in the Condensed Consolidated Balance Sheets in Future policy benefits. Cash flow assumptions included in the measurement of the DPL are the same as those utilized in the respective LFPBs and are reviewed at least annually. The cash flow estimates for DPLs are updated on a retrospective catch-up basis at the same time as the cash flow estimates for the related LFPBs. The updated LFPB cash flows are used to recalculate the DPL at the inception of the applicable related LFPB cohort. The difference between the recalculated DPL at the beginning of the current reporting period and the carrying amount of the DPL at the current reporting period is recognized as a gain or loss in Policyholder benefits in the Condensed Consolidated Statements of Income (Loss).

The following table presents the transition rollforward for deferred profit liability for long-duration contracts:

	Individual<br>Retirement		Group<br>Retirement		Life<br>Insurance		Institutional<br>Markets		Corporate and Other		Total
(in millions)
Pre-adoption December 31, 2020 deferred profit liability balance	$	2	$	—	$	5	$	64	$	—	$	71
Adjustments for the reclassification from/(to) the liability for the future policy benefits	65		8		—		766		859		1,698
Post-adoption January 1, 2021 deferred profit liability balance	$	67	$	8	$	5	$	830	$	859	$	1,769

Additional Liabilities: For universal-life type products, insurance benefits in excess of the account balance are generally recognized as expenses in the period incurred unless the design of the product is such that future charges are insufficient to cover the benefits, in which case an “additional liability” is accrued over the life of the contract. These additional liabilities are included in Future policy benefits for life and accident and health insurance contracts in the Condensed Consolidated Balance Sheets. Prior to the adoption of the standard, our additional liabilities consisted primarily of GMDBs on annuities, as well as universal-life contracts with secondary guarantees. Subsequent to the adoption of this standard, the GMDBs have been reclassified and reported as MRBs, while the universal-life contracts with secondary guarantees continue to be reported as additional liabilities.

The following table presents the transition rollforward of the additional liabilities:

	Individual<br>Retirement		Group<br>Retirement		Life<br>Insurance		Corporate and Other		Total
(in millions)
Pre-adoption December 31, 2020 additional liabilities	$	1,391	$	219	$	5,117	$	55	$	6,782
Adjustment for the reclassification of additional liabilities from Future policy benefits to Market risk benefits(a)	(875)		(130)		—		—		(1,005)
Adjustment for removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses)(b)	(516)		(89)		—		—		(605)
Post-adoption January 1, 2021 additional liabilities	$	—	$	—	$	5,117	$	55	$	5,172

(a) Adjustments for the reclassification of additional liabilities from Future policy benefits to MRBs represent contract guarantees (e.g., GMDBs) that were previously classified as insurance liabilities within Future policy benefits, but have been reclassified as MRBs as of January 1, 2021. For additional information on the transition impacts associated with LDTI, see Note 13.

(b) Adjustments for the removal of related balances in AOCI originating from unrealized gains (losses) relate to the additional liabilities reclassified from Future policy benefits in the line above.

Corebridge | First Quarter 2023 Form 10-Q 66

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Insurance Liabilities

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

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

	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
	Life<br>Insurance		Corporate and Other		Total		Life<br>Insurance		Corporate and Other		Total
(in millions, except duration of liability)
Balance, beginning of year (a)	$	3,300	$	55	$	3,355	$	4,952	$	55	$	5,007
Effect of changes in experience	74		(1)		73		108		(1)		107
Adjusted beginning balance	$	3,374	$	54	$	3,428	$	5,060	$	54	$	5,114
Assessments	179		—		179		168		—		168
Excess benefits paid	(238)		—		(238)		(290)		—		(290)
Interest accrual	28		1		29		34		1		35
Other	(5)		—		(5)		(7)		—		(7)
Changes related to unrealized appreciation (depreciation) of investments	119		—		119		(797)		—		(797)
Balance, end of period	$	3,457	$	55	$	3,512	$	4,168	$	55	$	4,223
Less: Reinsurance recoverable	(192)		—		(192)		(198)		—		(198)
Balance, end of period net of Reinsurance recoverable	$	3,265	$	55	$	3,320	$	3,970	$	55	$	4,025
Weighted average duration of liability (b)	26.4		9.4				27.1		9.8

(a) Adjustments for the reclassifications between the liability for universal life policies with secondary guarantees and similar features and MRBs can be found in the MRBs transition table. For further detail of reclassifications, see Note 12.

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

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

	Gross Assessments Three Months Ended March 31,				Interest Accretion Three Months Ended March 31,
(in millions)	2023		2022		2023		2022
Life Insurance	$	299	$	292	$	28	$	34
Corporate and Other	10		10		1		1
Total	$	309	$	302	$	29	$	35

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

March 31,	2023				2022
	Life<br>Insurance		Corporate and Other		Life<br>Insurance		Corporate and Other
Weighted-average interest rate	3.76	%	4.24	%	3.75	%	4.20	%

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

Corebridge | First Quarter 2023 Form 10-Q 67

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Insurance Liabilities

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

	Three Months Ended March 31,
(in millions, except for attained age of contract holders)	2023		2022
Account value	$	3,556	$	3,361
Net amount at risk	$	70,014	$	66,220
Average attained age of contract holders	53		53

POLICYHOLDER CONTRACT DEPOSITS

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

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

For additional information on index credits accounted for as embedded derivatives, see Note 4.

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

The following table presents the transition rollforward of Policyholder contract deposits account balances:

	Individual<br>Retirement		Group<br>Retirement		Life<br>Insurance		Institutional<br>Markets		Corporate and Other		Total
(in millions)
Pre-adoption December 31, 2020 Policyholder contract deposits	$	85,097	$	43,805	$	10,286	$	11,559	$	4,145	$	154,892
Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s)	(5,894)		(577)		—		—		—		(6,471)
Post-adoption January 1, 2021 Policyholder contract deposits	$	79,203	$	43,228	$	10,286	$	11,559	$	4,145	$	148,421

Corebridge | First Quarter 2023 Form 10-Q 68

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Insurance Liabilities

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

Three Months Ended March 31, 2023	Individual<br>Retirement			Group<br>Retirement			Life<br>Insurance			Institutional<br>Markets			Corporate			Total
(in millions, except for average crediting rate)											and Other
Policyholder contract deposits account balance, beginning of year	$	89,554		$	43,395		$	10,224		$	11,734		$	3,587		$	158,494
Issuances	4,863			1,320			49			586			3			6,821
Deposits received	1			6			365			9			8			389
Policy charges	(244)			(110)			(384)			(17)			(16)			(771)
Surrenders and withdrawals	(3,171)			(2,016)			(56)			(403)			(20)			(5,666)
Benefit payments	(1,036)			(557)			(49)			(167)			(88)			(1,897)
Net transfers from (to) separate account	728			592			(1)			443			—			1,762
Interest credited	377			270			88			105			43			883
Other	(2)			3			(16)			4			(1)			(12)
Policyholder contract deposits account balance, end of period	$	91,070		$	42,903		$	10,220		$	12,294		$	3,516		$	160,003
Other reconciling items(b)	(1,889)			(279)			116			74			—			(1,978)
Policyholder contract deposits	89,181			42,624			10,336			12,368			3,516			158,025
Weighted average crediting rate	2.52		%	2.78		%	4.24		%	3.55		%	4.95		%
Cash surrender value(c)	$	84,906		$	41,361		$	8,874		$	2,545		$	1,781		$	139,467	Three Months Ended March 31, 2022	Individual<br>Retirement	Group<br>Retirement	Life<br>Insurance	Institutional<br>Markets	Corporate	Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(in millions, except for average crediting rate)											and Other
Policyholder contract deposits account balance, beginning of year	$	84,097		$	43,902		$	10,183		$	10,804		$	3,823		$	152,809
Issuances	3,896			1,152			73			82			3			5,206
Deposits received	3			8			369			13			9			402
Policy charges	(185)			(127)			(389)			(17)			(17)			(735)
Surrenders and withdrawals	(1,994)			(1,396)			(45)			(22)			(14)			(3,471)
Benefit payments	(1,017)			(544)			(69)			(72)			(89)			(1,791)
Net transfers from (to) separate account	529			616			—			3			(3)			1,145
Interest credited	500			277			101			61			45			984
Other	2			(1)			(31)			(7)			6			(31)
Policyholder contract deposits account balance, end of period	$	85,831		$	43,887		$	10,192		$	10,845		$	3,763		$	154,518
Other reconciling items(b)	(1,859)			(330)			24			94			—			(2,071)
Policyholder contract deposits	83,972			43,557			10,216			10,939			3,763			152,447
Weighted average crediting rate	2.36		%	2.71		%	4.23		%	2.30		%	4.88		%
Cash surrender value(c)	$	80,438		$	43,193		$	8,830		$	2,529		$	1,861		$	136,851

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

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

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

For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 12.

Corebridge | First Quarter 2023 Form 10-Q 69

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Insurance Liabilities

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

March 31, 2023					At Guaranteed Minimum					1 Basis Point - 50 Basis Points Above					More than 50 Basis Points Above Minimum Guarantee				Total
(in millions, except percentage of total)
Individual Retirement		Range of Guaranteed Minimum Credited Rate
	<=1%		$	7,776				$	2,562				$	23,263			$	33,601
	> 1% - 2%		3,994					24					2,163				6,181
	> 2% - 3%		9,155					1					390				9,546
	> 3% - 4%		7,359					40					6				7,405
	> 4% - 5%		452					—					4				456
	> 5%		32					—					4				36
	Total		$	28,768				$	2,627				$	25,830			$	57,225
Group Retirement		Range of Guaranteed Minimum Credited Rate
	<=1%		$	2,063				$	2,713				$	6,049			$	10,825
	> 1% - 2%		5,005					908					353				6,266
	> 2% - 3%		13,561					40					—				13,601
	> 3% - 4%		658					—					—				658
	> 4% - 5%		6,821					—					—				6,821
	> 5%		153					—					—				153
	Total		$	28,261				$	3,661				$	6,402			$	38,324
Life Insurance		Range of Guaranteed Minimum Credited Rate
	<=1%		$	—				$	—				$	—			$	—
	> 1% - 2%		—					131					349				480
	> 2% - 3%		28					862					1,079				1,969
	> 3% - 4%		1,417					118					198				1,733
	> 4% - 5%		2,946					—					—				2,946
	> 5%		222					—					—				222
	Total		$	4,613				$	1,111				$	1,626			$	7,350
Total*					$	61,642	$	—		$	7,399				$	33,858			$	102,899
Percentage of total					60%		#DIV/0!			7%		#N/A			33%				100%

Corebridge | First Quarter 2023 Form 10-Q 70

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Insurance Liabilities

March 31, 2022					At Guaranteed Minimum				1 Basis Point - 50 Basis Points Above				More than 50 Basis Points Above Minimum Guarantee				Total
(in millions, except percentage of total)
Individual Retirement		Range of Guaranteed Minimum Credited Rate
	<=1%		$	10,456			$	1,851			$	18,812			$	31,119
	> 1% - 2%		4,428				28				1,678				6,134
	> 2% - 3%		10,184				—				18				10,202
	> 3% - 4%		8,045				40				6				8,091
	> 4% - 5%		473				—				5				478
	> 5%		34				—				4				38
	Total		$	33,620			$	1,919			$	20,523			$	56,062
Group Retirement		Range of Guaranteed Minimum Credited Rate
	<=1%		$	3,850			$	1,684			$	4,591			$	10,125
	> 1% - 2%		6,316				411				7				6,734
	> 2% - 3%		14,648				—				—				14,648
	> 3% - 4%		702				—				—				702
	> 4% - 5%		6,955				—				—				6,955
	> 5%		159				—				—				159
	Total		$	32,630			$	2,095			$	4,598			$	39,323
Life Insurance		Range of Guaranteed Minimum Credited Rate
	<=1%		$	—			$	—			$	—			$	—
	> 1% - 2%		104				24				355				483
	> 2% - 3%		246				540				1,210				1,996
	> 3% - 4%		1,388				207				186				1,781
	> 4% - 5%		3,052				2				—				3,054
	> 5%		228				—				—				228
	Total		$	5,018			$	773			$	1,751			$	7,542
Total*					$	71,268			$	4,787			$	26,872			$	102,927
Percentage of total					69%				5%				26%				100%

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

Corebridge | First Quarter 2023 Form 10-Q 71

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Insurance Liabilities

OTHER POLICYHOLDER FUNDS

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

Prior to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard

URR for investment-oriented contracts are generally deferred and amortized, with interest, in relation to the incidence of EGPs to be realized over the estimated lives of the contracts and are subject to the same adjustments due to changes in the assumptions underlying EGPs as DAC. Similar to unrealized appreciation (depreciation) of investments for DAC, URR related to investment-oriented products is also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available for sale on EGPs, with related changes recognized through OCI.

Subsequent to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard

URR for investment-oriented contracts are generally deferred and amortized into income using the same assumptions and factors used to amortize DAC (i.e., on a constant level basis). Changes in future assumptions are applied by adjusting the amortization rate prospectively. The Company has elected to implicitly account for actual experience, whether favorable or unfavorable, in its amortization of URR (i.e., policy fees) each period.

The following table presents the transition rollforward of URR:

	Life<br>Insurance		Institutional<br>Markets		Corporate and Other		Total
(in millions)
Pre-adoption December 31, 2020 URR balance	$	1,413	$	2	$	132	$	1,547
Adjustment for removal of related balances in Accumulated other comprehensive income originating from unrealized gains (losses)	248		—		—		248
Post-adoption January 1, 2021 URR balance	$	1,661	$	2	$	132	$	1,795

Prior to the adoption of LDTI, URR for investment-oriented products included the effect of unrealized gains or losses on fixed maturity securities classified as available for sale. At the transition date, these adjustments were removed with a corresponding offset in AOCI. As the available for sale portfolio was in an unrealized gain position as of the transition date, the adjustment for removal of related balances in AOCI originating from unrealized gains (losses) balances were reducing URR.

The following table presents a rollforward of the unearned revenue reserve for the three months periods ended March 31, 2023 and 2022:

Three Months Ended March 31, 2023	Life<br>Insurance		Institutional<br>Markets		Corporate and Other		Total
(in millions)
Balance, beginning of year	$	1,727	$	2	$	105	$	1,834
Revenue deferred	38		—		—		38
Amortization	(27)		(1)		(2)		(30)
Balance, end of period	$	1,738	$	1	$	103	$	1,842
Other reconciling items*							1,055
Other policyholder funds							$	2,897	Three Months Ended March 31, 2022	Life<br>Insurance	Institutional<br>Markets	Corporate and Other	Total
---	---	---	---	---	---	---	---	---
(in millions)
Balance, beginning of year	$	1,693	$	2	$	116	$	1,811
Revenue deferred	35		—		—		35
Amortization	(27)		—		(3)		(30)
Balance, end of period	$	1,701	$	2	$	113	$	1,816
Other reconciling items*							1,068
Other policyholder funds							$	2,884

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

Corebridge | First Quarter 2023 Form 10-Q 72

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 12. Market Risk Benefits

Market Risk Benefits

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

MRBs are recorded at fair value, and Corebridge applies a non-option attributed fee valuation method for variable products, and an option-based valuation method (host offset) for both fixed index and fixed products. Under the non-option valuation method, the attributed fee is determined at contract inception; it cannot exceed the total contract fees and assessments collectible from the contract holder and cannot be less than zero. Investment margin is excluded from the attributed fee determination. Under the option-based valuation method, an offset to the host amount related to the MRB amount is established at inception. Changes in the fair value of MRBs are recorded in net income in Changes in the fair value of Market Risk Benefits, net and the portion of the fair value change attributable to instrument-specific credit risk, is recognized in OCI. MRBs are derecognized when the underlying contract is surrendered, a GMDB is incurred, a GMIB is annuitized, or when the account value is exhausted on a policy with a GMWB. When a policyholder elects to annuitize a GMIB rider or the account value on a policy with a GMWB rider is reduced to zero, the policy is converted to a payout annuity automatically. When a conversion occurs, the policyholder is issued a new payout annuity contract. At this point, the MRB is derecognized, and a LFPB is established for the payout annuity.

Assumptions used to determine the MRB asset (including ceded MRBs) or liability generally include mortality rates that are based upon actual experience modified to allow for variations in policy form; lapse rates that are based upon actual experience modified to allow for variations in policy features; and investment returns, based on stochastically generated scenarios. We evaluate at least annually estimates used to determine the MRB asset or liability and adjust the balance, with a related charge or credit to Change in fair value of MRBs, net, if actual experience or other evidence suggests that earlier assumptions should be revised. In addition, MRBs are valued such that the current provision for nonperformance risk is reflected in the claims cash flows of the asset or liability valuation for direct MRBs. The nonperformance risk spread at contract issue is locked-in. The difference between the MRB valued using the at issue nonperformance risk spread and the current nonperformance risk spread is reported through OCI, while changes in the counterparty credit risk related to ceded MRBs are reported in income.

Changes in the fair value of MRBs, net represents changes in the fair value of market risk benefit liabilities and assets (with the exception of instrument-specific credit risk changes), and includes attributed rider fees and benefits, net of changes in the fair value of derivative instruments and fixed maturity securities that are used to economically hedge market risk from the VA GMWB riders.

Corebridge | First Quarter 2023 Form 10-Q 73

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 12. Market Risk Benefits

The following table presents the transition rollforward of MRBs:

	Individual<br>Retirement		Group<br>Retirement		Total
(in millions)
Pre-adoption December 31, 2020 carrying amount for features now classified as MRBs	$	—	$	—	$	—
Adjustment for the reclassification of the embedded derivative liability from policyholder contract deposits, net of the host adjustment(s)(a)	5,894		577		6,471
Adjustment for the reclassification of additional liabilities from Future policy benefits(b)	1,356		219		1,575
Adjustments for the cumulative effect of the changes in the instrument - specific credit risk between the original contract issuance date and the transition date(c)	2,140		187		2,327
Adjustment for the removal of related balances in Accumulated other comprehensive income originating from unrealized gains (losses)(d)	(516)		(89)		(605)
Adjustment for the remaining difference (exclusive of the instrument-specific credit risk change and host contract adjustments) between previous carrying amount and fair value measurement for the MRB(e)	(1,275)		(92)		(1,367)
Post-adoption January 1, 2021 carrying amount for features now classified as MRBs	$	7,599	$	802	$	8,401

(a) Adjustments for the reclassification from Policyholder contract deposits represents certain contract guarantees (e.g., GMWBs) that were previously classified as embedded derivatives, but have been reclassified as MRBs as of January 1, 2021, and the related host impact. The impact on Retained earnings or AOCI resulting from the simultaneous remeasurement of the guarantee as a market risk benefit is reflected in the lines below.

(b) Adjustments for the reclassification from Future policy benefits represents contract guarantees (e.g., GMDBs) that were previously classified as insurance liabilities within Future policy benefits, but have been reclassified as MRBs as of January 1, 2021. The impact on Retained earnings or AOCI resulting from the simultaneous remeasurement of the guarantee as a market risk benefit is reflected in the lines below.

(c) Adjustments for the cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date are recognized in AOCI.

(d) Adjustment for the removal of related balances in AOCI income originating from unrealized gains (losses) with an offset to AOCI relate to the additional liabilities reclassified from Future policy benefits in the line above.

(e) Adjustment for the remaining difference represents the measurement of MRBs at fair value, excluding the impact of instrument-specific credit risk with an offset to Retained earnings.

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

	Individual<br>Retirement		Group<br>Retirement		Total
(in millions)
Market risk benefit in an asset position	$	176	$	—	$	176
Reinsured market risk benefit	162		—		162
Market Risk Benefit assets, at fair value	$	338	$	—	$	338
Market Risk Benefit liabilities, at fair value	7,937		802		8,739
Market risk benefit, net, January 1, 2021	$	7,599	$	802	$	8,401

Corebridge | First Quarter 2023 Form 10-Q 74

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 12. Market Risk Benefits

The following table presents the balances of and changes in market risk benefits:

Three Months Ended March 31, 2023	Individual<br>Retirement		Group<br>Retirement		Total
(in millions, except for attained age of contract holders)
Balance, beginning of year	$	3,738	$	296	$	4,034
Balance, beginning of year, before effect of changes in instrument-specific credit risk	3,297		272		3,569
Issuances	191		9		200
Interest accrual	38		4		42
Attributed fees	235		17		252
Expected claims	(25)		(1)		(26)
Effect of changes in interest rates	478		46		524
Effect of changes in interest rate volatility	(73)		(4)		(77)
Effect of changes in equity markets	(391)		(36)		(427)
Effect of changes in equity index volatility	16		(3)		13
Actual outcome different from model expected outcome	72		1		73
Effect of changes in other future expected assumptions	(94)		(18)		(112)
Other, including foreign exchange	1		—		1
Balance, end of period, before effect of changes in instrument-specific credit risk	3,745		287		4,032
Effect of changes in the instrument-specific credit risk	339		32		371
Balance, end of period	4,084		319		4,403
Less: Reinsured MRB, end of period	(89)		—		(89)
Net Liability Balance after reinsurance recoverable	$	3,995	$	319	$	4,314
Net amount at risk
GMDB only	$	1,307	$	266	$	1,573
GMWB only	$	63	$	5	$	68
Combined*	$	1,726	$	31	$	1,757
Weighted average attained age of contract holders	71		64
Three Months Ended March 31, 2022	Individual<br>Retirement		Group<br>Retirement		Total
---	---	---	---	---	---	---
(in millions, except for attained age of contract holders)
Balance, beginning of year	$	6,452	$	582	$	7,034
Balance, beginning of year, before effect of changes in instrument-specific credit risk	4,518		415		4,933
Issuances	40		5		45
Interest accrual	39		6		45
Attributed fees	197		19		216
Expected claims	(13)		—		(13)
Effect of changes in interest rates	(1,381)		(125)		(1,506)
Effect of changes in interest rate volatility	172		13		185
Effect of changes in equity markets	387		16		403
Effect of changes in equity index volatility	(2)		1		(1)
Actual outcome different from model expected outcome	105		16		121
Other, including foreign exchange	1		(3)		(2)
Balance, end of period before effect of changes in instrument-specific credit risk	4,063		363		4,426
Effect of changes in the instrument-specific credit risk	1,027		82		1,109
Balance, end of period	5,090		445		5,535
Less: Reinsured MRB, end of period	(120)		—		(120)
Net Liability Balance after reinsurance recoverable	$	4,970	$	445	$	5,415
Net amount at risk
GMDB only	$	903	$	186	$	1,089
GMWB only	$	264	$	30	$	294
Combined*	$	752	$	16	$	768
Weighted average attained age of contract holders	70		63

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

Corebridge | First Quarter 2023 Form 10-Q 75

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 12. Market Risk Benefits

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

	March 31, 2023						March 31, 2022
(in millions)	Asset*		Liability*		Net		Asset*		Liability*		Net
Individual Retirement	$	685	$	4,680	$	3,995	$	524	$	5,494	$	4,970
Group Retirement	145		464		319		142		587		445
Total	$	830	$	5,144	$	4,314	$	666	$	6,081	$	5,415

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

For additional information related to fair value measurements of MRBs, see Note 4.

ANNUITY GUARANTEES

Annuity contracts may include certain contractually guaranteed benefits to the contract holder. These guaranteed features include GMDBs that are payable in the event of death and living benefits that are payable when partial withdrawals exhaust a policy’s account value, in the event of annuitization, or, in other instances, at specified dates during the accumulation period. Living benefits primarily include GMWB. A variable annuity contract may include more than one type of guaranteed benefit feature; for example, it may have both a GMDB and a GMWB. However, a policyholder can only receive payout from one guaranteed feature on a contract containing a death benefit and a living benefit, i.e., the features are mutually exclusive (except a surviving spouse who has a rider to potentially collect both a GMDB upon their spouse’s death and a GMWB during their lifetime). A policyholder cannot purchase more than one living benefit on one contract. The net amount at risk for each feature is calculated irrespective of the existence of other features; as a result, the net amount at risk for each feature is not additive to that of other features.

Guaranteed Benefits on Variable Annuities

Depending on the contract, the GMDB feature may provide a death benefit of either (a) total deposits made to the contract, less any partial withdrawals plus a minimum return (and in rare instances, no minimum return), (b) return of premium whereby the benefit is the greater of the current account value or premiums paid less any partial withdrawals, (c) rollups whereby the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified rates up to specified ages, or (d) the highest contract value attained, typically on any anniversary date less any subsequent withdrawals following the contract anniversary. GMDB is our most widely offered benefit.

The liability for GMDB, which is recorded in MRBs represents the expected value of benefits discounted at-inception non-performance risk spreads in excess of the projected account value through change in fair value MRBs, net. The net amount at risk for the GMDB feature represents the amount of guaranteed benefits in excess of account value if all policyholders died.

Certain of our variable annuity contracts contain optional GMWBs and, to a lesser extent, GMABs. GMWBs related to variable annuity contracts are recorded and are accounted for as MRBs measured at fair value, with changes in the fair value (excluding changes in instrument-specific credit risk) recorded in Change in the fair value of MRBs, net. The net amount at risk for the GMWB represents benefits in excess of the account value at the balance sheet assuming the utilization of all benefits by the contract holders at the balance sheet date.

Guaranteed Benefits on Fixed Index and Fixed Annuities

Certain of our fixed annuity and fixed index annuity contracts, which are not offered through separate accounts, contain optional GMWB. With a GMWB, the contract holder can monetize the excess of the guaranteed amount over the account value of the contract through a series of withdrawals that do not exceed a specific percentage per year of the guaranteed amount. Once the account value is exhausted, the contract holder will receive a series of annuity payments equal to the remaining guaranteed amount; for lifetime GMWB products, the annuity payments continue as long as the covered person(s) is living. The liability for GMWB benefits in fixed annuity and fixed index annuity contracts, which are recorded in MRBs, represents the expected value of benefits in excess of the projected account value, with the excess (excluding changes in instrument-specific credit risk) recognized at fair value through Change in the fair value of MRBs, net.

The liability for all of our GMWB benefits in fixed annuity and fixed index annuity contracts are accounted for as MRBs.

For a discussion of the fair value measurement of guaranteed benefits that are accounted for as MRBs, see Note 4.

Corebridge | First Quarter 2023 Form 10-Q 76

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 12. Market Risk Benefits

Separate Account Assets and Liabilities

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

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

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

For discussion of the fair value measurement of guaranteed benefits that are accounted for as MRBs, see Note 4.

Account balances of variable annuity contracts were invested in Separate account investment options as follows:

	March 31, 2023				March 31, 2022
(in millions)	Individual Retirement		Group Retirement		Individual Retirement		Group Retirement
Equity Funds	$	23,845	$	26,433	$	26,931	$	30,844
Bond Funds	3,915		3,571		4,401		4,176
Balanced Funds	17,818		5,254		21,402		5,866
Money Market Funds	718		534		604		456
Total*	$	46,296	$	35,792	$	53,338	$	41,342

* Excludes Separate account balances related to fixed annuities for Individual Retirement and Group Retirement, Life Insurance and Institutional Markets.

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

Three Months Ended March 31, 2023	Individual Retirement		Group<br> Retirement		Life<br>Insurance		Institutional<br>Markets		Total
(in millions)
Separate accounts balance, beginning of year	$	45,178	$	34,361	$	799	$	4,515	$	84,853
Premiums and deposits	451		360		9		26		846
Policy charges	(344)		(110)		(12)		(24)		(490)
Surrenders and withdrawals	(844)		(669)		(6)		(404)		(1,923)
Benefit payments	(215)		(130)		(1)		(54)		(400)
Investment performance	2,131		2,186		53		99		4,469
Net transfers from (to) general account	73		(77)		(1)		6		1
Other charges	—		(1)		—		2		1
Separate accounts balance, end of period	$	46,430	$	35,920	$	841	$	4,166	$	87,357
Cash surrender value*	$	45,388	$	35,726	$	794	$	4,168	$	86,076

Corebridge | First Quarter 2023 Form 10-Q 77

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13. Separate Account Assets and Liabilities

Three Months Ended March 31, 2022	Individual<br>Retirement		Group<br>Retirement		Life<br>Insurance		Institutional<br>Markets		Total
(in millions)
Separate accounts balance, beginning of year	$	57,927	$	45,138	$	1,044	$	5,002	$	109,111
Premiums and deposits	758		440		10		30		1,238
Policy charges	(321)		(127)		(13)		(25)		(486)
Surrenders and withdrawals	(934)		(696)		(6)		(20)		(1,656)
Benefit payments	(255)		(144)		(2)		(5)		(406)
Investment performance	(3,718)		(2,992)		(73)		(87)		(6,870)
Net transfers from (to) general account	44		(134)		—		8		(82)
Other charges	(1)		1		—		1		1
Separate accounts balance, end of period	$	53,500	$	41,486	$	960	$	4,904	$	100,850
Cash surrender value*	$	52,334	$	41,263	$	949	$	4,898	$	99,444

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

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

Contingencies, Commitments and Guarantees

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

LEGAL CONTINGENCIES

Overview

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

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

Yearly Renewable Term Agreements

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

For additional information, see Note 7.

Corebridge | First Quarter 2023 Form 10-Q 78

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 14. Contingencies, Commitments and Guarantees

Moriarty Litigation

Effective January 1, 2013, the California legislature enacted AB 1747 (the “Act”), which amended the Insurance Code to mandate that life insurance policies issued and delivered in California contain a 60-day grace period during which time the policies must remain in force after a premium payment is missed, and that life insurers provide both a 30-day minimum notification of lapse and the right of policy owners to designate a secondary recipient for lapse and termination notices. Following guidance from the California Department of Insurance and certain industry trade groups, American General Life Insurance Company (AGL) interpreted the Act to be prospective in nature, applying only to policies issued and delivered on or after the Act’s January 1, 2013, effective date. On July 18, 2017, AGL was sued in a putative class action captioned Moriarty v. American General Life Insurance Company, No. 17-cv-1709 (S.D. Cal.), challenging AGL’s prospective application of the Act. Plaintiff’s complaint, which is similar to complaints filed against other insurers, argues that policies issued and delivered prior to January 1, 2013, like the $1 million policy issued to Plaintiff’s husband do not lapse—despite nonpayment of premiums—if the insurer has not complied with the Act’s terms. On August 30, 2021, the California Supreme Court issued an opinion in McHugh v. Protective Life Insurance, 12 Cal. 5th 213 (2021), ruling that the Act applies to all policies in force on January 1, 2013, regardless of when the policies were issued. On February 7, 2022, Plaintiff filed motions for summary judgment and class certification; AGL opposed both motions and filed its own motion for partial summary judgment. On July 26, 2022, the District Court granted in part and denied in part AGL’s motion for partial summary judgment, and on September 7, 2022, the District Court denied Plaintiff's motion for summary judgment. In the summary judgment decisions, the District Court declined to adopt Plaintiff's theory that a failure to comply with the Act necessitates payment of policy benefits or to make a pre-trial determination as to AGL’s liability. On September 27, 2022, the District Court denied Plaintiff’s motion for class certification without prejudice. The District Court declined to certify Plaintiff’s proposed class consisting of claims for monetary damages and equitable relief, but indicated that Plaintiff could seek the certification of a narrower class consisting only of claims for monetary damages. The District Court indicated, however, that it has “substantial concerns” as to whether individual issues such as actual damages and causation would predominate, precluding class certification. While the District Court had initially set a trial date for February 7, 2023, it since vacated that date and indicated that it will set a new trial date in due course, following consultation with the parties. Subsequently, the case was reassigned to a new judge and a status conference has been set for May 10, 2023. Proceedings are ongoing in other California cases that raise similar industry-wide issues, including in the McHugh case on remand from the California Supreme Court, in which the California Court of Appeal rendered an unpublished opinion on October 10, 2022 that also declined to hold that failure to comply with the Act automatically necessitates payment of policy benefits. We have accrued our current estimate of probable loss with respect to this litigation.

OTHER COMMITMENTS

In the normal course of business, we enter into commitments to invest in limited partnerships, private equity funds and hedge funds and to purchase and develop real estate in the United States and abroad. These commitments totaled $4.6 billion at March 31, 2023.

GUARANTEES

Asset Dispositions

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

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

Guarantees provided by AIG

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

Certain of our insurance subsidiaries benefit from General Guarantee Agreements under which AHAC or NUFIC has unconditionally and irrevocably guaranteed all present and future obligations arising from certain insurance policies issued by these subsidiaries (a “Guaranteed Policy” or the “Guaranteed Policies”). AHAC and NUFIC are required to perform under the agreements if one of the insurance subsidiaries fails to make payments due under a Guaranteed Policy. These General Guarantee Agreements have all been terminated as to insurance policies issued after the date of termination. AHAC and NUFIC have not been required to perform under any of the agreements but remain contingently liable for all policyholder obligations associated with the Guaranteed Policies. We did not pay any fees under these agreements for the three months ended March 31, 2023 or 2022.

Corebridge | First Quarter 2023 Form 10-Q 79

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 14. Contingencies, Commitments and Guarantees

AGC is a party to a Capital Maintenance Agreement (“CMA”) with AIG. Among other things, the CMA provides that AIG will maintain the total adjusted capital of AGC at or above a specified minimum percentage of AGC’s projected Company Action Level Risk Based Capital. AIG did not make any capital contributions to AGC under the CMA during the three months ended March 31, 2023. As of March 31, 2023 and 2022, the specified minimum capital percentage in the CMA was 250%.

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

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

•a guarantee in connection with a sale-leaseback transaction in 2020. Pursuant to this transaction, AIGLH issued promissory notes to AGL with maturity dates of up to five years. These promissory notes are guaranteed by AIG for the benefit of AGL. We paid no fees for these guarantees for the three months ended March 31, 2023 or 2022.

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

•For additional discussion on commitments and guarantees associated with VIEs, see Note 8.

•For additional disclosures about derivatives, see Note 9.

•For additional disclosures about related parties, see Note 18.

Equity and Redeemable Noncontrolling Interest

COREBRIDGE SHAREHOLDERS’ EQUITY

Retained Earnings

Dividends

Declaration Date	Record Date	Payment Date	Dividend Paid Per Common Share
February 16, 2023	March 17, 2023	March 31, 2023	$	0.23

For the three months ended 2022, Corebridge paid cash dividends of $290 million.

Dividends Declared

On May 8, 2023, the Company declared a cash dividend on Corebridge common stock of $0.23 per share, payable on June 30, 2023 to shareholders of record at close of business on June 16, 2023.

Common Stock

The following table presents a rollforward of common stock outstanding shares:

Three Months Ended March 31, 2023	Common Stock Outstanding
Shares, beginning of year	645,000,000
Shares issued under long-term incentive compensation plans	3,129,652
Shares repurchased	—
Shares, end of period	648,129,652

Corebridge | First Quarter 2023 Form 10-Q 80

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 15. Equity and Redeemable Noncontrolling Interest

Accumulated Other Comprehensive Income (Loss)

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

(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in fair value of market risk benefits attributable to changes in the instrument- specific risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash Flow Hedges		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Balance, December 31, 2022, net of tax	$	(92)	$	(19,380)	$	(365)	$	2,908	$	157	$	(100)	$	9	$	(16,863)
Change in unrealized depreciation of investments	38		3,982		—		—		—		—		—		4,020
Change in fair value of market risk benefits attributable to changes in instrument-specific risk	—		—		94		—		—		—		—		94
Change in discount rates assumptions of certain liabilities	—		—		—		(595)		—		—		—		(595)
Change in future policy benefits and other	—		(116)		—		—		—		—		—		(116)
Change in cash flow hedges	—		—		—		—		(7)		—		—		(7)
Change in foreign currency translation adjustments	—		—		—		—		—		37		—		37
Change in net actuarial loss	—		—		—		—		—		—		3		3
Change in deferred tax asset (liability)	(8)		(734)		(20)		130		3		(1)		(1)		(631)
Total other comprehensive income (loss)	30		3,132		74		(465)		(4)		36		2		2,805
Noncontrolling interests	—		—		—		—		—		9		—		9
Balance, March 31, 2023, net of tax	$	(62)	$	(16,248)	$	(291)	$	2,443	$	153	$	(73)	$	11	$	(14,067)
Balance, December 31, 2021, net of tax*	$	(31)	$	12,315	$	(1,659)	$	(2,390)	$	—	$	(9)	$	7	$	8,233
Change in unrealized depreciation of investments	(64)		(16,810)		—		—		—		—		—		(16,874)
Change in fair value of market risk benefits attributable to changes in instrument-specific risk	—		—		992		—		—		—		—		992
Change in discount rates assumptions of certain liabilities	—		—		—		2,830		—		—		—		2,830
Change in future policy benefits and other	—		797		—		—		—		—		—		797
Change in cash value hedges	—		—		—		—		224		—		—		224
Change in foreign currency translation adjustments	—		—		—		—		—		(24)		—		(24)
Change in deferred tax asset (liability)	13		2,637		(210)		(598)		(47)		1		—		1,796
Total other comprehensive income	(51)		(13,376)		782		2,232		177		(23)		—		(10,259)
Noncontrolling interests	—		—		—		—		—		—		—		—
Balance, March 31, 2022, net of tax	$	(82)	$	(1,061)	$	(877)	$	(158)	$	177	$	(32)	$	7	$	(2,026)

* For additional disclosures related to the impact of the Targeted improvements to the Accounting for Long-Duration Contracts refer to Note 2.

Corebridge | First Quarter 2023 Form 10-Q 81

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 15. Equity and Redeemable Noncontrolling Interest

The following table presents the OCI reclassification adjustments for the three months ended March 31, 2023 and 2022, respectively:

(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in fair value of market risk benefits attributable to changes in the instrument- specific risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash Flow Hedges		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Three Months Ended March 31, 2023
Unrealized change arising during period	$	24	$	3,779	$	94	$	(595)	$	(7)	$	37	$	3	$	3,335
Less: Reclassification adjustments included in net income	(14)		(87)		—		—		—		—		—		(101)
Total other comprehensive income (loss), before income tax expense (benefit)	38		3,866		94		(595)		(7)		37		3		3,436
Less: Income tax expense (benefit)	8		734		20		(130)		(3)		1		1		631
Total other comprehensive income (loss), net of income tax expense (benefit)	$	30	$	3,132	$	74	$	(465)	$	(4)	$	36	$	2	$	2,805
Three Months Ended March 31, 2022
Unrealized change arising during period	$	(64)	$	(16,113)	$	992	$	2,830	$	224	$	(24)	$	—	$	(12,155)
Less: Reclassification adjustments included in net income	—		(100)		—		—		—		—		—		(100)
Total other comprehensive income (loss), before income tax expense (benefit)	(64)		(16,013)		992		2,830		224		(24)		—		(12,055)
Less: Income tax expense (benefit)	(13)		(2,637)		210		598		47		(1)		—		(1,796)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	(51)	$	(13,376)	$	782	$	2,232	$	177	$	(23)	$	—	$	(10,259)

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

		Amount Reclassified from AOCI
	Three Months Ended March 31,
(in millions)		2023		2022
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments		$	(14)	$	—	Net realized gains (losses)
Total		(14)		—
Unrealized appreciation (depreciation) of all other investments
Investments		(87)		(100)		Net realized gains (losses)
Total		(87)		(100)
Total reclassifications for the period		$	(101)	$	(100)

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

NON-REDEEMABLE NONCONTROLLING INTEREST

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

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

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

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

Corebridge | First Quarter 2023 Form 10-Q 82

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 15. Equity and Redeemable Noncontrolling Interest

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

	Three Months Ended March 31,
(in millions)	2023		2022
Beginning balance	$	939	$	1,759
Net income attributable to redeemable noncontrolling interest	6		76
Other comprehensive loss, net of tax	9		—
Changes in noncontrolling interests due to divestitures and acquisitions	(19)		—
Contributions from noncontrolling interests	25		14
Distributions to noncontrolling interests	(50)		(280)
Other	—		(4)
Ending balance	$	910	$	1,565

Refer to Note 8 for additional information related to Variable Interest Entities.

REDEEMABLE NONCONTROLLING INTEREST

The Company has launched certain investment funds which non-consolidated Corebridge affiliates participate in. Certain of these funds are redeemable at the option of the holder and thus are accounted for as mezzanine equity. As of December 31, 2022 the Company has sold the remaining portion of the redeemable funds.

The following table presents a rollforward of redeemable noncontrolling interest:


(in millions)	2022
Beginning balance	$	83
Net income attributable to redeemable noncontrolling interest	(1)
Ending balance	$	82

Earnings Per Common Share

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

The following table presents the computation of basic and diluted EPS for the three months ended March 31, 2023, and 2022:


(in millions, except per common share data)	2023		2022
Numerator for EPS:
Net income (loss)	$	(453)	$	3,441
Less: Net income (loss) attributable to noncontrolling interests	6		75
Net income (loss) attributable to Corebridge common shareholders	$	(459)	$	3,366
Denominator for EPS(a):
Weighted average common shares outstanding - basic	650.8		645.0
Dilutive common shares(b)	—		—
Weighted average common shares outstanding - diluted	650.8		645.0
Income per common share attributable to Corebridge common shareholders(a)
Common stock - Basic	$	(0.70)	$	5.22
Common stock - Diluted	$	(0.70)	$	5.22

(a) The results of the September 6, 2022 stock split have been applied retroactively for all periods prior to September 6, 2022. For additional information regarding the September 6, 2022 stock split, see Note 16 of the Consolidated Financial Statements in the 2022 Annual Report.

(b) Potential dilutive common shares include our share-based employee compensation plans. The number of common shares excluded from dilutive shares outstanding was approximately 2.5 million for the three months ended March 31, 2023 because the effect of including those common shares in the calculation would have been anti-dilutive. There were no anti-dilutive instruments for the three months ended 2022.

Corebridge | First Quarter 2023 Form 10-Q 83

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

Income Taxes

BASIS OF PRESENTATION

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

RECENT U.S. TAX LAW CHANGES

On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (H.R. 5376), (the “Inflation Reduction Act”), which finances climate and energy provisions and an extension of enhanced subsidies under the Affordable Care Act with a 15% corporate alternative minimum tax (“CAMT”) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period, a 1% stock buyback tax, increased IRS enforcement funding, and Medicare's new ability to negotiate prescription drug prices. CAMT and the stock buyback tax are effective for tax years beginning after December 31, 2022. The tax provisions of Inflation Reduction Act are not expected to have a material impact on Corebridge’s financial results. However, the CAMT may impact our U.S. cash tax liabilities.

RECLASSIFICATION OF CERTAIN TAX EFFECTS FROM AOCI

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

INTERIM TAX CALCULATION METHOD

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

INTERIM TAX EXPENSE (BENEFIT)

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

For the three months ended March 31, 2022, the effective tax rate on income from operations was 20.0%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to tax benefits associated with reclassifications from AOCI to income from operations related to the disposal of available for sale securities, dividends received deduction, tax adjustments related to prior year returns, and excess tax benefits related to share based compensation payments recorded through the income statement. These tax benefits were partially offset by tax charges associated with state and local income taxes, including the establishment of a valuation allowance associated with certain state jurisdictions.

For the three months ended March 31, 2023, we consider our foreign earnings with respect to certain operations in Europe to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. A deferred tax liability has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. If recorded, such deferred tax liability would not be material to our consolidated financial condition. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested.

Corebridge | First Quarter 2023 Form 10-Q 84

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

ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE

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

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

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

To the extent that the valuation allowance is attributed to changes in forecast of current year taxable income, the impact is included in our estimated annualized effective tax rate. A valuation allowance related to changes in forecasts of income in future periods as well as other items not related to the current year is recorded discretely. For the three months ended March 31, 2023, we recorded an increase in valuation allowance of $16 million, attributable to current year activity.

As of March 31, 2023, the balance sheet reflects a valuation allowance of $167 million related to our tax attribute carryforwards and a portion of certain other deferred tax assets that are no longer more-likely-than-not to be realized.

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

For the three months ended March 31, 2023, recent changes in market conditions, including rising interest rates, impacted the unrealized tax capital gains and losses in the U.S. Life Insurance Companies’ available-for-sale securities portfolio, resulting in a deferred tax asset related to net unrealized tax capital losses. The deferred tax asset relates to the unrealized capital losses for which the carryforward period has not yet begun, and as such, when assessing its recoverability, we consider our ability and intent to hold the underlying securities to recovery. As of March 31, 2023, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax asset related to unrealized capital losses that are not more likely than not to be realized. For the three months ended March 31, 2023, we recorded a decrease in valuation allowance of $132 million associated with the unrealized tax capital losses in the U.S. Life Insurance Companies’ available-for-sale securities portfolio. As of March 31, 2023, the balance sheet reflects a valuation allowance of $1.3 billion associated with the unrealized tax capital losses in the U.S. Life Insurance Companies’ available-for-sale securities portfolio. All of the valuation allowance established was allocated to OCI.

TAX EXAMINATIONS AND LITIGATION

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

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

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

Corebridge | First Quarter 2023 Form 10-Q 85

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 18. Related Parties

Related Parties

RELATED PARTY TRANSACTIONS

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

The table below summarizes our material revenues and expenses in connection with the transactions described below for the three months ended March 31, 2023 and 2022:

	Three Months Ended March 31,
(in millions)	2023		2022
Revenues:
Other income	$	13	$	31
Net investment income - excluding Fortitude Re funds withheld assets	5		(4)
Total revenues	$	18	$	27
Expenses:
General operating and other expenses	$	47	$	23
Interest expense	—		38
Loss on extinguishment of debt	—		—
Total expenses	$	47	$	61

Related Party Transactions with AIG

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

Reorganization Transactions

Transfer of AIG Technologies, Inc. and Eastgreen, Inc.

We purchased AIGT and Eastgreen from AIG on February 28, 2022 for total consideration of $107 million. AIGT provides data processing, technology and infrastructure services to AIG entities in the United States, including management of AIG hardware and networks. AIGT utilizes two data centers to provide its services. The real estate related to the two data centers is owned by Eastgreen. To the extent needed, AIGT will continue to provide services to AIG for a transition period.

Advisory Transactions

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

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

Corebridge | First Quarter 2023 Form 10-Q 86

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 18. Related Parties

services reflected in Other income on the Condensed Consolidated Statements of Income (Loss) was $13 million and $31 million for the three months ended March 31, 2023 and 2022, respectively.

Capital Markets Agreements

We receive a suite of capital markets services from AIG, including securities lending, collateral management, repurchase transactions, derivatives execution and support, and operational support services, for which we pay a fee. AIGM provides these services through various services agreements. In addition, in the ordinary course of business, we enter into OTC derivative transactions with AIGM under standard ISDA agreements. The total expenses incurred for services provided by AIGM reflected in Net investment income - excluding Fortitude Re funds withheld assets on the Condensed Consolidated Statements of Income (Loss) were $0 million and $5 million for the three months ended March 31, 2023 and 2022, respectively. The derivative assets, net of gross assets and gross liabilities after collateral were $210 million and $12 million as of March 31, 2023 and December 31, 2022, respectively. The derivative liabilities, net of gross assets and gross liabilities after collateral were $9 million and $0 million as of March 31, 2023 and December 31, 2022, respectively. The collateral posted to AIGM was $855 million and $1.5 billion as of March 31, 2023 and December 31, 2022, respectively. The collateral held by us was $338 million and $380 million as of March 31, 2023 and December 31, 2022, respectively.

In addition, we entered into certain unsecured derivative transactions with AIG. The derivative assets, net of gross assets and gross liabilities after collateral were $272 million and $253 million as of March 31, 2023 and December 31, 2022, respectively. There were no derivative net liabilities as of March 31, 2023 and December 31, 2022, respectively. In relation to these derivatives, there was no collateral posted to AIG or collateral held by us as of March 31, 2023 and December 31, 2022, respectively.

For further details regarding derivatives, see Note 9.

General Services Agreements

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

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

Amounts due to AIG under these agreements were $230 million and $311 million as of March 31, 2023 and December 31, 2022, respectively. Amounts due from AIG were $52 million and $54 million as of March 31, 2023 and December 31, 2022, respectively. The total service expenses incurred specific to these agreements reflected in General operating and other expenses on the Condensed Consolidated Statements of Income (Loss) were $47 million and $6 million for the three months ended March 31, 2023 and 2022, respectively.

Reinsurance Transactions

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

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

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

Reinsurance assets related to these agreements were $42 million and $70 million as of March 31, 2023 and December 31, 2022, respectively. Amounts payable to AIRCO were $29 million and $32 million as of March 31, 2023 and December 31, 2022, respectively. Ceded premiums related to these agreements were $7 million and $11 million for the three months ended March 31, 2023 and 2022, respectively.

For further details of reinsurance transactions, see Note 7.

Guarantees

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

Corebridge | First Quarter 2023 Form 10-Q 87

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 18. Related Parties

“Guaranteed Policy” or the “Guaranteed Policies”). AHAC and NUFIC are required to perform under the agreements if one of the insurance subsidiaries fails to make payments due under a Guaranteed Policy. These General Guarantee Agreements have all been terminated as to insurance policies issued after the date of termination. AHAC and NUFIC have not been required to perform under any of the agreements but remain contingently liable for all policyholder obligations associated with the Guaranteed Policies. We did not pay any fees under these agreements for the three months ended March 31, 2023 and 2022.

AGC is a party to a CMA with AIG. Among other things, the CMA provides that AIG will maintain the total adjusted capital of AGC at or above a specified minimum percentage of AGC’s projected Company Action Level Risk Based Capital. AIG did not make any capital contributions to AGC under the CMA during the three months ended March 31, 2023. As of March 31, 2023 and December 31, 2022, the specified minimum capital percentage in the CMA was 250%.

AIG provides a full and unconditional guarantee of AIGLH Notes and Junior Subordinated Debentures. This includes:

•the AIGLH External Debt Guarantee; and

In addition to the guarantees above, we may provide to or receive from AIG, or to or from third-parties on behalf of AIG, customary guarantees in relation to certain lending and real estate transactions. These guarantees of certain amounts in connection with borrowings or environmental indemnifications and non-recourse carve-outs are limited to situations in which the borrower commits certain “bad acts” as defined in each applicable transaction document, including fraud or intentional misrepresentation, intentional waste or willful misconduct. As of March 31, 2023, none of these guarantees became payable.

For further details regarding guarantees provided by AIG, see Note 14.

Funding Arrangements

Prior to September 19, 2022, we participated in funding arrangements whereby each participating subsidiary placed funds on deposit with AIG in exchange for a stated rate of interest. These funding arrangements terminated on September 19, 2022. Our receivables under these arrangements of $0.4 billion and $0.4 billion as of March 31, 2023 and December 31, 2022, respectively, were recorded in Short-term investments on the Condensed Consolidated Balance Sheets. Interest earned on these deposits, reflected in Net investment income - excluding Fortitude Re funds withheld assets on the Condensed Consolidated Statements of Income (Loss), was $5 million and $0.7 million for the three months ended March 31, 2023 and 2022, respectively.

Promissory Notes

In November 2021, we issued a promissory note to AIG in the amount of $8.3 billion. Interest expense incurred specific to this note reflected in Interest expense on the Condensed Consolidated Statements of Income (Loss) was $29 million for the three months ended March 31, 2022. We repaid the principal and accrued interest of this note during 2022.

Purchase of Securitized Notes from AIG

On September 9, 2022, certain of our insurance companies purchased from AIG senior debt issued by, as well as 100% of the ownership interests in, special purpose entities that held collateralized debt obligations for a total value of approximately $800 million. As a result of these transactions, we own all the interests related to these investments and consolidate them in our financial statements. As of December 31, 2022, we sold the underlying collateralized debt obligations.

Purchase of Residential Mortgage Loans

On December 23, 2022, certain Corebridge subsidiaries executed four Sale Transfer and Assignment agreements with certain AIG subsidiaries to purchase certain participation interests in residential mortgage loans.

Corebridge | First Quarter 2023 Form 10-Q 88

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 18. Related Parties

Tax Sharing Agreements

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

Prior to the IPO, Corebridge and SAFG Capital LLC were included in the consolidated federal income tax return of AIG as well as certain state tax returns where AIG files on a combined or unitary basis. There were no payments to AIG in connection with the tax sharing agreements for the three months ended March 31, 2023. There were $511 million of payments from Corebridge to AIG in connection with the tax sharing agreements for the three months ended March 31, 2022. Amounts receivable from AIG pursuant to the tax sharing agreements were $539 million and $524 million as of March 31, 2023 and December 31, 2022, respectively.

Employee Compensation and Benefits

Our employees participate in certain of AIG’s employee benefit programs. We had a payable of $59 million and $59 million as of March 31, 2023 and December 31, 2022, respectively, with respect to these programs. On September 14, 2022, we entered into an employee matters agreement with AIG (the “EMA”). The EMA allocates liabilities and responsibilities relating to employment matters, employee compensation and benefits plans and programs, and other related matters between us and AIG. The EMA generally provides that, unless otherwise specified, each party is responsible for liabilities associated with their current and former employees for purposes of compensation and benefit matters following the IPO.

Shared-based Compensation Plans

On September 6, 2022, Corebridge Parent adopted the Corebridge Financial, Inc. 2022 Omnibus Incentive Plan (the “2022 Plan”) and the Corebridge Financial, Inc. Long-term Incentive Plan (the “LTIP,” together with the 2022 Plan, the “Plans”). Equity awards may be granted under the Plans to current employees or directors of the Company or, solely with respect to their ﬁnal year of service, former employees.

Equity awards under the Plans are linked to Corebridge Parent’s common stock (“CRBG Stock”). A total of 40,000,000 shares of CRBG Stock are authorized for delivery pursuant to awards granted or assumed under the Plans. Delivered shares may be newly-issued shares or shares held in treasury.

Prior to the IPO, certain of our employees held restricted stock units granted by AIG Parent that were linked to AIG Parent’s common stock and subject solely to time-based vesting conditions (the “AIG RSUs”). On September 14, 2022, the AIG RSUs were converted to restricted stock units denominated in CRBG Stock (the “CRBG RSUs”) under the Plans. The CRBG RSUs have terms and conditions that are substantially the same as the corresponding AIG RSUs, with the number of shares of CRBG Stock subject to the RSUs adjusted in a manner intended to preserve their intrinsic value as of immediately before and immediately following the conversion (subject to rounding).

Related Party Transactions with Blackstone

We entered into a long-term asset management relationship with Blackstone to manage a portion of our investment portfolio. The investment expense incurred was $35 million and $26 million for the three months ended March 31, 2023 and 2022, respectively.

Related Party Transactions with Variable Interest Entities

In the ordinary course of business, we enter into various arrangements with VIEs, and we consolidate the VIE if we are determined to be the primary beneficiary. In certain situations, we may have a variable interest in a VIE that is consolidated by an affiliate, and in other instances, affiliates may have variable interests in a VIE that is consolidated by us. The total debt of consolidated VIEs held by affiliates was $257 million and $308 million as of March 31, 2023 and December 31, 2022, respectively. The interest expense incurred on the debt reflected in Interest expense on the Condensed Consolidated Statements of Income (Loss) was $7 million and $9 million for the three months ended March 31, 2023 and 2022, respectively.

There were no VIEs terminated during the three months ended March 31, 2023 or 2022. The noncontrolling interest included in the Condensed Consolidated Balance Sheets related to the VIEs held by affiliates was $528 million and $537 million as of March 31, 2023 and December 31, 2022, respectively. The gain/(loss) attributable to noncontrolling interest of consolidated VIEs held by affiliates was $19 million and $33 million for the three months ended March 31, 2023 and 2022, respectively.

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

Corebridge | First Quarter 2023 Form 10-Q 89

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 18. Related Parties

For additional information related to VIEs and other investments, see Notes 5 and 8.

Subsequent Events

On May 4, 2023, our Board of Directors authorized a $1.0 billion share repurchase program. Under this program, Corebridge Parent may, from time to time, purchase up to $1.0 billion of its common stock but is not obligated to purchase any particular number of shares. Repurchases may be made through various means including open market transactions, privately negotiated transactions, forward, derivative, accelerated repurchase, or automatic share repurchase transactions, or tender offers. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.

Corebridge | First Quarter 2023 Form 10-Q 90

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

Glossary and Acronyms of Selected Insurance Terms and References

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

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

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

This MD&A addresses the consolidated financial condition of Corebridge as of March 31, 2023, compared with December 31, 2022, and its consolidated results of operations for the three months ended March 31, 2023 and 2022. You should read the following analysis of our consolidated financial condition and results of operations in conjunction with the “Management’s Discussion and Analysis of Results of Operations and Financial Condition,” the “Risk Factors,” and the audited consolidated financial statements in the 2022 Annual Report and the statements under “Cautionary Statements Regarding Forward-Looking Information,” and the Unaudited Interim Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report.

Corebridge | First Quarter 2023 Form 10-Q 91

Index to Item 2

	Page
Executive Summary	93
Overview	93
Revenues	93
Benefits and Expenses	93
Significant Factors Impacting our Results	94
Corebridge’s Outlook - Macroeconomic, Industry and Regulatory Trends	99
Use of Non-GAAP Measures	102
Key Operating Metrics	106
Consolidated Results of Operations	109
Business Segment Operations	111
Individual Retirement	112
Group Retirement	116
Life Insurance	119
Institutional Markets	121
Corporate and Other	123
Investments	124
Overview	124
Key Investment Strategies	124
Credit Ratings	127
Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits	144
Liquidity and Capital Resources	146
Overview	146
Liquidity and Capital Resources of Corebridge Parent and Intermediate Holding Companies	146
Liquidity and Capital Resources of Corebridge insurance subsidiaries	147
Short-Term and Long-Term Debt	149
Credit Ratings	150
Off-Balance Sheet Arrangements and Commercial Commitments	151
Accounting Policies and Pronouncements	152
Critical Accounting Estimates	152
Adoption of Accounting Pronouncements	155
Glossary	156
Certain Important Terms	158
Acronyms	160

Corebridge | First Quarter 2023 Form 10-Q 92

ITEM 2 | Executive Summary

Executive Summary

OVERVIEW

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

REVENUES

Our revenues come from five principal sources:

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

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

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

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

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

BENEFITS AND EXPENSES

Our benefits and expenses come from six principal sources:

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

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

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

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

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

Corebridge | First Quarter 2023 Form 10-Q 93

ITEM 2 | Executive Summary

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

SIGNIFICANT FACTORS IMPACTING OUR RESULTS

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

Impact of Fortitude Re

In 2018, AIG established Fortitude Re, a wholly owned subsidiary of Fortitude Group Holdings, LLC (“Fortitude Holdings”), in a series of reinsurance transactions related to certain of AIG’s legacy operations. In February 2018, AGL, VALIC and USL entered into modco agreements with Fortitude Re, a registered Class 4 and Class E reinsurer in Bermuda. Additionally, AIG Bermuda novated its assumption of certain long-duration contracts from an affiliated entity to Fortitude Re.

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

On July 1, 2020, AGL and USL amended the modco agreements. Under the terms of the amendment, certain business ceded to Fortitude Re was recaptured by the Company, and certain additional business was ceded by the Company to Fortitude Re.

On June 2, 2020, AIG completed the Majority Interest Fortitude Sale. Following closing of the Majority Interest Fortitude Sale, AIG contributed $135 million of its proceeds from the Majority Interest Fortitude Sale to USL. On October 1, 2021, AIG contributed its remaining 3.5% interest in Fortitude Re Bermuda to us and we are entitled to a seat on the board of Fortitude Re Bermuda. At March 31, 2022, our ownership interest in Fortitude Re Bermuda was reduced from 3.5% to 2.46% due to a round of equity financing by third-party investors, in which we did not participate, that closed on March 31, 2022. As of March 31, 2023, $31.1 billion of reserves related to business written by multiple wholly owned AIG subsidiaries, including $27.2 billion of reserves related to Corebridge, had been ceded to Fortitude Re.

In addition to the loss incurred from the amendments of the Fortitude Re reinsurance agreements, our net income experiences ongoing volatility as a result of the reinsurance agreements, which, as described above, give rise to a funds withheld payable that contains an embedded derivative. However, this net income volatility is almost entirely offset with a corresponding change in OCI, which reflects the fair value change from the investment portfolio supporting the funds withheld payable, which is primarily available- for-sale securities, resulting in minimal impact to our comprehensive income (loss) and equity attributable to Corebridge. Beginning in the fourth quarter of 2021, the Company began to elect the fair value option on the acquisition of certain new fixed maturity securities, which will help reduce this mismatch over time.

Corebridge | First Quarter 2023 Form 10-Q 94

ITEM 2 | Executive Summary

Fortitude Re funds withheld impact:


(in millions)	2023		2022
Net investment income - Fortitude Re funds withheld assets	$	394	$	278
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized gains (losses)on Fortitude Re funds withheld assets	20		(123)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivatives	(1,025)		2,837
Net realized gains (losses) on Fortitude Re funds withheld assets	(1,005)		2,714
Income (loss) before income tax benefit (expense)	(611)		2,992
Income tax benefit (expense)*	128		(628)
Net income (loss)	(483)		2,364
Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available for sale*	451		(2,276)
Comprehensive income (loss)	$	(32)	$	88

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

For further details on this transaction, see Note 7 to our condensed consolidated financial statements.

Impact of Variable Annuity Guaranteed Benefit Riders and Hedging

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

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

Differences in Valuation of MRBs and Economic Hedge Target

Our variable annuity hedging program utilizes an economic hedge target, which represents an estimate of the underlying economic risks in our GMWB riders. The economic hedge target differs from the GAAP valuation of the MRBs, creating volatility in our net income (loss) primarily due to the following:

•the economic hedge target includes 100% of rider fees in present value calculations; the GAAP valuation reflects those fees attributed to the MRB such that the initial value at contract issue equals zero. Since the MRB includes GMWB’s and GMDB’s these attributed fees are typically larger than just the GMWB rider fees;

•the economic hedge target uses best estimate actuarial assumptions and excludes explicit risk margins used for GAAP valuation, such as margins for policyholder behavior, mortality and volatility; and

•the economic hedge target excludes the instrument-specific credit risk changes (non-performance adjustments) used in the GAAP valuation, which will be recognized in OCI. The GAAP valuation has different sensitivities to movements in interest rates and other market factors, and to changes from actuarial assumption updates, than the economic hedge target.

For more information on our valuation methodology for MRBs within policyholder contract deposits, see Note 4 to our condensed consolidated financial statements.

The market value of the hedge portfolio compared to the economic hedge target at any point in time may be different and is not expected to be fully offsetting. In addition to the derivatives held in conjunction with the variable annuity hedging program, we generally have cash and invested assets available to cover future claims payable under these guarantees. The primary sources of difference between the change in the fair value of the hedging portfolio and the economic hedge target include:

•basis risk due to the variance between expected and actual fund returns, which may be either positive or negative;

•realized volatility versus implied volatility;

•actual versus expected changes in the hedge target driven by assumptions not subject to hedging, particularly policyholder behavior; and

Corebridge | First Quarter 2023 Form 10-Q 95

ITEM 2 | Executive Summary

•risk exposures that we have elected not to explicitly or fully hedge.

The following tables present the impact on pre-tax income (loss) and OCI of Variable Annuity MRBs and Hedging:

	Three Months Ended March 31, 2023
	Individual Retirement and Group Retirement
(in millions)	MRB Liability*		Hedge Assets		Net
Issuances	$	(3)	$	—	$	(3)
Interest accrual	(15)		(55)		(70)
Attributed fees	(251)		—		(251)
Expected claims	26		—		26
Effect of changes in interest rates	(367)		346		(21)
Effect of changes in interest rate volatility	81		(60)		21
Effect of changes in equity markets	421		(262)		159
Effect of changes in equity index volatility	(12)		(7)		(19)
Actual outcome different from model expected outcome	(61)		—		(61)
Effect of changes in future expected policyholder behavior	—		—		—
Effect of changes in other future expected assumptions	96		—		96
Foreign exchange impact	—		—		—
Total impact on balance before other and changes in the instrument-specific credit risk	(85)		(38)		(123)
Other	—		(20)		(20)
Effect of changes in the instrument-specific credit risk	(378)		2		(376)
Total income (loss) impact on market risk benefits	(463)		(56)		(519)
Less: impact on OCI	(378)		56		(322)
Add: fees net of claims and ceded premiums and benefits	224		—		224
Net impact on pre-tax income (loss)	$	139	$	(112)	$	27
	Three Months Ended March 31, 2022
---	---	---	---	---	---	---
	Individual Retirement and Group Retirement
(in millions)	MRB Liability*		Hedge Assets		Net
Issuances	$	—	$	—	$	—
Interest accrual	(18)		(63)		(81)
Attributed fees	(216)		—		(216)
Expected claims	13		—		13
Effect of changes in interest rates	1,121		(1,012)		109
Effect of changes in interest rate volatility	(189)		81		(108)
Effect of changes in equity markets	(402)		348		(54)
Effect of changes in equity index volatility	1		(4)		(3)
Actual outcome different from model expected outcome	(132)		—		(132)
Effect of changes in future expected policyholder behavior	—		—		—
Effect of changes in other future expected assumptions	—		—		—
Foreign exchange impact	3		—		3
Total impact on balance before other and changes in the instrument-specific credit risk	181		(650)		(469)
Other	—		39		39
Effect of changes in the instrument-specific credit risk	727		(56)		671
Total income (loss) impact on market risk benefits	908		(667)		241
Less: impact on OCI	727		(215)		512
Add: fees net of claims and ceded premiums and benefits	184		—		184
Net impact on pre-tax income (loss)	$	365	$	(452)	$	(87)

* MRB Liability is partially offset by MRB Assets.

Corebridge | First Quarter 2023 Form 10-Q 96

ITEM 2 | Executive Summary

Three Months Ended March 31, 2023

•Net impact on pre-tax income of $27 million was primarily driven by increases in equity markets and the impact of the LIBOR to SOFR transition.

•The hedge program is designed to offset moves in the GMWB economic liability and therefore has a lower sensitivity to equity market changes than the MRBs.

•With the transition of risk free rates to the SOFR curve our discounting of fees has been reduced, resulting in a one time favorable impact to the MRB liability.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the three months ended March 31, 2023, we had a net mark-to-market loss of approximately $208 million from our hedging activities related to our economic hedge target primarily driven by tightening credit spreads, and lower equity volatility.

Three Months Ended March 31, 2022

•Net impact on pre-tax loss of $87 million was primarily driven by fund basis changes that impacted our actual to expected model outcomes, lower equity markets and term structure moves in the interest rate volatility market, partially offset by increases in interest rates.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the three months ended March 31, 2022, we had a net mark-to-market gain of approximately $128 million from our hedging activities related to our economic hedge target primarily driven by higher interest rates and widening spreads, offset by lower equity markets.

Embedded Derivatives for Fixed Index Annuity and Index Universal Life Products

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

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

	At March 31,		At December 31,
(in millions)	2023		2022
Fixed index annuities	$	5,269	$	4,657
Index universal life	$	795	$	710

Our Strategic Partnership with Blackstone

In 2021, Argon Holdco LLC (“Argon”), a wholly owned subsidiary of Blackstone Inc. (“Blackstone”), acquired a 9.9% position in our common stock and we entered into a long-term asset management relationship with Blackstone.

We believe that our strategic partnership with Blackstone has begun to yield economic and strategic benefits. We have been able to expand our investment capabilities, access new asset classes and improve our investment yields. We believe that Blackstone’s ability to originate attractive and privately sourced, fixed-income oriented assets, will be accretive to our businesses and provide us with an enhanced competitive advantage.

Pursuant to the partnership, Blackstone initially managed $50 billion of our existing investment portfolio, with that amount to increase to an aggregate of $92.5 billion by the third quarter of 2027. Accordingly, in both the first quarter of 2023 and fourth quarter of 2022, we authorized Blackstone to invest an additional $2.1 billion on behalf of our investment portfolio.

As of March 31, 2023, Blackstone managed $51.8 billion in book value of assets in our investment portfolio. As these assets run-off, we expect Blackstone to reinvest primarily in Blackstone-originated investments across a range of asset classes, including private and structured credit, and commercial and residential real estate securitized and whole loans. Blackstone’s preferred credit and lending strategy is to seek to control all significant components of the underwriting and pricing processes with the goal of facilitating bespoke opportunities with historically strong credit protection and attractive risk-adjusted returns. Blackstone seeks to capture enhanced economics to those available in the traditional fixed income markets by going directly to the borrowers.

Corebridge | First Quarter 2023 Form 10-Q 97

ITEM 2 | Executive Summary

Blackstone currently manages a portfolio of private and structured credit assets and commercial and residential real estate securitized and whole loans for Corebridge. We believe Blackstone is well-positioned to add value and drive new originations across credit and real estate asset classes. We continue to manage asset allocation and portfolio-level risk management decisions with respect to any assets managed by Blackstone, ensuring that we maintain a consistent level of oversight across our entire investment portfolio considering our asset-liability matching needs, risk appetite and capital positions.

Beginning in 2022, Blackstone started investing for us primarily in Blackstone-originated investments. The investments underlying the original $50 billion mandate with Blackstone are expected to run-off and be reinvested over time. While over time the benefits of the partnership with Blackstone are expected to become accretive to our businesses, we do not expect the partnership to be immediately accretive to earnings. We expect Blackstone’s enhanced asset origination capabilities will enhance the competitiveness and profitability of our products, particularly in spread products such as fixed annuities.

Our Investment Management Agreements with BlackRock

In 2022 we entered into investment management agreements with BlackRock (collectively referred herein as the “BlackRock Agreements”). As of March 31, 2023 BlackRock manages approximately $83.7 billion in book value of liquid fixed income and certain private placement assets. In addition, liquid fixed income assets associated with the portfolio supporting the Fortitude Re reinsurance arrangements were separately transferred to BlackRock for management. The BlackRock Agreements provide us with access to market-leading capabilities, including portfolio management, research and tactical strategies in addition to a larger pool of investment professionals. We believe BlackRock’s scale and fee structure make BlackRock an excellent outsourcing partner for certain asset classes and will allow us to further optimize our investment management operating model while improving overall performance.

See “Business—Investment Management—Our Investment Management Agreements with BlackRock” in the 2022 Annual Report.

Adoption of Targeted Improvements to the Accounting for Long-Duration Contracts

The Company adopted the standard on January 1, 2023, with a transition date of January 1, 2021 (as described in in additional detail below).

The Company adopted the standard using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and DAC. The Company also adopted the standard in relation to MRBs on a full retrospective basis. As of the January 1, 2021 transition date, the impact of the adoption of the standard was a net decrease to beginning AOCI of $2.3 billion and a net increase to beginning Shareholders’ net investment of $1.2 billion.

The net increase in Shareholders’ net investment resulted from:

•The reclassification of the cumulative effect of non-performance adjustments related to our products in Individual Retirement and Group Retirement operating segments that are currently measured at fair value (e.g., living benefit guarantees associated with variable annuities),

Partially offset by:

•A reduction from the difference between the fair value and carrying value of benefits not previously measured at fair value (e.g., death benefit guarantees associated with variable annuities).

The net decrease in AOCI resulted from:

•The reclassification of the cumulative effect of non-performance adjustments discussed above,

•Changes to the discount rate which will most significantly impact our Life Insurance and Institutional Markets segments,

Partially offset by:

•The removal of DAC, Unearned revenue reserves, Sales inducement assets and certain future policyholder benefit balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments.

Fair Value Option Bond Securities

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

Corebridge | First Quarter 2023 Form 10-Q 98

ITEM 2 | Executive Summary

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


(in millions)	2023		2022
Net investment income - excluding Fortitude Re funds withheld assets	$	10	$	(19)
Net investment income - Fortitude Re funds withheld assets	105		(93)
Total	$	115	$	(112)

Separation Costs

In connection with our separation from AIG, we have incurred and expect to continue to incur one-time and recurring expenses. We estimate that our one-time expenses will be between approximately $350 million and $450 million on a pre-tax basis from January 1, 2022. As of March 31, 2023 we have incurred approximately $232 million of one-time expenses. These expenses primarily relate to replicating and replacing functions, systems and infrastructure provided by AIG; rebranding; and accounting advisory, consulting and actuarial fees. In addition to these separation costs, we expect to incur costs related to the evolution of our investments organization to reflect our strategic partnerships with key external managers, our implementation of BlackRock’s “Aladdin” investment management technology platform and our expected reduction in fees for asset management services. We expect to incur the majority of these costs by December 31, 2023.

In addition, as part of Corebridge Forward, we aim to achieve an annual run rate expense reduction of approximately $400 million on a pre-tax basis and expect the majority of the reduction to be achieved within 24 months of the IPO. Through March 31, 2023 we have acted upon or contracted approximately $281 million of exit run rate savings, of which $48 million relates to the three months ended March 31, 2023. Corebridge Forward is expected to have a one-time expense of approximately $300 million on a pre-tax basis. As of March 31, 2023,the cost to achieve has been approximately $102 million.

COREBRIDGE’S MACROECONOMIC, INDUSTRY AND REGULATORY TRENDS

Our business is affected by industry and economic factors such as interest rates; geopolitical stability (including the armed conflict between Ukraine and Russia and corresponding sanctions imposed by the United States and other countries); credit and equity market conditions; currency exchange rates; regulation; tax policy; competition; and general economic, market and political conditions. We continued to operate under challenging market conditions in 2023 and 2022 characterized by factors such as the impact of COVID-19 and the related governmental and societal responses, interest rate volatility, inflationary pressures, an uneven global economic recovery and global trade tensions. Responses by central banks and monetary authorities with respect to inflation, growth concerns and other macroeconomic factors have also affected global exchange rates and volatility.

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

Impact of COVID-19

We are regularly assessing the impact on our business, operations and investments of COVID-19 and the resulting ongoing economic and societal disruption. These impacts initially included a global economic contraction, disruptions in financial markets, increased market volatility and declines in certain equity and other asset prices that had negative effects on our investments, our access to liquidity, our ability to generate new sales and the costs associated with claims. Further, legislative and regulatory activity has occurred, and we cannot predict what form future legal and regulatory responses to concerns about COVID-19 and related public health issues will take, or how such responses will impact our business.

The most significant impacts relating to COVID-19 have been the impact of interest rate, credit spreads and equity market levels on spread and fee income and increased mortality. We are actively monitoring the mortality rates and the potential direct and indirect impacts that COVID-19 may have across our businesses. The last three quarters saw the fewest national fatalities since the start of the pandemic. Actual data related to cause of death is not always available for all claims paid, and such cause of death data does not always capture the existence of comorbid conditions. As a result, COVID-19 pre-tax income and APTOI impacts are estimates of the total impact of COVID-19 related claim activity based on available data. The regulatory approach to the pandemic and impact on the insurance industry is continuing to evolve and its ultimate impact remains uncertain. However, based on the latest data we believe that COVID-19 is shifting from a pandemic to an endemic. Prospectively in the United States, we estimate a reduction in pre-tax income and APTOI of $30 million to $40 million for every 100,000 population deaths. for the three months ended March 31, 2022, our estimated reduction in pre-tax income and APTOI impact in the United States and UK from COVID-19 was $46 million.

We have a diverse investment portfolio with material exposures to various forms of credit risk. To date, there has been minimal impact on the value of the portfolio. At this point in time, uncertainty surrounding the duration and severity of the COVID-19 pandemic makes the long-term financial impact difficult to quantify.

See “Risk Factors—Risks Relating to Market Conditions—We are exposed to risk from the COVID-19 pandemic” in the 2022 Annual Report.

Corebridge | First Quarter 2023 Form 10-Q 99

ITEM 2 | Executive Summary

Demographics

We expect our target market of individuals planning for retirement to continue to grow with the size of the U.S. population age 65 and over that is expected to increase by approximately 30% by 2030 from 2020. In addition, we believe that reduced employer-paid retirement benefits will drive an increasing need for our individual retirement solutions. Further, consumers in the United States continue to prefer purchasing life insurance and retirement products through an agent or advisor, which positions us favorably given our broad distribution platform and in-house advisory capabilities. We continue to seek opportunities to develop new products and adapt our existing products to the growing needs of individuals to plan, save for and achieve secure financial futures.

Equity Markets

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

Our hedging costs could also be significantly impacted by changes in the level of equity markets as rebalancing and option costs are tied to the equity market volatility. These hedging costs are partially offset by our rider fees that are tied to the level of the VIX. As rebalancing and option costs increase or decrease, the rider fees will increase or decrease partially offsetting the hedging costs incurred. Increased equity market volatility may also result in additional collateral being posted to hedging counterparties.

See “Risk Factors—Risks Relating to Market Conditions—We are exposed to risk from equity market declines or volatility” in the 2022 Annual Report.

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

See “Risk Factors—Our business is highly dependent on economic and capital market conditions” in the 2022 Annual Report.

Alternative investments include private equity funds which are generally reported on a one-quarter lag. Accordingly, changes in valuations driven by equity market conditions during the fourth quarter of 2022 may impact the private equity investments in the alternative investments portfolio in the first quarter of 2023.

Impact of Changes in the Interest Rate Environment

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

As of March 31, 2023, increases in key rates have improved yields on new investments, which are now higher than the yield on maturities and redemptions (“run-off yield”) that we are experiencing on our existing portfolios. Furthermore, the impact of interest rate increases is further reflected in our results as these rate increases have also reduced the value of fixed income assets that are held in the variable annuity separate accounts and brokerage and advisory assets, and accordingly, have adversely impacted the fees that are charged on these accounts. We actively manage our exposure to the interest rate environment through portfolio construction and asset-liability management, including spread management strategies for our investment-oriented products and economic hedging of interest rate risk from guarantee features in our variable annuities, but we may not be able to fully mitigate our interest rate risk by matching exposure of our assets relative to our liabilities.

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

Regulatory Environment

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

Corebridge | First Quarter 2023 Form 10-Q 100

ITEM 2 | Executive Summary

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

For information regarding our regulation and supervision by different regulatory authorities in the United States and abroad, see “Business—Regulation” in the 2022 Annual Report.

Annuity Sales and Surrenders

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

Reinvestment and Spread Management

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

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

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

Of the aggregate fixed account values of our Individual Retirement and Group Retirement annuity products, 60% and 64% were crediting at the contractual minimum guaranteed interest rate at March 31, 2023 and December 31, 2022, respectively. The percentages of fixed account values of our annuity products that are currently crediting at rates above 1% were 54% and 55% at March 31, 2023 and December 31, 2022, respectively. In the universal life insurance products in our Life Insurance business, 63% and 62% of the account values were crediting at the contractual minimum guaranteed interest rate at March 31, 2023 and December 31, 2022, respectively. These businesses continue to focus on pricing discipline and strategies to manage the minimum guaranteed interest crediting rates offered on new sales in the context of regulatory requirements and competitive positioning.

For additional information on our investment and asset-liability management strategies, see Note 5 to our condensed consolidated financial statements.

Impact of Currency Volatility

In our life insurance business, we have international locations in the UK and Ireland, whose local currency is the British pound and Euro, respectively. Trends in revenue and expense reported in U.S. dollars can differ significantly from those measured in original currencies. While currency volatility affects financial statement line item components of income and expenses, since our international businesses transact in local currencies, the impact is significantly mitigated.

These currencies may continue to fluctuate, in either direction, and such fluctuations may affect premiums, fees and expenses reported in U.S. dollars, as well as financial statement line item comparability.

Corebridge | First Quarter 2023 Form 10-Q 101

ITEM 2 | Executive Summary

Use of Non-GAAP Financial Measures and Key Operating Metrics

NON-GAAP FINANCIAL MEASURES

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

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

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


(in millions)	2023		2022
Total revenues	$	4,262	$	7,240
Fortitude Re related items:
Net investment income on Fortitude Re funds withheld assets	(394)		(278)
Net realized (gains) losses on Fortitude Re funds withheld assets	(20)		123
Net realized (gains) losses on Fortitude Re funds withheld embedded derivatives	1,025		(2,837)
Subtotal - Fortitude Re related items	611		(2,992)
Other non-Fortitude Re reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits	(13)		(14)
Non-operating litigation reserves and settlements	—		(20)
Other (income) - net	(10)		(12)
Net realized (gains) losses*	513		(114)
Subtotal - Other non-Fortitude Re reconciling items	490		(160)
Total adjustments	1,101		(3,152)
Adjusted revenues	$	5,363	$	4,088

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

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

APTOI excludes the impact of the following items:

FORTITUDE RELATED ADJUSTMENTS:

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:

Corebridge | First Quarter 2023 Form 10-Q 102

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

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 GMWBs 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.

OTHER ADJUSTMENTS:

•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.

Corebridge | First Quarter 2023 Form 10-Q 103

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

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

Three Months Ended March 31,	2023								2022
(in millions)	Pre-tax		Total Tax<br>(Benefit)<br>Charge		Non-<br>controlling<br>Interests		After Tax		Pre-tax		Total Tax<br>(Benefit)<br>Charge		Non-<br>controlling<br>Interests		After Tax
Pre-tax income/net income, including noncontrolling <br>interests	$	(669)	$	(216)	$	—	$	(453)	$	4,300	$	859	$	—	$	3,441
Noncontrolling interests	—		—		(6)		(6)		—		—		(75)		(75)
Pre-tax income/net income attributable to Corebridge	(669)		(216)		(6)		(459)		4,300		859		(75)		3,366
Fortitude Re related items
Net investment income on Fortitude Re funds withheld assets	(394)		(87)		—		(307)		(278)		(58)		—		(220)
Net realized (gains) losses on Fortitude Re funds withheld assets	(20)		(4)		—		(16)		123		26		—		97
Net realized losses on Fortitude Re funds withheld embedded derivative	1,025		227		—		798		(2,837)		(610)		—		(2,227)
Subtotal Fortitude Re related items	611		136		—		475		(2,992)		(642)		—		(2,350)
Other Reconciling Items:
Changes in uncertain tax positions and other tax adjustments	—		21		—		(21)		—		42		—		(42)
Deferred income tax valuation allowance (releases) charges	—		(16)		—		16		—		(24)		—		24
Changes in fair value of market risk benefits, net	196		41		—		155		(233)		(50)		—		(183)
Changes in fair value of securities used to hedge guaranteed living benefits	3		1		—		2		(13)		(3)		—		(10)
Changes in benefit reserves related to net realized gains (losses)	(5)		(1)		—		(4)		(2)		—		—		(2)
Net realized (gains) losses*	508		107		—		401		(120)		(25)		—		(95)
Non-operating litigation reserves and settlements	—		—		—		—		(20)		(4)		—		(16)
Separation costs	52		11		—		41		44		9		—		35
Restructuring and other costs	27		6		—		21		14		3		—		11
Non-recurring costs related to regulatory or accounting changes	4		1		—		3		3		1		—		2
Net (gain) loss on divestiture	3		1		—		2		2		—		—		2
Pension expense - non operating	—		—		—		—		1		—		—		1
Noncontrolling interests	(6)		—		6		—		(75)		—		75		—
Subtotal: Other non-Fortitude Re reconciling items	782		172		6		616		(399)		(51)		75		(273)
Total adjustments	1,393		308		6		1,091		(3,391)		(693)		75		(2,623)
Adjusted pre-tax operating income (loss)/Adjusted after-tax operating income (loss) attributable to Corebridge common shareholders	$	724	$	92	$	—	$	632	$	909	$	166	$	—	$	743

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

Adjusted Book Value is derived by excluding AOCI, adjusted for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets. We believe this measure is useful to investors as it eliminates 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 MRBs 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.

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

	At March 31,		At December 31,
(in millions, except per common share data)	2023		2022
Total Corebridge shareholders' equity (a)	$	11,555	$	9,380
Less: Accumulated other comprehensive income	(14,067)		(16,863)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets	(2,365)		(2,806)
Adjusted Book Value (b)	$	23,257	$	23,437
Total common shares outstanding (c)	648.1		645.0
Book value per common share (a/c)	$	17.83	$	14.54
Adjusted book value per common share (b/c)	$	35.88	$	36.34

Corebridge | First Quarter 2023 Form 10-Q 104

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

Adjusted Return on Average Equity (“Adjusted ROAE”) is derived by dividing AATOI by average Adjusted Book Value and is used by management to evaluate our recurring profitability and evaluate trends in our business. We believe this measure is useful to investors 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.

The following table presents the reconciliation of Adjusted ROAE:


(in millions, unless otherwise noted)	2023			2022
Actual or annualized net income (loss) attributable to Corebridge shareholders (a)	$	(1,836)		$	13,464
Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b)	2,528			2,972
Average Corebridge shareholders’ equity (c)	10,468			23,629
Less: Average AOCI	(15,465)			3,104
Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets	(2,586)			1,442
Average Adjusted Book Value (d)	$	23,347		$	21,967
Return on Average Equity (a/c)	(17.5)		%	57.0		%
Adjusted ROAE (b/d)	10.8		%	13.5		%

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.

The following table presents the premiums and deposits:


(in millions)	2023		2022
Individual Retirement
Premiums	$	78	$	56
Deposits	4,807		3,830
Other(a)	(2)		(5)
Premiums and deposits	4,883		3,881
Group Retirement
Premiums	6		8
Deposits	2,240		1,880
Premiums and deposits(b)(c)	2,246		1,888
Life Insurance
Premiums	425		425
Deposits	398		397
Other(a)	226		235
Premiums and deposits	1,049		1,057
Institutional Markets
Premiums	1,575		238
Deposits	581		82
Other(a)	7		7
Premiums and deposits	2,163		327
Total
Premiums	2,084		727
Deposits	8,026		6,189
Other(a)	231		237
Premiums and deposits	$	10,341	$	7,153

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

(b)Excludes client deposits into advisory and brokerage accounts of $542 million and $602 million for the three months ended March 31, 2023 and 2022, respectively.

(c)Includes premiums and deposits related to in-plan mutual funds of $1,011 million and $868 million for the three months ended March 31, 2023 and 2022, respectively.

Corebridge | First Quarter 2023 Form 10-Q 105

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

Normalized distributions are defined as dividends paid by the Life Fleet subsidiaries as well as the international insurance subsidiaries, less non-recurring dividends, plus dividend capacity that would have been available to Corebridge absent strategies that resulted in utilization of tax attributes. We believe that presenting normalized distributions is useful in understanding a significant component of our liquidity as a stand-alone company.

The following table presents a reconciliation of Dividends to Normalized distributions:


(in millions)	2023		2022
Subsidiary dividends paid	$	500	$	700
Tax sharing payments related to utilization of tax attributes	—		147
Normalized distributions	$	500	$	847

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

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


(in millions)	2023		2022
Net investment income (net income basis)	$	2,695	$	2,581
Net investment (income) on Fortitude Re funds withheld assets	(394)		(278)
Change in fair value of securities used to hedge guaranteed living benefits	(13)		(14)
Other adjustments	(10)		(12)
Derivative income recorded in net realized investment gains (losses)	57		34
Total adjustments	(360)		(270)
Net investment income (APTOI basis) *	$	2,335	$	2,311

* Includes net investment income from Corporate and Other of $58 million and $181 million for the three months ended March 31, 2023 and 2022, respectively.

KEY OPERATING METRICS

Assets Under Management and Administration

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

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

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

The following table presents a summary of our AUMA:

	March 31,		December 31,
(in millions)	2023		2022
Individual Retirement
AUM	$	140,316	$	136,696
AUA	—		—
Total Individual Retirement AUMA	140,316		136,696
Group Retirement
AUM	78,610		78,474
AUA	39,258		36,458
Total Group Retirement AUMA	117,868		114,932
Life Insurance
AUM	28,284		27,760
AUA	—		—
Total Life Insurance AUMA	28,284		27,760
Institutional Markets
AUM	34,780		30,686
AUA	46,604		47,078
Total Institutional Markets AUMA	81,384		77,764
Total AUMA	$	367,852	$	357,152

Corebridge | First Quarter 2023 Form 10-Q 106

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

Fee and Spread income and Underwriting Margin

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

Spread income is defined as net investment income less interest credited to policyholder account balances, exclusive of amortization of deferred sales inducement assets. Spread income is comprised of both base spread income and variable investment income. For our Institutional Markets segment, its structured settlements, PRT and GIC products 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.

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

Variable investment income includes call and tender income, commercial mortgage loan prepayments, changes in market value of investments accounted for under the fair value option, interest received on defaulted investments (other than foreclosed real estate), income from alternative investments, 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.

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

Base net investment spread means base yield less cost of funds, 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.

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


(in millions)	2023		2022
Individual Retirement
Spread income	$	623	$	542
Fee income	277		308
Total Individual Retirement	900		850
Group Retirement
Spread income	213		247
Fee income	176		199
Total Group Retirement	389		446
Life Insurance
Underwriting margin	356		372
Total Life Insurance	356		372
Institutional Markets
Spread income	82		101
Fee income	16		15
Underwriting margin	17		22
Total Institutional Markets	115		138
Total
Spread income	918		890
Fee income	469		522
Underwriting margin	373		394
Total	$	1,760	$	1,806

Corebridge | First Quarter 2023 Form 10-Q 107

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

Net Investment Income (APTOI Basis)

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


(in millions)	2023		2022
Individual Retirement
Base portfolio income	$	1,123	$	857
Variable investment income	5		126
Net investment income	1,128		983
Group Retirement
Base portfolio income	491		450
Variable investment income	9		77
Net investment income	500		527
Life Insurance
Base portfolio income	317		305
Variable investment income	—		51
Net investment income	317		356
Institutional Markets
Base portfolio income	318		218
Variable investment income	14		46
Net investment income	332		264
Total
Base portfolio income	2,249		1,830
Variable investment income	28		300
Net investment income (APTOI basis) - Insurance operations	$	2,277	$	2,130

Net Flows

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

The following table presents a summary of our Net Flows:


(in millions)	2023		2022
Individual Retirement
Fixed Annuities	$	(90)	$	270
Fixed Index Annuities	1,388		985
Variable Annuities	(636)		(381)
Total Individual Retirement	662		874
Group Retirement	(819)		(819)
Total Net Flows	$	(157)	$	55

Corebridge | First Quarter 2023 Form 10-Q 108

ITEM 2 | Consolidated Results of Operations

Consolidated Results of Operations

The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three months ended March 31, 2023 and 2022. For factors that relate primarily to a specific business, see “—Segment Operations.”


(in millions)	2023		2022
Revenues:
Premiums	$	2,105	$	735
Policy fees	698		730
Net investment income	2,695		2,581
Net realized gains (losses)	(1,458)		2,887
Advisory fee and other income	222		307
Total revenues	4,262		7,240
Benefits and expenses:
Policyholder benefits	2,495		1,168
Change in the fair value of market risk benefits, net	196		(233)
Interest credited to policyholder account balances	1,026		878
Amortization of deferred policy acquisition costs and value of business acquired	256		243
Non-deferrable insurance commissions	136		144
Advisory fee expenses	65		71
General operating expenses	582		586
Interest expense	172		81
Net gain: on divestitures	3		2
Total benefits and expenses	4,931		2,940
Income (loss) before income tax expense (benefit)	(669)		4,300
Income tax expense (benefit)	(216)		859
Net income (loss)	(453)		3,441
Less: Net income attributable to noncontrolling interests	6		75
Net income (loss) attributable to Corebridge	$	(459)	$	3,366

The following table presents certain balance sheet data:

(in millions, except per common share data)	March 31, 2023		December 31, 2022
Balance sheet data:
Total assets	$	366,691	$	360,322
Long-term debt	$	7,871	$	7,868
Debt of consolidated investment entities	$	2,688	$	5,958
Total Corebridge shareholders’ equity	$	11,555	$	9,380
Book value per common share	$	17.83	$	14.54
Adjusted book value per common share	$	35.88	$	36.34

Financial Highlights

Three Months Ended March 31, 2023 to Three Months Ended March 31, 2022 Net Income Comparison

Income (loss) before income tax expense (benefit)

We recorded a pre-tax loss of $669 million in the three months ended March 31, 2023 compared to pre-tax income of $4.3 billion in the three months ended March 31, 2022. The change in pre-tax income was primarily due to:

•lower realized gains of $4.3 billion primarily driven by losses on Fortitude Re funds withheld embedded derivative; and

•unfavorable change in the fair value of market risk benefits, net of $429 million primarily driven by the impacts of changes in equity markets and interest rate volatility.

Corebridge | First Quarter 2023 Form 10-Q 109

ITEM 2 | Consolidated Results of Operations

Partially offset by:

•higher net investment income of $114 million primarily driven by higher income related to the Fortitude Re funds withheld assets and higher base portfolio income partially offset by lower variable investment income.

Income tax expense (benefit)

For the three months ended March 31, 2023, there was a tax benefit of $216 million on loss from operations, resulting in an effective tax rate on loss from operations of 32.3%. Refer to the reconciliation of the GAAP tax rate to the adjusted tax rate presented in “–– Use of Non-GAAP Financial Measures and Key Operating Metrics” presented herein.

Adjusted pre-tax operating income

The following table presents a reconciliation of pre-tax income (loss) attributable to Corebridge to APTOI:


(in millions)	2023		2022
Pre-tax income (loss) attributable to Corebridge	$	(669)	$	4,300
Reconciling items to APTOI:
Fortitude Re related items	611		(2,992)
Non-Fortitude Re related items	782		(399)
Adjusted pre-tax operating income	$	724	$	909

The following table presents the impacts in connection with the adoption of LDTI on our previously reported APTOI for the three months ended March 31, 2022:

Three Month Ended March 31, 2022	As Previously Reported		Effect of Change		Updated Balances post-adoption of LDTI
(in millions, except per common share data)
Revenues:
Premiums	$	739	$	9	$	748
Policy fees	764		(34)		730
Total revenues	4,113		(25)		4,088
Benefits and expenses:
Policyholder benefits	1,369		(199)		1,170
Interest credited to policyholder account balances	868		14		882
Amortization of deferred acquisition costs	278		(35)		243
Non-deferrable insurance commissions	161		(17)		144
Total benefits and expenses	3,341		(237)		3,104
Adjusted pre-tax operating income	$	697	$	212	$	909

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


(in millions)	2023		2022
Premiums	$	2,104	$	748
Policy fees	698		730
Net investment income	2,335		2,311
Net realized gains*	4		11
Advisory fee and other income	222		288
Total adjusted revenues	5,363		4,088
Policyholder benefits	2,500		1,170
Interest credited to policyholder account balances	1,015		882
Amortization of deferred policy acquisition costs	256		243
Non-deferrable insurance commissions	136		144
Advisory fee expenses	65		71
General operating expenses	499		524
Interest expense	162		70
Total benefits and expenses	4,633		3,104
Noncontrolling interests	(6)		(75)
Adjusted pre-tax operating income	$	724	$	909

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

Corebridge | First Quarter 2023 Form 10-Q 110

ITEM 2 | Consolidated Results of Operations

Three Months Ended March 31, 2023 to Three Months Ended March 31, 2022 APTOI Comparison

APTOI decreased $185 million primarily due to:

•lower policy and advisory fee income, net of advisory fee expenses of $92 million driven by lower average separate accounts balances driven by negative equity market performance in 2022;

•higher interest expense of $92 million primarily due to the issuance of senior unsecured notes, hybrid junior subordinated notes and borrowing under our unsecured 3-Year Delayed Draw Term Loan Agreement (the “Three-Year DDTL Facility”) in 2022 totaling $9.0 billion and partially offset by the interest expense from the $8.3 billion affiliated promissory note to AIG in 2022; and

Partially offset by:

•higher net investment income of $24 million primarily driven by higher base portfolio income partially offset by lower variable investment income reflecting lower alternative investment income.

Segment Operations

Our business operations consist of five reportable segments:

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

•Institutional Markets – consists of SVW products, structured settlement and PRT annuities, Corporate Markets products that include COLI-BOLI, private placement variable universal life and private placement variable annuities products and GICs.

•Corporate and Other – consists primarily of:

–corporate expenses not attributable to our other segments;

–interest expense on financial debt;

–results of our consolidated investment entities;

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

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

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

See Note 3 to our condensed consolidated financial statements.


(in millions)	2023		2022
Individual Retirement	$	534	$	468
Group Retirement	186		242
Life Insurance	82		84
Institutional Markets	85		115
Corporate and Other	(163)		—
Consolidation and elimination	—		—
Adjusted pre-tax operating income	$	724	$	909

Corebridge | First Quarter 2023 Form 10-Q 111

ITEM 2 | Business Segment Operations

DISCUSSION OF SEGMENT RESULTS

Individual Retirement

Individual Retirement Results


(in millions)	2023		2022
Revenues:
Premiums	$	78	$	56
Policy fees	174		185
Net investment income:
Base portfolio income	1,123		857
Variable investment income	5		126
Net investment income	1,128		983
Advisory fee and other income*	103		123
Total adjusted revenues	1,483		1,347
Benefits and expenses:
Policyholder benefits	65		66
Interest credited to policyholder account balances	519		454
Amortization of deferred policy acquisition costs	137		119
Non-deferrable insurance commissions	86		92
Advisory fee expenses	34		37
General operating expenses	108		111
Total benefits and expenses	949		879
Adjusted pre-tax operating income	$	534	$	468

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

Individual Retirement Sources of Earnings

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


(in millions)	2023		2022
Spread income(a)	$	623	$	542
Fee income	277		308
Policyholder benefits, net of premiums	13		(10)
Non-deferrable insurance commissions	(86)		(92)
Amortization of DAC and DSI	(151)		(132)
General operating expenses	(108)		(111)
Other(b)	(34)		(37)
Adjusted pre-tax operating income	$	534	$	468

(a)Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $14 million and $13 million for the three months ended March 31, 2023 and 2022, respectively.

(b)Other represents advisory fee expenses.

Corebridge | First Quarter 2023 Form 10-Q 112

ITEM 2 | Business Segment Operations

Financial Highlights

Three Months Ended March 31, 2023 to Three Months Ended March 31, 2022 APTOI Comparison

APTOI increased $66 million primarily due to:

•higher spread income of $81 million primarily driven by higher base spread income of $202 million, partially offset by lower variable investment income of $121 million primarily due to lower alternative investment income and lower yield enhancement income.

partially offset by

•lower fee income of $31 million, primarily due to a decrease in mortality and expense fees and other fee income due to lower variable annuity separate account assets driven by the prior year decline in equity markets, higher interest rates and wider credit spreads.

AUMA

The following table presents Individual Retirement AUMA by product:

	March 31,		December 31,
(in millions)	2023		2022
Fixed annuities	$	52,480	$	51,806
Fixed index annuities	31,257		30,403
Variable annuities:
Variable annuities - General Account	10,283		9,443
Variable annuities - Separate Accounts	46,296		45,044
Variable annuities	56,579		54,487
Total	$	140,316	$	136,696

March 31, 2023 to December 31, 2022 AUMA Comparison

AUMA increased $3.6 billion driven by an increase of $2.4 billion in the general account and higher separate accounts assets of $1.3 billion. The general account increased due to lower interest rates and tightening credit spreads resulting in unrealized gains from fixed maturities securities and positive net flows. The separate account increased primarily due to increases in the equity markets, lower interest rates and tightening credit spreads, partially offset by outflows from the separate account.

Spread and Fee Income

The following table presents Individual Retirement spread and fee income:


(in millions)	2023		2022
Spread income:
Total spread income
Base portfolio income	$	1,123	$	857
Interest credited to policyholder account balances	(505)		(441)
Base spread income	618		416
Variable investment income	5		126
Total spread income*	$	623	$	542
Fee income:
Policy fees	$	174	$	185
Advisory fees and other income	103		123
Total fee income	$	277	$	308

* Excludes amortization of DSI assets of $14 million and $13 million for the three months ended March 31, 2023 and 2022, respectively.

Corebridge | First Quarter 2023 Form 10-Q 113

ITEM 2 | Business Segment Operations

The following table presents Individual Retirement net investment spread:


	2023		2022
Fixed annuities base net investment spread:
Base yield*	4.83	%	3.76	%
Cost of funds	2.82		2.67
Fixed annuities base net investment spread	2.01		1.09
Fixed index annuities base net investment spread:
Base yield*	4.46		3.70
Cost of funds	1.79		1.45
Fixed index annuities base net investment spread	2.67		2.25
Variable annuities base net investment spread:
Base yield*	3.85		3.85
Cost of funds	1.46		1.42
Variable annuities base net investment spread	2.39		2.43
Total Individual Retirement base net investment spread:
Base yield*	4.65		3.75
Cost of funds	2.34		2.15
Total Individual Retirement base net investment spread	2.31	%	1.60	%

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

Three Months Ended March 31, 2023 to Three Months Ended March 31, 2022 Comparison

See “—Financial Highlights”

Premiums and Deposits and Net Flows

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

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

Premiums and Deposits	Three Months Ended March 31,
(in millions)		2023		2022
Fixed annuities		$	2,248	$	1,569
Fixed index annuities		2,057		1,364
Variable annuities		578		948
Total		$	4,883	$	3,881	Net Flows	Three Months Ended March 31,
---	---
(in millions)		2023		2022
Fixed annuities		$	(90)	$	270
Fixed index annuities		1,388		985
Variable annuities		(636)		(381)
Total		$	662	$	874

Three Months Ended March 31, 2023 to Three Months Ended March 31, 2022 Comparison

Fixed Annuities Net outflows increased by $360 million over the prior year, primarily due to higher surrenders and withdrawals of $1.1 billion, partially offset by higher premiums and deposits of $679 million due to competitive pricing, higher interest rates and lower death benefits of $16 million.

Fixed Index Annuities Net inflows increased by $403 million primarily due to higher premiums and deposits of $693 million due to competitive pricing and higher interest rates, partially offset by higher surrenders and withdrawals of $265 million and higher death benefits of $24 million.

Variable Annuities Net outflows increased $255 million primarily due to lower premium and deposits of $370 million, due to market volatility, partially offset by lower surrenders and withdrawals of $75 million and lower death benefits of $40 million.

Corebridge | First Quarter 2023 Form 10-Q 114

ITEM 2 | Business Segment Operations

Surrenders

The following table presents Individual Retirement surrender rates:


	2023		2022
Fixed annuities	15.1	%	6.8	%
Fixed index annuities	6.7	%	4.0	%
Variable annuities	7.1	%	6.4	%

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

	March 31,						December 31,
	2023						2022
(in millions)	Fixed<br>Annuities		Fixed Index<br>Annuities		Variable<br>Annuities		Fixed<br>Annuities		Fixed Index<br>Annuities		Variable<br>Annuities
No surrender charge	$	24,199	$	2,423	$	28,103	$	24,889	$	2,270	$	27,037
Greater than 0% - 2%	1,479		1,349		6,892		1,783		1,353		6,962
Greater than 2% - 4%	2,110		5,042		5,290		2,256		4,532		5,081
Greater than 4%	20,277		25,929		12,012		18,905		25,196		12,082
Non-surrenderable(a)	2,396		—		1,155		2,453		—		1,155
Total account value(b)	$	50,461	$	34,743	$	53,452	$	50,286	$	33,351	$	52,317

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

(b) Includes payout Immediate Annuities, funding agreements and policy loans.

Individual Retirement annuities are typically subject to a three- to seven-year surrender charge period, depending on the product. For fixed annuities, the proportion of reserves subject to surrender charge at March 31, 2023 increased compared to December 31, 2022 primarily due to growth in business, while the proportion of fixed index annuities was slightly lower primarily due to the aging of the business. The increase in the proportion of reserves with no surrender charge for variable annuities as of March 31, 2023 compared to December 31, 2022 was principally due to normal aging of business.

Corebridge | First Quarter 2023 Form 10-Q 115

ITEM 2 | Business Segment Operations

Group Retirement

Group Retirement Results


(in millions)	2023		2022
Revenues:
Premiums	$	6	$	8
Policy fees	100		114
Net investment income:
Base portfolio income	491		450
Variable investment income	9		77
Net investment income	500		527
Advisory fee and other income*	76		85
Total adjusted revenues	682		734
Benefits and expenses:
Policyholder benefits	9		10
Interest credited to policyholder account balances	291		284
Amortization of deferred policy acquisition costs	21		19
Non-deferrable insurance commissions	28		28
Advisory fee expenses	29		34
General operating expenses	118		117
Total benefits and expenses	496		492
Adjusted pre-tax operating income	$	186	$	242

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

Group Retirement Sources of Earnings

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


(in millions)	2023		2022
Spread income(a)	$	213	$	247
Fee income(b)	176		199
Policyholder benefits, net of premiums	(3)		(2)
Non-deferrable insurance commissions	(28)		(28)
Amortization of DAC and DSI	(25)		(23)
General operating expenses	(118)		(117)
Other(c)	(29)		(34)
Adjusted pre-tax operating income	$	186	$	242

(a) Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $4 million and $4 million for the three months ended March 31, 2023 and 2022, respectively.

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

Financial Highlights

Three Months Ended March 31, 2023 to Three Months Ended March 31, 2022 APTOI Comparison

APTOI decreased $56 million, primarily due to:

•lower spread income of $34 million primarily driven by a decrease in variable investment income of $68 million primarily due to lower income from alternative investments, partially offset by improvement in base spread income of $34 million primarily due to higher yields on the base portfolio; and

•lower fee income, net of advisory fee expenses of $18 million primarily due to lower fee based assets due to lower separate account and mutual fund assets driven by prior year negative equity market returns, higher interest rates and wider credit spreads.

Corebridge | First Quarter 2023 Form 10-Q 116

ITEM 2 | Business Segment Operations

AUMA

The following table presents Group Retirement AUMA by product:

	March 31,		December 31,
(in millions)	2023		2022
AUMA by asset type:
In-plan spread based	$	26,461	$	27,473
In-plan fee based	50,973		47,838
Total in-plan AUMA(a)	77,434		75,311
Out-of-plan proprietary - general account	16,335		16,769
Out-of-plan proprietary - separate accounts	10,739		10,429
Total out-of-plan proprietary annuities(b)	27,074		27,198
Advisory and brokerage assets	13,360		12,423
Total out-of-plan AUMA	40,434		39,621
Total AUMA	$	117,868	$	114,932

(a) Includes $12.9 billion of AUMA at March 31, 2023 and $12.5 billion of AUMA at December 31, 2022 that is associated with our in-plan investment advisory service that we offer to participants at an additional fee.

(b) Includes $4.0 billion of AUMA at March 31, 2023 and $4.0 billion of AUMA at December 31, 2022 in our proprietary advisory variable annuity. Together with our out-of-plan advisory and brokerage assets shown in the table above, we had a total of $17.3 billion of out-of-plan advisory assets at March 31, 2023, $16.4 billion of out-of-plan advisory assets at December 31, 2022.

March 31, 2023 to December 31, 2022 AUMA Comparison

In-plan assets increased by $2.1 billion driven by $3.1 billion increase in fee based assets, primarily due to higher equity markets, lower interest rates and tightening credit spreads, partially offset by $1.0 billion decrease in spread based assets, primarily due to negative net flows and other activity. Out-of-plan proprietary annuity assets decreased by $0.1 billion, primarily due to negative net flows. The increase of advisory and brokerage assets of $0.9 billion was driven by higher equity markets and net new client deposits

Spread and Fee Income

The following table presents Group Retirement spread and fee income:


(in millions)	2023		2022
Spread income:
Base portfolio income	$	491	$	450
Interest credited to policyholder account balances	(287)		(280)
Base spread income	204		170
Variable investment income	9		77
Total spread income*	$	213	$	247
Fee income:
Policy fees	$	100	$	114
Advisory fees and other income	76		85
Total fee income	$	176	$	199

*Excludes amortization of DSI assets of $4 million and $4 million for the three months ended March 31, 2023 and 2022, respectively.


	2023		2022
Base net investment spread:
Base yield*	4.22	%	3.88	%
Cost of funds	2.70		2.60
Base net investment spread	1.52	%	1.28	%

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

Three Months Ended March 31, 2023 to Three Months Ended March 31, 2022 Comparison

See “—Financial Highlights”

Corebridge | First Quarter 2023 Form 10-Q 117

ITEM 2 | Business Segment Operations

Premiums and Deposits and Net Flows

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

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

Premiums and Deposits and Net Flows
(in millions)	2023		2022
In-plan(a)(b)	$	1,519	$	1,490
Out-of-plan proprietary variable annuity	192		268
Out-of-plan proprietary fixed and index annuities	535		130
Premiums and deposits(c)	$	2,246	$	1,888
Net Flows	$	(819)	$	(819)

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

(b) Includes inflows related to in-plan mutual funds of $1.0 billion and $868 million for the three months ended March 31, 2023 and 2022, respectively.

(c) Excludes client deposits into advisory and brokerage accounts of $542 million and $602 million for the three months ended March 31, 2023 and 2022, respectively.

Three Months Ended March 31, 2023 to Three Months Ended March 31, 2022 Comparison

Net flows are flat to prior year primarily due to:

•increase in deposits of $358 million mainly driven by lower out-of-plan fixed annuity due to higher interest rates; and

•decrease in death and payout benefit annuity benefits of $17 million.

Partially offset by:

•increase in surrenders and withdrawals of $375 million, driven by higher surrenders and partial withdrawals within the fixed and variable annuity segments, partially offset by lower surrenders and withdrawals for mutual funds.

Surrenders

The following table presents Group Retirement surrender rates:

	Three Months Ended March 31,
	2023		2022
Surrender rates	11.0	%	8.5	%

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

	March 31,			December 31,
(in millions)	2023		(a)	2022		(a)
No surrender charge(b)	$	70,663		$	69,885
Greater than 0% - 2%	421			454
Greater than 2% - 4%	409			435
Greater than 4%	6,426			6,281
Non-surrenderable	962			945
Total account value(c)	$	78,881		$	78,000

(a)Excludes mutual fund assets under administration of $25.9 billion and $24.0 billion at March 31, 2023 and December 31, 2022, respectively.

(b)Group Retirement amounts in this category include account value in the general account of approximately $4.4 billion and $4.5 billion at March 31, 2023 and December 31, 2022, respectively, which are subject to 20 percent annual withdrawal limitations at the participant level and account value in the general account of $5.6 billion and $5.8 billion at March 31, 2023 and December 31, 2022, respectively, which are subject to 20 percent annual withdrawal limitations at the plan level.

(c)Includes payout Immediate Annuities, funding agreements and policy loans.

Group Retirement annuity deposits are typically subject to a five- to seven-year surrender charge period, depending on the product. In addition, for annuity assets held within an employer defined contribution plan, participants can only withdraw funds in certain circumstances without incurring tax penalties (for example, separation from service), regardless of surrender charges. At March 31, 2023, Group Retirement annuity reserves with no surrender charge increased compared to December 31, 2022 primarily due to an increase in assets under management from higher equity markets.

Corebridge | First Quarter 2023 Form 10-Q 118

ITEM 2 | Business Segment Operations

Life Insurance

Life Insurance Results


(in millions)	2023		2022
Revenues:
Premiums	$	425	$	425
Policy fees	375		384
Net investment income:
Base portfolio income	317		305
Variable investment income	—		51
Net investment income	317		356
Other income	29		36
Total adjusted revenues	1,146		1,201
Benefits and expenses:
Policyholder benefits	708		744
Interest credited to policyholder account balances	82		85
Amortization of deferred policy acquisition costs	96		104
Non-deferrable insurance commissions	17		18
Advisory fee expenses	2		—
General operating expenses	159		166
Total benefits and expenses	1,064		1,117
Adjusted pre-tax operating income	$	82	$	84

Life Insurance Sources of Earnings

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


(in millions)	2023		2022
Underwriting margin*	$	356	$	372
General operating expenses	(159)		(166)
Non-deferrable insurance commissions	(17)		(18)
Amortization of DAC	(96)		(104)
Other	(2)		—
Adjusted pre-tax operating income (loss)	$	82	$	84

•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.

Financial Highlights

Three Months Ended March 31, 2023 to Three Months Ended March 31, 2022 APTOI Comparison

APTOI decreased $2 million, primarily due to:

•lower underwriting margin of $16 million from:

–lower net investment income, net of interest credited of $36 million primarily driven by $51 million lower alternative investment and yield enhancement income of, primarily due to lower equity partnership performance and reduced gains on calls partially offset by $15 million higher base portfolio income, net of interest credited.

partially offset by:

–higher premiums and fees, net of policyholder benefits, of $27 million, driven by lower claims.

Partially offset by:

•lower general operating expenses of $7 million.

AUMA

The following table presents Life Insurance AUMA:

	March 31,		December 31,
(in millions)	2023		2022
Total AUMA	$	28,284	$	27,760

Corebridge | First Quarter 2023 Form 10-Q 119

ITEM 2 | Business Segment Operations

March 31, 2023 to December 31, 2022 AUMA Comparison

AUMA increased $0.5 billion in the three months ended March 31, 2023 compared to the prior year-end driven by lower interest rates and tightening credit spreads resulting in unrealized gains from fixed maturities securities.

Underwriting Margin

The following table presents Life Insurance underwriting margin:


(in millions)	2023		2022
Premiums	$	425	$	425
Policy fees	375		384
Net investment income	317		356
Other income	29		36
Policyholder benefits	(708)		(744)
Interest credited to policyholder account balances	(82)		(85)
Underwriting margin	$	356	$	372

Three Months Ended March 31, 2023 to Three Months Ended March 31, 2022 Comparison

See “—Financial Highlights”

Premiums and Deposits

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

	Three Months Ended March 31,
(in millions)	2023		2022
Traditional Life	$	441	$	447
Universal Life	398		397
Total U.S.	839		844
International	210		213
Premiums and deposits	$	1,049	$	1,057

Three Months Ended March 31, 2023 to Three Months Ended March 31, 2022 Comparison

Premiums and deposits, excluding the effect of foreign exchange, increased $11 million in 2023 compared to the prior year primarily due to growth in international life premiums.

Corebridge | First Quarter 2023 Form 10-Q 120

ITEM 2 | Business Segment Operations

Institutional Markets

Institutional Markets Results


(in millions)	2023		2022
Revenues:
Premiums	$	1,575	$	238
Policy fees	49		47
Net investment income:
Base portfolio income	318		218
Variable investment income	14		46
Net investment income	332		264
Other income	—		1
Total adjusted revenues	1,956		550
Benefits and expenses:
Policyholder benefits	1,718		350
Interest credited to policyholder account balances	123		59
Amortization of deferred policy acquisition costs	2		1
Non-deferrable insurance commissions	5		6
General operating expenses	23		19
Total benefits and expenses	1,871		435
Adjusted pre-tax operating income	$	85	$	115

Institutional Markets Sources of Earnings

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


(in millions)	2023		2022
Spread income(a)	$	82	$	101
Fee income(b)	16		15
Underwriting margin(c)	17		22
Non-deferrable insurance commissions	(5)		(6)
General operating expenses	(23)		(19)
Other(d)	(2)		2
Adjusted pre-tax operating income	$	85	$	115

(a) Represents spread income on GIC, PRT and structured settlement products.

(b) Represents fee income on SVW products.

(c) Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products.

(d) Includes net investment income on SVW products of $0 million and $3 million for the three months ended March 31, 2023 and 2022, respectively.

Financial Highlights

Three Months Ended March 31, 2023 to Three Months Ended March 31, 2022 APTOI Comparison

APTOI decreased $30 million primarily due to:

•lower spread income of $19 million driven by $26 million lower variable investment income primarily from private equity, partially offset by $7 million higher base portfolio spread income;

•lower underwriting margin of $5 million driven by lower variable investment income primarily from private equity; and

•lower other activities of $4 million primarily attributable to lower variable investment income from private equity.

Corebridge | First Quarter 2023 Form 10-Q 121

ITEM 2 | Business Segment Operations

AUMA

The following table presents Institutional Markets AUMA:

	March 31,		December 31,
(in millions)	2023		2022
SVW (AUA)	$	46,604	$	47,078
GIC, PRT and Structured settlements (AUM)	27,602		23,096
All other (AUM)	7,178		7,590
Total AUMA	$	81,384	$	77,764

March 31, 2023 to December 31, 2022 AUMA Comparison

AUMA increased $3.6 billion, primarily due to premiums and deposits of PRT and GIC products of $2.2 billion, interest credited, investment performance and other activity of $3.0 billion, partially offset by benefit payments on the PRT, GIC and structured settlement products of $0.8 billion and net outflows of $0.7 billion from SVW products.

Spread Income, Fee Income and Underwriting Margin

The following table presents Institutional Markets spread income, fee income and underwriting margin:


(in millions)	2023		2022
Premiums	$	1,583	$	247
Net investment income	298		224
Policyholder benefits	(1,702)		(337)
Interest credited to policyholder account balances	(97)		(33)
Total spread income(a)	82		101
SVW fees	16		15
Total fee income	16		15
Premiums	(8)		(9)
Policy fees (excluding SVW)	33		32
Net investment income	34		37
Other income	—		1
Policyholder benefits	(16)		(13)
Interest credited to policyholder account balances	(26)		(26)
Total underwriting margin(b)	$	17	$	22

(a)Represents spread income from GIC, PRT and structured settlement products.

(b)Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products.

Three Months Ended March 31, 2023 to Three Months Ended March 31, 2022 Comparison

See “—Financial Highlights”

Premiums and Deposits

The following table presents the Institutional Markets premiums and deposits:


(in millions)	2023		2022
PRT	$	1,528	$	215
GICs	506		—
Other*	129		112
Premiums and deposits	$	2,163	$	327

* Other principally consists of structured settlements, Corporate Markets and SVW product.

Three Months Ended March 31, 2023 to Three Months Ended March 31, 2022 Comparison

Premiums and deposits increased compared to the prior year period by $1.8 billion, primarily due to higher premiums on new PRT business of $1.3 billion, higher deposits on new GICs of $506 million and higher premiums on sales of structured settlement annuities of $20 million.

Corebridge | First Quarter 2023 Form 10-Q 122

ITEM 2 | Business Segment Operations

Corporate and Other

Corporate and Other primarily consists of interest expense on financial debt, parent expenses not attributable to other segments, institutional asset management business, which includes managing assets for non-consolidated affiliates, results of our consolidated investment entities, results of our legacy insurance lines ceded to Fortitude Re and intercompany eliminations.

Corporate and Other Results


(in millions)	2023		2022
Revenues:
Premiums(a)	$	20	$	21
Net investment income	68		186
Net realized gains on real estate investments	4		11
Other income	14		38
Total adjusted revenues	106		256
Benefits and expenses:
General operating expenses:
Corporate and other(a)	72		56
Asset management(b)	19		48
Total general operating expenses	91		104
Interest expense:
Corporate	108		38
Asset Management and other	64		39
Total interest expense	172		77
Total benefits and expenses	263		181
Noncontrolling interest(c)	(6)		(75)
Adjusted pre-tax operating income (loss) before consolidation and eliminations	(163)		—
Consolidations and eliminations	—		—
Adjusted pre-tax operating income (loss)	$	(163)	$	—

(a)Premiums include an expense allowance associated with Fortitude Re which is entirely offset in general and operating expenses – Corporate and other.

(b)General operating expenses – Asset management primarily represent the costs to manage the investment portfolio for affiliates that are not included in the consolidated financial statements of Corebridge.

(c)Noncontrolling interests represent the third-party or Corebridge affiliated interest in internally managed consolidated investment vehicles and are almost entirely offset within net investment income, net realized gains (losses) and interest expense.

Corporate and Other Sources of Earnings

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


(in millions)	2023		2022
Corporate expenses	$	(48)	$	(32)
Interest expense on financial debt	(108)		(38)
Asset Management	—		3
Consolidated investment entities	—		21
Other*	(7)		46
Adjusted pre-tax operating income (loss)	$	(163)	$	—

* Includes $56 million for the three months ended March 31, 2022 related to Corebridge’s ownership interest in Fortitude Re Bermuda, which is recorded using the measurement alternative for equity securities.

Financial Highlights

Three Months Ended March 31, 2023 to Three Months Ended March 31, 2022 APTOI Comparison

Adjusted pre-tax operating loss of $163 million, was primarily due to:

•higher interest expense on financial debt of $70 million primarily due to the issuance of senior unsecured notes, hybrid junior subordinated notes and borrowing under our Three-Year DDTL Facility in 2022 totaling $9.0 billion partially offset by the interest expense from the $8.3 billion affiliated promissory note to AIG in 2022; and

•unfavorable change from other sources of earnings of $53 million primarily due to a $56 million gain related to a change in value of our minority investment in Fortitude Re in 2022.

Corebridge | First Quarter 2023 Form 10-Q 123

ITEM 2 | Investments

Investments

OVERVIEW

Our investment strategies are tailored to the specific business needs of each operating unit by targeting an asset allocation mix that supports estimated cash flows of our outstanding liabilities and provides diversification from asset class, sector, issuer and geographic perspectives. The primary objectives are generation of investment income, preservation of capital, liquidity management and growth of surplus. The majority of assets backing our insurance liabilities consist of fixed maturity securities, RMBS, CMBS, CLOs, other ABS and fixed maturity securities issued by government-sponsored entities and corporate entities. At March 31, 2023, for $193.0 billion of invested assets supporting our insurance operating companies, approximately 47% are in corporate debt securities. Mortgage-backed securities (“MBS”), ABS and CLOs represent 29% of our fixed income securities and 99% are investment grade. At December 31, 2022, for $186.5 billion of invested assets supporting our insurance operating companies, approximately 48% are in corporate debt securities. MBS, ABS and CLOs represent 29% of our fixed income securities and 99% are investment grade.

See “Business—Investment Management” for further information, including current and future management of our investment portfolio” in the 2022 Annual Report.

Key Investment Strategies

Investment strategies are assessed at the segment level and involve considerations that include local and general market conditions, duration and cash flow management, risk appetite and volatility constraints, rating agency and regulatory capital considerations, and tax and legal investment limitations.

In 2021, we entered into a strategic partnership with Blackstone. We believe that our strategic partnership with Blackstone has begun to yield economic and strategic benefits. We have been able to expand our investment capabilities, access new asset classes and improve our investment yields. We believe that Blackstone’s ability to originate attractive and privately sourced, fixed-income oriented assets, will be accretive to our businesses and provide us with an enhanced competitive advantage.

Under the investment management agreements with BlackRock, we have completed the transfer of the management of liquid fixed income and certain private placement assets to BlackRock. As of March 31, 2023, BlackRock manages approximately $83.7 billion in book value of our investment portfolio. In addition, liquid fixed income assets associated with the portfolio supporting the Fortitude Re reinsurance arrangements were separately transferred to BlackRock for management. The investment management agreements contain detailed investment guidelines and reporting requirements. These agreements also contain reasonable and customary representations and warranties, standard of care, expense reimbursement, liability, indemnity and other provisions.

Some of our key investment strategies are as follows:

•our fundamental strategy across the portfolios is to seek investments with characteristics similar to the associated insurance liabilities to the extent practicable;

•we seek to purchase investments that offer enhanced yield through illiquidity premiums, such as private placements and commercial mortgage loans, which also add portfolio diversification. These assets typically afford stronger credit protections through financial covenants, ability to customize structures that meet our insurance liability needs and deeper due diligence;

•we seek investments that provide diversification from assets available in local markets. To the extent we purchase these investments, we generally hedge any currency risk using derivatives, which could provide opportunities to earn higher risk-adjusted returns compared to investments in the functional currency;

Corebridge | First Quarter 2023 Form 10-Q 124

ITEM 2 | Investments

•we actively manage our assets and liabilities, counterparties and duration. Our liquidity sources are held primarily in the form of cash, short-term investments and publicly traded, investment-grade rated fixed maturity securities that can be readily monetized through sales or repurchase agreements. Certain of our subsidiaries are members of the Federal Home Loan Banks in their respective districts, and we borrow from the FHLB utilizing its funding agreement program. Borrowings from FHLBs are used to supplement liquidity or for other uses deemed appropriate by management. This strategy allows us to both diversify our sources of liquidity and reduce the cost of maintaining sufficient liquidity;

•within the United States, investments are generally split between reserve-backing and surplus portfolios:

–insurance reserves are backed mainly by investment-grade fixed maturity securities that meet our duration, risk-return, tax liquidity, credit quality and diversification objectives. We assess asset classes based on their fundamental underlying risk factors, including credit (public and private), commercial real estate and residential real estate, regardless of whether such investments are bonds, loans or structured products; and

–surplus investments seek to enhance portfolio returns and generally comprise a mix of fixed maturity investment grade and below-investment-grade securities and various alternative asset classes, including private equity, real estate equity and hedge funds. Over the past few years, hedge fund investments have been reduced with more emphasis given to private equity, real estate and below-investment-grade credit; and

•outside of the United States, fixed maturity securities held by our insurance companies consist primarily of investment-grade securities generally denominated in the currencies of the countries in which we operate.

Asset Liability Management

Our investment strategy is to invest in assets that generate net investment income to back policyholder benefit and deposit liabilities that result in stable distributable earnings and enhance portfolio value, subject to asset-liability management, capital, liquidity and regulatory constraints.

We use asset-liability management as a primary tool to monitor and manage interest rate and duration risk in our businesses. We maintain a diversified, high to medium quality portfolio of fixed maturity securities issued by corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential and commercial real estate; and commercial mortgage loans that, to the extent practicable, match the duration characteristics of the liabilities. We seek to diversify the portfolio across asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks. The investment portfolio of each product line is tailored to the specific characteristics of its insurance liabilities, and as a result, duration varies between distinct portfolios. The interest rate environment has a direct impact on the asset liability management profile of the businesses, and changes in the interest rate environment may result in the need to lengthen or shorten the duration of the portfolio. In a rising rate environment, we may shorten the duration of the investment portfolio.

Fixed maturity securities of our domestic operations have an average duration of 7.3 years as of March 31, 2023.

In addition, we seek to enhance surplus portfolio returns through investments in a diversified portfolio of alternative investments. Although these alternative investments are subject to earnings fluctuations, they have historically achieved accumulative returns over time in excess of the fixed maturity portfolio returns.

Corebridge | First Quarter 2023 Form 10-Q 125

ITEM 2 | Investments

Investment Portfolio

The following table presents carrying amounts of our total investments:

(in millions)	Excluding Fortitude Re Funds Withheld Asset		Fortitude Re Funds Withheld Assets		Total
March 31, 2023
Bonds available for sale:
U.S. government and government-sponsored entities	$	964	$	295	$	1,259
Obligations of states, municipalities and political subdivisions	5,412		749		6,161
Non-U.S. governments(a)	3,929		389		4,318
Corporate debt(a)	91,370		12,723		104,093
Mortgage-backed, asset-backed and collateralized:
RMBS	11,679		799		12,478
CMBS	9,612		527		10,139
CLO	8,877		196		9,073
ABS	10,916		624		11,540
Total mortgage-backed, asset-backed and collateralized	41,084		2,146		43,230
Total bonds available for sale	142,759		16,302		159,061
Other bond securities	358		3,745		4,103
Total fixed maturities	143,117		20,047		163,164
Equity securities	191		—		191
Mortgage and other loans receivable:
Residential mortgages	6,617		—		6,617
Commercial mortgages	29,785		3,321		33,106
Life insurance policy loans	1,395		345		1,740
Commercial loans, other loans and notes receivable	4,202		204		4,406
Total mortgage and other loans receivable(b)	41,999		3,870		45,869
Other invested assets(c)	8,466		2,030		10,496
Short-term investments	3,892		114		4,006
Total(d)	$	197,665	$	26,061	$	223,726
December 31, 2022
Bonds available for sale:
U.S. government and government-sponsored entities	$	925	$	273	$	1,198
Obligations of states, municipalities and political subdivisions	5,195		731		5,926
Non-U.S. governments(a)	3,977		415		4,392
Corporate debt(a)	91,939		12,753		104,692
Mortgage-backed, asset-backed and collateralized:
RMBS	11,122		822		11,944
CMBS	9,528		540		10,068
CLO	7,994		192		8,186
ABS	9,774		613		10,387
Total mortgage-backed, asset-backed and collateralized	38,418		2,167		40,585
Total bonds available for sale	140,454		16,339		156,793
Other bond securities	284		3,485		3,769
Total fixed maturities	140,738		19,824		160,562
Equity securities	170		—		170
Mortgage and other loans receivable:
Residential mortgages	5,851		—		5,851
Commercial mortgages	29,190		3,272		32,462
Life insurance policy loans	1,395		355		1,750
Commercial loans, other loans and notes receivable	4,285		218		4,503
Total mortgage and other loans receivable(b)	40,721		3,845		44,566
Other invested assets(c)	8,392		2,026		10,418
Short-term investments	4,331		69		4,400
Total(d)	$	194,352	$	25,764	$	220,116

(a) Our credit exposure to the Russian Federation and Ukraine through our fixed maturity securities portfolio, excluding Fortitude Re funds withheld assets, was $29 million and $29 million at March 31, 2023 and December 31, 2022, respectively. The credit exposure to the Russian Federation and Ukraine of our Fortitude Re funds withheld assets fixed maturity securities portfolio was $8 million and $7 million at March 31, 2023 and December 31, 2022, respectively. Exposure to the Russian Federation and Ukraine represents an immaterial percentage of our aggregate credit exposures on our fixed maturity securities.

Corebridge | First Quarter 2023 Form 10-Q 126

ITEM 2 | Investments

(b) Net of total allowance for credit losses for $659 million and $600 million at March 31, 2023 and December 31, 2022, respectively.

(c) Other invested assets, excluding Fortitude Re funds withheld assets, include $5.4 billion and $5.3 billion of private equity funds as of March 31, 2023 and December 31, 2022, respectively, which are generally reported on a one-quarter lag.

(d) Includes the consolidation of approximately $7.8 billion and $9.7 billion of consolidated investment entities at March 31, 2023 and December 31, 2022, respectively.

The following table presents carrying amounts of our total investments for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

(in millions)	March 31, 2023		December 31, 2022
Bonds available for sale:
U.S. government and government-sponsored entities	$	964	$	928
Obligations of states, municipalities and political subdivisions	5,411		5,194
Non-U.S. governments	3,930		3,978
Corporate Debt
Public Credit	70,297		68,135
Private Credit	21,325		20,741
Total Corporate Debt	91,622		88,876
Mortgage-backed, asset-backed and collateralized:
RMBS	12,138		11,546
CMBS	9,610		9,527
CLO	8,872		8,292
ABS	10,916		9,775
Total mortgage-backed, asset-backed and collateralized	41,536		39,140
Total bonds available for sale	143,463		138,116
Other bond securities	364		357
Total fixed maturities	143,827		138,473
Equity securities	151		119
Mortgage and other loans receivable:
Residential mortgages	4,971		4,181
Commercial mortgages	30,263		29,632
Commercial loans, other loans and notes receivable	4,323		4,465
Total mortgage and other loans receivable(a)(b)	39,557		38,278
Other invested assets(d)	5,934		5,845
Short-term investments	3,569		3,781
Total(c)	$	193,038	$	186,496

(a) Does not reflect allowance for credit loss on mortgage loans of $549 million and $509 million at March 31, 2023 and December 31, 2022, respectively.

(b) Does not reflect policy loans of $1.4 billion and $1.4 billion at March 31, 2023 and December 31, 2022, respectively.

(c) Excludes approximately $7.8 billion and $9.7 billion of consolidated investment entities as well as $4.0 billion and $2.7 billion of eliminations primarily between the consolidated investment entities and the insurance operating companies at March 31, 2023 and December 31, 2022, respectively.

(d) Alternatives include private equity funds, which are generally reported on a one-quarter lag.

Credit Ratings

At March 31, 2023, nearly all our fixed maturity securities were held by our U.S. entities. 92% of these securities were rated investment grade by one or more of the principal rating agencies.

Moody’s, S&P, Fitch or similar foreign rating services rate a significant portion of our foreign entities’ fixed maturity securities portfolio. Rating services are not available for some foreign-issued securities. Our Investments team, with oversight from credit risk management, closely reviews the credit quality of the foreign portfolio’s non-rated fixed maturity securities.

NAIC Designations of Fixed Maturity Securities

The Securities Valuation Office (“SVO”) of the NAIC evaluates the investments of U.S. insurers for statutory reporting purposes and assigns fixed maturity securities to one of six categories called ‘NAIC Designations.’ In general, NAIC Designations of ‘1,’ highest quality, or ‘2,’ high quality, include fixed maturity securities considered investment grade, while NAIC Designations of ‘3’ through ‘6’ generally include fixed maturity securities referred to as below investment grade. NAIC Designations for non-agency RMBS and CMBS are calculated using third-party modeling results provided through the NAIC. These methodologies result in an improved NAIC Designation for such securities compared to the rating typically assigned by the three major rating agencies. The following tables summarize the ratings distribution of our subsidiaries’ fixed maturity security portfolio by NAIC Designation, and the distribution by composite our credit rating, which is generally based on ratings of the three major rating agencies. As of March 31, 2023 and December 31, 2022, 94% and 91%, respectively, of our fixed maturity security portfolio, excluding Fortitude Re funds withheld assets, were investment grade. The fixed maturity security portfolio of our insurance operating subsidiaries, excluding the Fortitude Re funds

Corebridge | First Quarter 2023 Form 10-Q 127

ITEM 2 | Investments

withheld assets, was 94% and 94% investment grade as of March 31, 2023 and December 31, 2022, respectively. The remaining below-investment-grade securities that are not included in consolidated investment entities relate to middle market and high yield bank loans securities.

The following tables present the fixed maturity security portfolio categorized by NAIC Designation, at fair value:

NAIC Designation Excluding Fortitude Re Funds Withheld Assets<br><br>(in millions)	1		2		Total Investment<br>Grade		3		4(a)		5(a)		6		Total Below Investment Grade		Total
March 31, 2023
Other fixed maturity securities	$	47,359	$	46,281	$	93,640	$	4,325	$	3,170	$	462	$	94	$	8,051	$	101,691
Mortgage-backed, asset-backed<br>and collateralized	35,415		5,582		40,997		219		69		15		114		417		41,414
Total(b)	$	82,774	$	51,863	$	134,637	$	4,544	$	3,239	$	477	$	208	$	8,468	$	143,105
Fortitude Re funds withheld assets																	$	20,047
Total fixed maturities																	$	163,152
December 31, 2022
Other fixed maturity securities	$	44,981	$	45,166	$	90,147	$	5,058	$	5,915	$	655	$	268	$	11,896	$	102,043
Mortgage-backed, asset-backed<br>and collateralized	33,031		5,330		38,361		227		73		3		10		313		38,674
Total(b)	$	78,012	$	50,496	$	128,508	$	5,285	$	5,988	$	658	$	278	$	12,209	$	140,717
Fortitude Re funds withheld assets																	$	19,824
Total fixed maturities																	$	160,541

(a)Includes $90 million and $7 million of consolidated CLOs that are rated NAIC 4 and 5, respectively, as of March 31, 2023 and $2.8 billion and $142 million of NAIC 4 and 5 securities, respectively, as of December 31, 2022. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(b)Excludes $12 million and $21 million of fixed maturity securities for which no NAIC Designation is available at March 31, 2023 and December 31, 2022, respectively.

The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value, for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

(in millions)	March 31, 2023		December 31, 2022
NAIC 1	$	83,233	$	78,518
NAIC 2	52,215		50,946
NAIC 3	4,537		4,860
NAIC 4	3,150		3,224
NAIC 5 and 6	680		904
Total(a)(b)	$	143,815	$	138,452

(a) Excludes approximately $1.5 billion and $3.4 billion of consolidated investment entities and $2.2 billion and $1.2 billion of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at March 31, 2023 and December 31, 2022, respectively.

(b) Excludes $12 million and $21 million of fixed maturity securities for which no NAIC Designation is available at March 31, 2023 and December 31, 2022, respectively.

Composite Corebridge Credit Ratings

With respect to our fixed maturity securities, the credit ratings in the table below and in subsequent tables reflect: (i) a composite of the ratings of the three major rating agencies, or when agency ratings are not available, the rating assigned by the NAIC SVO (100% of total fixed maturity securities), or (ii) our equivalent internal ratings when these investments have not been rated by any of the major rating agencies or the NAIC. The “Non-rated” category in those tables consists of fixed maturity securities that have not been rated by any of the major rating agencies, the NAIC or us.

Corebridge | First Quarter 2023 Form 10-Q 128

ITEM 2 | Investments

The following tables present the fixed maturity security portfolio categorized by composite Corebridge credit rating (as described below), at fair value:

Composite Corebridge Credit Rating Excluding Fortitude Re Funds Withheld Assets<br><br>(in millions)	AAA/AA/A		BBB		Total Investment Grade		BB		B		CCC and Lower		Total Below Investment Grade (a)(b)		Total
March 31, 2023
Other fixed maturity securities	$	48,446	$	45,166	$	93,612	$	4,388	$	3,165	$	526	$	8,079	$	101,691
Mortgage-backed, asset-backed<br>and collateralized	31,827		6,163		37,990		342		273		2,809		3,424		41,414
Total(c)	$	80,273	$	51,329	$	131,602	$	4,730	$	3,438	$	3,335	$	11,503	$	143,105
Fortitude Re funds withheld assets															$	20,047
Total fixed maturities*															$	163,152
December 31, 2022
Other fixed maturity securities	$	46,059	$	44,068	$	90,127	$	5,081	$	5,910	$	925	$	11,916	$	102,043
Mortgage-backed, asset-backed<br>and collateralized	29,367		5,768		35,135		336		273		2,930		3,539		38,674
Total(c)	$	75,426	$	49,836	$	125,262	$	5,417	$	6,183	$	3,855	$	15,455	$	140,717
Fortitude Re funds withheld assets															$	19,824
Total fixed maturities*															$	160,541

(a) Includes $2.9 billion and $3.0 billion at March 31, 2023 and December 31, 2022, respectively, of certain RMBS that had experienced deterioration in credit quality since its origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

(b) Includes $116 million of consolidated CLOs as of March 31, 2023 and $3.4 billion as of December 31, 2022. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(c) Excludes $12 million and $21 million of fixed maturity securities for which no NAIC Designation is available at March 31, 2023 and December 31, 2022, respectively.

The following table presents the fixed maturity security portfolio categorized by composite Corebridge credit rating (as described below), at fair value for our insurance operating subsidiaries:

Composite Corebridge Credit Rating For Our Insurance Operating Subsidiaries<br><br>(in millions)	AAA/AA/A		BBB		Total Investment Grade		BB		B		CCC and Lower		Total Below Investment Grade		Total
March 31, 2023
Other fixed maturity securities	$	48,446	$	45,520	$	93,966	$	4,377	$	3,078	$	521	$	7,976	$	101,942
Mortgage-backed, asset-backed<br>and collateralized	32,276		6,171		38,447		347		272		2,807		3,426		41,873
Total fixed maturities*	$	80,722	$	51,691	$	132,413	$	4,724	$	3,350	$	3,328	$	11,402	$	143,815
December 31, 2022
Other fixed maturity securities	$	46,060	$	44,410	$	90,470	$	4,577	$	3,236	$	700	$	8,513	$	98,983
Mortgage-backed, asset-backed<br>and collateralized	29,869		5,886		35,755		401		276		3,037		3,714		39,469
Total fixed maturities*	$	75,929	$	50,296	$	126,225	$	4,978	$	3,512	$	3,737	$	12,227	$	138,452

* Excludes $12 million and $21 million of fixed maturity securities for which no NAIC Designation is available at March 31, 2023 and December 31, 2022, respectively.

For a discussion of credit risks associated with Investments, see “Business—Investment Management—Credit Risk ” in the 2022 Annual Report.

Corebridge | First Quarter 2023 Form 10-Q 129

ITEM 2 | Investments

The following tables present the composite Corebridge credit ratings of our fixed maturity securities calculated based on their fair value:

	Available for Sale				Other Fixed Maturity Securities, <br>at Fair Value				Total
Excluding Fortitude Funds<br><br>Withheld Assets<br><br>(in millions)	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Rating:
Other fixed maturity securities*
AAA	$	2,629	$	2,493	$	—	$	—	$	2,629	$	2,493
AA	20,141		17,600		16		16		20,157		17,616
A	25,660		25,950		—		—		25,660		25,950
BBB	45,161		44,065		5		3		45,166		44,068
Below investment grade	8,084		11,855		7		7		8,091		11,862
Non-rated	—		73		—		2		—		75
Total	$	101,675	$	102,036	$	28	$	28	$	101,703	$	102,064
Mortgage-backed, asset-
backed and collateralized
AAA	$	11,908	$	11,418	$	22	$	22	$	11,930	$	11,440
AA	13,349		11,737		85		90		13,434		11,827
A	6,358		6,009		105		91		6,463		6,100
BBB	6,113		5,736		50		32		6,163		5,768
Below investment grade	3,308		3,391		22		21		3,330		3,412
Non-rated	48		127		46		—		94		127
Total	$	41,084	$	38,418	$	330	$	256	$	41,414	$	38,674
Total
AAA	$	14,537	$	13,911	$	22	$	22	$	14,559	$	13,933
AA	33,490		29,337		101		106		33,591		29,443
A	32,018		31,959		105		91		32,123		32,050
BBB	51,274		49,801		55		35		51,329		49,836
Below investment grade	11,392		15,246		29		28		11,421		15,274
Non-rated	48		200		46		2		94		202
Total	$	142,759	$	140,454	$	358	$	284	$	143,117	$	140,738

Corebridge | First Quarter 2023 Form 10-Q 130

ITEM 2 | Investments

	Available for Sale				Other Fixed Maturity Securities, <br>at Fair Value				Total
Fortitude Re Funds<br><br>Withheld Assets (in millions)	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Rating:
Other fixed maturity securities*
AAA	$	453	$	439	$	24	$	22	$	477	$	461
AA	3,743		3,272		683		706		4,426		3,978
A	3,687		4,022		191		168		3,878		4,190
BBB	5,627		5,734		1,054		935		6,681		6,669
Below investment grade	646		705		472		420		1,118		1,125
Non-rated	—		—		4		2		4		2
Total	$	14,156	$	14,172	$	2,428	$	2,253	$	16,584	$	16,425
Mortgage-backed, asset-<br>backed and collateralized
AAA	$	213	$	222	$	108	$	88	$	321	$	310
AA	734		727		513		478		1,247		1,205
A	268		289		155		146		423		435
BBB	367		348		481		459		848		807
Below investment grade	557		581		59		60		616		641
Non-rated	7		—		1		1		8		1
Total	$	2,146	$	2,167	$	1,317	$	1,232	$	3,463	$	3,399
Total
AAA	$	666	$	661	$	132	$	110	$	798	$	771
AA	4,477		3,999		1,196		1,184		5,673		5,183
A	3,955		4,311		346		314		4,301		4,625
BBB	5,994		6,082		1,535		1,394		7,529		7,476
Below investment grade	1,203		1,286		531		480		1,734		1,766
Non-rated	7		—		5		3		12		3
Total	$	16,302	$	16,339	$	3,745	$	3,485	$	20,047	$	19,824

Corebridge | First Quarter 2023 Form 10-Q 131

ITEM 2 | Investments

	Available for Sale				Other Fixed Maturity Securities, <br>at Fair Value				Total
Total<br><br>(in millions)	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Rating:
Other fixed maturity securities*
AAA	$	3,082	$	2,932	$	24	$	22	$	3,106	$	2,954
AA	23,884		20,872		699		722		24,583		21,594
A	29,347		29,972		191		168		29,538		30,140
BBB	50,788		49,799		1,059		938		51,847		50,737
Below investment grade	8,730		12,560		479		427		9,209		12,987
Non-rated	—		73		4		4		4		77
Total	$	115,831	$	116,208	$	2,456	$	2,281	$	118,287	$	118,489
Mortgage-backed, asset-backed and collateralized
AAA	$	12,121	$	11,640	$	130	$	110	$	12,251	$	11,750
AA	14,083		12,464		598		568		14,681		13,032
A	6,626		6,298		260		237		6,886		6,535
BBB	6,480		6,084		531		491		7,011		6,575
Below investment grade	3,865		3,972		81		81		3,946		4,053
Non-rated	55		127		47		1		102		128
Total	$	43,230	$	40,585	$	1,647	$	1,488	$	44,877	$	42,073
Total
AAA	$	15,203	$	14,572	$	154	$	132	$	15,357	$	14,704
AA	37,967		33,336		1,297		1,290		39,264		34,626
A	35,973		36,270		451		405		36,424		36,675
BBB	57,268		55,883		1,590		1,429		58,858		57,312
Below investment grade	12,595		16,532		560		508		13,155		17,040
Non-rated	55		200		51		5		106		205
Total	$	159,061	$	156,793	$	4,103	$	3,769	$	163,164	$	160,562

* Consists of assets including U.S. government and government sponsored entities, obligations of states, municipalities and political subdivisions, non-U.S. governments, and corporate debt.

The following table presents the fair value of our aggregate credit exposures to non-U.S. governments for our fixed maturity securities:

	March 31, 2023						December 31, 2022
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Indonesia	$	390	$	34	$	424	$	381	$	34	$	415
Chile	351		20		371		343		19		362
Qatar	215		81		296		218		87		305
Mexico	250		27		277		239		27		266
United Arab Emirates	243		9		252		298		12		310
Saudi Arabia	200		22		222		200		22		222
France	174		18		192		149		17		166
Panama	151		30		181		150		29		179
Norway	169		—		169		162		—		162
Israel	160		7		167		159		7		166
Other	1,626		171		1,797		1,678		183		1,861
Total*	$	3,929	$	419	$	4,348	$	3,977	$	437	$	4,414

* Includes bonds available for sale and other bond securities.

Corebridge | First Quarter 2023 Form 10-Q 132

ITEM 2 | Investments

Investments in Corporate Debt Securities

The following table presents the industry categories of our available-for-sale corporate debt securities:

	March 31, 2023						December 31, 2022
	Fair Value						Fair Value
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Industry Category:
Financial institutions	$	24,247	$	2,578	$	26,825	$	23,751	$	2,699	$	26,450
Utilities	14,097		2,785		16,882		13,579		2,708		16,287
Communications	5,642		758		6,400		5,718		767		6,485
Consumer noncyclical	12,418		1,498		13,916		12,466		1,525		13,991
Capital goods	4,331		470		4,801		4,491		462		4,953
Energy	7,472		1,110		8,582		7,361		1,126		8,487
Consumer cyclical	5,966		581		6,547		6,820		581		7,401
Basic materials	3,191		429		3,620		3,285		467		3,752
Other	14,006		2,514		16,520		14,468		2,418		16,886
Total*	$	91,370	$	12,723	$	104,093	$	91,939	$	12,753	$	104,692

* 92% and 89% of investments were rated investment grade at March 31, 2023 and December 31, 2022, respectively.

Our investments in the energy category, as a percentage of total investments in available-for-sale fixed maturities, were 8% and 8% at March 31, 2023 and December 31, 2022, respectively. While the energy investments are primarily investment grade and are actively managed, the category continues to experience volatility that could adversely affect credit quality and fair value.

Corebridge | First Quarter 2023 Form 10-Q 133

ITEM 2 | Investments

Investments in RMBS

The following table presents our RMBS available-for-sale securities:

	March 31, 2023				December 31, 2022
(in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
Agency RMBS	$	4,517	39%		$	4,478	40%
AAA	4,387				4,345
AA	130				133
A	—				—
BBB	—				—
Below investment grade	—				—
Non-rated	—				—
Alt-A RMBS	2,661		23%		2,641		24%
AAA	119				24
AA	680				689
A	37				35
BBB	40				41
Below investment grade	1,785				1,852
Non-rated	—				—
Subprime RMBS	1,183		10%		1,217		11%
AAA	—				—
AA	66				68
A	62				65
BBB	49				51
Below investment grade	1,006				1,033
Non-rated	—				—
Prime non-agency	1,586		14%		1,471		13%
AAA	420				331
AA	847				803
A	134				136
BBB	62				57
Below investment grade	123				144
Non-rated	—				—
Other housing related	1,732		14%		1,315		12%
AAA	1,064				795
AA	350				230
A	239				206
BBB	77				77
Below investment grade	2				6
Non-rated	—				1
Total RMBS excluding Fortitude Re funds withheld assets	11,679		100	%	11,122		100%
Total RMBS Fortitude Re funds withheld assets	799				822
Total RMBS(a)(b)	$	12,478			$	11,944

(a) Includes $2.9 billion and $3.0 billion at March 31, 2023 and December 31, 2022, respectively, of certain RMBS that had experienced deterioration in credit quality since their origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

(b) The weighted average expected life was 6 years at March 31, 2023 and 6 years at December 31, 2022.

Our underwriting principles for investing in RMBS, other ABS and CLOs take into consideration the quality of the originator, the manager, the servicer, security credit ratings, underlying characteristics of the mortgages, borrower characteristics and the level of credit enhancement in the transaction.

Corebridge | First Quarter 2023 Form 10-Q 134

ITEM 2 | Investments

Investments in CMBS

The following table presents our CMBS available for sale securities:

	March 31, 2023				December 31, 2022
(in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
CMBS (traditional)	$	8,310	86	%	$	8,085	85	%
AAA	3,922				3,875
AA	2,754				2,642
A	744				732
BBB	607				564
Below investment grade	283				272
Non-rated	—				—
Agency	871		9	%	1,017		11	%
AAA	437				484
AA	434				525
A	—				—
BBB	—				8
Below investment grade	—				—
Non-rated	—				—
Other	431		5	%	426		4	%
AAA	107				105
AA	132				131
A	98				97
BBB	94				93
Below investment grade	—				—
Non-rated	—				—
Total excluding Fortitude Re funds withheld assets	9,612		100	%	9,528		100	%
Total Fortitude Re funds withheld assets	527				540
Total	$	10,139			$	10,068

The fair value of CMBS holdings increased slightly during the three months ended March 31, 2023. The majority of our investments in CMBS are in tranches that contain substantial protection features through collateral subordination. The majority of CMBS holdings are traditional conduit transactions, broadly diversified across property types and geographical areas.

Corebridge | First Quarter 2023 Form 10-Q 135

ITEM 2 | Investments

Investments in ABS/CLOs

The following table presents our ABS/CLO available for sale securities by collateral type:

	March 31, 2023				December 31, 2022
(in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
CDO - bank loan (CLO)	$	8,532	43	%	$	7,893	44	%
AAA	1,097				1,056
AA	4,369				4,049
A	2,578				2,384
BBB	465				400
Below investment grade	23				4
Non-rated	—				—
CDO - other	346		2	%	100		1	%
AAA	—				—
AA	150				100
A	16				—
BBB	123				—
Below investment grade	9				—
Non-rated	48				—
ABS	10,915		55	%	9,775		55	%
AAA	355				403
AA	3,437				2,367
A	2,450				2,354
BBB	4,596				4,445
Below investment grade	77				80
Non-rated	—				126
Total excluding Fortitude Re funds withheld assets	19,793		100	%	17,768		100	%
Total Fortitude Re funds withheld assets	820				805
Total	$	20,613			$	18,573

Unrealized Losses of Fixed Maturity Securities

The following tables show the aging of the unrealized losses on available-for-sale fixed maturity securities, the extent to which the fair value is less than amortized cost or cost, and the number of respective items in each category:

March 31, 2023	Less Than or Equal to<br><br>20% of Cost(b)					Greater Than 20% to<br><br>50% of Cost(b)					Greater Than<br><br>50% of Cost(b)					Total
Aging(a)<br><br>(dollars in millions)	Cost(c)		Unrealized Loss		Items(d)	Cost(c)		Unrealized Loss		Items(d)	Cost(c)		Unrealized Loss		Items(d)	Cost(c)		Unrealized Loss(d)		Items(d)
Investment-grade bonds
0-6 months	$	41,438	$	3,255	4,049	$	19,799	$	5,710	1,515	$	247	$	129	13	$	61,484	$	9,094	5,577
7-11 months	25,941		2,036		3,549	6,036		1,639		901	—		—		—	31,977		3,675		4,450
12 months or more	27,030		2,766		2,628	9,397		2,619		619	13		1		3	36,440		5,386		3,250
Total	94,409		8,057		10,226	35,232		9,968		3,035	260		130		16	129,901		18,155		13,277
Below-investment-grade bonds
0-6 months	3,564		207		835	309		91		71	18		11		8	3,891		309		914
7-11 months	2,238		145		680	317		101		108	9		3		9	2,564		249		797
12 months or more	2,788		215		373	306		84		32	10		1		11	3,104		300		416
Total	8,590		567		1,888	932		276		211	37		15		28	9,559		858		2,127
Total bonds
0-6 months	45,002		3,462		4,884	20,108		5,801		1,586	265		140		21	65,375		9,403		6,491
7-11 months	28,179		2,181		4,229	6,353		1,740		1,009	9		3		9	34,541		3,924		5,247
12 months or more	29,818		2,981		3,001	9,703		2,703		651	23		2		14	39,544		5,686		3,666
Total excluding Fortitude Re funds withheld assets	$	102,999	$	8,624	12,114	$	36,164	$	10,244	3,246	$	297	$	145	44	$	139,460	$	19,013	15,404
Total Fortitude Re funds withheld assets																$	17,481	$	3,030	987
Total																$	156,941	$	22,043	16,391

Corebridge | First Quarter 2023 Form 10-Q 136

ITEM 2 | Investments

December 31, 2022	Less Than or Equal to<br><br>20% of cost(b)					Greater than 20% to<br><br>50% of cost(b)					Greater than<br><br>50% of cost(b)					Total
Aging(a)<br><br>(dollars in millions)	Cost(c)		Unrealized loss		Items(d)	Cost(c)		Unrealized loss		Items(d)	Cost(c)		Unrealized loss		Items(d)	Cost(c)		Unrealized loss(d)		Items(d)
Investment-grade bonds
0-6 months	$	58,919	$	5,036	6,736	$	30,974	$	9,161	2,999	$	447	$	238	25	$	90,340	$	14,435	9,760
7-11 months	22,018		2,112		2,197	3,126		836		159	21		13		1	25,165		2,961		2,357
12 months or more	7,759		942		716	9,398		2,667		690	20		11		3	17,177		3,620		1,409
Total	88,696		8,090		9,649	43,498		12,664		3,848	488		262		29	132,682		21,016		13,526
Below-investment-grade bonds
0-6 months	5,310		354		1,492	823		235		222	39		28		17	6,172		617		1,731
7-11 months	3,544		182		1,201	95		24		51	7		5		7	3,646		211		1,259
12 months or more	3,395		225		1,017	321		87		73	9		8		9	3,725		320		1,099
Total	12,249		761		3,710	1,239		346		346	55		41		33	13,543		1,148		4,089
Total bonds
0-6 months	64,229		5,390		8,228	31,797		9,396		3,221	486		266		42	96,512		15,052		11,491
7-11 months	25,562		2,294		3,398	3,221		860		210	28		18		8	28,811		3,172		3,616
12 months or more	11,154		1,167		1,733	9,719		2,754		763	29		19		12	20,902		3,940		2,508
Total excluding Fortitude Re funds withheld assets	$	100,945	$	8,851	13,359	$	44,737	$	13,010	4,194	$	543	$	303	62	$	146,225	$	22,164	17,615
Total Fortitude Re funds withheld assets																$	18,296	$	3,593	1,057
Total																$	164,521	$	25,757	18,672

(a)Represents the number of consecutive months that fair value has been less than amortized cost or cost by any amount.

(b)Represents the percentage by which fair value is less than amortized cost or cost at March 31, 2023 and December 31, 2022.

(c)For bonds, represents amortized cost net of allowance.

(d)Item count is by CUSIP by subsidiary.

The allowance for credit losses was $7 million and $7 million for investment grade bonds, and $89 million and $141 million for below-investment-grade bonds as of March 31, 2023 and December 31, 2022, respectively.

Change in Unrealized Gains and Losses on Investments

The change in net unrealized gains and losses on investments for the three months ended March 31, 2023, was primarily attributable to increase in the fair value of fixed maturity securities. For the three months ended March 31, 2023, net unrealized gains were $4.0 billion primarily due to lower interest rates.

The change in net unrealized gains and losses on investments for the three months ended March 31, 2022 was primarily attributable to decreases in the fair value of fixed maturity securities. For the three months ended March 31, 2022, net unrealized losses related to fixed maturity securities increased by $16.9 billion primarily due to an increase in interest rates.

For further discussion of our investment portfolio, see Notes 4 and 5 to the condensed consolidated financial statements.

Corebridge | First Quarter 2023 Form 10-Q 137

ITEM 2 | Investments

Commercial Mortgage Loans

At March 31, 2023 and December 31, 2022, we had direct commercial mortgage loan exposure of $33.7 billion and $33.0 billion, respectively. At March 31, 2023 and December 31, 2022, we had an allowance for credit losses of $586 million and $531 million, respectively.

The following tables present the commercial mortgage loan exposure by location and class of loan based on amortized cost:

	Number of Loans(a)																			Total		Percent of Total
Excluding Fortitude Re Funds Withheld Assets (dollars in millions)		Apartments			Offices			Retail			Industrial			Hotel			Others
March 31, 2023
State:
New York	71		$	1,339		$	3,773		$	272		$	397		$	71		$	—	$	5,852	19	%
California	54		683			816			106			1,094			610			13		3,322		11	%
New Jersey	59		1,852			143			323			453			7			21		2,799		9	%
Texas	43		781			682			136			154			143			—		1,896		6	%
Massachusetts	18		544			380			477			15			—			—		1,416		5	%
Florida	55		431			118			211			150			393			—		1,303		4	%
Illinois	20		492			353			3			40			—			20		908		3	%
Pennsylvania	18		123			95			211			189			24			—		642		2	%
Ohio	19		79			6			83			408			—			—		576		2	%
Colorado	12		267			62			—			—			145			—		474		2	%
Other States	107		2,030			267			546			697			120			24		3,684		12	%
Foreign	81		3,864			1,052			645			1,324			286			220		7,391		25	%
Total(b)	557		$	12,485		$	7,747		$	3,013		$	4,921		$	1,799		$	298	$	30,263	100	%
Fortitude Re funds<br> withheld assets																				$	3,429
Total Commercial Mortgages																				$	33,692
December 31, 2022
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	%
Massachusetts	16		465			328			470			15			—			—		1,278		4	%
Florida	51		344			119			212			151			355			—		1,181		4	%
Illinois	20		487			353			3			41			—			20		904		3	%
Pennsylvania	16		77			94			189			190			24			—		574		2	%
Ohio	19		80			7			83			408			—			—		578		2	%
Colorado	12		261			63			—			—			145			—		469		1	%
Other States	108		1,827			270			550			652			121			19		3,439		12	%
Foreign	90		4,212			1,423			327			1,264			284			216		7,726		27	%
Total(b)	555		$	12,136		$	7,960		$	2,687		$	4,798		$	1,761		$	290	$	29,632	100	%
Fortitude Re funds<br> withheld assets																				$	3,361
Total Commercial Mortgages																				$	32,993

(a) Reflects a correction of the loan count previously reported as of December 31, 2022.

(b) Does not reflect allowance for credit losses.

Corebridge | First Quarter 2023 Form 10-Q 138

ITEM 2 | Investments

The following tables present debt service coverage ratios and loan-to-value ratios for commercial mortgages:

	Debt Service Coverage Ratios(a)
(in millions)	>1.20X		1.00X - 1.20X		<1.00X		Total
March 31, 2023
Loan-to-value ratios(b)
Less than 65%	$	19,141	$	3,278	$	580	$	22,999
65% to 75%	4,194		428		441		5,063
76% to 80%	327		—		45		372
Greater than 80%	1,237		153		439		1,829
Total commercial mortgages excluding Fortitude Re(c)	$	24,899	$	3,859	$	1,505	$	30,263
Total commercial mortgages including Fortitude Re							$	3,429
Total commercial mortgages							$	33,692
December 31, 2022
Loan-to-value ratios(b)
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 commercial mortgages excluding Fortitude Re(c)	$	24,673	$	3,400	$	1,559	$	29,632
Total commercial mortgages including Fortitude Re							$	3,361
Total commercial mortgages							$	32,993

(a)The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X and 1.9X at March 31, 2023 and December 31, 2022, respectively. The debt service coverage ratios have been updated within the last three months.

(b)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 58% and 59% at March 31, 2023 and December 31, 2022, respectively. The loan-to-value ratios have been updated within the last three to nine months.

(c)Does not reflect allowance for credit losses.

Residential Mortgage Loans

At March 31, 2023 and December 31, 2022, we had direct residential mortgage loan exposure of $6.6 billion and $5.9 billion, respectively.

The following tables present credit quality performance indicators for residential mortgages by year of vintage:

March 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
FICO:(a)
780 and greater	$	70	$	477	$	2,326	$	646	$	233	$	511	$	4,263
720 - 779	269		523		509		168		71		194		1,734
660 - 719	72		230		81		34		16		94		527
600 - 659	2		21		6		—		2		47		78
Less than 600	—		—		1		—		1		23		25
Total residential mortgages(b)(c)	$	413	$	1,251	$	2,923	$	848	$	323	$	869	$	6,627

Corebridge | First Quarter 2023 Form 10-Q 139

ITEM 2 | Investments

December 31, 2022
(in millions)	2022		2021		2020		2019		2018		Prior		Total
FICO:(a)
780 and greater	$	294	$	2,141	$	652	$	229	$	76	$	437	$	3,829
720 - 779	536		711		167		75		32		134		1,655
660 - 719	163		79		28		16		9		47		342
600 - 659	2		4		2		1		2		13		24
Less than 600	—		—		—		1		—		5		6
Total residential mortgages(b)(c)	$	995	$	2,935	$	849	$	322	$	119	$	636	$	5,856

(a)Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last three months.

(b)There are no residential mortgage loans under Fortitude Re funds withheld assets.

(c)Does not include allowance for credit losses.

For additional discussion on commercial mortgage loans, see Note 6 to the condensed consolidated financial statements.

For additional discussion on credit losses, see Note 5 to the condensed consolidated financial statements.

Net Realized Gains and Losses

Three Months Ended March 31,	2023						2022
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Sales of fixed maturity securities	$	(76)	$	(17)	$	(93)	$	(79)	$	(20)	$	(99)
Change in allowance for credit losses on<br> fixed maturity securities	(17)		—		(17)		(26)		(40)		(66)
Change in allowance for credit losses on loans	(34)		(19)		(53)		(26)		(6)		(32)
Foreign exchange transactions, net of related hedges	11		7		18		111		6		117
Index-linked interest credited embedded derivatives, net<br> of related hedges	(178)		—		(178)		205		—		205
All other derivatives and hedge accounting*	(164)		48		(116)		(12)		(66)		(78)
Sale of alternative investments and real estate	5		1		6		8		1		9
Other	—		—		—		(8)		2		(6)
Net realized gains (losses) – excluding Fortitude Re <br> funds withheld embedded derivative	(453)		20		(433)		173		(123)		50
Net realized gains (losses) on Fortitude Re funds <br> withheld embedded derivative	—		(1,025)		(1,025)		—		2,837		2,837
Net realized gains (losses)	$	(453)	$	(1,005)	$	(1,458)	$	173	$	2,714	$	2,887

* Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 12.

Higher net realized losses excluding Fortitude Re funds withheld assets in the three months ended March 31, 2023 compared to same period in the prior year were due primarily to higher derivative losses versus gains in the prior periods.

Net realized gains on Fortitude Re funds withheld assets primarily reflect increases in the valuation of the modified coinsurance and funds withheld assets. Increases in the valuation of these assets result in losses to Corebridge as the appreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re.

For further discussion of our investment portfolio, see Note 5 to the condensed consolidated financial statements.

Corebridge | First Quarter 2023 Form 10-Q 140

ITEM 2 | Investments

Other Invested Assets

We seek to enhance returns through investment in a diversified portfolio of alternative asset classes, including private equity, real estate equity and hedge funds.

The following table presents the carrying value of our other invested assets by type:

	March 31, 2023						December 31, 2022
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Alternative investments(a)(b)	$	6,137	$	1,900	$	8,037	$	6,121	$	1,893	$	8,014
Investment real estate(c)	1,738		130		1,868		1,698		133		1,831
All other investments(d)	591		—		591		573		—		573
Total	$	8,466	$	2,030	$	10,496	$	8,392	$	2,026	$	10,418

(a)At March 31, 2023, included hedge funds of $802 million and private equity funds of $7.2 billion. At December 31, 2022, included hedge funds of $884 million and private equity funds of $7.1 billion. Amounts include Fortitude Re funds withheld assets. Private equity funds are generally reported on a one-quarter lag.

(b)At March 31, 2023, 77% of our hedge fund portfolio is available for redemption in 2022. The remaining 23% will be available for redemption between 2023 and 2028. At December 31, 2022, approximately 77% of our hedge fund portfolio is available for redemption in 2022. The remaining 23% will be available for redemption between 2023 and 2028.

(c)Net of accumulated depreciation of $627 million and $616 million at March 31, 2023 and December 31, 2022, respectively. The accumulated depreciation related to the investment real estate held by affordable housing partnerships is $123 million and $124 million at March 31, 2023 and December 31, 2022, respectively.

Corebridge | First Quarter 2023 Form 10-Q 141

ITEM 2 | Investments

Derivatives and Hedge Accounting

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

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

Credit risk associated with derivative counterparties exists for a derivative contract when that contract has a positive fair value to us. The maximum potential exposure may increase or decrease during the life of the derivative commitments as a function of maturity and market conditions. All derivative transactions must be transacted within counterparty limits.

We utilize various credit enhancements, including guarantees, collateral, credit triggers and margin agreements, to reduce the credit risk related to outstanding financial derivative transactions. We require credit enhancements in connection with specific transactions based on, among other things, the creditworthiness of the counterparties and the transaction size and maturity. Furthermore, we enter into certain agreements that have the benefit of set-off and close-out netting provisions, such as ISDA Master Agreements. These provisions provide that, in the case of an early termination of a transaction, we can set off receivables from a counterparty against payables to the same counterparty arising out of all covered transactions. As a result, where a legally enforceable netting agreement exists, the fair value of the transaction with the counterparty represents the net sum of estimated fair values.

For additional information on embedded derivatives, see Notes 4 and 9 to the condensed consolidated financial statements.

Corebridge | First Quarter 2023 Form 10-Q 142

ITEM 2 | Investments

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

	March 31, 2023								December 31, 2022
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments(a)
Interest rate contracts	$	575	$	225	$	762	$	14	$	155	$	202	$	1,798	$	77
Foreign exchange contracts	1,588		220		1,109		22		3,166		523		3,095		162
Derivatives not designated as hedging instruments(a)
Interest rate contracts	15,552		379		28,271		1,441		23,916		481		16,263		1,859
Foreign exchange contracts	8,209		932		7,287		318		4,357		643		6,126		428
Equity contracts	25,238		676		8,785		61		26,041		417		9,962		27
Credit contracts	—		—		—		—		—		—		—		—
Other contracts(b)	46,652		14		—		—		47,128		15		48		—
Total derivatives, excluding Fortitude Re funds withheld	$	97,814	$	2,446	$	46,214	$	1,856	$	104,763	$	2,281	$	37,292	$	2,553
Total derivatives, Fortitude Re funds withheld	$	4,559	$	923	$	6,588	$	648	$	4,382	$	971	$	6,096	$	782
Total derivatives, gross	$	102,373	$	3,369	$	52,802	$	2,504	$	109,145	$	3,252	$	43,388	$	3,335
Counterparty netting(c)			(2,303)				(2,303)				(2,547)				(2,547)
Cash collateral(d)			(376)				(42)				(406)				(691)
Total derivatives on Condensed Consolidated Balance Sheets(e)			$	690			$	159			$	299			$	97

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

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

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

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

(e)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was zero at both March 31, 2023 and December 31, 2022. Fair value of liabilities related to bifurcated embedded derivatives was $7.9 billion and $6.7 billion, respectively, at March 31, 2023 and December 31, 2022. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities and index universal life contracts, which include equity and interest rate components and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7.

For additional information, see Note 9 to the condensed consolidated financial statements.

Corebridge | First Quarter 2023 Form 10-Q 143

ITEM 2 | Future Policy Benefits, Policyholder Contract Deposits, Market Risk Benefits, DAC and VOBA

Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits

SIGNIFICANT REINSURANCE AGREEMENTS, VARIABLE ANNUITY GUARANTEED BENEFITS AND HEDGING RESULTS AND ACTUARIAL UPDATES

The following section provides discussion of our significant reinsurance agreements, variable annuity guaranteed benefits and hedging results and actuarial updates regarding our business segments.

Significant Reinsurance Agreements

In the first quarter of 2018, AIG entered into a series of reinsurance transactions with Fortitude Re related to certain run-off operations (i.e., non-core insurance lines for which policies are still in force until they lapse or otherwise terminate but new policies are no longer issued). As of March 31, 2023 and December 31, 2022, approximately $27.8 billion and $27.8 billion, respectively, of reserves from our run-off lines (i.e., certain annuities written prior to April 2013, along with exposures to whole life, LTC and exited accident and health product lines) related to business written by multiple wholly owned AIG subsidiaries had been ceded to Fortitude Re under these reinsurance transactions. We currently own a less than 3% indirect interest in Fortitude Re.

Refer to “Significant Factors Impacting Our Results” for additional information on the Fortitude Re reinsurance agreements.

Effective July 1, 2016, AGL entered into an agreement to cede approximately $5 billion of statutory reserves for certain whole life policies to an unaffiliated reinsurer. Effective December 31, 2016, AGL recaptured term and universal life reserves of $16 billion from AGC, subject to the NAIC’s Model Regulation “Valuation of Life Insurance Policies” (“Regulation XXX”) and NAIC Actuarial Guideline 38 (“Guideline AXXX”) and ceded approximately $14 billion of such statutory reserves to the same unaffiliated reinsurer under an amendment to the July 1, 2016 agreement. Effective March 31, 2023, AGL recaptured term life reserves of $1 billion issued from 2017 to 2019 from AGC subject to the NAIC’s Model Regulation “Valuation of Life Insurance Policies” (“Regulation XXX”) and ceded approximately $1 billion of such statutory reserves to the same unaffiliated reinsurer under an amendment to the July 1, 2016 agreement.

For a summary of significant reinsurers, see “Accounting Policies and Pronouncements—Critical Accounting Estimates—Reinsurance Recoverable” in the 2022 Annual Report.

For a summary of statutory permitted practices, see “Notes to Consolidated Financial Statements—Statutory Financial Data and Restrictions—Statutory Permitted Accounting Practice” in the 2022 Annual Report.

Variable Annuity Guaranteed Benefits and Hedging Results

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

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

For additional discussion of MRBs related to these product features, see “—Quantitative and Qualitative Disclosures about Market Risk” included herein.

Differences in Valuation of MRBs and Economic Hedge Target

•The MRBs include both the GMWB riders and the GMDB riders while the hedge program is targeting the economic risks of just the GMWB rider.

• the economic hedge target includes 100% of GMWB rider fees in present value calculations; the GAAP valuation reflects those fees attributed to the MRBs such that the initial value at contract issue equals zero since the MRB includes GMWB’s and GMDB’s these attributed fees are typically larger than just the GMWB rider fees;

Corebridge | First Quarter 2023 Form 10-Q 144

ITEM 2 | Future Policy Benefits, Policyholder Contract Deposits, Market Risk Benefits, DAC and VOBA

•the economic hedge target excludes the instrument-specific credit risk changes (non-performance adjustments) used in the GAAP valuation, which are recognized in OCI. The GAAP valuation has different sensitivities to movements in interest rates and other market factors, and to changes from actuarial assumption updates, than the economic hedge target.

For more information on our valuation methodology for MRBs, see Note 4 to the condensed consolidated financial statements.

•basis risk due to the variance between expected and actual fund returns, which may be either positive or negative;

•realized volatility versus implied volatility;

•actual versus expected changes in the hedge target driven by assumptions not subject to hedging, particularly policyholder behavior; and

•risk exposures that we have elected not to explicitly or fully hedge.

The following table presents a reconciliation between the fair value of the GAAP MRBs and the value of our economic hedge target:

	At March 31,		At December 31,
(in millions)	2023		2022
Reconciliation of market risk benefits and economic hedge target:
Market risk benefits liability, net	$	1,640	$	1,657
Exclude non-performance risk adjustment	(378)		(479)
Market Risk Benefits liability, excluding NPA	1,262		1,178
Adjustments for risk margins and differences in valuation	18		(281)
Economic hedge target liability	$	1,280	$	897

Impact on Pre-tax Income (Loss)

The impact on our pre-tax income (loss) of variable annuity guaranteed benefits and related hedging results includes changes in the fair value of MRBs and changes in the fair value of related derivative hedging instruments, and along with attributed rider fees and net of benefits associated with MRBs are together recognized in Change in the fair value of market risk benefits, net, with the exception of instrument-specific credit risk changes, which are recognized in OCI. Changes in the fair value of market risk benefits, net are excluded from APTOI of Individual Retirement and Group Retirement.

The change in the fair value of the MRBs and the change in the value of the hedging portfolio are not expected to be fully offsetting, primarily due to the differences in valuation between the economic hedge target, the GAAP MRBs and the fair value of the hedging portfolio, as discussed above. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair value of the MRBs liabilities, resulting in a gain in AOCI, and when corporate credit spreads narrow or tighten, the change in the NPA spread generally increases the fair value of the MRBs liabilities, resulting in a loss in AOCI. In addition to changes driven by credit market-related movements in the NPA spread, the NPA balance also reflects changes in business activity and in the net amount at risk from the underlying guaranteed living benefits.

Change in Economic Hedge Target

The increase in the economic hedge target liability in the three months ended March 31, 2023, was primarily driven by tightening credit spreads, and lower equity volatility.

Corebridge | First Quarter 2023 Form 10-Q 145

ITEM 2 | Liquidity and Capital Resources

Liquidity and Capital Resources

OVERVIEW

Liquidity is defined as cash and unencumbered assets that can be monetized in a short period of time at a reasonable cost. In addition to the on-balance-sheet liquid assets, liquidity resources include availability under committed bank credit facilities.

Capital refers to the long-term financial resources available to support the operation of our businesses, fund business growth, and cover financial and operational needs that arise from adverse circumstances.

We aim to manage our liquidity and capital resources prudently through a well-defined risk management framework that involves various target operating thresholds as well as minimum requirements during periods of stress.

We believe that we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations to policyholders, customers, creditors and debtholders, including those arising from reasonably foreseeable contingencies or events.

For a discussion regarding risks associated with liquidity and capital, see “Risk Factors—Risks Relating to Our Investment Portfolio, Liquidity, Capital and Credit” in the 2022 Annual Report.

LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE PARENT AND INTERMEDIATE HOLDING COMPANIES

As of March 31, 2023 and December 31, 2022, Corebridge Parent and its non-regulated intermediate holding companies (“Corebridge Hold Cos.”) had $4.3 billion and $4.0 billion, respectively, in liquidity sources. These liquidity sources were primarily held in the form of cash and short-term investments and included a $2.5 billion committed revolving credit facility as of March 31, 2023 and December 31, 2022. Corebridge Hold Cos.’ primary sources of liquidity are dividends, loans and other payments from subsidiaries and credit facilities. Corebridge Hold Cos.’ primary uses of liquidity are for debt service, capital and liability management, and operating expenses.

Corebridge Parent expects to maintain liquidity that is sufficient to cover one year of its expenses. We expect the Corebridge Hold Cos. may access the debt and preferred equity markets from time to time to meet funding requirements as needed.

We utilize our capital resources to support our businesses, with the majority of capital held by our insurance businesses. Corebridge Hold Cos. intend to manage capital between Corebridge Hold Cos. and our insurance companies through internal, Board-approved policies as well as management standards. In addition, AIG has an unconditional capital maintenance agreement in place with AGC. Nevertheless, regulatory and other legal restrictions could limit our ability to transfer capital freely, either to or from our subsidiaries.

As of March 31, 2023, Corebridge Parent and certain of our subsidiaries were parties to several letter of credit agreements with various financial institutions which issue letters of credit from time to time in support of our insurance companies. Letters of credit issued in support of our subsidiaries (primarily, insurance companies) totaled $207 million and $272 million at March 31, 2023 and December 31, 2022, respectively.

The following table presents Corebridge Hold Cos.’ liquidity sources:

	March 31,		At December 31,
(in millions)	2023		2022
Cash and short-term investments	$	1,763	$	1,495
Total Corebridge Hold Cos. liquidity	1,763		1,495
Available capacity under committed, revolving credit facility	2,500		2,500
Total Corebridge Hold Cos. liquidity sources	$	4,263	$	3,995

COREBRIDGE HOLD COS. LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS

SOURCES

During the three months ended March 31, 2023 and 2022, Corebridge Hold Cos. received $500 million and $700 million in dividends from subsidiaries, respectively.

USES

Interest Payments

We made interest payments on our debt instruments totaling $37 million and $15 million during the three months ended March 31, 2023 and 2022, respectively.

Corebridge | First Quarter 2023 Form 10-Q 146

ITEM 2 | Liquidity and Capital Resources

Dividends

Three Months Ended March 31, 2023

During the three months ended March 31, 2023, Corebridge Parent paid cash dividends of $0.23 per share of its common stock totaling $149 million. During the three months ended March 31, 2022, Corebridge Parent paid cash dividends of $290 million.

Tax Sharing Payments

There were no tax sharing payments made to AIG during the three months ended March 31, 2023. We distributed tax sharing payments of $3 million to AIG in the three months ended March 31, 2022. The tax sharing payments relating to tax years where we were part of the AIG Consolidated Tax Group may be subject to further adjustment in future periods.

LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE INSURANCE SUBSIDIARIES

Insurance Companies

We believe that our insurance companies have sufficient liquidity and capital resources to satisfy reasonably foreseeable future liquidity requirements and meet their obligations, including those arising from reasonably foreseeable contingencies or events, through cash from operations and, to the extent necessary, monetization of invested assets. Our insurance companies’ liquidity resources are primarily held in the form of cash, short-term investments and publicly traded, investment grade-rated fixed maturity securities.

The liquidity of each of our material insurance companies is monitored through various internal liquidity risk measures. The primary sources of liquidity are premiums, deposits, fees, reinsurance recoverables, investment income and maturities. The primary uses of liquidity are paid losses, reinsurance payments, benefit claims, surrenders, withdrawals, interest payments, dividends, expenses, investment purchases and collateral requirements.

Certain of our U.S. insurance companies are members of the FHLBs in their respective districts. Our borrowings from FHLBs are non-puttable and are used to supplement liquidity or for other uses deemed appropriate by management. Our U.S. insurance companies had $5.1 billion and $4.6 billion which were due to FHLBs in their respective districts at March 31, 2023 and December 31, 2022, respectively, under funding agreements which were reported in policyholder contract deposits. These investment contracts do not have mortality or morbidity risk. Proceeds from funding agreements are generally invested in investments intended to generate spread income. In addition, our U.S. insurance companies had no outstanding borrowings in the form of cash advances from FHLBs at March 31, 2023.

Certain of our U.S. insurance companies have securities lending programs that lend securities from their investment portfolios to supplement liquidity or for other uses deemed appropriate by management. Under these programs, these U.S. insurance companies lend securities to financial institutions and receive cash as collateral equal to 102% of the fair value of the loaned securities. Cash collateral received is kept in cash or invested in short-term investments or used for short-term liquidity purposes.

The aggregate amount of securities that a U.S. insurance company can lend under its program at any time is limited to 5% of its general account statutory-basis admitted assets. Our U.S. insurance companies had no securities subject to these agreements at March 31, 2023 and no liabilities to borrowers for collateral received at March 31, 2023.

There were no tax sharing payments distributed from our U.S. insurance companies to AIG in the three months ended March 31, 2023. Our U.S. insurance companies distributed tax sharing payments of $508 million to AIG, Inc. in the three months ended March 31, 2022. The tax sharing payments relating to tax years where we were part of the AIG Consolidated Tax Group may be subject to further adjustment in future periods.

We manage our combined insurance subsidiary capital to a minimum target Life Fleet RBC of 400%. AGC serves as an affiliate reinsurance company for the Life Fleet covering (i) AGL’s life insurance policies issued between January 1, 2017 and December 31, 2019 subject to Regulation AXXX and (ii) universal life insurance policies issued between January 1, 2020 and December 31, 2021 subject to Principle Based Reserving requirements. AGC’s RBC ratio includes the full statutory reserves associated with the above regulations which are in excess of economic reserves. The surplus of AGC is composed predominantly of holding company stock. Given that AGC has no primary operations outside of this internal reinsurance, we believe that excluding AGC from the Life Fleet RBC calculation presents a more accurate view of the overall capital position of our U.S. operating entities. Our Life Fleet RBC was above our minimum target Life Fleet RBC of 400% as of December 31, 2022.

Corebridge | First Quarter 2023 Form 10-Q 147

ITEM 2 | Liquidity and Capital Resources

The following table presents normalized distributions:

	Three Months Ended March 31,
(in millions)	2023		2022
Subsidiary dividends paid	$	500	$	700
Tax sharing payments related to utilization of tax attributes	—		147
Normalized distributions	$	500	$	847

Dividend Restrictions

Payments of dividends to Corebridge Hold Cos. by our U.S. insurance subsidiaries are subject to certain restrictions imposed by laws and regulations of their respective states. With respect to our domestic insurance subsidiaries, the payment of a dividend may require formal notice to the insurance department of the state in which the particular insurance subsidiary is domiciled, and prior approval of such insurance regulator is required when the amount of the dividend is above certain regulatory thresholds. See “Business — U.S. Regulation — State Insurance Regulation” in the 2022 Annual Report. Other foreign jurisdictions may restrict the ability of our foreign insurance subsidiaries to pay dividends.

To our knowledge, no Corebridge insurance company is currently on any regulatory or similar “watch list” with regard to solvency.

ANALYSIS OF SOURCES AND USES OF CASH

Our primary sources and uses of liquidity are summarized as follows:

	Three Months Ended March 31,
(in millions)	2023		2022
Sources:
Operating activities, net	$	301	$	—
Net changes in policyholder account balances	1,758		1,608
Issuance of debt of consolidated investment entities	39		729
Contributions from noncontrolling interests	25		14
Financing other, net	26		271
Effect of exchange rate changes on cash and restricted cash	2		—
Total Sources	2,151		2,622
Uses:
Operating activities, net	—		(3)
Investing activities, net	(1,477)		(1,246)
Repayments of debt of consolidated investment entities	(142)		(765)
Distributions to noncontrolling interests	(50)		(187)
Dividends paid on common stock	(149)		(290)
Net change in securities lending and repurchase agreements	(442)		(130)
Effect of exchange rate changes on cash and restricted cash	—		(2)
Total Uses	(2,260)		(2,623)
Net increase (decrease) in cash and cash equivalents	$	(109)	$	(1)

Operating Activities

Cash inflows from operating activities primarily include insurance premiums, fees and investment income. Cash outflows from operating activities primarily include benefit payments and general operating expenses. Operating cash flow will fluctuate based on the timing of premiums received and benefit payments to policyholders, as well as other core business activities.

Investing Activities

Cash inflows from investing activities primarily include sales and maturities of underlying assets, mainly fixed maturities available for sale and principal payments on mortgage and other loans. The primary cash outflows for investing activities relate to the purchases of new securities, mainly fixed maturities available for sale.

Financing Activities

Cash inflows from financing activities primarily include policyholder deposits on investment-type contracts, issuances of debt and inflows from the settlement of securities lending and repurchase agreements. Cash outflows primarily relate to policyholder withdrawal activity on investment-type contracts, repayments of debt of consolidated investment entities, repayments of short and long-term debt, and noncontrolling interests and outflows for the settlement of securities lending and repurchase agreements.

Corebridge | First Quarter 2023 Form 10-Q 148

ITEM 2 | Liquidity and Capital Resources

CONTRACTUAL OBLIGATIONS

As of March 31, 2023, there have been no material changes in our contractual obligations from December 31, 2022, a description of which may be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operation —Liquidity and Capital Resources — Contractual Obligations” in the 2022 Annual Report.

SHORT-TERM AND LONG-TERM DEBT

We expect to repay the short-term and long-term debt maturities and interest accrued on these borrowings through cash flows generated from invested assets, future cash flows from operations, and future debt and other financing arrangements.

The following tables provide the rollforward of our total debt outstanding:

(in millions)	Maturity<br>Date(s)	Balance at December 31, 2022		Issuances		Maturities <br>and Repayments		Other Changes		Balance at March 31, 2023
Short-term debt issued by Corebridge:
Three-Year DDTL Facility*	2023	$	1,500	$	—	$	—	$	—	$	1,500
Total short-term debt		1,500		—		—		—		1,500
Long-term debt issued by Corebridge:
Senior unsecured notes	2025-2052	6,500		—		—		—		6,500
Hybrid junior subordinated notes	2052	1,000		—		—		—		1,000
Long-term debt issued by Corebridge subsidiaries:
AIGLH notes	2025-2029	200		—		—		—		200
AIGLH junior subordinated debentures	2030-2046	227		—		—		—		227
Total long-term debt		7,927		—		—		—		7,927
Debt issuance costs		(59)		—		—		3		(56)
Total long-term debt, net of debt issuance costs		7,868		—		—		3		7,871
Total debt, net of issuance costs		$	9,368	$	—	$	—	$	3	$	9,371

* On September 15, 2022, Corebridge Parent borrowed an aggregate principal amount of $1.5 billion under the Three-Year DDTL Facility for a thirty day period. We continued this borrowing for additional interest periods and at the present time through June 21, 2023. We have the ability to further continue this borrowing through February 25, 2025.

DELAYED DRAW TERM LOAN

On September 15, 2022, Corebridge Parent borrowed an aggregate principal amount of $1.5 billion under the Three-Year DDTL Facility. For the current interest period, the Three-Year DDTL Facility will end on June 21, 2023, unless prior to that date Corebridge Parent elects to continue the loan, or a portion of it, for an additional interest period. For the current interest period, the Three-Year DDTL Facility bears interest at a rate per annum equal to the Adjusted Term SOFR Rate (as defined in the Three-Year DDTL Agreement) plus the Applicable Rate (as defined in the Three-Year DDTL Agreement) of 1.000%, which is based on the then-applicable credit ratings of our senior unsecured long-term indebtedness. The Three-Year DDTL Facility matures on February 25, 2025.

REVOLVING CREDIT AGREEMENT

On May 12, 2022, Corebridge Parent entered into the Revolving Credit Agreement (the “Credit Agreement”).

The Credit Agreement provides for a five-year total commitment of $2.5 billion, consisting of standby letters of credit and/or revolving credit borrowings without any limits on the type of borrowings. Under circumstances described in the Credit Agreement, the aggregate commitments may be increased by up to $500 million, for a total commitment under the Credit Agreement of $3.0 billion. Loans under the Credit Agreement will mature on May 12, 2027. Under the Credit Agreement, the applicable rate, commitment fee and letter of credit fee are determined by reference to the credit ratings of Corebridge Parent’s senior, unsecured, long-term indebtedness. Borrowings bear interest at a rate per annum equal to (i) in the case of U.S. dollar borrowings, Term SOFR plus an applicable credit spread adjustment plus an applicable rate or an alternative base rate plus an applicable rate; (ii) in the case of Sterling borrowings, SONIA plus an applicable credit spread adjustment plus an applicable rate; (iii) in the case of Euro borrowings, European Union interbank Offer Rate plus an applicable rate; and (iv) in the case of Japanese Yen, Tokyo Interbank Offered Rate plus an applicable rate. The alternative base rate is equal to the highest of (a) the New York Federal Reserve Bank Rate plus 0.50%, (b) the rate of interest in effect as quoted by The Wall Street Journal as the “Prime Rate” in the United States and (c) Term SOFR plus a credit spread adjustment of 0.100% plus an additional 1.00%.

Corebridge | First Quarter 2023 Form 10-Q 149

ITEM 2 | Liquidity and Capital Resources

The Credit Agreement requires Corebridge Parent to maintain a specified minimum consolidated net worth and subjects Corebridge to a specified limit on consolidated total debt to consolidated total capitalization, subject to certain limitations and exceptions. In addition, the Credit Agreement contains certain customary affirmative and negative covenants, including limitations with respect to the incurrence of certain types of liens and certain fundamental changes. Amounts due under the Credit Agreement may be accelerated upon an “event of default,” as defined in the Credit Agreement, such as failure to pay amounts owed thereunder when due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject in some cases to cure periods.

For additional information on debt outstanding and revolving credit facilities, see Note 13 to the Consolidated Financial Statements in the 2022 Annual Report.

DEBT OF CONSOLIDATED INVESTMENT ENTITIES

Our non-financial debt includes debt of consolidated investment entities. This non-financial debt is our contractual obligation and is non-recourse to Corebridge. This non-financial debt includes notes and bonds payables supported by cash and investments held for the repayment of those obligations.

(in millions)	Balance at December, 2022		Issuances		Maturities <br>and Repayments		Effect of Foreign Exchange		Other Changes(c)		Balance at March, 2023
Debt of consolidated investment entities –<br><br>not guaranteed by Corebridge(a)(b)	$	5,958	$	39	$	(142)	$	25	$	(3,192)	$	2,688

(a)At March 31, 2023, includes debt of consolidated investment entities related to real estate investments of $1.4 billion and other securitization vehicles of $1.3 billion.

(b)In relation to the debt of consolidated investment entities (“VIEs”) not guaranteed by Corebridge, creditors or beneficial interest holders of VIEs generally only have recourse to the assets and cash flows of the VIEs and do not have recourse to us.

(c)During the three-month period ended March 31, 2023, Corebridge deconsolidated certain consolidated investment entities, as part of the sale of AIG Credit Management, LLC with $3.2 billion in liabilities.

CREDIT RATINGS

Credit ratings estimate a company’s ability to meet its obligations and may directly affect the cost and availability of financing to that company.

The following table presents the credit ratings of Corebridge Parent as of the date of this filing:

Hybrid Junior Subordinated Long-Term Debt			Senior Unsecured Long-Term Debt
Moody’s(a)	S&P(b)	Fitch(c)	Moody’s(a)	S&P(b)	Fitch(c)
Baa3 (Stable)	BBB- (Stable)	BBB- (Stable)	Baa2 (Stable)	BBB+ (Stable)	BBB+ (Stable)

(a)Moody’s appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories.

(b)S&P ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

(c)Fitch ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

These credit ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies because of changes in, or unavailability of, information or based on other circumstances. Ratings may also be withdrawn at our request.

We are party to some agreements that contain “ratings triggers.” Depending on the ratings maintained by one or more rating agencies, these triggers could result in (i) the termination or limitation of credit availability or a requirement for accelerated repayment, (ii) the termination of business contracts or (iii) a requirement to post collateral for the benefit of counterparties.

In the event of a downgrade of our long-term debt ratings or our insurance subsidiaries’ IFS ratings, we would be required to post additional collateral under some derivative and other transactions, or certain of the counterparties of such other of our subsidiaries would be permitted to terminate such transactions early.

The actual amount of collateral that we would be required to post to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at the time of the downgrade.

Corebridge | First Quarter 2023 Form 10-Q 150

ITEM 2 | Liquidity and Capital Resources

INSURER FINANCIAL STRENGTH RATINGS

IFS ratings estimate an insurance company’s ability to pay its obligations under an insurance policy.

The following table presents the ratings of our primary insurance subsidiaries as of the date of this filing:

	A.M. Best	S&P	Fitch	Moody’s
American General Life Insurance Company	A	A+	A+	A2
The Variable Annuity Life Insurance Company	A	A+	A+	A2
The United States Life Insurance Company in the City of New York	A	A+	A+	A2

These IFS ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances.

OFF-BALANCE-SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS

As March 31, 2023, there have been no material changes in our off-balance-sheet arrangements and commercial commitments from December 31, 2022, a description of which may be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Liquidity and Capital Resources—Off-Balance Sheet Arrangements and Commercial Commitments” in the 2022 Annual Report.

Corebridge | First Quarter 2023 Form 10-Q 151

ITEM 2 | Accounting Policies and Pronouncements

Accounting Policies and Pronouncements

CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. On a regular basis, we review estimates and assumptions used in the preparation of financial statements. Actual results may differ from these estimates under different assumptions or conditions. For a detailed discussion of our significant accounting policies and accounting pronouncements, see Note 2 to the Consolidated Financial Statements in the 2022 Annual Report and Note 2 to the condensed consolidated financial statements.

The accounting policies that we believe are most dependent on the application of estimates and assumptions, which are critical accounting estimates, are related to the determination of:

•valuation of MRBs related to guaranteed benefit features of variable annuity products, fixed annuity products and fixed index annuity products;

•valuation of embedded derivative liabilities for fixed index annuity and index universal life products;

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

•reinsurance assets, including the allowance for credit losses;

•goodwill impairment;

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

•fair value measurements of certain financial assets and liabilities; and

There were no changes to our critical accounting estimates with the exception of the items listed below which were impacted by the adoption of LDTI. For additional information on our critical accounting estimates not impacted by LDTI, see “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Accounting Policies and Pronouncements—Critical Accounting Estimates” in the 2022 Annual Report.

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

MARKET RISK BENEFITS

Annuity products offered by our Individual Retirement and Group Retirement segments offer guaranteed benefit features (“GMxBs”). These guaranteed features include GMDBs that are payable in the event of death and GMWBs that guarantee lifetime withdrawals regardless of fixed account and separate account value performance.

For additional information on these features, see Note 13 to the condensed consolidated financial statements.

The liabilities for GMxBs are recorded as MRBs and represent the expected value of benefits in excess of the projected account value, with the excess recognized at fair value through Change in fair value of market risk benefits, net in the Condensed Consolidated Statements of Income (Loss), except for the excess related to changes in the Company’s own credit risk, which is recognized in OCI.

The Company’s exposure to the guaranteed amounts is equal to the amount by which the contract holder’s account balance is below the amount provided by the guaranteed feature. A deferred annuity contract may include more than one type of GMxB; for example, it may have both a GMDB and a GMWB. However, a policyholder can generally only receive payout from one guaranteed feature on a contract containing a death benefit and a living benefit, i.e., the features are generally mutually exclusive (except a surviving spouse who has a rider to potentially collect both a GMDB upon their spouse’s death and a GMWB during his or her lifetime). A policyholder cannot purchase more than one living benefit on one contract. Declines in the equity markets, increased volatility and a low interest rate environment increase the Company’s exposure to potential benefits under the guaranteed features, leading to an increase in the liabilities for those benefits.

For sensitivity analysis which includes the sensitivity of reserves for guaranteed benefit features to changes in the assumptions for interest rates, equity returns, volatility, and mortality, see “—Valuation of Market Risk Benefits and Embedded Derivatives for Fixed Index Annuity and Index Universal Life Products.”

For additional discussion of market risk management related to these product features, see “—Quantitative and Qualitative Disclosures about Market Risk.”

Corebridge | First Quarter 2023 Form 10-Q 152

ITEM 2 | Accounting Policies and Pronouncements

The valuation methodology and assumptions used to measure our GMxBs is presented in the following table:

Fair Value Methodology

Guaranteed minimum benefits on annuity products are MRBs that are required to be measured at fair value with changes in the fair value of the liabilities recorded in changes in the fair value of MRBs, except for changes related to the Company’s own credit risk which are recorded in AOCI. The fair value of these benefits is based on assumptions that a market participant would use in valuing these MRBs. The Company applies a non-option-based approach for variable products, and an option-based approach for fixed index and fixed products. Under the non-option-based approach, a portion of actual fees (i.e., attributed fees) is determined such that the present value of expected benefits less attributed fees is zero at issue. This calculated ratio is utilized in each policy valuation going forward and results in an MRB value of zero at policy issue. Under the option-based approach, the MRB value at issue represents the present value of expected benefits after account value exhaustion. There is no calculated attributed fee ratio under this approach; as such, the calculated MRB liability at inception requires an equal and offsetting adjustment to the underlying host contract. Consistent with the non-option-based approach, this results in no gains or losses recognized upon policy issuance. The fair value of the MRBs, which are Level 3 assets and liabilities, is based on a risk-neutral framework and incorporates actuarial and capital market assumptions related to projected cash flows over the expected lives of the contracts. For additional information on how we value for MRBs, see Note 12 to the condensed consolidated financial statements, and for information on fair value measurement of these MRBs, including how we incorporate our own non-performance risk, see Note 4 to the condensed consolidated financial statements.

Key Assumptions

Key assumptions include: • interest rates; • equity market returns; • market volatility; • credit spreads; • equity / interest rate correlation; • policyholder behavior, including mortality, lapses, withdrawals and benefit utilization estimates of future policyholder behavior are subject to judgement and based primarily on our historical experience; • in applying asset growth assumptions for the valuation of MRBs, we use market-consistent assumptions calibrated to observable interest rate and equity option prices For the fixed index annuity GMxB liability, policyholder funds are projected assuming growth equal to current option values for the current crediting period followed by option budgets for all subsequent crediting periods. Policyholder fund growth projected assuming credited rates are expected to be maintained at a target pricing spread, subject to guaranteed minimums.

VALUATION OF EMBEDDED DERIVATIVES FOR FIXED INDEX ANNUITY AND INDEX UNIVERSAL LIFE PRODUCTS

Fixed index annuity and life products provide growth potential based in part on the performance of market indices. Certain fixed index annuity products offer optional guaranteed benefit features similar to those offered on variable annuity products. Policyholders may elect to rebalance among the various accounts within the product at specified renewal dates. At the end of each index term, we generally have the opportunity to re-price the index component by establishing different participation rates or caps on indexed credited rates. The index crediting feature of these products results in the recognition of an embedded derivative that is required to be bifurcated from the host contract and carried at fair value with changes in the fair value of the liabilities recorded in Net realized gains (losses). Option pricing models are used to estimate fair value, taking into account assumptions for future index growth rates, volatility of the index, future interest rates, and our ability to adjust the participation rate and the cap on indexed credited rates in light of market conditions and policyholder behavior assumptions.

For additional discussion of market risk management related to these product features, see “—Quantitative and Qualitative Disclosures about Market Risk.”

Corebridge | First Quarter 2023 Form 10-Q 153

ITEM 2 | Accounting Policies and Pronouncements

The following table summarizes the sensitivity of changes in certain assumptions for MRBs, Liability for future policyholder benefits, net of reinsurance and embedded derivatives related to index-linked interest credited features, measured as the related hypothetical impact for the three months ended March 31, 2023 balances and the resulting hypothetical impact on pre-tax income and OCI, before hedging:

March 31, 2023	Market Risk Benefits Related to Guaranteed Benefits		Liability for future policyholder benefits net of Reinsurance		Embedded Derivatives Related to Index-Linked Interest Credited Features		Pre-Tax Income		OCI
(in millions)
Assumptions:
Equity Return(a)
Effect of an increase by 20%	$	1,206	$	—	$	(757)	$	500	$	(51)
Effect of a decrease by 20%	$	(1,497)	$	—	$	588	$	(954)	$	45
Interest Rate(b)
Effect of an increase by 1%	$	1,704	$	2,227	$	514	$	2,293	$	2,152
Effect of a decrease by 1%	$	(2,275)	$	(2,734)	$	(664)	$	(3,031)	$	(2,642)

(a)Represents the net impact of a 20% increase or decrease in the S&P 500 index.

(b)Represents the net impact of 1% parallel shift in the yield curve.

The sensitivity ranges of 20 basis points and 1% are included for illustrative purposes only and do not reflect the changes in net investment spreads, equity return, volatility, interest rate, mortality or lapse used by us in our fair value analyses to value other applicable reserves. Changes different from those illustrated may occur in any period and by different products.

The analysis of MRBs and embedded derivatives is a dynamic process that considers all relevant factors and assumptions described above. We estimate each of the above factors individually, without the effect of any correlation among the key assumptions. An assessment of sensitivity associated with changes in any single assumption would not necessarily be an indicator of future results. The effects on pre-tax income in the sensitivity analysis table above do not reflect the related effects from our economic hedging program, which utilizes derivative and other financial instruments and is designed so that changes in value of those instruments move in the opposite direction of changes in the guaranteed benefit MRB and embedded derivative liabilities.

For a further discussion on guaranteed benefit features of our variable annuities and the related hedging program, see “—Quantitative and Qualitative Disclosures about Market Risk” included herein and Notes 4, 9 and 11 to the condensed consolidated financial statements.

FUTURE POLICY BENEFITS FOR LIFE AND ACCIDENT AND HEALTH INSURANCE CONTRACTS

Long-duration traditional products primarily include whole life insurance, term life insurance, and certain payout annuities for which the payment period is life-contingent, which include certain of our single premium immediate annuities, including PRT business and structured settlements. In addition, these products also include accident and health, and LTC insurance. The LTC block is in run-off and has been fully reinsured with Fortitude Re.

Updating NPR - Remeasurement gains and losses: Generally, future policy benefits are payable over an extended period of time and related liabilities are calculated as the present value of future benefits less the present value of future net premiums (portion of the gross premium required to provide for all benefits and expenses). The assumptions used to calculate the benefit liabilities are initially set when a policy is issued and a net premium ratio is established. Benefit liabilities are subsequently remeasured periodically to reflect changes in policy assumptions and actual versus expected experience and are recognized as remeasurement gains and losses, a component of policyholder benefits. The assumptions include mortality, morbidity and persistency. These assumptions are typically consistent with pricing inputs at policy issuance. Liabilities are accreted using an upper-medium grade (low credit risk) fixed income instrument yield that is locked-in at policy issuance. The liabilities are remeasured at the balance sheet date using a current upper-medium grade yield with changes in the liabilities reported in AOCI.

For universal life policies with secondary guarantees: We recognize certain liabilities in addition to policyholder account balances. For universal life policies with secondary guarantees, as well as other universal life policies for which profits followed by losses are expected at contract inception, a liability is recognized based on a benefit ratio of (a) the present value of total expected payments, in excess of the account value, over the life of the contract, divided by (b) the present value of total expected assessments over the life of the contract. Universal life account balances are reported in Policyholder contract deposits, while these additional liabilities related to universal life products are reported within Future policy benefits in the Condensed Consolidated Balance Sheets. These additional liabilities are also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available for sale on accumulated assessments, with related changes recognized through OCI. The primary policyholder behavior assumptions for these

Corebridge | First Quarter 2023 Form 10-Q 154

ITEM 2 | Accounting Policies and Pronouncements

liabilities include mortality, lapses and premium persistency. The primary capital market assumptions used for the liability for universal life secondary guarantees include discount rates and net earned rates.

ADOPTION OF ACCOUNTING PRONOUNCEMENTS

See Note 2 to the condensed consolidated financial statements.

Corebridge | First Quarter 2023 Form 10-Q 155

ITEM 2 | Glossary

Glossary

AIG Consolidated Tax Group — the U.S. federal income tax group of which AIG is the common parent.

Credit support annex — a legal document generally associated with an ISDA Master Agreement that provides for collateral postings which could vary depending on ratings and threshold levels.

Reserves Related to Unrealized Appreciation of Investments — an adjustment to benefit reserves for investment-oriented products is recognized to reflect the application of the benefit ratio to the accumulated assessments that would have been recorded if fixed maturity securities available for sale were sold.

Deferred policy acquisition costs — deferred costs that are incremental and directly related to the successful acquisition of new business or renewal of existing business.

Deferred sales inducement — represents enhanced crediting rates or bonus payments to contract holders on certain annuity and investment contract products that meet the criteria to be deferred and amortized over the life of the contract.

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

Financial debt — represents the sum of short-term debt and long-term debt, net of debt issuance costs, not including (x) Debt of consolidated investment entities—not guaranteed by Corebridge; (y) debt supported by assets and issued for purposes of earning spread income, such as GICs and FABNs; and (z) operating debt utilized to fund daily operations, i.e., self-liquidating forms of financing such as securities lending, reverse repurchase and captive reinsurance reserve financing arrangements.

Financial leverage ratio — the ratio of financial debt to the sum of financial debt plus Adjusted Book Value plus non-redeemable noncontrolling interests.

Guaranteed investment contract — a contract whereby the issuer provides a guaranteed repayment of principal and a fixed or floating interest rate for a predetermined period of time.

Guaranteed minimum death benefit — a benefit that guarantees the annuity beneficiary will receive a certain value upon death of the annuitant. The GMDB feature may provide a death benefit of either (a) total deposits made to the contract, less any partial withdrawals plus a minimum return (and in rare instances, no minimum return); (b) return of premium whereby the benefit is the greater of the current account value or premiums paid less any partial withdrawals; (c) rollups whereby the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified rates up to specified ages; or (d) the highest contract value attained, typically on any anniversary date less any subsequent withdrawals following the contract anniversary.

Guaranteed minimum withdrawal benefit — a type of living benefit that guarantees that withdrawals from the contract may be taken up to a contractually guaranteed amount, even if the account value subsequently falls to zero, provided that during each contract year total withdrawals do not exceed an annual withdrawal amount specified in the contract. Once the account value is depleted under the conditions of the GMWB, the policy continues to provide a protected income payment.

ISDA Master Agreement — an agreement between two counterparties, which may have multiple derivative transactions with each other governed by such agreement, that generally provides for the net settlement of all or a specified group of these derivative transactions, as well as pledged collateral, through a single payment, in a single currency, in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions.

Loan-to-value ratio — principal amount of loan amount divided by appraised value of collateral securing the loan.

Market risk benefit — is an amount that a policyholder would receive in addition to the account balance upon the occurrence of a specific event or circumstance, such as death, annuitization, or periodic withdrawal that involves protection from other-than-nominal capital market risk.

Master netting agreement — an agreement between two counterparties who have multiple derivative contracts with each other that provides for the net settlement of all contracts covered by such agreement, as well as pledged collateral, through a single payment, in a single currency, in the event of default on or upon termination of any one such contract.

Non-performance Risk Adjustment — adjusts the valuation of derivatives and MRBs to account for non-performance risk in the fair value measurement of all MRBs and derivative net liability positions.

Noncontrolling interests — the portion of equity ownership in a consolidated subsidiary not attributable to the controlling parent company.

Corebridge | First Quarter 2023 Form 10-Q 156

ITEM 2 | Glossary

Policy fees — an amount added to a policy premium, or deducted from a policy cash value or contract holder account, to reflect the cost of issuing a policy, establishing the required records and sending premium notices and other related expenses.

Reinsurance — the practice whereby one insurer, the reinsurer, in consideration of a premium paid to that insurer, agrees to indemnify another insurer, the ceding company, for part or all of the liability of the ceding company under one or more policies or contracts of insurance which it has issued.

Risk-based capital — a formula designed to measure the adequacy of an insurer’s statutory surplus compared to the risks inherent in its business.

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.

Surrender charge — a charge levied against an investor for the early withdrawal of funds from a life insurance or annuity contract, or for the cancellation of the agreement.

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

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

Value of business acquired — present value of projected future gross profits from in-force policies of acquired businesses.

Corebridge | First Quarter 2023 Form 10-Q 157

ITEM 2 | Certain Important Terms

Certain Important Terms

We use the following capitalized terms in this report

“AGC” means AGC Life Insurance Company, a Missouri insurance company;

“AGC Group” means AGC and its directly owned life insurance subsidiaries;

“AGL” means American General Life Insurance Company, a Texas insurance company;

“AGREIC” means AIG Global Real Estate Investment Corporation;

“AHAC” means American Home Assurance Company, a consolidated subsidiary of AIG;

“AIG” means AIG, Inc. and its subsidiaries, other than Corebridge and Corebridge’s subsidiaries, unless the context refers to AIG, Inc. only;

“AIG Bermuda” means AIG Life of Bermuda, Ltd, a Bermuda insurance company;

“AIG Group” means American International Group, Inc. and its subsidiaries, including Corebridge Parent and Corebridge Parent’s subsidiaries;

“AIG, Inc.” means American International Group, Inc., a Delaware corporation;

“AIGLH” means AIG Life Holdings, Inc., a Texas corporation;

“AIG Life (United Kingdom)” means AIG Life Ltd, a U.K. insurance company, and its subsidiary;

“AIGM” means AIG Markets, Inc., a consolidated subsidiary of AIG;

“AIGT” means AIG Technologies, Inc., a New Hampshire corporation;

“AIRCO” means American International Reinsurance Company, Ltd., a consolidated subsidiary of AIG;

“AMG” means AIG Asset Management (U.S.), LLC;

“Argon” means Argon Holdco LLC, a wholly owned subsidiary of Blackstone Inc.;

“BlackRock” means BlackRock Financial Management, Inc.;

“Blackstone” means Blackstone Inc. and its subsidiaries;

“Blackstone IM” means Blackstone ISG-1 Advisors L.L.C.;

“Cap Corp” means AIG Capital Corporation, a Delaware corporation;

“Corebridge”, “we,” “us,” “our” or the “Company” means Corebridge and its subsidiaries, unless the context refers to Corebridge Parent;

“Corebridge FD” means Corebridge Financial Distributors;

“Corebridge Parent” means Corebridge Financial, Inc. (formerly known as SAFG Retirement Services, Inc.), a Delaware corporation;

“Eastgreen” means Eastgreen Inc.;

“Fortitude Re” means Fortitude Reinsurance Company Ltd., a Bermuda insurance company. AIG formed Fortitude Re in 2018 and sold substantially all of its ownership interest in Fortitude Re’s parent company in two transactions in 2018 and 2020 so that we currently own a less than a 3% indirect interest in Fortitude Re. In February 2018, AGL, VALIC and USL entered into modco reinsurance agreements with Fortitude Re and AIG Bermuda novated its assumption of certain long-duration contracts from an affiliated entity to Fortitude Re. In the modco agreements, the investments supporting the reinsurance agreements, which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AGL, VALIC and USL), thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date;

“Fortitude Re Bermuda” means FGH Parent, L.P., a Bermuda exempted limited partnership and the indirect parent of Fortitude Re;

Corebridge | First Quarter 2023 Form 10-Q 158

ITEM 2 | Certain Important Terms

“Fortitude Re Embedded Derivative” means the embedded derivative contained within the funds withheld payable to Fortitude Re. Because we maintain ownership of the investments supporting our reinsurance agreements with Fortitude Re, we reflect our existing accounting for these assets, which consist primarily of available-for-sale securities, on our balance sheet. We have established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of this derivative are recognized in Net realized gains (losses) on Fortitude Re funds withheld embedded derivative. This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets, primarily available-for-sale securities, associated with these reinsurance agreements.

“Laya” means Laya Healthcare Limited, an Irish insurance intermediary, and its subsidiary;

“Lexington” means Lexington Insurance Company, an AIG subsidiary;

“Majority Interest Fortitude Sale” means the sale by AIG of substantially all of its interests in Fortitude Re's parent company to Carlyle FRL, L.P., an investment fund advised by an affiliate of The Carlyle Group Inc., and T&D United Capital Co., Ltd., a subsidiary of T&D Holdings, Inc., under the terms of a membership interest purchase agreement entered into on November 25, 2019 by and among AIG; Fortitude Group Holdings, LLC; Carlyle FRL, L.P.; The Carlyle Group Inc.; T&D United Capital Co., Ltd.; and T&D Holdings, Inc. We currently own less than a 3% indirect interest in Fortitude Re;

“NUFIC” means National Union Fire Insurance Company of Pittsburgh, PA, a consolidated subsidiary of AIG;

“NYDFS” means New York State Department of Financial Services;

“NYSE” means the New York Stock Exchange;

“Reorganization” means the transactions described under “The Reorganization Transactions”;

“USL” means The United States Life Insurance Company in the City of New York, a New York insurance company;

“VALIC” means The Variable Annuity Life Insurance Company, a Texas insurance company; and

“VALIC Financial Advisors” means VALIC Financial Advisors, Inc., a Texas corporation;

Corebridge | First Quarter 2023 Form 10-Q 159

ITEM 2 | Acronyms

`1

Acronyms

•“AATOI” — adjusted after-tax operating income attributable to our common stockholders;

•“ABS” — asset-backed securities;

•“APTOI” — adjusted pre-tax operating income;

•“AUA” — assets under administration;

•“AUM” — assets under management;

•“AUMA” — assets under management and administration;

•“BMA” — Bermuda Monetary Authority;

•“CDO” — collateralized debt obligations;

•“CDS” — credit default swap;

•“CLO” — collateralized loan obligations;

•“CMBS” — commercial mortgage-backed securities;

•“DAC” — deferred policy acquisition costs;

•“DSI” — deferred sales inducement;

•“FABN”— funding-agreement back notes;

•“FASB” — the Financial Accounting Standards Board;

•“GAAP” — accounting principles generally accepted in the United States of America;

•“GIC” — guaranteed investment contract;

•“GMDB” — guaranteed minimum death benefits;

•“GMWB” — guaranteed minimum withdrawal benefits;

•“ISDA” — the International Swaps and Derivatives Association, Inc.;

•“MBS” — mortgage-backed securities;

•“MRB” — market risk benefits;

•“NAIC” — National Association of Insurance Commissioners;

•“NPA” — Non-performance Risk Adjustment;

•“PRT” — pension risk transfer;

•“RBC” — Risk-Based Capital;

•“RMBS” — residential mortgage-backed securities;

•“S&P” — Standard & Poor’s Financial Services LLC;

•“SEC” — the U.S. Securities and Exchange Commission;

•“SVW” — stable value wrap;

•“URR” — unearned revenue reserve;

•“VIE” — variable interest entity;

•“VIX” — volatility index; and

•“VOBA” — value of business acquired.

Corebridge | First Quarter 2023 Form 10-Q 160

ITEM 3 | Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes to the quantitative and qualitative disclosures about market risk described in “Quantitative and Qualitative Disclosures About Market Risk” in the 2022 Annual Report.

ITEM 4 | Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by Corebridge management, with the participation of Corebridge’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of March 31, 2023. Based on this evaluation, Corebridge’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2023.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

During the first quarter of 2023, Corebridge adopted Targeted Improvements to the Accounting for Long-Duration Contracts (“LDTI”), which resulted in a change to our recognition and measurement of long-duration contracts. In connection with the adoption of this standard, Corebridge changed processes, systems and controls related to certain of our long-duration contracts. Many of these controls are similar to those previously maintained under the historical GAAP framework but have been updated to reflect changes necessitated by the adoption of LDTI. There have been no other changes in our internal control over financial reporting (as defined in Rule 13a-15(f)) that have occurred during the quarter ended March 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Corebridge | First Quarter 2023 Form 10-Q 161

Part II - Other Information

ITEM 1 | Legal Proceedings

For information regarding certain legal proceedings pending against us, see Note 14 to the condensed consolidated financial statements in this Quarterly Report.

ITEM 1A | Risk Factors

In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors discussed in “Risk Factors” in the 2022 Annual Report.

ITEM 2 | Unregistered Sales of Equity Securities and Use of Proceeds

None.

ITEM 4 | Mine Safety Disclosures

Not applicable

Exhibit Index

Exhibit <br>Number	Description
10.57*	Corebridge Financial, Inc. Long-Term Incentive Plan, as Amended and Restated March 21, 2023
10.58*	Corebridge Financial, Inc. 2022 Omnibus Incentive, as amended and restated February 16, 2023
10.59*	Corebridge Short-Term Incentive Plan
31.1*	13a-14(a) and Rule 15d-14(a) Certifications
32.1**	Section 1350 Certifications
101**	Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022, (ii) the Condensed Consolidated Statements of Income (Loss) for the three months ended March 31, 2023 and 2022, (iii) the Condensed Consolidated Statements of Equity for the three months ended March 31, 2023 and 2022, (iv) the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022, (v) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2023 and 2022, and (vi) the Notes to the Condensed Consolidated Financial Statements
104*	Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in exhibits 101).
*	Filed herewith.
**	This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, as amended.
†	Identifies each management contract or compensatory plan or arrangement.

Corebridge | First Quarter 2023 Form 10-Q 162

Exhibit Index

Signatures

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

COREBRIDGE FINANCIAL, INC.
(Registrant)
/s/ ELIAS HABAYEB
Elias Habayeb
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
/s/ CHRISTOPHER FILIAGGI
Christopher Filiaggi
Senior Vice President and
Chief Accounting Officer
(Principal Accounting Officer)

Dated May 10, 2023

Corebridge | First Quarter 2023 Form 10-Q 163

Document

Exhibit 10.57

Corebridge Financial, Inc.

Long Term Incentive Plan

Amended and Restated March 21, 2023

1.Purpose; Definitions

This Corebridge Financial, Inc. Long Term Incentive Plan (this “Plan”) is designed to provide selected officers and key employees of Corebridge Financial, Inc. (“Corebridge” and together with its consolidated subsidiaries, determined in accordance with U.S. generally accepted accounting principles, the “Company”) with incentives to contribute to the long-term performance of Corebridge in a manner that appropriately balances risk and rewards. This Plan became effective September 6, 2022 (the “Effective Date”).

Awards under this Plan are those that are issued or assumed under the Corebridge Financial, Inc. 2022 Omnibus Incentive Plan (the “2022 Omnibus Plan”) as amended from time to time or any successor stock incentive plan, the terms of which are incorporated in this Plan. Capitalized terms used in this Plan but not otherwise defined in this Plan or in the attached Glossary of Terms in Annex A have the meaning ascribed to them in the 2022 Omnibus Plan.

2.Performance Period

Awards (as defined below) will be earned over a three-year performance period (a “Performance Period”), unless the Committee determines a different period is appropriate for some or all Participants (as defined below) as set forth in the applicable award agreement.

3.Awards and Participants

A.Awards. Awards issued under this Plan (“Awards”) may consist of performance share units (“PSUs”), restricted stock units (“RSUs”), stock options (“Options”), or a combination of PSUs, RSUs and Options, as the Committee may determine from time to time. References to Awards, RSUs and Options herein include Assumed Awards for all purposes, except as otherwise specifically indicated herein. PSUs provide holders with the opportunity to earn shares of Corebridge Common Stock (“Shares”) based on achievement of performance criteria during the Performance Period. RSUs provide holders with the opportunity to earn Shares based on continued Employment throughout the Performance Period. Options provide holders with the right to purchase Shares based on achievement of performance criteria during, or continued Employment throughout, the Performance Period, or a combination thereof. PSUs, RSUs and Options will be subject to the terms and conditions of the 2022 Omnibus Plan, this Plan and the applicable award agreement, and will be issued only to the extent permissible under relevant laws, regulatory restrictions and agreements applicable to the Company. In addition to the preceding, the Committee may establish another form of Award to the extent it determines appropriate for some or all Participants (as defined below).

Exhibit 10.57

B.Participants. The Committee will from time to time determine (1) the officers and key employees of the Company who will receive Awards (the “Participants”) and (2) the number and type of Awards issued to each Participant. No Award to a Participant shall in any way obligate the Committee to (or imply that the Committee will) provide a similar Award (or any Award) to the Participant in the future.

C.Status of Awards. Each PSU and RSU constitutes an unfunded and unsecured promise of Corebridge to deliver (or cause to be delivered) one (1) Share (or, at the election of Corebridge, cash equal to the Fair Market Value thereof) as provided in Section 5.B. Until such delivery, a holder of PSUs or RSUs will have only the rights of a general unsecured creditor and no rights as a shareholder of Corebridge. Each Option represents a right to purchase one (1) Share, subject to the terms and conditions set forth in the applicable award agreement.

D.Award Agreements. Each Award granted under the Plan shall be evidenced by an award agreement that shall contain such provisions and conditions as the Committee deems appropriate; provided that, except as otherwise expressly provided in an award agreement, if there is any conflict between any provision of this Plan and an award agreement, the provisions of this Plan shall govern. By accepting an Award pursuant to this Plan, a Participant thereby agrees that the Award shall be subject to all of the terms and provisions of this Plan, the 2022 Omnibus Plan and the applicable award agreement. Awards shall be accepted by a Participant signing the applicable award agreement, and returning it to the Company. Failure by a Participant to do so within ninety (90) days from the date of the award agreement shall give the Company the right to rescind the Award.

4.Performance Measures for PSUs; Earned PSUs

A.Target PSUs. For an Award of PSUs, a Participant’s award agreement will set forth a target number of PSUs as determined by the Committee (the “Target PSUs”).

B.Performance Measures. The number of PSUs earned for any Performance Period will be based on one or more performance measures established by the Committee in its sole discretion with respect to such Performance Period (collectively, the “Performance Measures”). For each Performance Measure with respect to a Performance Period, the Committee will establish a Threshold, Target and Maximum achievement level and the weighting afforded to each such Performance Measure. The Committee may also establish gating metrics that must be satisfied before Performance Measures are applied to assess the number of PSUs that are earned.

C.Performance Results. At the end of the Performance Period, the Committee will assess performance against each Performance Measure and determine the Earned Percentage (as detailed below)

Exhibit 10.57

for each such Performance Measure as follows, subject to the terms and conditions of this Plan and unless determined otherwise by the Committee:

Performance	Earned Percentage
Performance less than Threshold	0%
Performance at Threshold	50%
Performance at Target	100%
Performance at or above Maximum	200%

The Earned Percentage for performance between Threshold and Target and between Target and Maximum will be determined on a straight-line basis, unless determined otherwise by the Committee.

D. Earned PSUs. The number of PSUs earned for the Performance Period (the “Earned PSUs”) will equal the sum of the PSUs earned for each Performance Measure, calculated as follows, unless determined otherwise by the Committee:

PSUs earned for a Performance Measure	=	Target PSUs	x	Earned Percentage	x	Weighting of Performance Measure

For the avoidance of doubt, the Committee retains discretion to reduce any Earned PSU Award to zero.

5.Vesting and Delivery

A.Vesting of Earned Awards. Except as provided in Section 6, and subject to the other terms and conditions of this Plan and the applicable award agreement, Earned PSUs, RSUs and Options will vest on the date(s) and/or event(s) specified in the applicable award agreement (each, a “Scheduled Vesting Date”). Unless otherwise set forth in the applicable award agreement, RSUs and Options will be earned based solely on the Participant’s continued Employment through the end of the Performance Period.

B.Delivery of Earned PSUs and RSUs. Except as provided in Section 6, Corebridge will deliver (or cause to be delivered) to the Participant Shares (or, at the election of Corebridge, cash equal to the Fair Market Value thereof) in respect of any Earned PSUs, RSUs, or portion thereof, as promptly as administratively practicable following the applicable Scheduled Vesting Date. Subject to Section 6, a Participant must be Employed on the applicable Scheduled Vesting Date in order to be entitled to receive a delivery of any portion of the Earned PSUs and RSUs.

C.Dividend Equivalents (as defined below) for RSUs and PSUs. In respect of Awards of RSUs or PSUs, unless otherwise set forth in the applicable award agreement, if any cash dividend is declared on Shares with a record date that occurs during the Dividend Equivalent Period (as defined below):

(1) With respect to dividends declared on Shares with a record date that occurs after the grant date of a RSU or PSU, the Participant will

Exhibit 10.57

accrue, with respect to each RSU and Earned PSU awarded to the Participant, in accordance with the Plan, a Dividend Equivalent.

The value of the Dividend Equivalents that the Participant will accrue will be equal to (1) the declared cash dividend amount per Share times (2) the number of RSUs and Earned PSUs, in accordance with the plan, covered by the Participant's Award at such time.

The accrued Dividend Equivalents will vest and be paid in cash at the same time, and subject to the same terms and conditions (including, for PSUs, increase or decrease based on achievement of performance criteria in accordance with Section 4 above) as the RSUs or Earned PSUs on which such Dividend Equivalent accrued.

(2) Definitions

“Dividend Equivalent” is the unfunded and unsecured promise of Corebridge to pay cash at the time set forth in paragraph 5.C(1) above with respect to amounts that accrued with respect to the Dividend Equivalent Period from cash dividends that were declared for Corebridge shareholders with respect to each RSU and Earned PSU awarded to the Participant in accordance with the Plan.

“Dividend Equivalent Period” means the period commencing on the date on which PSUs or RSUs were awarded to the Participant and ending on the last day on which Shares (or cash) are delivered to the Participant with respect to the RSUs or Earned PSUs.

D. Exercise and Expiration of Options. Vested Options may be exercised in accordance with procedures set forth in the 2022 Omnibus Plan, including procedures established by the Company. Stock Options that are not vested may not be exercised. In no event will any Option be exercisable after the expiration of ten (10) years from the date on which the Option is granted (but the applicable award agreement may provide for an earlier expiration date).

Vesting and Payout Upon Termination of Employment and Corporate Events

Except as otherwise provided in the applicable award agreement:

A. Termination Generally. Except as otherwise provided in this Section 6, if a Participant’s Employment is Terminated for any reason, then (i) any unvested Awards, or parts thereof, shall immediately terminate and be forfeited, and (ii) any vested Options will remain exercisable as set forth in the applicable award agreement (but in no case later than the expiration date for such Options specified in the applicable award agreement), provided that in the case of a Participant’s Termination for Cause, all Options (whether vested or unvested) will immediately terminate and be forfeited.

B-1. Involuntary Termination and Retirement of (i) Participants Hired Prior to April 1, 2022, (ii) Grade Level 29 and Above

Exhibit 10.57

Participants Hired at Any Time and (iii) Participants Hired on or after February 21, 2023 but only with respect to their Buyout Awards; and Disability of All Participants Hired at Any Time. Subject to Section 6.F, in the case of a Participant’s involuntary Termination without Cause, Retirement or Disability:

(1) the Participant’s outstanding PSUs and RSUs will immediately vest and the Shares (or cash) corresponding to the Earned PSUs (based on the performance for the whole Performance Period) or RSUs, as applicable, will be delivered to the Participant on the dates that the applicable Award would otherwise have been delivered if the Participant had continued to remain Employed; and

(2) (i) any vested Options will remain exercisable, (ii) any unvested time-vesting Options will be deemed to have attained their respective time-vesting requirements, and (iii) any unvested performance-vesting Options will (a) be deemed to have attained their respective time-vesting requirements, if any, and (b) to the extent any performance-vesting requirements have not been achieved, continue to be eligible to vest in accordance with their respective performance-vesting terms. In the event of an Involuntary Termination or Disability, the Options that are or become vested pursuant to this paragraph (2) shall remain exercisable as set forth in the applicable award agreement, provided, however, in the event of a Retirement, all Options that are or become vested pursuant to this paragraph (2) will remain exercisable for the remainder of the term of such Options set forth in the applicable award agreement for such Options. No Options will remain exercisable beyond the expiration date for such Options as specified in the applicable award agreement.

For the avoidance of doubt, an involuntary Termination without Cause as

provided in this Section 6.B shall not include a resignation that a Participant may assert was a constructive discharge.

B-2. Involuntary Termination of Participants Hired On or After April 1, 2022. With respect to Participants hired on or after April 1, 2022 (excluding Participants at Grade Level 29 and above), subject to Section 6.F, in the case of such Participant’s involuntary Termination without Cause:

(1) the Participant’s outstanding unvested RSUs will be forfeited (excluding any RSUs granted pursuant to a Buyout Award for which the treatment is governed by B-1 above) and with respect to the outstanding unvested PSUs (excluding any PSUs granted pursuant to a Buyout Award for which the treatment is governed by B-1 above), a pro rata portion of such PSUs will vest based on the number of completed calendar years that the Participant has worked in the applicable Performance Period and the Shares (or cash) corresponding to the Earned PSUs (based on the performance for the whole Performance Period) associated with the pro-rata vested PSUs, will be delivered to the Participant on the date or dates that the applicable Award would

Exhibit 10.57

otherwise have been delivered if the Participant had continued to remain Employed; and

(2) (i) any vested Options will remain exercisable, (ii) any unvested time-vesting Options will be forfeited (excluding any Options granted pursuant to a Buyout Award for which the treatment is governed by B-1 above) and (iii) any unvested performance-vesting Options, will be forfeited unless the award agreement for such Options provides otherwise. The Options that are or become vested pursuant to this paragraph (2) shall remain exercisable as set forth in the applicable award agreement. No Options will remain exercisable beyond the expiration date for such Options as specified in the applicable award agreement.

For the avoidance of doubt, an involuntary Termination without Cause as provided in this Section 6.B-2 shall not include a resignation that a Participant may assert was a constructive discharge.

B-3. Retirement of Participants Hired On or After April 1, 2022. With respect to Participants hired on or after April 1, 2022 (excluding Participants at Grade Level 29 and above), subject to Section 6.F, in the case of a Participant’s Retirement:

(1) (i) the Participant’s outstanding PSUs and RSUs will immediately vest and the Shares (or cash) corresponding to the Earned PSUs (based on the performance for the whole Performance Period) or RSUs, as applicable, will be delivered to the Participant on the dates that the applicable Award would otherwise have been delivered if the Participant had continued to remain Employed; provided, however, that all PSUs and RSUs granted in the calendar year in which the Retirement occurs will be forfeited; and

(2) (i) any vested Options will remain exercisable, (ii) any unvested time-vesting Options will be deemed to have attained their respective time-vesting requirements, and (iii) any unvested performance-vesting Options will (a) be deemed to have attained their respective time-vesting requirements, if any, and (b) to the extent any performance-vesting requirements have not been achieved, continue to be eligible to vest in accordance with their respective performance-vesting terms; provided, however that with respect clauses (ii) and (iii) above all Options granted in the calendar year in which the Retirement occurs will be forfeited. All Options that are or become vested pursuant to this paragraph will remain exercisable for the remainder of the term of such Options set forth in the applicable award agreement for such Options. No Options will remain exercisable beyond the expiration date for such Options as specified in the applicable award agreement.

C. Death.

(1)PSUs. For outstanding Awards of PSUs, (i) in the case of a Participant’s death during a Performance Period or following a Performance Period but prior to the Committee’s adjudication of performance under Section 4.C, the Participant’s PSU Award will immediately vest and the Shares (or cash) corresponding to the Target PSUs will be delivered to the Participant’s estate as soon as practicable but in no event later than the end of the calendar year or, if later, within

Exhibit 10.57

two (2) and one-half (1/2) months following the date of death and (ii) in the case of a Participant’s death following the Committee’s adjudication of performance for a Performance Period under Section 4.C, the Participant’s PSU Award will immediately vest and the Shares (or cash) corresponding to the Earned PSUs (based on performance for the whole Performance Period) will be delivered to the Participant’s estate as soon as practicable but in no event later than the end of the calendar year or, if later, within two (2) and one-half (1/2) months following the date of death.

(2) RSUs. For outstanding Awards of RSUs, in the case of a Participant’s death, the Participant’s outstanding unvested RSUs will immediately vest and the Shares (or cash) corresponding to the RSUs will be delivered to the Participant’s estate as soon as practicable but in no event later than the end of the calendar year or, if later, within two (2) and one-half (1/2) months following the date of death.

(3) Options. For outstanding Awards of Options, in the case of a Participant’s death, (i) any vested Options will remain exercisable as set forth in the applicable award agreement, (ii) any unvested time-vesting Options will be deemed to have attained their respective time-vesting requirements and remain exercisable as set forth in the applicable award agreement and (iii) any unvested performance-vesting Options will (a) be deemed to have attained their respective time-vesting requirements, if any, (b) to the extent any performance-vesting requirements have not been achieved, continue to be eligible to vest in accordance with their respective performance-vesting terms and (c) be exercisable as set forth in the applicable award agreement; provided that no Options will remain exercisable beyond the expiration date for such Options as specified in the applicable award agreement.

D. Change in Control.

(1) PSUs. For outstanding Awards of PSUs, in the case of a Change in Control during a Performance Period and the Participant’s involuntary Termination without Cause or resignation for Good Reason within twenty-four (24) months following such Change in Control, the Participant shall receive Shares (or cash) corresponding to the Target PSUs, unless the Committee determines to use actual performance through the date of the Change in Control, and such Shares (or cash) will immediately vest. In the case of a Change in Control following a Performance Period and the Participant’s involuntary Termination without Cause or resignation for Good Reason within twenty-four (24) months following such Change in Control, the Participant shall receive Shares (or cash) corresponding to the Earned PSUs (based on performance for the whole Performance Period), and such Shares (or cash) will immediately vest. Any such amounts representing vested PSUs will be delivered by the end of the calendar year or, if later, within two (2) and one-half (1/2) months following the Participant’s separation

Exhibit 10.57

from service, provided that no delivery will be delayed as a result of the Change in Control.

(2) RSUs. For outstanding Awards of RSUs, in the case of a Change in Control and the Participant’s involuntary Termination without Cause or resignation for Good Reason within twenty-four (24) months following such Change in Control, a Participant’s outstanding unvested RSUs will immediately vest. Any such amounts representing vested RSUs will be delivered by the end of the calendar year or, if later, within two and one-half months following the Participant’s separation from service, provided that no delivery will be delayed as a result of the Change in Control.

(3) Options. For outstanding Awards of performance-vesting Options, (a) in the case of a Change in Control during the applicable Performance Period and the Participant’s involuntary Termination without Cause or resignation for Good Reason within twenty-four (24) months following such Change in Control, any unvested performance-vesting Options will immediately vest based on target performance, unless the Committee determines to use actual performance through the date of the Change in Control, and (b) in the case of a Change in Control following an applicable Performance Period and the Participant’s involuntary Termination without Cause or resignation for Good Reason within twenty-four (24) months following such Change in Control, any performance-vesting Stock Options will immediately vest based on actual performance for such period. For outstanding time-vesting Options, in the case of a Change in Control and the Participant’s involuntary Termination without Cause or resignation for Good Reason within twenty-four (24) months following such Change in Control, any unvested time-vesting Options will immediately vest. All Options that vest pursuant to this paragraph will remain exercisable for the remainder of the term of such Options as set forth in the applicable award agreement for such Options. No Options will remain exercisable beyond the expiration date for such Options as specified in the applicable award agreement.

E. Election to Accelerate or Delay Delivery. The Committee may, in its sole discretion, determine to accelerate or defer delivery of any Shares (or cash) underlying the Awards granted under the Plan or permit a Participant to elect to accelerate or defer delivery of any such Shares (or cash), in each case in a manner that conforms to the requirements of Section 409A and is consistent with the provisions of Section 8.E.

F. Release of Claims. In the case of a Participant’s involuntary Termination without Cause, resignation for Good Reason or Retirement, as a condition to (i) with respect to Options, the vesting of any Options pursuant to this Plan or the applicable award agreement, and (ii) with respect to all other Awards, receiving delivery of any Shares (or cash) under such Awards, following such event, the Company will require the

Exhibit 10.57

Participant to execute a release substantially in the form attached as Annex B (the “Release”), subject to any provisions that the Senior HR Attorney and the Senior Compensation Executive or their designee(s) may amend or add to the release in order to impose restrictive covenants requiring (x) confidentiality of information, non-disparagement and non-solicitation of Company employees for twelve (12) months following the Termination, and (y) in the case of an involuntary Termination without Cause or resignation for Good Reason of any Participant who is eligible to participate in the Corebridge Financial, Inc. 2022 Executive Severance Plan (as such plan may be amended from time to time, and together with any successor plan, the “ESP”), or Retirement, non-competition for such periods as are generally specified herein. The Release for any Participant who is eligible to participate in the ESP shall be in the form of the release required by the ESP at the time of the Termination (including any non-competition covenants), modified to cover the vesting of any Options and payment of any Shares (or cash) under any other Awards under this Plan as a result of the Participant’s involuntary Termination without Cause or resignation for Good Reason. For Retirements, the Release will require non-competition for no less than six (6) months following the Retirement in order for the Participant to (i) with respect to Options, vest in any Options, and (ii), with respect to all other Awards, receive any Shares (or cash) under such Awards. The Release or the ESP form of release must be executed by the Participant and become irrevocable, in the case of a Participant’s involuntary Termination without Cause, resignation for Good Reason or Retirement, prior to or during the calendar year of the date on which (i) with respect to Options, such Options vest, and (ii) with respect to all other Awards, a delivery of Shares (or cash) with respect to the Award is scheduled to be delivered pursuant to Section 5.B; provided that if the Release is executed after such time, (i) with respect to Options, any Options that would have vested during such period will be forfeited, and (ii) with respect to all other Awards, the delivery of Shares (or cash) with respect to such calendar year will be forfeited; provided, further, that if the local laws of a country or non-U.S. jurisdiction in which Participant performs services render invalid or unenforceable all or a portion of the Release (subject to additional provisions as described above), the Senior HR Attorney and the Senior Compensation Executive or their designee(s) shall have the discretion to create a release that incorporates as much of the Release as possible while also complying with such local laws. Notwithstanding the reference to the ESP contained herein, if (A) the ESP is not adopted by Corebridge as of the date of Termination of a Participant who prior to the IPO was eligible to participate in the AIG Executive Severance Plan (as amended from time to time, the “AIG ESP”) and (2) the circumstances of such Participant’s Termination would have entitled the Participant to severance under the AIG ESP, Corebridge shall provide the Participant with equivalent severance payments and benefits to those that would have applied to the Participant under the AIG ESP as in effect immediately prior to the IPO and subject to the terms and conditions thereof.

Exhibit 10.57

Administration of this Plan

A.General. This Plan shall be administered by the Committee and the person or persons designated by the Committee to administer the Plan from time to time. Actions of the Committee may be taken by the vote of a majority of its members. The Committee may allocate among its members and delegate to any person who is not a member of the Committee any of its administrative responsibilities. The Committee will have the power to interpret this Plan, to make regulations for carrying out its purposes and to make all other determinations in connection with its administration (including, without limitation, whether a Participant has become subject to Disability), all of which will, unless otherwise determined by the Committee, be final, binding and conclusive. The Committee may, in its sole discretion, reinstate any Awards made under this Plan that have been terminated and forfeited because of a Participant’s Termination, if the Participant complies with any covenants, agreements or conditions that the Committee may impose; provided, however, that any delivery of Shares (or cash) under such reinstated Awards will not be made until the scheduled times set forth in this Plan.

B.Non-Uniform Determinations. The Committee’s determinations under this Plan need not be uniform and may be made by it selectively with respect to persons who receive, or are eligible to receive, Awards (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee will be entitled, among other things, to make non-uniform and selective determinations as to the persons to become Participants.

C.Determination of Employment. The Committee, with respect to any Participant under the purview of the Committee, and the Senior Compensation Executive, with respect to any other Participant, will have the right to determine the commencement or Termination date of a Participant’s Employment with the Company solely for purposes of this Plan, separate and apart from any determination as may be made by the Company with respect to the Participants’ employment.

D.Amendments. The Committee will have the power to amend this Plan and any Performance Measures established pursuant to Section 4.B in any manner and at any time, including in a manner adverse to the rights of the Participants; provided, however, that in the event that a Plan amendment is adopted or effective on or within twenty-four (24) months following a Change in Control, then such amendment shall be invalid and ineffective with respect to each Participant, in the absence of his or her written consent, if the amendment is adverse to the Participant. The Committee shall also have the power, in its sole discretion, to reduce the amount of any RSUs, Target PSUs, Earned

Exhibit 10.57

PSUs or Options at any time including, for the avoidance of doubt, after the relevant Performance Period has ended. Notwithstanding the foregoing, the Committee’s rights and powers to amend the Plan shall be delegated to the Senior Compensation Executive who shall have the right to amend the Plan with respect to (1) amendments required by relevant law, regulation or ruling, (2) amendments that are not expected to have a material financial impact on the Company, (3) amendments that can reasonably be characterized as technical or ministerial in nature, or (4) amendments that have previously been approved in concept by the Committee. Notwithstanding the foregoing delegation, the Senior Compensation Executive shall not have the power to make an amendment to the Plan that could reasonably be expected to result in a termination of the Plan or a change in the structure or the powers, duties or responsibilities of the Committee, unless such amendment is approved or ratified by the Committee.

E.No Liability. No member of the Board of Directors of Corebridge (the “Board”) or any employee of the Company performing services with respect to the Plan (each, a “Covered Person”) will have any liability to any person (including any Participant) for any action taken or omitted to be taken or any determination made, in each case, in good faith with respect to this Plan or any Participant’s participation in it. Each Covered Person will be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under this Plan and against and from any and all amounts paid or Shares delivered by such Covered Person, with the Company’s approval, in settlement thereof, or paid or delivered by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person, provided that the Company will have the right, at its own expense, to assume and defend any such action, suit or proceeding and, once the Company gives notice of its intent to assume the defense, the Company will have sole control over such defense with counsel of the Company’s choice. To the extent any taxable expense reimbursement under this paragraph is subject to Section 409A, (1) the amount thereof eligible in one taxable year shall not affect the amount eligible in any other taxable year; (2) in no event shall any expenses be reimbursed after the last day of the taxable year following the taxable year in which the Covered Person incurred such expenses; and (3) in no event shall any right to reimbursement be subject to liquidation or exchange for another benefit. The foregoing right of indemnification will not be available to a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case, not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise

Exhibit 10.57

to the indemnification claim resulted from such Covered Person’s bad faith, fraud or willful misconduct. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under Corebridge’s Amended and Restated Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such persons or hold them harmless.

F.Clawback/Repayment. Notwithstanding anything to the contrary herein, Awards and any payments or deliveries under this Plan will be subject to forfeiture and/or repayment to the extent provided in (1) any Company clawback policy, as in effect from time to time and (2) other agreements executed by a Participant.

General Rules

A. No Funding. The Company will be under no obligation to fund or set aside amounts to pay obligations under this Plan. A Participant will have no rights to any Awards or other amounts under this Plan other than as a general unsecured creditor of the Company.

B.Tax Withholding. The delivery of Shares (or cash) or exercise of any Awards under this Plan is conditioned on a Participant’s satisfaction of any applicable withholding taxes in accordance with, as applicable, Section 3.2 of the 2022 Omnibus Plan, as amended from time to time, or such similar provision of any successor stock incentive plan.

C.No Rights to Other Payments. The provisions of this Plan provide no right or eligibility to a Participant to any other payouts from Corebridge or its subsidiaries under any other alternative plans, schemes, arrangements or contracts Corebridge may have with any employee or group of employees of Corebridge or its subsidiaries.

D.No Effect on Benefits. Grants or the exercise of any Awards and the delivery of Shares (or cash) under this Plan will constitute a special discretionary incentive payment to the Participants and will not be required to be taken into account in computing the amount of salary or compensation of the Participants for the purpose of determining any contributions to or any benefits under any pension, retirement, profit-sharing, bonus, life insurance, severance or other benefit plan of Corebridge or any of its subsidiaries or under any agreement with the Participant, unless Corebridge or the subsidiary with which the Participant is Employed specifically provides otherwise.

E.Section 409A.

(1) Awards made under the Plan are intended to be “deferred compensation” subject to Section 409A, and this Plan is intended to, and

Exhibit 10.57

shall be interpreted, administered and construed to, comply with Section 409A. The Committee will have full authority to give effect to the intent of this Section 8.E.

(2) If any payment or delivery to be made under any Award (or any other payment or delivery under this Plan) would be subject to the limitations in Section 409A(a)(2)(b) of the Code, the payment or delivery will be delayed until six (6) months after the Participant’s separation from service (or earlier death) in accordance with the requirements of Section 409A.

(3) Each payment or delivery in respect of any Award will be treated as a separate payment or delivery for purposes of Section 409A.

F. Severability. If any of the provisions of this Plan is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such provision will be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability) and the remaining provisions will not be affected thereby; provided that if any of such provisions is finally held to be invalid, illegal or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such provision will be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder.

G. Entire Agreement. This Plan contains the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements, promises, covenants, arrangements, communications, representations and warranties between them, whether written or oral with respect to the subject matter hereof.

H. Waiver of Claims. Each Participant recognizes and agrees that prior to being selected by the Committee to receive an Award he or she has no right to any benefits under this Plan. Accordingly, in consideration of the Participant’s receipt of any Award hereunder, he or she expressly waives any right to contest the amount of any Award, the terms of this Plan, any determination, action or omission hereunder by the Committee or the Company or any amendment to this Plan.

I.No Third Party Beneficiaries. Except as expressly provided herein, this Plan will not confer on any person other than the Company and the Participant any rights or remedies hereunder. The exculpation and indemnification provisions of Section 7.E will inure to the benefit of a Covered Person’s estate and beneficiaries and legatees.

J. Successor Entity; Corebridge’s Assigns. Unless otherwise provided in the applicable award agreement and except as otherwise

Exhibit 10.57

determined by the Committee, in the event of a merger, consolidation, mandatory share exchange or other similar business combination of Corebridge with or into any other entity (“Successor Entity”) or any transaction in which another person or entity acquires all of the issued and outstanding Common Stock of Corebridge, or all or substantially all of the assets of Corebridge, outstanding Awards may be assumed or a substantially equivalent award may be substituted by such Successor Entity or a parent or subsidiary of such Successor Entity. The terms of this Plan will be binding and inure to the benefit of Corebridge and its successors and assigns.

K. Nonassignability. No Award (or any rights and obligations thereunder) granted to any person under the Plan may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of or hedged, in any manner (including through the use of any cash-settled instrument), whether voluntarily or involuntarily and whether by operation of law or otherwise, other than by will or by the laws of descent and distribution, except as may be otherwise provided in the award agreement. Any sale, exchange, transfer, assignment, pledge, hypothecation, or other disposition in violation of the provisions of this Section 8.K will be null and void and any Award which is hedged in any manner will immediately be forfeited. All of the terms and conditions of this Plan and the award agreements will be binding upon any permitted successors and assigns.

L. Right to Discharge. Nothing contained in this Plan or in any Award will confer on any Participant any right to be continued in the employ of Corebridge or any of its subsidiaries or to participate in any future plans.

M. Consent. If the Committee at any time determines that any consent (as hereinafter defined) is necessary or desirable as a condition of, or in connection with, the granting of any Award or the delivery of any Shares under this Plan, or the taking of any other action thereunder (each such action, a “plan action”), then such plan action will not be taken, in whole or in part, unless and until such consent will have been effected or obtained to the full satisfaction of the Committee; provided that if such consent has not been so effected or obtained as of the latest date provided by this Plan for payment of such amount or delivery and further delay is not permitted in accordance with the requirements of Section 409A, such amount will be forfeited and terminate notwithstanding any prior earning or vesting.

Exhibit 10.57

may deem necessary or desirable to comply with the terms of any such listing, registration or qualification or to obtain an exemption from the requirement that any such listing, qualification or registration be made, (3) any and all other consents, clearances and approvals in respect of a plan action by any governmental or other regulatory body or any stock exchange or self-regulatory agency and (4) any and all consents required by the Committee.

N. No Liability With Respect to Tax Qualification or Adverse Tax Treatment. Notwithstanding anything to the contrary contained herein, in no event shall the Company be liable to a Participant on account of the failure of any Award or amount payable under this Plan to (1) qualify for favorable United States or foreign tax treatment or (2) avoid adverse tax treatment under United States or foreign law, including, without limitation, Section 409A.

Disputes

A. Governing Law. This Plan will be governed by and construed in accordance with the laws of the State of Delaware (and in the case of Assumed Awards, New York), without regard to principles of conflict of laws. The Plan shall also be subject to all applicable non-U.S. laws as to Participants located outside of the United States. In the event that any provision of this Plan is not permitted by the local laws of a country or jurisdiction in which a Participant performs services, such local law shall supersede that provision of this Plan with respect to that Participant. The benefits to which a Participant would otherwise be entitled under this Plan may be adjusted or limited to the extent that the Senior HR Attorney and the Senior Compensation Executive or their designee(s) determine is necessary or appropriate in light of applicable law or local practice.

B. Arbitration. Subject to the provisions of this Section 9, any dispute, controversy or claim between the Company and a Participant, arising out of or relating to or concerning this Plan or any Award, will be finally settled by arbitration. Participants who are subject to an Employment Dispute Resolution Program (“EDR Program”) maintained by Corebridge or any affiliated company of Corebridge, will resolve such dispute, controversy or claim in accordance with the operative terms and conditions of such EDR Program, and to the extent applicable, the employment arbitration rules of the American Arbitration Association (“AAA”). Participants who are not subject to an EDR Program shall arbitrate their dispute, controversy or claim in New York City before, and in accordance with the employment arbitration rules of the AAA, without reference to the operative terms and conditions of any EDR Program. Prior to arbitration, all claims maintained by a Participant must first be submitted to the Committee in accordance with claims procedures determined by the Committee. Either the Company or a Participant may seek injunctive relief from the arbitrator. Notwithstanding any other

Exhibit 10.57

provision in this Plan, the Company or a Participant may apply to a court with jurisdiction over them for temporary, preliminary or emergency injunctive relief that, under the legal and equitable standards applicable to the granting of such relief, is necessary to preserve the rights of that party pending the arbitrator’s modification of any such injunction or determination of the merits of the dispute, controversy or claim.

C. Jurisdiction. With respect to an Assumed Award, the Company and each Participant hereby irrevocably submit to the exclusive jurisdiction of a state or federal court of appropriate jurisdiction located in the Borough of Manhattan, the City of New York over any suit, action or proceeding arising out of or relating to or concerning this Plan or any Award that is not otherwise arbitrated or resolved according to Section 9.B. The Company and each Participant acknowledge that the forum designated by this section has a reasonable relation to this Plan and to such Participant’s relationship with the Company, that the agreement as to forum is independent of the law that may be applied in the action, suit or proceeding and that such forum shall apply even if the forum may under applicable law choose to apply non-forum law.

D. Change in Control. On or following a Change in Control, any arbitration referred to in Section 9.B or any court action referred to in Section 9.C by a Participant to enforce the Participant’s rights under the Plan shall be subject to a de novo standard of review, and the Participant shall be reimbursed for reasonable attorneys’ fees and costs incurred in seeking to enforce his or her rights under the Plan to the extent he or she prevails as to the material issues in such dispute. The reimbursement of attorneys’ fees shall be made promptly following delivery of an invoice therefor.

E. Waiver. The Company and each Participant waive, to the fullest extent permitted by applicable law, any objection which the Company and such Participant now or hereafter may have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding in any court referred to in Section 9.C. The Company and each Participant undertake not to commence any action, suit or proceeding arising out of or relating to or concerning this Plan or any Award in any forum other than a forum described in Section 9.C. Notwithstanding the foregoing, nothing herein shall preclude the Company from bringing any action, suit or proceeding in any other court for the purpose of enforcing the provisions of this Section 9. The Company and each Participant agree that, to the fullest extent permitted by applicable law, a final and non-appealable judgment in any such suit, action or proceeding in any such court shall be conclusive and binding upon the Participant and the Company.

F. Service of Process. Each Participant irrevocably appoints the Corporate Secretary of Corebridge at Corebridge Financial, Inc., 2919

Exhibit 10.57

Allen Parkway, Woodson Tower, Houston, Texas 77019 as his or her agent for service of process in connection with any action, suit or proceeding arising out of or relating to or concerning this Plan or any Award that is not otherwise arbitrated or resolved according to Section 9.B. The Secretary will promptly advise the Participant of any such service of process.

G. Confidentiality. Each Participant must keep confidential any information concerning any grant or Award made under this Plan and any dispute, controversy or claim relating to this Plan, except that (i) a Participant may disclose information concerning a dispute or claim to the court that is considering such dispute or to such Participant’s legal counsel (provided that such counsel agrees not to disclose any such information other than as necessary to the prosecution or defense of the dispute) or (ii) a Participant may disclose information regarding an Award to the Participant’s personal lawyer or tax accountant, provided that such individuals agree to keep the information confidential. Nothing herein shall prevent the Participant from making or publishing any truthful statement (1) when required by law, subpoena, court order, or at the request of an administrative or regulatory agency or legislature, (2) in the course of any legal, arbitral, administrative, legislative or or regulatory proceeding, (3) to any governmental authority, administrative or regulatory agency, legislative body, or self-regulatory organization, (4) in connection with any investigation by the Company, or (5) where a prohibition or limitation on such communication is unlawful; provided, however, that with respect to the subject matter of this Section 9(G), the terms of a Participant’s award agreement shall govern.

Term of Plan

The Plan was first effective as of the Effective Date and will continue until suspended or terminated by the Committee in its sole discretion; provided, however, that the existence of the Plan at any time or from time to time does not guarantee or imply the payment of any Awards hereunder, or the establishment of any future plans or the continuation of this Plan. Any termination of this Plan will be done in a manner that the Committee determines complies with Section 409A.

Plan History

Date	Description
September 6, 2022	Adoption by Board
February 21, 2023	Amended for Buyout Awards
March 21, 2023	Amended Non-Compete Provision in Release

Exhibit 10.57

Annex A

Glossary of Terms

“AIG” means American International Group, Inc.

“Assumed Award” means any award granted under the AIG Omnibus Incentive Plan or the AIG 2013 Omnibus Incentive Plan, as amended from time to time, which award is assumed by Corebridge and converted into an Award pursuant to the terms of the Employee Matters Agreement between Corebridge and AIG.

“Buyout Award” means an award to a newly hired employee that is specified in writing by the Company to replace equity awards forgone from such employee’s immediate prior employer.

“Cause” means (1) a Participant’s conviction, whether following trial or by plea of guilty or nolo contendere (or similar plea), in a criminal proceeding (A) on a misdemeanor charge involving fraud, false statements or misleading omissions, wrongful taking, embezzlement, bribery, forgery, counterfeiting or extortion, or (B) on a felony charge or (C) on an equivalent charge to those in clauses (A) and (B) in jurisdictions which do not use those designations; (2) a Participant’s engagement in any conduct which constitutes an employment disqualification under applicable law (including statutory disqualification as defined under the Securities Exchange Act of 1934); (3) a Participant’s violation of any securities or commodities laws, any rules or regulations issued pursuant to such laws, or the rules and regulations of any securities or commodities exchange or association of which the Company or any of its subsidiaries or affiliates is a member; or (4) a Participant’s material violation of the Company’s codes or conduct or any other Corebridge policy as in effect from time to time. The determination as to whether “Cause” has occurred shall be made by the Committee, with respect to any Participant under the purview of the Committee, or the Senior Compensation Executive, with respect to any other Participant, in each case, in its or his or her sole discretion. The Committee or Senior Compensation Executive, as applicable, shall also have the authority in its sole discretion to waive the consequences of the existence or occurrence of any of the events, acts or omissions constituting “Cause.”

“Change in Control” means the occurrence of any of the following events:

(1) individuals who, on the Effective Date constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the

Exhibit 10.57

Effective Date, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of Corebridge’s proxy statement in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of Corebridge as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director;

(2) Any “person” (as such term is defined in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act), becomes a “beneficial owner” (as defined in Rule 13d‑3 under the Exchange Act) other than AIG or its subsidiaries, directly or indirectly, of securities of Corebridge representing fifty percent (50%) or more of the combined voting power of Corebridge’s then outstanding securities eligible to vote for the election of the Board (“Corebridge Voting Securities”); provided, however, that the event described in this paragraph (2) shall not be deemed to be a Change in Control by virtue of an acquisition of Corebridge Voting Securities: (A) by Corebridge or any subsidiary of Corebridge (B) by any employee benefit plan (or related trust) sponsored or maintained by Corebridge or any subsidiary of Corebridge or (C) by any underwriter temporarily holding securities pursuant to an offering of such securities;

(3) The consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving Corebridge (a “Business Combination”) that results in any person becoming the beneficial owner, directly or indirectly, of fifty percent (50%) or more of the total voting power of the outstanding voting securities eligible to elect directors of the entity resulting from such Business Combination;

(4) The consummation of a sale of all or substantially all of Corebridge’s assets (other than to an affiliate of Corebridge); or

(5) Corebridge’s stockholders approve a plan of complete liquidation or dissolution of Corebridge.

Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any person holds or acquires beneficial ownership of more than fifty percent (50%) of the Corebridge Voting Securities as a result of a “Corebridge share repurchase program” or other acquisition of Corebridge Voting Securities by Corebridge which reduces the total number of Corebridge Voting Securities outstanding; provided that if after such acquisition by Corebridge such person becomes the beneficial owner of additional Corebridge Voting Securities that increases the percentage of outstanding Corebridge Voting Securities beneficially owned by such person, a Change in Control shall then occur.

Exhibit 10.57

Notwithstanding the foregoing, with respect to any Award that constitutes “nonqualified deferred compensation” within the meaning of Section 409A of the Code, a Change in Control shall not constitute a settlement or distribution event with respect to such Award, or an event that otherwise changes the timing of settlement or distribution of such Award, unless the Change in Control also constitutes an event described in Section 409A(a)(2)(v) of the Code and the regulations thereunder. For the avoidance of doubt, this paragraph shall have no bearing on whether an Award vests pursuant to the terms of the Plan or the applicable Award Agreement.

For the avoidance of doubt, neither the IPO nor any subsequent public offering of Company Voting Securities by AIG, Argon Holdco LLC or their respective affiliates that is not also a Change in Control described in clause (2) or (3) of this definition of Change in Control shall constitute a Change in Control for purposes of the Plan and the Awards.

“Disability” means that a Participant, who after receiving short term disability income replacement payments for six (6) months, (i) is determined to be disabled in accordance with the Company’s long term disability plan in which employees of the Company are generally able to participate, if one is in effect at such time, to the extent such disability complies with 26 C.F.R. § 1.409A-3(i)4(i)(B), or (ii) to the extent such Participant is not participating in the Company’s long term disability plan, or no such long term disability plan exists, is determined to have medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months as determined by, as applicable, the Company’s long term disability insurer or the department or vendor directed by the Company to determine eligibility for unpaid medical leave.

“Employed” and “Employment” mean (a) actively performing services for the Company, (b) being on a Company-approved leave of absence, whether paid or unpaid, or (c) receiving long term disability benefits, in each case while in good standing with the Company.

“IPO” means the initial public offering of Shares pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended.

“Retirement” for a Participant means voluntary Termination initiated by the Participant (while such Participant is in good standing with the Company) (i) on or after age sixty (60) with five (5) years of service or (ii) on or after age fifty-five (55) with ten (10) years of service. For these purposes, any participant that was an employee of AIG or any of its subsidiaries immediately prior to Effective Date shall receive credit for his or her service with AIG.

“Good Reason” means, following a Change in Control, without a Participant’s written consent, (i) a reduction of more than twenty percent (20%) in a Participant’s annual target direct compensation (including annual base

Exhibit 10.57

salary, short-term incentive opportunity and long-term incentive opportunity); provided that such reduction will not constitute Good Reason if it results from a Board-approved program generally applicable to similarly-situated employees; (ii) a material diminution in the Participant’s authority, duties or responsibilities; provided that a change in the Participant’s reporting relationship will not constitute Good Reason unless it affects a Participant who the Company has classified as an executive vice president or above; or (iii) a relocation of the office at which the Participant performs his or her services to a location that increases his or her one-way commute by more than fifty (50) miles. Notwithstanding the foregoing, a termination for Good Reason shall not have occurred unless (a) the Participant gives written notice to the Company of termination of employment within thirty (30) days after the Participant first becomes aware of the occurrence of the circumstances constituting Good Reason, specifying in detail the circumstances constituting Good Reason, (b) the Company has failed within thirty (30) days after receipt of such notice to cure the circumstances constituting Good Reason, and (c) (A) in the case of any Participant who not is eligible to participate in the ESP, the Participant’s “separation from service” (within the meaning of Code section 409A) occurs no later than thirty (30) days after the end of the Company’s cure period, and (B) in the case of any Participant who is eligible to participate in the ESP, the Participant’s “separation from service” (within the meaning of Code section 409A) occurs no later than two (2) years following the initial existence of the circumstances giving rise to Good Reason or such other period specified in the ESP for this purpose.

“Senior Compensation Executive” means the Company’s most senior executive whose responsibility it is to oversee the Corporate Compensation Department. In the event that no individual holds such position, “Senior Compensation Executive” will instead refer to the Company’s most senior executive whose responsibility it is to oversee the U.S. Human Resources Department.

“Senior HR Attorney” means the Company’s most senior attorney whose responsibility it is to oversee Human Resource/employment matters and in the event that no individual holds this position, Senior HR Attorney shall refer to the General Counsel.

“Termination” or “Terminate,” with respect to a Participant, means the termination of the Participant’s Employment.

Exhibit 10.57

Annex B

Form of Release Referred to in Section 6.F of the Plan.

NOT personalized to each Participant.

(1) [Employee Name] (“Employee”), for good and sufficient consideration, the receipt of which is hereby acknowledged, hereby waives and forever releases and discharges any and all claims of any kind Employee may have against Corebridge, Inc., its affiliate or subsidiary companies (“Corebridge”), or any officer, director or employee of, or any benefit plan sponsored by, any such company (collectively, the “Released Parties”) which arise from Employee’s employment with any of the Released Parties or the termination of Employee’s employment with any of the Released Parties. [Specifically, but without limiting that release, Employee hereby waives any rights or claims Employee might have pursuant to the Age Discrimination in Employment Act of 1967, as amended (the “Act”) and under the laws of any and all jurisdictions, including, without limitation, the United States. Employee recognizes that Employee is not waiving any rights or claims under the Act that may arise after the date that Employee executes this Release.] Nothing herein modifies or affects any vested rights that Employee may have under [the Corebridge Financial, Inc. Incentive Savings Plan] [and other plans applicable to Employee]; nor does this Release confer any such rights, which are governed by the terms of the respective plans (and any agreements under such plans).

(2) Employee acknowledges and agrees that Employee has complied with and will continue to comply with the non-disparagement, non-solicitation and confidentiality provisions set forth in the Employee’s award agreement pursuant to Section 3.D of the Plan, [a copy of which is attached hereto as Exhibit A], [for Retirements; and further agrees that during the period commencing on the date of the Employee’s [Retirement] and ending on the [for Retirements, 6-month] anniversary of such date, the Employee shall not, directly or indirectly:

(a) Engage in any “Competitive Business” (defined below) for the Employee’s own account;

(b) Enter the employ of, or render any services to, any person engaged in any Competitive Business;

Exhibit 10.57

(c) Acquire a financial interest in, or otherwise become actively involved with, any person engaged in any Competitive Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or

(d) Interfere with business relationships between Corebridge and customers or suppliers of, or consultants to Corebridge.

(e) For purposes of this Section 2, a “Competitive Business” means, as of any date, including during the Restricted Period, any person or entity (including any joint venture, partnership, firm, corporation or limited liability company) that engages in or proposes to engage in the following activities in any geographical area in which Corebridge does such business:

i.the individual retirement business, including the manufacture, issuance and sale of fixed, fixed index and variable annuities;

ii.the group retirement business, including: (A) the provision of retirement plans and services to employees of tax-exempt and public sector organizations within the K-12, higher education, healthcare, government and other tax-exempt markets, (B) the manufacture, issuance and sale of group annuities and (C) the provision of financial planning, brokerage and advisory services to individuals;

iii.the life and accident and health insurance business, including the manufacture, issuance and sale of life insurance policies;

iv.the institutional life and retirement insurance market, including the offering of pension risk transfer products, institutional life insurance sold through the bank-owned life insurance and corporate-owned life insurance markets, stable value wraps and structured settlements;

v.the property and casualty insurance business, including commercial insurance, business insurance, personal insurance and specialty insurance;

vi.the underwriting, reinsurance, marketing or sale of (y) any form of insurance of any kind that Corebridge as of such date does, or proposes to, underwrite, reinsure, market or sell (any such form of insurance, a “Corebridge Insurance Product”), or (z) any other form of insurance that is marketed or sold in competition with any Corebridge Insurance Product;

vii.the investment and financial services business, including retirement services and mutual fund or brokerage services; and

viii.any other business that as of such date is a direct and material competitor of one of Corebridge’s businesses.

Exhibit 10.57

(3) Employee further agrees that Corebridge’s remedies at law for a breach or threatened breach of any of the non-disparagement, non-solicitation and confidentiality provisions in the Employee’s award agreement [and for the non-competition covenant set forth above] would be inadequate. In recognition of this fact, the Employee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, Corebridge, without posting any bond, shall be entitled to obtain equitable relief from a court of competent jurisdiction in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available;

(4) [Employee acknowledges and understands that Employee is hereby being advised to consult with an attorney prior to executing this Release. Employee also acknowledges and understands that Employee has [twenty-one (21)] days to consider the terms of this Release before signing it. However, in no event may Employee sign this Release before Employee’s termination date.]

(5) [Upon the signing of this Release by Employee, Employee understands that Employee shall have a period of seven (7) days following Employee’s signing of this Release in which Employee may revoke this Release. Employee understands that this Release shall not become effective or enforceable until this seven (7) day revocation period has expired, and that neither the Released Parties nor any other person has any obligation [pursuant to the Corebridge Financial, Inc. 2022 Long Term Incentive Plan] until eight (8) days have passed since Employee’s signing of this Release without Employee having revoked this Release. If Employee revokes this Release, Employee will be deemed not to have accepted the terms of this Release.]

(6) Any dispute arising under this Release shall be governed by the law of the State of New York, without reference to the choice of law rules that would cause the application of the law of any other jurisdiction.

DATE [Employee]

Document

Exhibit 10.58

COREBRIDGE FINANCIAL, INC. 2022 OMNIBUS INCENTIVE PLAN

COREBRIDGE FINANCIAL, INC.

2022 OMNIBUS INCENTIVE PLAN

ARTICLE IGENERAL
1.1Purpose	4
1.2Definitions	4
1.3Administration	7
1.4Persons Eligible for Awards	9
1.5Types of Awards	9
1.6Shares of Common Stock Available for Stock-Based Awards	9
ARTICLE IIAWARDS UNDER THE PLAN
2.1Agreements Evidencing Awards	11
2.2No Rights as a Shareholder	11
2.3Options	11
2.4Stock Appreciation Rights	13
2.5Restricted Shares	14
2.6Restricted Stock Units	14
2.7Other Stock-Based Awards	14
2.8Cash-Based Awards	15
2.9Dividend Equivalent Rights	15
2.10Related Option Transactions	15
2.11Change in Control Provisions	15
2.12Minimum Vesting	16
2.13Assumed Awards	16
ARTICLE IIIMISCELLANEOUS
3.1Amendment of the Plan	17
3.2Tax Withholding	17
3.3Required Consents and Legends	17
3.4Clawback	18
3.5Right of Offset	18
3.6Nonassignability; No Hedging	18
3.7Successor Entity	19
3.8Right of Discharge Reserved	19
3.9Nature of Payments	19
3.10Non-Uniform Determinations	19
3.11Other Payments or Awards	20
3.12Plan Headings	20
3.13Termination of Plan	20
3.14Section 409A	20
3.15Governing Law	21
---	---
3.16Severability; Entire Agreement	21
3.17Waiver of Claims	22
3.18No Liability With Respect to Tax Qualification or Adverse Tax Treatment	22
3.19No Third Party Beneficiaries	22
3.20Successors and Assigns of Corebridge	22
3.21Effective Date	22

COREBRIDGE FINANCIAL, INC. 2022 OMNIBUS INCENTIVE PLAN

ARTICLE I

GENERAL

1.1 Purpose

The purpose of the Corebridge Financial, Inc. 2022 Omnibus Incentive Plan is (1) to attract, retain and motivate officers, directors and key employees of the Company (as defined below), compensate them for their contributions to the Company and encourage them to acquire a proprietary interest in the Company, (2) to align the interests of officers, directors and key employees with those of shareholders of the Company and (3) to assist the Company in ensuring that its compensation program does not provide incentives to take imprudent risks.

1.2 Definitions

For purposes of this 2022 Omnibus Incentive Plan, the following terms have the meanings set forth below:

“Acquisition Awards” has the meaning set forth in Section 1.6.2.

“AIG” means American International Group, Inc.

“Assumed Awards” means any award granted under a Prior Plan, which award is assumed by Corebridge and converted into an Award pursuant to the terms of the Employee Matters Agreement.

“Award” means an award made pursuant to the Plan. For the avoidance of doubt, the term “Award” includes each Assumed Award.

“Award Agreement” means the written or electronic document that evidences each Award and sets forth its terms and conditions. As determined by the Committee, an Award Agreement may be required to be executed or acknowledged by a Grantee as a condition to receiving an Award or the benefits under an Award.

“Board” means the Board of Directors of Corebridge.

“Business Combination” means a merger, consolidation, mandatory share exchange or similar form of corporate transaction involving Corebridge.

“Certificate” means a stock certificate (or other appropriate document or evidence of ownership) representing shares of Common Stock.

“Change in Control” means the occurrence of any of the following events: (a) the Incumbent Directors cease for any reason to constitute at least a majority of the Board, provided that any person becoming a Director subsequent to the Effective Date, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a Director as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director; (b) any “person” (as such term is defined in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) other than AIG and its subsidiaries, becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% or more of the Company Voting Securities; provided, however, that the event described in this clause (b) shall not be deemed to be a Change in Control by virtue of an acquisition of Company Voting Securities: (i) by Corebridge or any subsidiary of Corebridge; (ii) by any employee benefit plan (or related trust) sponsored or maintained by Corebridge or any subsidiary of Corebridge; or (iii) by any underwriter temporarily holding securities pursuant to an offering of such securities; (c) the consummation of a Business Combination that results in any person becoming the beneficial owner, directly or indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible to elect directors of

the entity resulting from such Business Combination; (d) the consummation of a sale of all or substantially all of the Company’s assets (other than to an affiliate of the Company); or (e) the approval by Corebridge’s shareholders of a plan of complete liquidation or dissolution of the Company.

Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any person holds or acquires beneficial ownership of more than 50% of the Company Voting Securities as a result of a “Company share repurchase program” or other acquisition of Company Voting Securities by the Company which reduces the total number of Company Voting Securities outstanding; provided that if after such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control shall then occur.

Notwithstanding any other provision of the Plan or any Award Agreement, with respect to any Award that constitutes “nonqualified deferred compensation” within the meaning of Section 409A of the Code, a Change in Control shall not constitute a settlement or distribution event with respect to such Award, or an event that otherwise changes the timing of settlement or distribution of such Award, unless the Change in Control also constitutes an event described in Section 409A(a)(2)(v) of the Code and the regulations thereunder. For the avoidance of doubt, this paragraph shall have no bearing on whether an Award vests pursuant to the terms of the Plan or the applicable Award Agreement.

For the avoidance of doubt, neither the IPO nor any subsequent public offering of Company Voting Securities by AIG, Argon Holdco LLC or their respective affiliates that is not also a Change in Control described in clause (b) or (c) of this definition of Change in Control shall constitute a Change in Control for purposes of the Plan and the Awards.

“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto, and the applicable rulings and regulations thereunder.

“Committee” means the committee appointed by the Board to administer the Plan pursuant to Section 1.3, which, to the extent the Board determines it is appropriate for Awards under the Plan to qualify for the exemption available under Rule 16b-3(d)(1) or Rule 16b-3(e) promulgated under the Exchange Act, shall be a committee or subcommittee of the Board composed of two or more members, each of whom is a “non- employee director” within the meaning of Rule 16b-3.

“Common Stock” means the common stock of Corebridge, par value $0.01 per share, and any other securities or property issued in exchange therefor or in lieu thereof pursuant to Section 1.6.4.

“Company” means Corebridge and its consolidated subsidiaries.

“Company Voting Securities” means, as of a given date, Corebridge’s then outstanding securities eligible to vote for the election of the Board.

“Corebridge” means Corebridge Financial, Inc. or any successor contemplated by Section 3.7.

“Consent” has the meaning set forth in Section 3.3.2.

“Covered Person” has the meaning set forth in Section 1.3.3.

“Director” means a member of the Board or a member of the board of directors of a consolidated subsidiary of Corebridge.

“Effective Date” has the meaning set forth in Section 3.21.

“Employee” means an employee of the Company.

“Employee Matters Agreement” means the Employee Matters Agreement between Corebridge and AIG entered into in connection with the separation (the “Separation”) of AIG’s life and retirement insurance business and related investment management operations from AIG by means of a separation transaction, including a transaction whereby the Company becomes an independent, publicly traded company.

“Employment” means a Grantee’s performance of services for the Company, as an Employee, as determined by the Committee. The terms “employ” and “employed” will have correlative meanings.

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor thereto, and the applicable rules and regulations thereunder.

“Fair Market Value” means, with respect to a share of Common Stock (or option or stock appreciation right in respect of a share of Common Stock) on any day, the fair market value as determined in accordance with a valuation methodology approved by the Committee.

“Grantee” means a person who receives an Award.

“Incentive Stock Option” means an option to purchase shares of Common Stock that is intended to be designated as an “incentive stock option” within the meaning of Sections 421 and 422 of the Code, as now constituted or subsequently amended, or pursuant to a successor of the Code, and which is designated as an Incentive Stock Option in the applicable Award Agreement.

“Incumbent Directors” means the individuals who constitute the Board on the Effective Date.

“IPO” means the initial public offering of the Common Stock pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission under the Securities Act.

“Officer” means an Employee who is an “officer” of Corebridge within the meaning of Rule 16a-1(f) under the Exchange Act.

“Plan” means this Corebridge Financial, Inc. 2022 Omnibus Incentive Plan, as amended from time to time.

“Plan Action” has the meaning set forth in Section 3.3.1.

“Prior Plans” mean the American International Group, Inc. 2021 Omnibus Incentive Plan and the American International Group, Inc, 2013 Omnibus Incentive Plan, as amended from time to time.

“Section 409A” means Section 409A of the Code, including any amendments or successor provisions to that section, and any regulations and other administrative guidance relating thereto, in each case as they may be from time to time amended or interpreted through further administrative guidance.

“Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor thereto, and the applicable rules and regulations thereunder.

“Separation Agreement” means the master separation agreement entered into by and between AIG and Corebridge in connection with the Separation.

“Successor entity” has the meaning set forth in Section 3.7.

1.3 Administration

1.3.1The Committee will administer the Plan. The Committee is authorized, subject to the provisions of the Plan, to establish such rules and regulations as it deems necessary for the proper administration of the Plan and to make such determinations and interpretations and to take such action in connection with the Plan and any Award granted thereunder as it deems necessary or advisable. All determinations and interpretations made by the Committee will be final, binding and conclusive on all Grantees and on their legal representatives and beneficiaries. The Committee will have the authority, in its absolute discretion, to determine the persons who will receive Awards, the time when Awards will be granted, the terms of such Awards and the number of shares of Common Stock, if any, which will be subject to such Awards. Unless otherwise provided in an Award Agreement, the Committee reserves the authority, in its absolute discretion, (a) to amend any outstanding Award Agreement in any respect, whether or not the rights of the Grantee of such Award are adversely affected (but subject to Sections 2.3.6, 2.4.5, and 3.14.1), including, without limitation, to accelerate the time or times at which the Award becomes vested, unrestricted or may be exercised, to waive or amend any restrictions or conditions set forth in such Award Agreement, or to impose new restrictions and conditions, or to reflect a

change in the Grantee’s circumstances or to modify, amend or adjust the terms and conditions of performance goals, and (b) to determine whether, to what extent and under what circumstances and method or methods (i) Awards may be (A) settled in cash, shares of Common Stock, other securities, other Awards or other property, (B) exercised or (C) canceled, forfeited or suspended, (ii) shares of Common Stock, other securities, other Awards or other property, and other amounts payable with respect to an Award may be deferred either automatically or at the election of the Grantee thereof or of the Committee and (iii) Awards may be settled by the Company or any of its designees. Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at any time and from time to time, grant Awards or administer the Plan, in which case the Board will have all of the authority and responsibility granted to the Committee herein.

1.3.2Actions of the Committee may be taken by the vote of a majority of its members. To the extent not inconsistent with applicable law and applicable rules and regulations of the New York Stock Exchange, (a) the Committee may delegate any of its powers under the Plan to a subcommittee of the Committee or to one of its members, (b) the Committee may allocate among its members any of its administrative responsibilities and (c) notwithstanding anything to the contrary contained herein, the Committee may delegate to one or more officers of Corebridge designated by the Committee from time to time the determination of Awards (and related administrative responsibilities) to Employees who are not Officers.

1.3.3No Director or Employee exercising each such person’s responsibilities under the Plan (each such person, a “Covered Person”) will have any liability to any person (including any Grantee) for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award. Each Covered Person will be indemnified and held harmless by Corebridge against and from any loss, cost, liability or expense (including attorneys’ fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and against and from any and all amounts paid by such Covered Person, with Corebridge’s approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person, provided that Corebridge will have the right, at its own expense, to assume and defend any such action, suit or proceeding and, once Corebridge gives notice of its intent to assume the defense, Corebridge will have sole control over such defense with counsel of Corebridge’s choice. To the extent any taxable expense reimbursement under this paragraph is subject to Section 409A, (a) the amount thereof eligible in one taxable year shall not affect the amount eligible in any other taxable year; (b) in no event shall any expenses be reimbursed after the last day of the taxable year following the taxable year in which the Covered Person incurred such expenses; and (c) in no event shall any right to reimbursement be subject to liquidation or exchange for another benefit. The foregoing right of indemnification will not be available to a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case, not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person’s bad faith, fraud or willful misconduct. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under Corebridge’s Amended and Restated Certificate of Incorporation or By-laws, as a matter of law, or otherwise, or any other power that Corebridge may have to indemnify such persons or hold them harmless.

1.4 Persons Eligible for Awards

Awards under the Plan may be made to current Employees or Directors or, solely with respect to their final year of service, former Employees. Pursuant to the terms of the Employee Matters Agreement, certain employees and officers of the Company will receive Assumed Awards.

1.5 Types of Awards

Awards under the Plan may be cash-based or stock-based. Stock-based Awards may be in the form of any of the following, in each case in respect of Common Stock: (a) stock options, (b) stock appreciation rights, (c) restricted shares (including performance restricted shares), (d) restricted stock units (including performance restricted stock units), (e) dividend equivalent rights and (f) other equity-based or equity-related Awards (including, without limitation, the grant or offer for sale of unrestricted shares of Common Stock) that the Committee determines to be consistent with the purposes of the Plan and the interests of the Company. Cash-based Awards may be in the form of performance-based awards

and other cash awards (including, without limitation, retainers and meeting-based fees) that the Committee determines to be consistent with the purposes of the Plan and the interests of the Company.

1.6 Shares of Common Stock Available for Stock-Based Awards

1.6.1 Common Stock Subject to the Plan. Subject to the other provisions of this Section 1.6, the total number of shares of Common Stock that may be granted under the Plan is 40,000,000. Such shares of Common Stock may, in the discretion of the Committee, be either authorized but unissued shares or shares previously issued and reacquired by Corebridge. Solely for the purpose of determining the number of shares of Common Stock available for grant of Incentive Stock Options under the Plan, the total number of shares of Common Stock shall be 40,000,000 without regard to the share counting provisions contained in Section 1.6.2.

1.6.2 Share Counting. Each share underlying a stock option, stock appreciation right, restricted share, restricted stock unit and other equity-based Award (including, for the avoidance of doubt, an Assumed Award) or equity-related Award will count as one share of Common Stock. Shares of Common Stock subject to awards that are assumed, converted or substituted under the Plan as a result of the Company’s acquisition of another company (including by way of merger, combination or similar transaction) (“Acquisition Awards”) following the IPO will not count against the number of shares that may be granted under the Plan. Available shares under a shareholder approved plan of an acquired company (as appropriately adjusted to reflect the transaction) may be used for Awards under the Plan and do not reduce the maximum number of shares available for grant under the Plan, subject to applicable stock exchange requirements.

Shares subject to an Award that is forfeited, expires or is settled for cash (in whole or in part), to the extent of such forfeiture, expiration or cash settlement shall be available for future grants of Awards under the Plan and shall be added back in the same number of shares as were deducted in respect of the grant of such Award. The payment of dividend equivalent rights in cash in conjunction with any outstanding Awards shall not be counted against the shares available for issuance under the Plan.

In no event shall the following shares of Common Stock become available for issuance in connection with Awards issued under the Plan: (a) shares of Common Stock tendered or withheld as payment of the exercise price of an option; (b) shares of Common Stock tendered or withheld as payment of withholding taxes with respect to an Award; (c) any shares of Common Stock reserved for issuance under a stock appreciation right that exceed the number of shares actually issued upon exercise; and (d) shares of Common Stock reacquired by the Company using amounts received upon the exercise of an option.

1.6.3 Director Awards. In order to retain and compensate Directors for their services, and to strengthen the alignment of their interests with those of the shareholders of the Company, the Plan permits the grant of Awards to Directors. Aggregate stock-based Awards to any one non-employee Director under the Plan in respect of any calendar year, solely with respect to his or her service as a Director, may not exceed $500,000 based on the aggregate Fair Market Value of the stock-based Awards, in each case determined as of the date of grant.

1.6.4 Adjustments. The Committee shall adjust the number of shares of Common Stock authorized pursuant to Section 1.6.1 (and any limits on the number of stock-based Awards that may be granted to any Grantee under this Plan) and adjust equitably the terms of any outstanding Awards (including, without limitation, the number of shares of Common Stock covered by each outstanding Award, the type of property to which the Award is subject and the exercise or strike price of any Award), in each case in such manner as it deems appropriate (including, without limitation, unless otherwise provided in an Award Agreement, by payment of cash) to preserve and prevent the enlargement of the benefits or potential benefits intended to be made available to Grantees, for any increase or decrease in the number of issued shares of Common Stock resulting from a recapitalization, spin-off, split-off, stock split, stock dividend, extraordinary cash dividend, combination or exchange of shares of Common Stock, merger, consolidation, rights offering, separation, reorganization or liquidation, or any other change in the corporate structure or shares of Corebridge; provided that no such adjustment shall be made if or to the extent that it would cause any outstanding Award to fail to comply with Section 409A. After any adjustment made pursuant to this Section 1.6.4, the number of shares of Common Stock subject to each outstanding Award will be rounded down to the nearest whole number. Notwithstanding the foregoing, the Committee may, in its sole discretion, decline to adjust the terms of any outstanding Award if it determines that such adjustment would violate applicable law or result in adverse tax consequences to the Grantee or to the Company. For the avoidance of doubt, the Separation and the IPO, or any subsequent public

offering of Company Voting Securities by AIG, or Argon Holdco LLC shall not give rise to an adjustment of Awards under this Section 1.6.4.

ARTICLE II

AWARDS UNDER THE PLAN

2.1Agreements Evidencing Awards

Each stock-based Award and, to the extent determined appropriate by the Committee, cash-based Award granted under the Plan will be evidenced by an Award Agreement that will contain such provisions and conditions as the Committee deems appropriate. Unless otherwise provided herein, the Committee may grant Awards in tandem with or, subject to Sections 2.3.6, 2.4.5 and 3.14.1, in substitution for or satisfaction of any other Award or Awards granted under the Plan or any award granted under any other plan of Corebridge. By accepting an Award pursuant to the Plan, a Grantee thereby agrees that the Award will be subject to all of the terms and provisions of the Plan and the applicable Award Agreement.

2.2No Rights as a Shareholder

No Grantee (or other person potentially having rights pursuant to an Award) shall have any of the rights of a shareholder of Corebridge with respect to shares of Common Stock subject to an Award until the delivery of such shares (or in the case of an Award of restricted or unrestricted shares of Common Stock, the grant or registration in the name of the Grantee of such shares pursuant to the applicable Award Agreement, but then only as the Committee may include in the applicable Award Agreement). Except as otherwise provided in Section 1.6.4 or pursuant to the applicable Award Agreement, no adjustments will be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, Common Stock, other securities or other property) for which the record date is before the date the Certificates for the shares are delivered.

2.3Options

2.3.1 Grant. Stock options may be granted to eligible recipients in such number and at such times during the term of the Plan as the Committee or the Board may determine.

2.3.2 Incentive Stock Options. At the time of grant, the Committee will determine (a) whether all or any part of a stock option granted to an eligible employee will be an Incentive Stock Option and (b) the number of shares subject to such Incentive Stock Option; provided, however, that (i) the aggregate Fair Market Value (determined as of the time the option is granted) of the stock with respect to which Incentive Stock Options are exercisable for the first time by an eligible employee during any calendar year (under all such plans of Corebridge and of any subsidiary corporation of Corebridge) will not exceed $100,000 and (ii) no Incentive Stock Option (other than an Incentive Stock Option that may be assumed or issued by the Company in connection with a transaction to which Section 424(a) of the Code applies) may be granted to a person who is not eligible to receive an Incentive Stock Option under the Code. The form of any stock option which is entirely or in part an Incentive Stock Option will clearly indicate that such stock option is an Incentive Stock Option or, if applicable, the number of shares subject to the Incentive Stock Option.

2.3.3 Exercise Price. The exercise price per share with respect to each stock option will be determined by the Committee, but, except as otherwise permitted by Section 1.6.4 or in the case of an Acquisition Award or an Assumed Award, may never be less than the Fair Market Value of the Common Stock. Unless otherwise noted in the Award Agreement, the Fair Market Value of the Common Stock will be its closing price on the New York Stock Exchange on the date of grant of the Award of stock options.

2.3.4 Term of Stock Option. In no event will any stock option be exercisable after the expiration of ten (10) years from the date on which the stock option is granted.

2.3.5 Exercise of Stock Option and Payment for Shares. Subject to Section 2.12, the shares of Common Stock covered by each stock option may not be purchased for one year after the date on which the stock option is granted (except in the case of termination of Employment due to death, disability or retirement), but thereafter may be purchased in such installments as will be determined in the Award

Agreement at the time the stock option is granted. Subject to any limitations in the applicable Award Agreement, any shares not purchased on the applicable installment date may be purchased thereafter at any time before the final expiration of the stock option. To exercise a stock option, the Grantee must give written notice to Corebridge specifying the number of shares to be purchased and accompanied by payment of the full purchase price therefor in cash or by certified or official bank check or in another form as determined by the Committee, including: (a) personal check, (b) shares of Common Stock, valued as of the exercise date, of the same class as those to be granted by exercise of the stock option, (c) any other form of consideration approved by the Committee and permitted by applicable law and (d) any combination of the foregoing. Any person exercising a stock option will make such representations and agreements and furnish such information as the Committee may in its discretion deem necessary or desirable to assure compliance by Corebridge, on terms acceptable to Corebridge, with the provisions of the Securities Act, and any other applicable legal requirements.

2.3.6 Repricing. Except as otherwise permitted by Section 1.6.4, reducing the exercise price of stock options issued and outstanding under the Plan, including through amendment, cancellation in exchange for the grant of a substitute Award or repurchase for cash or other consideration (in each case that has the effect of reducing the exercise price), will require approval of the shareholders.

2.4Stock Appreciation Rights

2.4.1 Grant. Stock appreciation rights may be granted to eligible recipients in such number and at such times during the term of the Plan as the Committee may determine.

2.4.2 Exercise Price. The exercise price per share with respect to each stock appreciation right will be determined by the Committee but, except as otherwise permitted by Section 1.6.4 or in the case of an Acquisition Award or an Assumed Award, may never be less than the Fair Market Value of the Common Stock. Unless otherwise noted in the Award Agreement, the Fair Market Value of the Common Stock will be its closing price on the New York Stock Exchange on the date of grant of the Award of stock appreciation rights.

2.4.3 Term of Stock Appreciation Right. In no event will any stock appreciation right be exercisable after the expiration of ten (10) years from the date on which the stock appreciation right is granted.

2.4.4 Exercise of Stock Appreciation Right and Delivery of Shares. Subject to Section 2.12, each stock appreciation right may not be exercised for one year after the date on which the stock appreciation right is granted (except in the case of termination of Employment due to death, disability or retirement), but thereafter may be exercised in such installments as may be determined in the Award Agreement at the time the stock appreciation right is granted. Subject to any limitations in the applicable Award Agreement, any stock appreciation rights not exercised on the applicable installment date may be exercised thereafter at any time before the final expiration of the stock appreciation right. To exercise a stock appreciation right, the Grantee must give written notice to Corebridge specifying the number of stock appreciation rights to be exercised. Upon exercise of stock appreciation rights, subject to any limitations in the applicable Award Agreement, shares of Common Stock or cash, in the Committee’s discretion, with a Fair Market Value or in an amount equal to (a) the excess of (i) the Fair Market Value of the Common Stock on the date of exercise over (ii) the exercise price of such stock appreciation right multiplied by (b) the number of stock appreciation rights exercised will be delivered to the Grantee. Any person exercising a stock appreciation right will make such representations and agreements and furnish such information as the Committee may, in its discretion, deem necessary or desirable to assure compliance by Corebridge, on terms acceptable to Corebridge, with the provisions of the Securities Act and any other applicable legal requirements.

2.4.5 Repricing. Except as otherwise permitted by Section 1.6.4, reducing the exercise price of stock appreciation rights issued and outstanding under the Plan, including through amendment, cancellation in exchange for the grant of a substitute Award or repurchase for cash or other consideration (in each case that has the effect of reducing the exercise price), will require approval of the shareholders.

2.5Restricted Shares

2.5.1 Grants. The Committee may grant or offer for sale restricted shares in such amounts and subject to such terms and conditions as the Committee may determine, including, without limitation, the achievement of performance goals. In the event that a Certificate is issued in respect of restricted shares,

such Certificate may be registered in the name of the Grantee but will be held by Corebridge or its designated agent until the time the restrictions lapse.

2.5.2 Right to Vote and Receive Dividends on Restricted Shares. Notwithstanding anything to the contrary in this Section 2.5.2, no dividends will be paid at a time when any performance-based goals or time-based vesting requirements that apply to an Award of restricted shares have not been satisfied. Unless the applicable Award Agreement provides otherwise, each Grantee of an Award of restricted shares will, during the period of restriction, have all of the rights of a shareholder holding the class or series of Common Stock that is the subject of the restricted shares, except as otherwise provided herein, including full voting rights. During the period of restriction, all ordinary cash dividends (if any, as determined by the Committee in its sole discretion) paid upon any restricted share will be retained by the Company for the account of the relevant Grantee. Such dividends will revert back to the Company if for any reason the restricted share upon which such dividends were paid reverts back to the Company. Upon the expiration of the period of restriction, all such dividends made on such restricted share and retained by the Company will be paid to the relevant Grantee. Additional shares or other property distributed to the Grantee in respect of restricted shares, as dividends or otherwise, will be subject to the same restrictions applicable to such restricted shares.

2.6Restricted Stock Units

The Committee may grant Awards of restricted stock units in such amounts and subject to such terms and conditions as the Committee may determine, including, without limitation, the achievement of performance goals. A Grantee of a restricted stock unit will have only the rights of a general unsecured creditor of Corebridge until delivery of shares of Common Stock, cash or other securities or property is made as specified in the applicable Award Agreement. On the delivery date specified in the Award Agreement, the Grantee of each restricted stock unit not previously forfeited or terminated will receive one share of Common Stock, or cash, securities or other property equal in value to a share of Common Stock or a combination thereof, as specified by the Committee.

2.7Other Stock-Based Awards

The Committee may grant other types of equity-based or equity-related Awards (including, without limitation, the grant or offer for sale of unrestricted shares of Common Stock) in such amounts and subject to such terms and conditions as the Committee may determine. Such Awards may entail the transfer of actual shares of Common Stock to Award recipients or may be settled in cash, and may include Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States.

2.8Cash-Based Awards

The Committee may grant cash-based Awards in such amounts and subject to such terms and conditions as the Committee may determine.

2.9Dividend Equivalent Rights

The Committee may include in the Award Agreement with respect to any Award, other than stock options and stock appreciation rights, a dividend equivalent right entitling the Grantee to receive amounts equal to all or any portion of the dividends that would be paid on the shares of Common Stock covered by such Award if such shares had been delivered pursuant to such Award. The grantee of a dividend equivalent right will have only the rights of a general unsecured creditor of Corebridge until payment of such amounts is made as specified in the applicable Award Agreement. In the event such a provision is included in an Award Agreement, the Committee will, subject to Section 3.14.1, determine whether such payments will be made in cash, in shares of Common Stock or in another form, whether they will be conditioned upon the exercise or vesting of the Award to which they relate (provided that in no event may such payments be made unless and until the Award to which they relate vests), the time or times at which they will be made, and such other terms and conditions as the Committee may deem appropriate. No payments will be made in respect of any dividend equivalent right at a time when any performance-based goals or time-based vesting requirements that apply to the dividend equivalent right or Award that is granted in connection with a dividend equivalent right have not been satisfied.

2.10Related Option Transactions

The Committee may grant put options and enter into call options relating to Awards, including an Award of unrestricted Common Stock. The put options may permit the Grantee, at the Grantee’s option, to sell the Award back to the Company at such times, on such terms and conditions and at such prices as the Committee may determine. The call options may require the Grantee, at the Company’s election, to sell the Award back to the Company at such times, on such terms and conditions and at such prices as the Committee may determine. The Committee may determine to issue an Award and any related put option and enter into any related call option as a single non-separable unit.

2.11Change in Control Provisions

2.11.1 Except as otherwise provided in the applicable Award Agreement, in the event that within two years following a Change in Control a Grantee’s Employment is terminated by Corebridge without “cause” (as defined in the Award Agreement) or by the Grantee for “good reason” (as defined in the Award Agreement), any outstanding unvested Award held by such Grantee shall vest as with respect to any service-based vesting requirement. Except as otherwise provided in the applicable Award Agreement, following a Change in Control any performance goals with respect to an outstanding Award and for which the performance period ends after the Change in Control shall be deemed achieved at target level. In addition, in the event of a Change in Control where all stock options and stock appreciation rights are settled for an amount (as determined in the sole discretion of the Committee) of cash or securities, the Committee may, in its sole discretion, terminate any stock option or stock appreciation right for which the exercise price is equal to or exceeds the per share value of the consideration to be paid in the Change in Control transaction without payment of consideration therefor.

2.11.2 Unless otherwise provided in the applicable Award Agreement and except as otherwise determined by the Committee, in the event of a Business Combination of Corebridge with or into any successor entity or any transaction in which another person or entity acquires all of the issued and outstanding Common Stock of Corebridge, or all or substantially all of the assets of Corebridge as an entirety, outstanding Awards may be assumed or a substantially equivalent Award may be substituted by such successor entity or a parent or subsidiary of such successor entity, and such an assumption or substitution shall not be deemed to violate this Plan or any provision of any Award Agreement.

2.12Minimum Vesting

Notwithstanding anything to the contrary in the Plan, Awards granted under the Plan (other than cash-based awards) shall vest no earlier than the first anniversary of the date on which the Award is granted; provided, however, that the following Awards shall not be subject to the foregoing minimum vesting requirement: any (i) Acquisition Awards, (ii) shares of Common Stock delivered in lieu of fully vested cash obligations, (iii) Assumed Awards, (iv) Awards to Non-Employee Directors that vest on the earlier of the one-year anniversary of the date of grant and the next annual meeting of shareholders which is at least 50 weeks after the immediately preceding year’s annual meeting, and v) any additional Awards the Committee may grant, up to a maximum of five percent (5%) of the available share reserve authorized for issuance under the Plan pursuant to Section 1.6.1 (subject to adjustment under Section 1.6.4); provided, further, that vesting may accelerate in connection with death, disability, retirement, a Change in Control or other involuntary termination.

2.13 Assumed Awards

Each Assumed Award shall be subject to the terms and conditions of the Plan and the award agreement to which such Assumed Award was subject immediately prior to the IPO, subject to the adjustment of such Assumed Award by the Compensation and Management Resources Committee of AIG consistent with the terms of the Employee Matters Agreement; provided that, following the applicable date of the assumption of the Assumed Award by Corebridge (as set forth in the Employee Matters Agreement), the Assumed Award shall relate solely to shares of Common Stock and, for purposes of the award agreement to which such Assumed Award was subject immediately prior to the IPO, references therein (in each case or a derivation of any such term) to (i) “AIG” or the “Company” shall to refer to “Corebridge” or the “Company” as defined in the Plan, (ii) “Share”, “share” or “Common Stock” shall refer to “Share,” “share” or “Common Stock” as defined in the Plan, (iii) the “Committee” or the “Board” shall refer to the “Committee” or “Board” as defined in the Plan, (iv) any AIG plan that is a Prior Plan shall refer to the “Plan,” and (v) any AIG Long Term Incentive Plan shall refer to the Corebridge Long Term Incentive Plan

(effective as of March 13, 2022), and with such other defined terms to be modified, applied and interpreted as appropriate to reflect the IPO, Separation and associated transactions.

ARTICLE III

MISCELLANEOUS

3.1 Amendment of the Plan

3.1.1 Unless otherwise provided in an Award Agreement, the Board may from time to time suspend, discontinue, revise or amend the Plan in any respect whatsoever, including in any manner that adversely affects the rights, duties or obligations of any Grantee of an Award.

3.1.2 Unless otherwise determined by the Board, shareholder approval of any suspension, discontinuance, revision or amendment will be obtained only to the extent necessary to comply with any applicable laws, regulations or rules of a securities exchange or self-regulatory agency, except that shareholder approval shall be required for any amendment to the Plan (i) that materially increases the benefits available under the Plan, (ii) to reduce the exercise price of stock options or stock appreciation rights issued and outstanding under the Plan, including through amendment, cancellation in exchange for the grant of a substitute Award or repurchase for cash or other consideration (in each case that has the effect of reducing the exercise price) or (iii) to permit the sale or other disposition of an Award of a stock option or a stock appreciation right to an unrelated third party for value.

3.2 Tax Withholding

Grantees shall be solely responsible for any applicable taxes (including, without limitation, income and excise taxes) and penalties, and any interest that accrues thereon, that they incur in connection with the receipt, vesting or exercise of any Award. As a condition to the delivery of any shares of Common Stock pursuant to any Award or the lifting or lapse of restrictions on any Award, or in connection with any other event that gives rise to a federal or other governmental tax withholding obligation on the part of the Company relating to an Award (including, without limitation, FICA tax), unless otherwise provided in an Award Agreement, (a) the Company may deduct or withhold (or cause to be deducted or withheld) from any payment or distribution to a Grantee whether or not pursuant to the Plan (including shares of Common Stock otherwise deliverable) the minimum required to meet the tax withholding obligation up to the maximum statutory rate or (b) the Committee will be entitled to require that the Grantee remit cash to the Company (through payroll deduction or otherwise) or previously owned shares of Common Stock or other property, in each case in an amount sufficient in the opinion of the Company to satisfy such withholding obligation.

3.3 Required Consents and Legends

3.3.1 If the Committee at any time determines that any Consent (as hereinafter defined) is necessary or desirable as a condition of, or in connection with, the granting of any Award, the delivery of shares of Common Stock or the delivery of any cash, securities or other property under the Plan, or the taking of any other action thereunder (each such action a “Plan Action”), then, subject to Section 3.14.2, such Plan Action will not be taken, in whole or in part, unless and until such Consent will have been effected or obtained to the full satisfaction of the Committee. The Committee may direct that any Certificate evidencing shares delivered pursuant to the Plan will bear a legend setting forth such restrictions on transferability as the Committee may determine to be necessary or desirable, and may advise the transfer agent to place a stop transfer order against any legended shares.

3.3.2 The term “Consent” as used in this Article III with respect to any Plan Action includes (a) any and all listings, registrations or qualifications in respect thereof upon any securities exchange or under any federal, state, or local law, or law, rule or regulation of a jurisdiction outside the United States, or any other matter, which the Committee may deem necessary or desirable to comply with the terms of any such listing, registration or qualification or to obtain an exemption from the requirement that any such listing, qualification or registration be made, (b) any and all other consents, clearances and approvals in respect of a Plan Action by any governmental or other regulatory body or any stock exchange or self-regulatory agency, (c) any applicable requirement of the Code, (d) any and all consents or authorizations required to comply with, or required to be obtained under, applicable local law, (e) any and all consents by the Grantee to the Company’s supplying to any third party recordkeeper of the Plan such personal information as the Committee deems advisable to administer the Plan and (f) any and all consents or

other documentation required by the Committee. Nothing herein will require the Company to list, register or qualify the shares of Common Stock on any securities exchange.

3.4 Clawback

Awards under the Plan shall be subject to the clawback or recapture policy, if any, that the Company may adopt from time to time to the extent provided in such policy and, in accordance with such policy, may be subject to the requirement that the Awards be repaid to the Company after they have been distributed or paid to the Grantee.

3.5 Right of Offset

Except with respect to Awards that are intended to be “deferred compensation” subject to Section 409A, the Company will have the right to offset against its obligation to deliver shares of Common Stock (or cash, other securities or other property) under the Plan or any Award Agreement any outstanding amounts (including, without limitation, travel and entertainment or advance account balances, loans, repayment obligations under any Awards, or amounts repayable to the Company pursuant to tax equalization, housing, automobile or other employee programs) that the Grantee then owes to the Company and any amounts the Committee otherwise deems appropriate pursuant to any tax equalization policy or agreement.

3.6 Nonassignability; No Hedging

No Award (or any rights and obligations thereunder) granted to any person under the Plan may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of or hedged, in any manner (including through the use of any cash-settled instrument), whether voluntarily or involuntarily and whether by operation of law or otherwise, other than by will or by the laws of descent and distribution, except as may be otherwise provided in the Award Agreement, consistent with Section 3.1.2. Any sale, exchange, transfer, assignment, pledge, hypothecation, or other disposition in violation of the provisions of this Section 3.6 will be null and void and any Award which is hedged in any manner will immediately be forfeited. All of the terms and conditions of the Plan and the Award Agreements will be binding upon any permitted successors and assigns.

3.7 Successor Entity

Unless otherwise provided in the applicable Award Agreement and except as otherwise determined by the Committee, in the event of a Business Combination of Corebridge with or into any other entity (“successor entity”) or any transaction in which another person or entity acquires all of the issued and outstanding Common Stock of Corebridge, or all or substantially all of the assets of Corebridge, outstanding Awards may be assumed or a substantially equivalent award may be substituted by such successor entity or a parent or subsidiary of such successor entity.

3.8 Right of Discharge Reserved

Nothing in the Plan or in any Award Agreement will confer upon any Grantee the right to continued Employment by the Company or affect any right which the Company may have to terminate such Employment.

3.9 Nature of Payments

3.9.1 Any and all grants of Awards and deliveries of Common Stock, cash, securities or other property under the Plan will be in consideration of services performed or to be performed for the Company by the Grantee. Awards under the Plan may, in the discretion of the Committee, and subject to Section 3.14.1, be made in substitution in whole or in part for cash or other compensation otherwise payable to a participant in the Plan. Only whole shares of Common Stock will be delivered under the Plan. Awards will, to the extent reasonably practicable, be aggregated in order to eliminate any fractional shares. Fractional shares may, in the discretion of the Committee, be forfeited or be settled in cash or otherwise as the Committee may determine.

3.9.2 All such grants and deliveries will constitute a special discretionary payment to the Grantee and, unless otherwise provided in an Award Agreement or the Committee specifically provides otherwise, will not be required to be taken into account in computing the amount of salary or compensation of the

Grantee for the purpose of determining any contributions to or any benefits under any pension, retirement, profit-sharing, bonus, life insurance, severance or other benefit plan of the Company or under any agreement with the Grantee.

3.10 Non-Uniform Determinations

3.10.1 The Committee’s determinations under the Plan and Award Agreements need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, Awards under the Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee will be entitled, among other things, to make non-uniform and selective determinations under Award Agreements, and to enter into non-uniform and selective Award Agreements, as to (a) the persons to receive Awards, (b) the terms and provisions of Awards and (c) whether a Grantee’s Employment has been terminated for purposes of the Plan.

3.10.2 To the extent the Committee deems it necessary, appropriate or desirable to comply with foreign law or practices and to further the purposes of the Plan, the Committee may, without amending the Plan, establish special rules applicable to Awards to Grantees who are foreign nationals, are employed outside the United States or both and grant Awards (or amend existing Awards) in accordance with those rules.

3.11 Other Payments or Awards

Nothing contained in the Plan will be deemed in any way to limit or restrict the Company from making any award or payment to any person under any other plan, arrangement or understanding, whether now existing or hereafter in effect. In addition, Section 1.6.1 (as adjusted by Section 1.6.4) sets forth the only limit on the amount of cash, securities or other property that may be delivered pursuant to this Plan.

3.12 Plan Headings

The headings in the Plan are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof.

3.13 Termination of Plan

The Board reserves the right to terminate the Plan at any time; provided, however, that in any case, the Plan will terminate on the tenth (10th) anniversary of the Effective Date, and provided further, that all Awards made under the Plan before its termination will remain in effect until such Awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable Award Agreements.

3.14 Section 409A

3.14.1 The Board and the Committee shall have full authority to give effect to any statement in an Award Agreement to the effect that an Award is intended to be “deferred compensation” subject to Section 409A, to be exempt from Section 409A or to have other intended treatment under Section 409A and/or other provision of the Code. To the extent necessary to give effect to this authority, in the case of any conflict or potential inconsistency between the Plan and a provision of any Award or Award Agreement with respect to the subject matter of this paragraph, the Plan shall govern.

3.14.2 Without limiting the generality of Section 3.14.1, with respect to any Award made under the Plan that is intended to be “deferred compensation” subject to Section 409A: (a) references to termination of the Grantee’s employment will mean the Grantee’s separation from service with the Company within the meaning of Section 409A; (b) any payment to be made with respect to such Award in connection with the Grantee’s separation from service with the Company within the meaning of Section 409A that would be subject to the limitations in Section 409A(a)(2)(b) of the Code shall be delayed until six months after the Grantee’s separation from service (or earlier death) in accordance with the requirements of Section 409A; (c) to the extent necessary to comply with Section 409A, any cash, other securities, other Awards or other property that the Company may deliver in lieu of shares of Common Stock in respect of an Award shall not have the effect of deferring delivery or payment beyond the date on which such delivery or payment would occur with respect to the shares of Common Stock that would otherwise have been deliverable (unless the Committee elects a later date for this purpose in accordance

with the requirements of Section 409A); (d) with respect to any required Consent described in Section 3.3 or the applicable Award Agreement, if such Consent has not been effected or obtained as of the latest date provided by such Award Agreement for payment in respect of such Award and further delay of payment is not permitted in accordance with the requirements of Section 409A, such Award or portion thereof, as applicable, will be forfeited and terminated notwithstanding any prior earning or vesting; (e) if the Award includes a “series of installment payments” (within the meaning of Section 1.409A-2(b)(2)(iii) of the regulations promulgated under the Code), the Grantee’s right to the series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment; (f) if the Award includes “dividend equivalents” (within the meaning of Section 1.409A-3(e) of the regulations promulgated under the Code), the Grantee’s right to the dividend equivalents shall be treated separately from the right to other amounts under the Award; and (g) unless the Committee determines otherwise, for purposes of determining whether the Grantee has experienced a separation from service with the Company within the meaning of Section 409A, “subsidiary” shall mean a corporation or other entity in a chain of corporations or other entities in which each corporation or other entity, starting with Corebridge, has a controlling interest in another corporation or other entity in the chain, ending with such corporation or other entity. For purposes of the preceding sentence, the term “controlling interest” has the same meaning as provided in Section 1.414(c)-2(b)(2)(i) of the regulations promulgated under the Code, provided that the language “at least 20 percent” is used instead of “at least 80 percent” each place it appears in Section 1.414(c)-2(b)(2)(i) of the regulations promulgated under the Code.

3.15 Governing Law

THE PLAN WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

3.16 Severability; Entire Agreement

If any of the provisions of the Plan or any Award Agreement is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such provision will be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions will not be affected thereby; provided that if any of such provisions is finally held to be invalid, illegal, or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such provision will be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder. The Plan and any Award Agreements contain the entire agreement of the parties with respect to the subject matter thereof and supersede all prior agreements, promises, covenants, arrangements, communications, representations and warranties between them, whether written or oral with respect to the subject matter thereof.

3.17 Waiver of Claims

Each Grantee of an Award recognizes and agrees that before being selected by the Committee to receive an Award he or she has no right to any benefits hereunder. Accordingly, in consideration of the Grantee’s receipt of any Award hereunder, he or she expressly waives any right to contest the amount of any Award, the terms of any Award Agreement, any determination, action or omission hereunder or under any Award Agreement by the Committee, the Company or the Board, or any amendment to the Plan or any Award Agreement (other than an amendment to the Plan or an Award Agreement to which his or her consent is expressly required by the express terms of an Award Agreement).

3.18 No Liability With Respect to Tax Qualification or Adverse Tax Treatment

Notwithstanding anything to the contrary contained herein, in no event shall the Company be liable to a Grantee on account of an Award’s failure to (a) qualify for favorable United States or foreign tax treatment or (b) avoid adverse tax treatment under United States or foreign law, including, without limitation, Section 409A.

3.19 No Third Party Beneficiaries

Except as expressly provided therein, neither the Plan nor any Award Agreement will confer on any person other than the Company and the Grantee of any Award any rights or remedies thereunder. The exculpation and indemnification provisions of Section 1.3.3 will inure to the benefit of a Covered Person’s estate and beneficiaries and legatees.

3.20 Successors and Assigns of Corebridge

The terms of the Plan will be binding upon and inure to the benefit of Corebridge and any successor entity contemplated by Section 3.7.

3.21 Effective Date

This Plan became effective on September 6, 2022 (the “Effective Date”).

Amendments

Date	Description
February 16, 2023	Changed definition of “Committee” by Board unanimous written consent action

Document

Exhibit 10.59

Corebridge Short-Term Incentive Plan

1.Purpose

Corebridge Financial, Inc. (“Corebridge” and together with its consolidated subsidiaries, the “Company”) has created this Corebridge Short-Term Incentive Plan (this “Plan”) to strengthen its pay-for-performance culture by rewarding employees for business and individual performance during the applicable Performance Year. Awards under this Plan (each, an “Incentive Award”) will be in the form of cash. Capitalized terms not otherwise defined herein will have the meanings set forth in the Glossary of Terms in Appendix A.

2.Performance Periods

This Plan will operate for successive one-year periods beginning on January 1 of each year (each, a “Performance Year”) until this Plan is terminated by the Board of Directors of Corebridge (the “Board”) or a committee thereof, as may be designated by the Board from time to time. The Board and any such designated committee of the Board referred to herein as the “Committee.”

3.Eligibility

All full and part-time employees of the Company, excluding external contractors, independent contractors, temporary workers, and independent agents, during the applicable Performance Year (the “Participants”) are eligible to participate in this Plan for each Performance Year, unless the employee is a participant in another variable pay or sales plan maintained or sponsored by the Company and that the applicable business has determined is in lieu of this Plan during such Performance Year. For the avoidance of doubt, employees who are eligible to participate in a bonus plan that is required to be provided under local law or who are party to an employment contract with the Company for ongoing employment of unlimited duration that is not confined to a specific, finite project are eligible for this Plan unless the applicable business expressly elects to exclude such employee. If an individual is hired after the Performance Year commences, the individual may become a Participant in this Plan, and the amount of his or her Incentive Award may be Pro-Rated to reflect the portion of the Performance Year worked.

4.Bonus Pool Funding

A.Determination. As soon as practicable following a Performance Year, the Committee will determine the aggregate bonus pool (the “Earned Bonus Pool”) to ensure that this Plan rewards all Participants appropriately and consistent with the purpose of this Plan. Promptly following this determination, the CEO will allocate the Earned Bonus Pool to each of the business units. Prior to March 31st of a Performance Year, the Committee will have the discretion to establish a threshold goal (the “Threshold Goal”) for that Performance Year and determine that, if the Threshold Goal is not met, the Earned Bonus Pool will be capped at a fixed amount (including $0) or the amount resulting from a specified formula.

B.Exceptions to Earned Bonus Pool. As soon as practicable following a Performance Year, the Committee will determine whether the Incentive Awards for any Participants will be excluded from, and not subject to, the Earned Bonus Pool.

5.Incentive Awards

A.Amount and Form. Prior to or as soon as practicable following the commencement of a Performance Year, a Participant’s target Incentive Award (the “Individual Target Award”) will be established by the Committee or the applicable business unit in which the Participant is Employed. The Individual Target Award

will generally be established after considering the Participant’s job grade, business, local market, job scope, responsibilities and experience.

B.Performance Metrics. Prior to or as soon as practicable following the commencement of a Performance Year, the Committee will determine the performance metric(s) (each, a “Performance Metric”) and the manner in which each Participant’s actual Incentive Award (the “Earned Individual Award”) will be calculated for such Performance Year. Unless otherwise determined by the Committee, there will be three categories of Performance Metrics: (1) Company-based Performance Metrics, (2) business unit-based Performance Metrics and (3) Individual-based Performance Metrics; provided that for any Performance Year there will be at least one Company-based Performance Metric or business unit-based Performance Metric (which could include the Threshold Goal). The Earned Individual Awards may be determined for any Performance Year on the basis of one or any combination of the Performance Metrics, as determined by the Committee in its sole discretion. In determining the manner in which the Earned Individual Award will be calculated, the Committee may establish minimum, target and maximum achievement levels for any Performance Metric.

C.Earned Individual Award. The Committee will assess performance against (1) any Company-based Performance Metrics, (2) any business unit-based Performance Metrics and (3) for Participants who are under the purview of the Committee, any Individual-based Performance Metrics, in each case, as soon as practicable following a Performance Year. For any Participants who are not under the purview of the Committee, such Participant’s manager (in accordance with the then-current performance management process, if any) will assess performance against his or her Individual-based Performance Metrics, if applicable. Each Participant’s Earned Individual Award will be determined by the extent to which the Performance Metrics applicable to this Plan Year have been attained. The Committee may provide that an Earned Individual Award may not exceed a certain percentage of the Individual Target Award. In addition, in no event will the aggregate Earned Individual Awards for a Performance Year exceed the Earned Bonus Pool.

D.Vesting; Payment. Earned Individual Awards for a Performance Year will be granted as the Committee determines in its sole discretion and paid on such date or dates following the determination process described in Section 5.C, but no later than April 30th following the Performance Year (the “Award Date”). A Participant must be employed on the Award Date to be eligible to receive his or her Earned Individual Award except to the extent provided in Section 6 and Appendix B.

6.Termination in Service; Breaks in Service

A.Termination Generally. In the event (i) a Participant’s Employment is Terminated for any reason during the Performance Year or prior to the Award Date or (ii) a Participant is Employed but not actively performing services for the Company for a portion of the Performance Year or on the Award Date for certain reasons specified in Appendix B, the amount and payment of the Earned Individual Award, if any, that the Participant will receive will be determined (and, if applicable, modified) in accordance with Appendix B.

B.Termination without Cause. In the event that a Participant is involuntarily Terminated without Cause, the Participant will be required to execute a Release containing restrictive covenants requiring confidentiality of information, non-disparagement and non-solicitation of Company employees for 12 months following the termination as a condition to receiving payment of all or a portion of an Earned Individual Award for which the Award Date has not occurred as of such termination. The Release must be executed by the Participant, submitted to the Company and become irrevocable prior to the date on which any such Earned

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Individual Award shall be paid, but in no event shall the Release be executed later than March 10th of the year following the year in which the Termination without Cause occurred; provided that if the Release is executed after such time, any payments with respect to the Earned Individual Award will be forfeited.

7.Clawback/Repayment

Notwithstanding anything to the contrary herein, in consideration of the grant of an Incentive Award, the award and any payments under this Plan will be subject to forfeiture and/or repayment to the extent provided for in the Corebridge Clawback Policy, as in effect from time to time.

8.Administration

A.General. This Plan will be administered by the Committee, and any person or persons designated by the Committee to administer this Plan from time to time including, but not limited to, the Senior C&B Executive. The Committee may allocate among its members and delegate to any person who is not a member of the Committee any of its powers, responsibilities or duties under this Plan. The Committee will have the power to construe, interpret and implement this Plan, to make regulations for carrying out its purposes and to make all other determinations in connection with its administration, all of which will, unless otherwise determined by the Committee, be final, binding and conclusive. The Committee may, in its sole discretion, reinstate any Earned Individual Awards made under this Plan that have been terminated and forfeited because of a Participant’s Termination, if the Participant complies with any covenants, agreements or conditions that the Committee may impose; provided, however, that payment under such reinstated awards will not be made until the scheduled times set forth in this Plan.

B.Determination of Employment. The Committee, with respect to any Participant under the purview of the Committee, and the Senior C&B Executive, with respect to any other Participant, will have the right to determine the commencement or Termination date of a Participant’s Employment with the Company solely for purposes of this Plan, separate and apart from any determination as may be made by the Company with respect to the individual’s employment.

C.No Liability. No member of the Board or any employee of the Company performing services with respect to this Plan (each, a “Covered Person”) will have any liability to any person (including any Participant) for any action taken or omitted to be taken or any determination made, in each case, in good faith with respect to this Plan or any Participant’s participation in it. Each Covered Person will be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under this Plan and against and from any and all amounts paid by such Covered Person, with the Company’s approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person, provided that the Company will have the right, at its own expense, to assume and defend any such action, suit or proceeding and, once the Company gives notice of its intent to assume the defense, the Company will have sole control over such defense with counsel of the Company’s choice. To the extent any taxable expense reimbursement under this paragraph is subject to Section 409A, (1) the amount thereof eligible in one taxable year shall not affect the amount eligible in any other taxable year; (2) in no event shall any expenses be reimbursed after the last day of the taxable year following the taxable year in which the Covered Person incurred such expenses; and (3) in no event shall

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any right to reimbursement be subject to liquidation or exchange for another benefit. The foregoing right of indemnification will not be available to a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case, not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person’s bad faith, fraud or willful misconduct. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under Corebridge’s Amended and Restated Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such persons or hold them harmless.

D.Consent. If the Committee at any time determines, in its sole discretion, that any consent (as hereinafter defined) is necessary or desirable as a condition of, or in connection with, the granting of any award or the payment of any amount under this Plan or the taking of any other action thereunder (each such action, a “plan action”), then such plan action will not be taken, in whole or in part, unless and until such consent will have been effected or obtained to the full satisfaction of the Committee; provided that if such consent has not been so effected or obtained as of the latest date provided by this Plan for payment of such amount and further delay is not permitted in accordance with the requirements of Section 409A, such amount will be forfeited and terminate notwithstanding any prior earning or vesting.

The term “consent” as used in this paragraph with respect to any plan action includes (1) any and all listings, registrations or qualifications in respect thereof upon any securities exchange or under any federal, state, or local law, or law, rule or regulation of a jurisdiction outside the United States, (2) any other matter, which the Committee may deem necessary or desirable to comply with the terms of any such listing, registration or qualification or to obtain an exemption from the requirement that any such listing, qualification or registration be made, (3) any and all other consents, clearances and approvals in respect of a plan action by any governmental or other regulatory body or any stock exchange or self-regulatory agency and (4) any and all consents required by the Committee.

9.Other Provisions

A.No Funding. The Company will be under no obligation to fund or set aside amounts to pay obligations under this Plan. A Participant will have no rights to awards or other amounts under this Plan other than as a general, unsecured creditor of the Company.

B.Tax Withholding. The Company will comply with all applicable tax reporting, withholding and other requirements globally with respect to amounts paid under this Plan, in amounts and in a manner determined in the sole discretion of the Company. As a condition to the payment of any amount under this Plan, or in connection with any other event related to this Plan, that gives rise to a federal or other governmental tax withholding obligation (1) the Company may deduct or withhold (or cause to be deducted or withheld) from any payment to a Participant whether or not pursuant to this Plan or (2) the Committee will be entitled to require that the Participant remit cash to the Company (through payroll deduction or otherwise), in each case, in an amount sufficient in the opinion of the Company to satisfy such withholding obligation.

C.No Rights to Other Payments. The provisions of this Plan provide no right or eligibility to a Participant to any other payouts from the Company under any other alternative plans, schemes, arrangements or contracts the Company may have with any employee or group of employees of the Company. Nothing contained in this Plan will be deemed in any way to limit or restrict the Company from adopting or continuing in effect any compensation arrangements or making any

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award or payment to any person under any other plan, arrangement or understanding, whether now existing or hereafter in effect.

D.Effect on Benefit Plans. The Incentive Award payment is deemed compensation under certain of the Company’s compensation and benefit plans, but it is not deemed compensation for other programs; provided, however, that for purposes of the Company’s benefit programs, this Plan will be deemed a short-term incentive, annual, year-end bonus program. The Summary Plan Description and plan summaries of each of the Company’s compensation and benefit plans will govern whether and the extent to which the Incentive Award payment will affect the Participant’s benefits under such plans, and the Company reserves the right to amend those compensation and benefit plans at any time.

E.Section 409A. Payments under this Plan are intended to be exempt from Section 409A to the extent they satisfy the “short-term deferral exception” in Treasury Regulation Section 1.409A-1(b)(4) and otherwise to be compliant with Section 409A, and this Plan shall be interpreted, operated and administered accordingly. For the avoidance of doubt, all Incentive Awards under this Plan are intended to satisfy the short-term deferral exception . With respect to any Incentive Award that constitutes “deferred compensation” subject to Section 409A, (1) references to termination of the Participant’s employment will mean the Participant’s separation from service with the Company within the meaning of Section 409A and (2) any payment to be made with respect to such Incentive Award in connection with the Participant’s separation from service with the Company within the meaning of Section 409A that would be subject to the limitations in Section 409A(a)(2)(b) of the Code will be delayed until six months after the Participant’s separation from service (or earlier death) in accordance with the requirements of Section 409. Each payment made under this Plan will be deemed to be a separate payment for purposes of Section 409A. The Committee will have full authority to give effect to the intent of this Section 9.E.

F.Section 4999. In the event that any Incentive Award payment received or to be received by any Participant under this Plan would be subject to the excise tax imposed by Section 4999 of the Code or any similar or successor provision to Section 4999 (the “Excise Tax”) then, at the discretion of the Chief Human Resource Officer, such Incentive Award payment shall be reduced up to the largest amount which would result in no portion of the Incentive Award payment being subject to the Excise Tax. The determination of any such reduction pursuant to this Section 9.F will be made by the Senior C&B Executive, and such determination will be conclusive and binding upon the Company, the Participant, the Senior C&B Executive and the Committee for all purposes.

G.Section Headings. The section headings contained herein are for convenience only, and in the event of any conflict, the text of this Plan, rather than the headings will control.

H.Severability. If any term or provision contained herein is finally held to be, to any extent, invalid, illegal or unenforceable (whether in whole or in part), such provision will be deemed modified only to the extent of such invalidity, illegality or unenforceability and the remaining provisions will not be affected thereby.

I.No Third Party Beneficiaries. Except as expressly provided herein, this Plan will not confer on any person other than the Company and the Participant any rights or remedies hereunder. The exculpation and indemnification provisions of Section 8.C will inure to the benefit of a Covered Person’s estate and beneficiaries and legatees.

J.Nonassignability. No award (or any rights and obligations thereunder) granted to any person under this Plan may be sold, exchanged,

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transferred, assigned, pledged, hypothecated or otherwise disposed of or hedged, in any manner (including through the use of any cash-settled instrument), whether voluntarily or involuntarily and whether by operation of law or otherwise, other than by will or by the laws of descent and distribution, except as may be otherwise provided in the award agreement. Any sale, exchange, transfer, assignment, pledge, hypothecation, or other disposition in violation of the provisions of this Section 9.J will be null and void and any award which is hedged in any manner will immediately be forfeited. All of the terms and conditions of this Plan and the award agreements will be binding upon any permitted successors and assigns.

K.Entire Understanding. This Plan contains the entire understanding of the Company and the Participants with respect to the subject matter thereof and supersedes all prior promises, covenants, arrangements, agreements, communications, representations and understanding between the Company and the Participant.

L.No Right of Employment. Nothing in this Plan will be construed as creating any contract of employment or conferring upon the Participant any right to continue in the employ or other service of the Company, or limit in any way the right of the Company to change such Participant’s compensation or benefits or to terminate the employment or other service of such Participant with or without Cause.

M.Successor and Assigns. The terms of this Plan will inure to the benefit of the Company and any successor entity.

N.No Liability With Respect to Tax Qualification or Adverse Tax Treatment. Notwithstanding anything to the contrary contained herein, in no event shall the Company be liable to a Participant on account of the failure of any Incentive Award or amount payable under this Plan to (a) qualify for favorable United States or foreign tax treatment or (b) avoid adverse tax treatment under United States or foreign law, including, without limitation, Section 409A.

10.Governing Law.

This Plan will be governed and enforced in accordance with the appropriate country and local regulations. With respect to Participants working in the United States, this Plan will be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflict of laws.

This Plan shall also be subject to all applicable non-U.S. laws as to Participants located outside of the United States. In the event that any provision of this Plan is not permitted by the local laws of a country or jurisdiction in which a Participant works, such local law shall supersede that provision of this Plan with respect to that Participant. The Senior HR Attorney and the Senior C&B Executive or their designee(s) shall have the discretion to operate this Plan with respect to such Participant in a manner that incorporates as much of this Plan’s current terms as possible while also complying with such local laws.

11.Plan Termination; Amendment

This Plan may be amended or modified, with or without prior notification of the Participants, at any time in the sole discretion of the Committee. This Plan will continue until suspended or terminated by the Committee in its sole discretion; provided that all Incentive Awards made under this Plan before its suspension or termination will remain in effect until such awards have been satisfied or terminated in accordance with the terms and provisions of this Plan and the applicable award. To the extent applicable, any termination of this Plan will be done in a manner that the Committee determines complies with Section 409A.

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Notwithstanding the foregoing, the Committee’s rights and powers to amend this Plan shall be delegated to the Senior HR Attorney, who shall have the right to amend this Plan with respect to (i) amendments required by relevant law, regulation or ruling, (ii) amendments that are not expected to have a material financial impact on the Company, (iii) amendments that can reasonably be characterized as technical or ministerial in nature or (iv) amendments that have previously been approved in concept by the Committee. Notwithstanding the foregoing delegation, the Senior HR Attorney shall not have the power to make an amendment to this Plan that could reasonably be expected to result in a termination of this Plan or a change in the structure or the powers, duties or responsibilities of the Committee, unless such amendment is approved or ratified by the Committee.

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Appendix A

Glossary of Terms

“Award Date” means the date, in accordance with Section 5.D, that the Incentive Award is paid.

“Breaks in Service” means the cessation of actively performing services for the Company, either on a temporary or permanent basis (including Resignation, Termination, Leaves of Absence, Retirement and Death). See Appendix B for more information.

“Business units” means the business unit segments established by the Committee for a Performance Year.

“Cause” has the meaning provided in the applicable severance plan, program or other arrangement in which the Participant is eligible to participate; provided that, to the extent that a Participant is not eligible to participate in a severance plan, program or arrangement, “Termination without Cause” shall mean a Termination due to a reduction in force, position elimination or office closing.

“Code” means the Internal Revenue Code of 1986, as amended from time to time.

“Earned Bonus Pool” means the actual bonus pool approved by the Committee under this Plan for a Performance Year.

“Earned Individual Award” means a Participant’s actual Incentive Award.

“Employed” and “Employment” means (a) actively performing services for the Company, (b) being on a Company-approved Paid Leave of Absence, or Company-approved unpaid leave of absence, or (c) receiving long term disability benefits for up to three years from the date short term disability leave commenced, in each case while in good standing with the Company. For purposes of this Plan, the term Employed shall not include any period designated by the Company, in its sole discretion, as “non-working notice,” and shall likewise not include any period during which (i) an employee receives notice under The Worker Adjustment and Retraining Notification Act or any state or local equivalent (“WARN”) and is directed not to work during any period of the WARN notice requirement, or (ii) an employee receives non-working notice pay and benefits pursuant to WARN.

“Excise Tax” means the excise tax imposed by Section 4999 of the Code or any similar or successor provision to Section 4999.

“Incentive Award” means an award under this Plan.

“Individual Target Award” means a Participant’s target Incentive Award.

“Normal Schedule” means the date specified in Section 5.D that an Incentive Award would otherwise have been paid if the Participant had continued to remain Employed by the Company.

“Paid Leave of Absence” means an approved leave of absence during which the Participant is receiving salary continuation from a Company payroll; provided, however, that it shall not include any period during which an Employee receives notice under WARN and is directed not to report to work during all or a portion of such WARN notice period; or (2) following an employee’s Termination of Employment date, a period during which an employee receives pay and benefits pursuant to WARN.

“Participant” has the meaning provided in Section 3.

“Performance Metric” means a performance metric determined by the Committee prior to or as soon as practicable following the commencement of a Performance Year in accordance with Section 5.B.

“Performance Year” means each successive one-year periods beginning on January 1 of each year.

“Pro-Rated” means, for any amount under this Plan, multiplying such amount by a fraction, the numerator of which is the number of months (rounding up for partial months) during the Performance Year that the Participant actively performed services for the Company (including any period designated by the Company as “working notice”, but not including any period designated by the Company, in its sole discretion, as “non-working notice”) or was on a Paid Leave of Absence (but not including any period during which a Participant is receiving long term disability benefits), and the denominator of which 12.

“Release” means the release required by the severance plan or program applicable to the Participant’s Termination without Cause; provided that, to the extent that no such established severance plan or program is deemed applicable by the Committee, with respect to any Participant under the purview of the Committee, or the Senior C&B Executive, with respect to any other Participant, or their delegate(s), in each case, in its or his or her sole discretion, then the release will be a release generally in the form set forth in Appendix C, subject to any provisions that the Senior HR Attorney and the Senior C&B Executive or their delegate(s) may amend or add to the release; provided, further, that if the local laws of a country or non-U.S. jurisdiction in which the Participant performs services would not permit all or a portion of the release in Appendix C to be structured or executed in the applicable form attached hereto, the Senior HR Attorney and the Senior C&B Executive or their designee(s) shall have the discretion to create a release that incorporates as much of the release in the form attached as Appendix C as possible while also complying with such local laws.

“Retirement” or “Retire” means, solely for purposes of this Plan, a voluntary Termination initiated by the Participant (while such Participant is in good standing with the Company) (x) on or after age 60 with five years of service or (y) on or after age 55 with 10 years of service.

“Senior C&B Executive” means the Company’s most senior executive whose responsibility it is to oversee both the Corporate Compensation Department and the Corporate Benefits Department. In the event that no individual holds such position, “Senior C&B Executive” will instead refer to the Company’s most senior executive whose responsibility it is to oversee the Human Resources Department.

“Senior HR Attorney” means the Company’s most senior attorney whose responsibility it is to oversee compensation matters.

“Termination” or “Terminate,” with respect to a Participant, means the termination of the Participant’s Employment.

“Threshold Goal” has the meaning provided in Section 4.

“Unpaid Leave of Absence” means an approved leave of absence during which the Participant is not receiving salary continuation from a Company payroll, including a period of long-term disability leave during which a Participant may be receiving long term disability insurance payments from a long term disability insurer.

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Appendix B

Treatment of Incentive Awards Upon Various Types of Breaks in Service or Terminations of Employment

Type of Break in Service or Termination of Employment	Amount the Participant Receives
Short-Term & Long-Term Medical Leaves of Absence <br>(STD & LTD)<br><br>Family Medical & Domestic Partner Leave<br><br>Non-Medical Leave of Absence<br>(Personal Leave)<br><br>Military Leave of Absence	If a Participant is on an approved leave of absence during which the Participant is receiving salary continuation from a Company payroll (a “Paid Leave of Absence”), such Paid Leave of Absence will not be deemed a break a service or a Termination for purposes of this Plan. Time on a Paid Leave of Absence will be treated the same as time during which the Participant performs services for the Company.<br><br><br><br>If a Participant is on an approved leave of absence during which the Participant is NOT receiving salary continuation from a Company payroll, including a period of long term disability leave during which a Participant may be receiving long term disability insurance payments from a long term disability insurer (an “Unpaid Leave of Absence”), his or her Incentive Award will be Pro-Rated based on the number of months during the Performance Year that the Participant was actively employed (prior to the Participant’s last day worked) or on a Paid Leave of Absence with the Company, but will not include the number of months that the Participant was on an Unpaid Leave of Absence.<br><br><br><br>Incentive Awards are paid on the Normal Schedule.
Retirement	If a Participant Retires During the Performance Year, after March 31st and before the End of the Performance Year:<br><br>•The Incentive Award is Pro-Rated based on the number of months during the Performance Year that the Participant was actively employed (prior to the Participant’s last day worked) or on a Paid Leave of Absence with the Company and,<br><br>The amount of the Incentive Award is based on 100% of the Participant’s Individual Target Award for such Performance Year and, to the extent applicable for such Performance Year, actual performance against the Company-based Performance Metrics and the business unit-based Performance Metrics for such Performance Year, as determined by the Committee.<br><br>•Paid on the Normal Schedule.<br><br><br><br>If a Participant Retires on or before March 31st of the Performance Year:<br><br>•Participant will not receive any Pro-Rated Incentive Award payment for the current Performance Year.<br><br><br><br>If a Participant Retires After the End of the Performance Year but prior to the Award Date:<br><br>•The Incentive Award is not Pro-Rated, but is paid in full based on, to the extent applicable for such Performance Year, actual performance against the Individual-based Performance Metrics, the Company-based Performance Metrics and the business unit-based Performance Metrics for such Performance Year, as determined by the Committee.<br><br>•Paid on the Normal Schedule.
Death	If a Participant Dies During the Performance Year, after March 31st and before the End of the Performance Year:<br><br>•The Incentive Award is Pro-Rated based on the number of months during the Performance Year that the Participant was actively employed (prior to the Participant’s last day worked) or on a Paid Leave of Absence with the Company and the amount of the Incentive Award is based on 100% of the Participant’s Individual Target Award for such Performance Year.<br><br>•Paid as soon as administratively possible after the date of death, but in no event later than March 15th following such Performance Year.<br><br><br><br>If a Participant Dies on or before March 31st of the Performance Year:<br><br>•The Participant will not receive any Pro-Rated Incentive Award payment for the current Performance Year.<br><br><br><br>If a Participant Dies After the End of the Performance Year but prior to the Award Date:<br><br>•The Incentive Award is not Pro-Rated, but is paid 100% of the Individual Target Award in effect on the date of death.<br><br>•Paid as soon as administratively possible after the date of death, but in no event later than March 15th following the year in which the death occurred.
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Resignation, Voluntary Quit, Constructive Discharge	If the last day the Participant was actively performing services for the Company (the Participant’s last day worked) or on a Paid Leave of Absence is prior to the Award Date, the Incentive Award is forfeited.
Termination without Cause	If a Participant Experiences a Termination without Cause:<br><br>For Participants in the Corebridge Executive Severance Plan or its successor plan, paid in accordance with such plan.<br><br><br><br>For all other Participants, payable pursuant to the Corebridge Financial, Inc. Severance Plan, or other severance arrangement applicable to such Termination without Cause as follows:<br><br><br><br>Termination without Cause During the Performance Year<br><br>•If the last day that the Participant was actively performing services for the Company (the Participant’s last day worked) or on a Paid Leave of Absence occurs after March 31st and before the end of the Performance Year, the Participant will receive 100% of the Participant’s Individual Target Award with respect to such Performance Year Pro-Rated based on the number of months during the Performance Year that the Participant was actively performing services for the Company (prior to the Participant’s last day worked) or on a Paid Leave of Absence.<br><br>•For the avoidance of doubt, if the last day that the Participant was actively performing services for the Company or on a Paid Leave of Absence occurs on or before March 31st of a Performance Year, the Participant will not receive any Incentive Award payment for such Performance Year.<br><br>Termination without Cause After the End of the Performance Year but prior to the Award Date<br><br>•If the last day that the Participant was actively performing services for the Company (the Participant’s last day worked) or on a Paid Leave of Absence occurs after the end of the Performance Year, but prior to the Award Date for such Performance Year, the Participant will receive 100% of the Participant’s Individual Target Award with respect to such Performance Year.<br><br><br><br>Timing of Payments<br><br>•Paid as soon as administratively possible after the date of Termination without Cause, but no later than March 15th following the year in which the Termination without Cause occurs, and in no event later than when other actively employed Participants are paid similar Incentive Awards under this Plan.<br><br>To the extent there is an inconsistency between this Plan and the applicable severance program, the severance program will prevail. To the extent the Committee, with respect to any Participant under the purview of the Committee, or the Senior C&B Executive, with respect to any other Participant, or their delegate(s), in each case, in its or his or her sole discretion determines that no established severance program or arrangement is applicable to a Participant’s Termination without Cause, then, in accordance with Section 6.B, the Participant will need to execute a release generally in the form set forth in Appendix C, subject to any provisions that the Senior HR Attorney and the Senior C&B Executive or their delegate(s) may amend or add to the release.

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Appendix C

Form of Release Referred to in Section 6.B of the Plan

NOT personalized to each Participant.

(1)[Employee Name] (“Employee”), for good and sufficient consideration, the receipt of which is hereby acknowledged, hereby waives and forever releases and discharges any and all claims of any kind Employee may have against Corebridge Financial, Inc., its affiliate or subsidiary companies (collectively, the “Company”), or any officer, director or employee of, or any benefit plan sponsored by, any such company (collectively, the “Released Parties”) which arise from Employee’s employment with any of the Released Parties or the termination of Employee’s employment with any of the Released Parties. [Specifically, but without limiting that release, Employee hereby waives any rights or claims Employee might have pursuant to the Age Discrimination in Employment Act of 1967, as amended (the “Act”) and under the laws of any and all jurisdictions, including, without limitation, the United States. Employee recognizes that Employee is not waiving any rights or claims under the Act that may arise after the date that Employee executes this Release.] Nothing herein modifies or affects any vested rights that Employee may have under the [Corebridge Financial, Inc. 401(k) Retirement Savings Plan] [and other plans applicable to Employee]; nor does this Release confer any such rights, which are governed by the terms of the respective plans (and any agreements under such plans).

(2)Employee acknowledges that Employee has not filed any complaint, charge, claim or proceeding, if any, against any of the Released Parties before any local, state or federal agency, court or other body (each individually a “Proceeding”). Employee represents that Employee is not aware of any basis on which such a Proceeding could reasonably be instituted.

(3)Confidentiality/Non-Disclosure. During the term of Employee’s employment, the Company permitted Employee to have access to and become acquainted with trade secret information of a confidential, proprietary or secret nature. Subject to and in addition to any confidentiality or non-disclosure requirements to which Employee was subject prior to the date the Employee executes this Release, effective as of the date Employee executes this Release, Employee acknowledges and agrees that (i) all confidential, proprietary, trade secret information received, obtained or possessed at any time by Employee concerning or relating to the business, financial, operational, marketing, economic, accounting, tax or other affairs at the Company or any client, customer, agent or supplier or prospective client, customer, agent or supplier of the Company will be treated by Employee in the strictest confidence and will not be disclosed or used by Employee in any manner without the prior written consent of the Company or unless required by law, and ii) Employee has not during the term of Employee’s employment and will not remove or destroy any such confidential information.

(4)Non-Solicitation. Employee acknowledges and agrees that Employee’s employment with the Company required exposure to and use of confidential trade secret information (as set forth in Paragraph 3). Subject to and in addition to any non-solicitation requirements to which Employee was subject prior to the date Employee executes this Release, effective as of the date Employee executes this Release, Employee acknowledges and agrees that (i) Employee will not, directly or indirectly, on Employee’s own behalf or on behalf of any other person or entity solicit, contact, call upon, communicate with or attempt to communicate with any customer or client or prospective customer or client of the Company where to do so would require the use or disclosure of trade secret information, and (ii) for a period of one (1) year after employment terminates for any reason, Employee will not solicit or in any manner encourage or provide assistance to any employee, consultant or agent of the Company to terminate his or her employment or other relationship

with the Company or to leave its employ or other relationship with the Company for any engagement in any capacity or any other person or entity.

(5)Non-Disparagement. Employee acknowledges and agrees that Employee will not disparage the Company or any of its officers, directors or employees to any person or entity not affiliated with the Company; provided, however, that nothing herein prohibits the Employee from giving truthful testimony as required by law.

(6)Employee agrees that the Company’s remedies at law for a breach or threatened breach of Section 3, 4 and 5 of this Release would be inadequate. In recognition of this fact, Employee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to obtain equitable relief from a court of competent jurisdiction the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available in the event of a breach or threatened breach of such provision.

(7)[Employee acknowledges and understands that Employee is hereby being advised to consult with an attorney prior to executing this Release. Employee also acknowledges and understands that Employee has twenty-one (21) days to consider the terms of this Release before signing it. However, in no event may Employee sign this Release before Employee’s termination date.]

(8)[Upon the signing of this Release by Employee, Employee understands that Employee shall have a period of seven (7) days following Employee’s signing of this Release in which Employee may revoke this Release. Employee understands that this Release shall not become effective or enforceable until this seven (7) day revocation period has expired, and that neither the Released Parties nor any other person has any obligation [pursuant to the Corebridge Financial, Inc. Short-Term Incentive Plan] until eight (8) days have passed since Employee’s signing of this Release without Employee having revoked this Release. If Employee revokes this Release, Employee will be deemed not to have accepted the terms of this Release.]

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(9)Any dispute arising under this Release shall be governed by the [law of the State of New York], without reference to the choice of law rules that would cause the application of the law of any other jurisdiction.

DATE	[Employee]

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Document

Exhibit 31

CERTIFICATIONS

I, Kevin Hogan, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Corebridge Financial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2023

/S/ KEVIN HOGAN
Kevin Hogan
Chief Executive Officer

CERTIFICATIONS

I, Elias Habayeb, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Corebridge Financial, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2023

/S/ ELIAS HABAYEB
Elias Habayeb
Executive Vice President and
Chief Financial Officer

Document

Exhibit 32

CERTIFICATION

In connection with this Quarterly Report on Form 10-Q of Corebridge Financial, Inc. (the “Company”) for the year ended March 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Kevin Hogan, Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 10, 2023

/S/ KEVIN HOGAN
Kevin Hogan
Chief Executive Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

CERTIFICATION

In connection with this Quarterly Report on Form 10-Q of Corebridge Financial, Inc. (the “Company”) for the year ended March 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Elias Habayeb, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 10, 2023

/S/ ELIAS HABAYEB
Elias Habayeb
Executive Vice President and
Chief Financial Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

10-Q

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2023

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

For the transition period from to

Commission File Number 001-41504

Corebridge Financial, Inc.

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

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COREBRIDGE FINANCIAL, INC.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023

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Part I – Financial Information

Item 1. | Financial Statements

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

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See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

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See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

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* Balance, beginning of period has been updated to reflect the adoption of long-duration targets improvements. See Note 2.

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

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See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

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See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

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USE OF ESTIMATES

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OTHER SIGNIFICANT ACCOUNTING POLICIES

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ACCOUNTING STANDARDS ADOPTED DURING 2023

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(a) Refer to Note 7 for additional information on the transition impacts associated with LDTI.

(b) Refer to Note 10 for additional information on the transition impacts associated with LDTI.

(c) Refer to Note 12 for additional information on the transition impacts associated with LDTI.

(d) Other assets include deferred sales inducement assets. Refer to Note 10 for additional information on the transition impacts associated with LDTI.

(e) Refer to Note 11 for additional information on the transition impacts associated with LDTI.

(f) Other policyholder funds include URR. Refer to Note 11 for additional information on the transition impacts associated with LDTI.

(g) Other liabilities include deferred cost of reinsurance liabilities. Refer to Note 7 for additional information on the transition impacts associated with LDTI.

(h) Includes a correction of $158 million to increase shareholders' net investment and decrease AOCI.

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FUTURE APPLICATION OF ACCOUNTING STANDARDS

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FAIR VALUE MEASUREMENTS ON A RECURRING BASIS

VALUATION METHODOLOGIES OF FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE

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ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

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CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

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QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

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

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FAIR VALUE OPTION

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FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE