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目录

美国

证券交易委员会

华盛顿特区20549

形式 10-Q

☒ 根据1934年《证券交易法》第13或15(D)条规定的季度报告

截至本季度末2024年9月30日

或

☐ 根据1934年证券交易法第13或15（d）条提交的过渡报告

关于从到的过渡期

佣金文件编号001-41504

科里布里奇金融公司

(注册人的确切姓名载于其章程)

特拉华州			95-4715639
（州或其他司法管辖区 公司或组织)			(税务局雇主 识别号码)
伍德森大厦艾伦大道2919号, 休斯敦, 德克萨斯州			77019
（主要行政办公室地址）			(邮政编码)

注册人的电话号码，包括区号：1-877-375-2422

____________________

根据1934年《证券交易法》第12(B)条登记的证券：

每个班级的标题			交易符号			注册的每个交易所的名称
普通股，每股面值0.01美元			CRBG			纽约证券交易所

用复选标记表示注册人(1)是否在过去12个月内(或注册人被要求提交此类报告的较短时间内)提交了1934年《证券交易法》第13条或15(D)节要求提交的所有报告，以及(2)在过去90天内是否符合此类提交要求。是 ☒ 不是 ☐

用复选标记表示注册人是否在过去12个月内(或在注册人被要求提交此类文件的较短时间内)以电子方式提交了根据S-T条例第405条(本章232.405节)要求提交的每一份互动数据文件. 是 ☒ 不是 ☐

用复选标记表示注册人是大型加速申报公司、加速申报公司、非加速申报公司、较小的报告公司或新兴成长型公司。请参阅《交易法》第12b-2条规则中“大型加速申报公司”、“加速申报公司”、“较小申报公司”和“新兴成长型公司”的定义。    

大型加速文件服务器 ☒

加速文件管理器 ☐

非加速文件服务器☐

规模较小的报告公司 ☐

新兴成长型公司 ☐

如果是一家新兴的成长型公司，用复选标记表示注册人是否已选择不使用延长的过渡期来遵守根据《交易所法》第13(A)节提供的任何新的或修订的财务会计准则。 ☐

用复选标记表示注册人是否是空壳公司(如《交易法》第12b-2条所定义)。 是 ☐ 不是 ☒

截至2024年10月31日，已有 568,870,117 流通股 注册人的普通股。

                                                    

---

目录

COREBRIDGE FINANCIAL，Inc.

截至2024年9月30日的季度报告表格10-Q

目录

表格10-Q

									页面
第一部分-财务信息
第1项			财务报表(未经审计)
			2024年9月30日和2023年12月31日的简明合并资产负债表						4
			截至2024年和2023年9月30日的三个月和九个月的简明合并利润表（亏损）						5
			截至2024年和2023年9月30日的三个月和九个月的简明综合全面收益（亏损）表						6
			截至2024年和2023年9月30日的三个月和九个月的简明合并权益表						8
			截至2024年和2023年9月30日的三个月和九个月的简明合并现金流量表						9
			简明合并财务报表附注(未经审计)
			注1.			概述及呈列基准			11
			注：2.			重要会计政策摘要			11
			说明3.			细分市场信息			12
			说明4.			公允价值计量			16
			说明5.			投资			34
			说明6.			借贷活动			41
			说明7.			再保险			45
			说明8.			可变利息实体			47
			说明9.			衍生品与对冲会计			50
			说明10.			延期保单收购成本			55
			注11。			分开核算资产和负债			56
			说明12.			未来的政策优势			57
			注13。			保单持有人合同存款及其他保单持有人资金			62
			注14。			市场风险收益			66
			说明15.			债务			68
			说明16.			或有事项、承诺和担保			68
			说明17.			股权			71
			注18。			普通股每股收益			76
			注19。			所得税			76
			注20。			关联方			79
第2项			管理层对财务状况和经营成果的探讨与分析						82
第3项			关于市场风险的定量和定性披露						151
项目4			控制和程序						151
第II部分--其他资料
第1项			法律诉讼						152
第1A项			风险因素						152
第2项			未登记的股权证券销售和收益的使用						152
第5项			其他信息						153
项目6			陈列品						154
签名									155

科布里奇 | 2024年第三季度10-Q表格 1

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目录

关于前瞻性信息的警示声明

这季度报告 表格10-Q（“季度报告”）上可能包括陈述，如果这些陈述不是历史或当前事实的陈述，则构成1995年美国私人证券诉讼改革法案含义内的“前瞻性陈述”。前瞻性陈述可以通过使用“相信”、“期望”、“可能”、“将”、“应”、“应该”、“会”、“可能”、“寻求”、“目标”、“项目”、“乐观”、“打算”、“目标”、“计划”、“估计”、“预期”或其他类似术语来识别。前瞻性陈述包括但不限于所有非历史事实的事项。它们出现在整个过程中的许多地方 季度报告包括但不限于关于我们的意图、信念、假设或当前计划和预期的陈述，这些陈述涉及财务状况和未来财务状况；经营结果；预期的经营和非经营关系；履行偿债义务和融资计划的能力；产品销售；分销渠道；业务保留；投资收益和利差；投资组合和管理资产负债现金流的能力；财务目标和指标；前景；增长战略或预期；法律法规；客户保留率；(通过判决或和解)法律、行政或监管程序、调查或检查的结果和费用，包括但不限于集体、代表或集体诉讼；我们脱离AIG的影响；地缘政治事件，包括乌克兰和俄罗斯之间以及中东持续的武装冲突；以及当前资本市场和经济状况的影响。

前瞻性陈述会受到已知和未知的风险和不确定性的影响，其中许多风险和不确定性可能是我们无法控制的。我们提醒您，前瞻性陈述不是对未来业绩或结果的保证，实际业绩和结果，包括但不限于我们的实际运营结果、财务状况、流动性和现金流，以及我们经营的市场的发展，可能与本新闻稿中包含的前瞻性陈述中所述或所暗示的内容存在实质性差异。季度报告。此外，即使我们的经营结果、财务状况、流动性和现金流以及我们经营的市场的发展与本新闻稿中包含的前瞻性表述一致，季度报告但是，这些结果或事态发展可能并不能预示随后各时期的结果或事态发展。一系列重要因素，包括但不限于 “风险因素” 以及“管理层对财务状况和经营成果的探讨与分析“在我们截至2023年12月31日年度的10-k表格年度报告（“2023年10-K表格”）中，可能会导致实际结果和结果与前瞻性陈述中反映的结果存在重大差异。可能导致实际结果和结果与前瞻性陈述中反映的不同的因素包括但不限于：

•利率变化和信贷利差变化；

•经济状况恶化、经济放缓或衰退、市场状况变化、资本市场疲软、股市波动、通胀压力、商业房地产市场压力以及地缘政治紧张局势，包括乌克兰和俄罗斯之间以及中东地区持续的武装冲突;

•保险责任索赔金额和时间的不可预测性；

•无法获得、不经济或不充分的再保险或重新获得再保险责任；

•与我们的再保险协议有关的不确定性和不可预测性坚毅再保险有限公司(“坚韧不拔“)及其履行这些协定项下的义务；

•我们从子公司获得资金的能力有限；

•我们产生债务的能力，我们可能无法对我们的全部或部分债务进行再融资，或者我们以有利的条件或根本不能获得额外融资的能力；

•由于我们的一些投资缺乏流动性，我们无法产生现金来满足我们的需求；

•我们对投资和衍生品进行估值的方法、估计和假设不准确；

•下调我们的保险公司财务实力(“IF”)评级或信用评级；

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

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

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

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

•与日本交易结束相关的风险的影响（定义见 注意事项1);

•我们无法维持关键技术系统的可用性和我们数据的保密性，包括与各种隐私和信息安全法律相关的挑战；

科布里奇 | 2024年第三季度10-Q表格 2

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目录

•我们的风险管理政策和程序无效；

•重大的法律、政府或监管程序；

•我们在每个业务领域面临的激烈竞争和技术变革，包括人工智能(AI)的使用，可能会给我们的业务带来新的和激烈的挑战；

•灾难，包括与气候变化和流行病有关的灾难；

•可能使我们面临某些风险的业务或资产收购和处置；

•我们保护知识产权的能力；

•根据新的国内或国际法律和法规或对现行法律和法规的新解释，我们在严格监管的行业中高效运营和有效竞争的能力;

•由于美国联邦收入或其他税法或税法解释的变化对我们产品的销售和我们业务的税收的影响；

•我们的生产率提高计划在实现我们预期的费用削减以及业务和组织效率的改善方面效果不佳；

•确认我们的商誉减值或因我们的业务表现不佳或其估计公允价值下降而对我们的递延所得税资产建立额外的估值拨备；

•在编制财务报表时使用的实际经验与估计之间的差异，以及在我们业务的不同领域使用的模拟结果；

•我们无法吸引和留住支持我们业务所需的关键员工和高技能人员；

•未能复制或替换AIG提供的功能、系统和基础设施(包括通过共享服务合同)，或我们失去了AIG全球合同的好处，以及AIG未能履行我们与AIG于2022年9月14日签订的过渡服务协议(“过渡服务协议”)中规定的服务；

•AIG对我们的重大影响以及因这种关系而产生的利益冲突；

•我们对AIG负有的赔偿义务；

•由于我们在首次公开募股（“IPO”）后五年内无法提交单一的美国综合联邦所得税申报表以及我们与AIG分离导致的美国联邦所得税目的的“所有权变更”，美国联邦所得税可能会更高;

•与AIG的税务协议相关的风险，以及我们(或我们的子公司)所属的整个AIG合并税务集团所有课税年度或其部分的潜在美国所得税责任；

•反收购条款可能阻碍、推迟或阻止我们控制权的变更的风险，即使控制权的变更将有利于我们的股东；以及

•与遵守上市公司相关的适用法律有关的挑战，这是昂贵和耗时的。

其他风险、不确定因素和因素，包括“风险因素“2023年10-K表格 这可能会导致我们的实际结果与我们所做的任何前瞻性陈述中预测的结果大不相同。您应该仔细阅读中描述的因素。风险因素” 2023年10-K表格 以更好地了解我们业务中固有的风险和不确定性以及任何前瞻性陈述。

你应该读读这篇文章季度报告 完全，并理解实际未来结果可能与预期存在重大差异。本文中做出的所有前瞻性陈述 季度报告 受到这些警告性声明的限制。这些前瞻性陈述仅于本日期做出 季度报告除法律规定外，我们不承担任何更新或修改任何前瞻性陈述以反映意外或其他事件发生的义务。

企业信息

我们鼓励投资者和其他人经常访问我们的网站（www.corebridgefinancial.com），包括我们的投资者关系网页（investors.corebridgefinancial.com）。我们在投资者关系网页以及美国证券交易委员会（“SEC”）文件、新闻稿、公开电话会议和网络广播、概况介绍和其他文件和媒体中向投资者和公众宣布重要的财务和其他信息。我们网站上发现的信息不会以引用的方式纳入本季度报告或我们提交给SEC的任何其他报告或文件中，并且对我们网站的任何引用仅为非活动文本引用。

科布里奇 | 2024年第三季度10-Q表格 3

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目录

第一部分-财务信息

项目1. | 财务报表

科里布里奇金融公司

Condensed Consolidated Balance Sheets (unaudited)

(单位：百万，共享数据除外)			2024年9月30日						2023年12月31日
资产：
投资：
固定期限证券：
可供出售债券，按公允价值计算，扣除信用损失拨备美元159 2024年和美元128 2023年 （摊销成本：2024年-美元192,074; 2023 - $184,946)*			$	178,224					$	166,527
其他债券证券，按公允价值计算（见注5）*			5,319						4,578
股权证券，按公允价值计算（见注5）*			258						63
应收抵押贷款和其他贷款，扣除信贷损失准备金#美元768 2024年和美元698 2023年 *			51,653						46,867
其他投资资产（按公允价值计量的部分：2024年-美元7,762; 2023 - $7,690)*			10,087						10,257
短期投资，包括#美元的限制性现金3 2024年和美元3 2023年（按公允价值计量的部分： 2024年-美元516; 2023 - $1,408)*			4,898						4,336
总投资			250,439						232,628
现金*			530						612
应计投资收益*			2,197						2,008
保费和其他应收款，扣除信贷损失和争议准备金#美元1 2024年和美元1 2023年			690						594
再保险资产-坚韧再保险，扣除信贷损失和纠纷准备金#美元— 2024年和美元— 2023年			26,323						26,772
再保险资产--其他，扣除信贷损失和争议准备金净额#美元12 2024年和美元30 2023年			1,531						1,620
递延所得税			7,626						8,577
递延保单收购成本和收购业务价值			10,204						10,011
市场风险使资产受益，按公允价值计算			1,164						912
其他资产，包括受限制现金美元14 2024年和美元13 2023年（按公允价值计量的部分： 2024年-美元697; 2023 - $393)*			2,239						2,294
单独账户资产，按公允价值计算			96,368						91,005
持有待售资产			111						2,237
总资产			$	399,422					$	379,270
负债：
人寿保险、意外保险和健康保险合同的未来保单福利			$	59,416					$	57,108
保单持有人合同存款（按公允价值计量的部分：2024年-美元10,272; 2023 - $8,050)			172,177						162,050
按公允价值计算的市场风险收益负债			6,276						5,705
其他投保人基金			2,852						2,862
Fortitude Re预扣应付资金（按公允价值计量的部分：2024年-美元3,341; 2023 - $2,182)			25,909						25,957
其他负债（按公允价值计量的部分：2024年-美元209; 2023 - $141)*			9,968						8,330
短期债务			—						250
长期债务			9,865						9,118
合并投资实体债务（按公允价值计量的部分：2024年-美元—; 2023 - $—)*			2,149						2,504
分账负债			96,368						91,005
持有待售负债			—						1,746
总负债			$	384,980					$	366,635
或有事项、承诺和保证（见附注16)
Corebridge股东权益：
普通股，$0.01票面价值；2,500,000,000 授权股份;发行股份：2024年- 650,189,849 2023年-   648,148,737			$	7					$	6
国库券，按成本计算; 2024年 - 75,798,204 股票和2023年- 26,484,411 股份			(1,881)						(503)
额外实收资本			8,148						8,149
留存收益			17,218						17,572
累计其他综合损失			(9,884)						(13,458)
Corebridge股东权益总额			13,608						11,766
不可赎回的非控股权益			834						869
权益总额			14,442						12,635
负债和权益总额			$	399,422					$	379,270

*与可变利息实体相关的余额详情请参阅注8.

请参阅随附的简明合并财务报表注释（未经审计）

科布里奇 | 2024年第三季度10-Q表格 4

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目录

科里布里奇金融公司

简明合并损益表（亏损） (未经审计）

						截至三个月 9月30日，												九个月结束 9月30日，
(单位为百万，每股普通股数据除外)						2024						2023						2024						2023
收入：
保费						$	619					$	701					$	3,461					$	5,249
保单收费						728						702						2,163						2,094
净投资收益：
净投资收入--不包括坚韧再保险基金预提资产						2,781						2,424						8,036						7,169
净投资收入--坚韧再投资基金预提资产						515						233						1,172						897
净投资收益总额						3,296						2,657						9,208						8,066
已实现净收益(亏损)：
已实现净收益（损失）-不包括Fortitude Re基金预扣资产和嵌入式衍生品						(975)						368						(1,843)						(397)
Fortitude Re基金预扣资产的已实现净收益（损失）						157						(228)						(100)						(338)
坚韧再保险基金预提嵌入衍生品的已实现净收益(亏损)						(1,509)						1,080						(1,451)						177
已实现净收益（损失）总额						(2,327)						1,220						(3,394)						(558)
咨询费收入						128						118						376						349
其他收入						172						107						348						324
总收入						2,616						5,505						12,162						15,524
福利和费用：
保单持有人福利（包括重新测量（收益）损失美元140 和$35 截至2024年9月30日和2023年9月30日的三个月和美元308 和$192，分别截至2024年9月30日和2023年9月30日的九个月）						1,149						1,102						5,005						6,473
市场风险收益公允价值变动，净额						603						(418)						259						(484)
记入投保人账户余额的利息						1,358						1,134						3,831						3,238
递延保单收购成本和收购业务价值摊销						260						268						787						782
不可延期的保险佣金						141						146						430						435
咨询费支出						73						65						212						194
一般运营费用						492						611						1,596						1,797
利息开支						133						135						409						441
资产剥离净（收益）损失						1						1						(245)						(55)
福利和费用总额						4,210						3,044						12,284						12,821
所得税前收益(亏损)费用(收益)						(1,594)						2,461						(122)						2,703
所得税支出(福利)						(407)						392						(103)						336
净收益(亏损)						(1,187)						2,069						(19)						2,367
减：
可归因于非控股权益的净收益(亏损)						(3)						(32)						(78)						(46)
Corebridge应占净利润（亏损）						$	(1,184)					$	2,101					$	59					$	2,413
Corebridge普通股股东应占每股普通股收入（亏损）：
普通股-基本股						$	(2.02)					$	3.29					$	0.10					$	3.73
普通股-稀释						$	(2.02)					$	3.28					$	0.10					$	3.72
加权平均流通股：
普通股-基本股						587.1						639.0						607.5						646.8
普通股-稀释						587.1						641.0						608.5						648.6

        

请参阅随附的简明合并财务报表注释（未经审计）

科布里奇 | 2024年第三季度10-Q表格 5

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目录

科布里奇金融公司

简明综合全面收益表(损益表)(未经审计）

			截至三个月 9月30日，												九个月结束 9月30日，
(单位：百万)			2024						2023						2024						2023
净收益(亏损)			$	(1,187)					$	2,069					$	(19)					$	2,367
其他综合收益(亏损)，税后净额
已计入信用损失拨备的固定期限证券未实现增值（折旧）的变化			(12)						(49)						14						24
所有其他投资的未实现增值(折旧)变动			5,587						(5,058)						3,444						(3,410)
可归因于我们自身信用风险变化的市场风险收益的公允价值变化			(143)						(81)						(7)						(196)
用于衡量传统和有限付款长期保险合同的贴现率的变化			(904)						1,116						18						1,137
现金流套期保值变动			88						(14)						66						(24)
外币换算调整的变动			17						(29)						84						43
退休计划负债变化			—						—						—						2
其他全面收益(亏损)			4,633						(4,115)						3,619						(2,424)
综合收益(亏损)			3,446						(2,046)						3,600						(57)
减：
可归属于非控股权益的全面收益(亏损)			6						(35)						(71)						(39)
Corebridge应占综合收益（亏损）			$	3,440					$	(2,011)					$	3,671					$	(18)

请参阅随附的简明合并财务报表注释（未经审计）

科布里奇 | 2024年第三季度10-Q表格 6

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目录

科里布里奇金融公司 简明合并权益表 (未经审计)

(单位：百万)			普通股			库存股			其他内容 已缴费 资本			保留 收益			累计 其他 全面 收入(亏损)			总 科布里奇 股东的 股权			非 可赎回 非控制性 利益			总 股东的 股权
截至2024年9月30日的三个月
期初余额			$	7		$	(1,161)		$	8,122		$	18,536		$	(14,508)		$	10,996		$	816		$	11,812
根据股票计划发行的普通股			—			—			—			—			—			—			—			—
购买普通股			—			(720)			—			—			—			(720)			—			(720)
归属于Corebridge或非控股权益的净亏损			—			—			—			(1,184)			—			(1,184)			(3)			(1,187)
普通股股息			—			—			—			(133)			—			(133)			—			(133)
其他综合收益，税后净额			—			—			—			—			4,624			4,624			9			4,633
非控制性权益的贡献			—			—			—			—			—			—			10			10
对非控股权益的分配			—			—			—			—			—			—			7			7
其他			—			—			26			(1)			—			25			(5)			20
期末余额			$	7		$	(1,881)		$	8,148		$	17,218		$	(9,884)		$	13,608		$	834		$	14,442
截至2023年9月30日的三个月
余额，期末			$	6		$	(202)		$	8,128		$	17,811		$	(15,182)		$	10,561		$	907		$	11,468
购买普通股			—			(47)			—			—			—			(47)			—			(47)
归属于Corebridge或非控股权益的净利润（亏损）			—			—			—			2,101			—			2,101			(32)			2,069
普通股股息			—			—			—			(146)			—			(146)			—			(146)
其他综合亏损，税后净额			—			—			—			—			(4,112)			(4,112)			(3)			(4,115)
非控制性权益的贡献			—			—			—			—			—			—			20			20
对非控股权益的分配			—			—			—			—			—			—			(1)			(1)
其他			—			—			10			(1)			—			9			(1)			8
期末余额			$	6		$	(249)		$	8,138		$	19,765		$	(19,294)		$	8,366		$	890		$	9,256

科布里奇 | 2024年第三季度10-Q表格 7

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目录

科里布里奇金融公司 简明合并权益表 （未经审计）（续）

(单位：百万)			普通股			库存股			其他内容 已缴费 资本			保留 收益			累计 其他 全面 收入(亏损)			总 科布里奇 股东的 股权			非 可赎回 非控制性 利益			总 股东的 股权
截至2024年9月30日的九个月
年初余额			$	6		$	(503)		$	8,149		$	17,572		$	(13,458)		$	11,766		$	869		$	12,635
根据股票计划发行的普通股			1			23			(23)			—			—			1			—			1
购买普通股			—			(1,401)			—			—			—			(1,401)			—			(1,401)
归属于Corebridge或非控股权益的净利润（亏损）			—			—			—			59			—			59			(78)			(19)
普通股股息			—			—			—			(415)			—			(415)			—			(415)
其他综合收益，税后净额			—			—			—			—			3,612			3,612			7			3,619
资产剥离和收购导致的非控股权益变化			—			—			—			—			—			—			1			1
非控制性权益的贡献			—			—			—			—			—			—			63			63
对非控股权益的分配			—			—			—			—			—			—			(24)			(24)
其他			—			—			22			2			(38)			(14)			(4)			(18)
期末余额			$	7		$	(1,881)		$	8,148		$	17,218		$	(9,884)		$	13,608		$	834		$	14,442
截至2023年9月30日的9个月
年初余额			$	6		$	—		$	8,030		$	18,207		$	(16,863)		$	9,380		$	939		$	10,319
购买普通股			—			(249)			—			—			—			(249)			—			(249)
归属于Corebridge或非控股权益的净利润（亏损）			—			—			—			2,413			—			2,413			(46)			2,367
普通股股息			—			—			—			(846)			—			(846)			—			(846)
其他综合收益(亏损)，税后净额			—			—			—			—			(2,431)			(2,431)			7			(2,424)
资产剥离和收购导致的非控股权益变化			—			—			—			—			—			—			(19)			(19)
非控制性权益的贡献			—			—			—			—			—			—			63			63
对非控股权益的分配			—			—			—			—			—			—			(54)			(54)
其他			—			—			108			(9)			—			99			—			99
期末余额			$	6		$	(249)		$	8,138		$	19,765		$	(19,294)		$	8,366		$	890		$	9,256

请参阅随附的简明合并财务报表注释（未经审计）

科布里奇 | 2024年第三季度10-Q表格 8

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目录

科里布里奇金融公司

现金流量表简明合并报表(未经审计）

			截至9月30日的9个月，
(单位：百万)			2024						2023
经营活动的现金流：
净收益(亏损)			$	(19)					$	2,367
将净收入与经营活动提供的现金净额进行调整：
计入收入（损失）的非现金收入、费用、损益：
出售可供出售证券和其他资产的净损失（收益）			927						291
资产剥离净（收益）损失			(245)						(55)
净收益中的未实现(收益)亏损			979						1,150
净收益中市场风险收益的公允价值变动			(72)						(1,056)
权益法投资收益中的权益，扣除股息或分配			69						14
折旧及其他摊销			132						346
资产减值			55						20
经营资产和负债变化：
保险责任			498						354
保费及其他应收款和应付款--净额			(246)						(335)
与Fortitude Re再保险合同相关的资金			19						(1,648)
再保险协议下持有的再保险资产和资金			646						596
递延保单购置成本的资本化			(1,015)						(941)
当期和递延所得税--净额			(348)						563
其他，净额			(708)						924
调整总额			691						223
经营活动提供的净现金			672						2,590
投资活动产生的现金流：
所得收益(付款)
销售或分销：
可供出售的证券			6,060						6,203
其他证券			470						774
其他投资资产			982						949
净资产剥离			577						32
可供出售的固定期限证券的到期日			11,245						6,186
已收到的抵押贷款和其他应收贷款本金付款			3,222						3,778
购买：
可供出售证券			(22,954)						(11,101)
其他证券			(1,008)						(1,124)
其他投资资产			(661)						(902)
抵押贷款和其他应收贷款			(7,692)						(6,240)
企业收购，扣除所收购现金和受限制现金			—						(5)
短期投资净变化			(572)						(776)
衍生资产和负债净变化			295						(1,087)
其他，净额			(151)						46
投资活动所用现金净额			(10,187)						(3,267)
融资活动的现金流：
收益(支付)：
投保人合同存款			30,661						24,550
投保人合同提款			(21,846)						(20,409)
发行长期债务			743						496
发行合并投资主体的债务			132						202
偿还短期债务			(250)						(500)
合并投资实体债务的到期和偿还			(652)						(374)
普通股支付的股息			(415)						(846)
对非控股权益的分配			(24)						(59)
非控制性权益的贡献			63						63
证券出借和回购协议净变化			2,580						(2,290)
普通股发行			1						—
普通股回购			(1,394)						(246)
其他，净额			(165)						73
融资活动提供(用于)的现金净额			9,434						660
汇率变动对现金和限制性现金的影响			—						3
现金和限制性现金净增(减)额			(81)						(14)
年初现金和限制性现金			628						633
待售企业现金变化			—						(38)
期末现金和限制性现金			$	547					$	581

请参阅随附的简明合并财务报表注释（未经审计）

科布里奇 | 2024年第三季度10-Q表格 9

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目录

科里布里奇金融公司

现金流量表简明合并报表 (未经审计）（续）

合并现金流量信息补充披露
			九个月结束 9月30日，
(单位：百万)			2024						2023
现金			$	530					$	569
列入短期投资的受限制现金			3						3
包括在其他资产中的受限现金			14						9
简明合并现金流量表中显示的现金和限制现金总额			$	547					$	581
期内支付的现金（已收到）用于：
利息			$	315					$	288
税费			$	245					$	(227)
非现金投资活动：
与养老金风险转移交易有关收到的指定可供出售的固定期限证券			$	(1,316)					$	(2,818)
与再保险交易相关收到的固定期限证券，指定公允价值期权			$	(232)					$	—
与再保险交易有关的指定可供出售的固定到期日证券			$	153					$	439
固定到期日证券，指定公允价值期权，与再保险交易有关转让			$	73					$	17
与再保险交易相关转让的其他投资资产证券			$	43					$	(111)
非现金融资活动：
计入投保人合同存款的利息包括在融资活动中			$	3,911					$	3,217
借记投保人合同存款的手续费收入包括在融资活动中			$	(2,143)					$	(1,567)
非现金出资			$	17					$	16

请参阅随附的简明合并财务报表注释（未经审计）

科布里奇 | 2024年第三季度10-Q表格 10

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目录

项目1|简明合并财务报表附注(未经审计) 1.概述和呈现基础

1.概述和呈现基础

Corebridge金融公司(“Corebridge母公司”)是美国领先的退休解决方案和人寿保险产品供应商。我们的主要业务包括向个人和机构市场销售个人和团体年金以及人寿保险产品。Corebridge母公司普通股，面值$0.01 每股在纽约证券交易所（NYSE：CRBG）上市。术语“Corebridge”、“我们的”或“公司”是指Corebridge母公司及其合并子公司，除非上下文仅指Corebridge母公司。Corebridge母公司的子公司包括：GC人寿保险公司（“GC”）、美国通用人寿保险公司（“AGL”）、可变年金人寿保险公司（“VAR”）、纽约市美国人寿保险公司（“USL”）、Corebridge Insurance Company of Bermuda，Ltd.（“CRBG Bermuda”）和SAFG Capital LLC及其子公司。美国国际集团公司（“AIG母公司”）是一家在纽约证券交易所上市的上市实体（NYSE：AIG）。术语“AIG”指AIG母公司及其合并子公司，除非上下文仅指AIG母公司。

这些未经审计的简明综合财务报表显示了公司的经营结果、财务状况和现金流。

2022年9月19日，我们完成了首次公开募股（“IPO”），AIG母公司出售了 80.0 向公众出售Corebridge母公司的百万股普通股。自我们首次公开募股以来，AIG母公司已通过二次公开募股和其他交易出售了其在Corebridge的部分权益。截至2024年9月30日，AIG母公司拥有约 48.6占已发行Corebridge母公司普通股的%。

于2024年5月16日，Corebridge母公司与AIG母公司及根据日本法律成立的共同公司日本人寿保险公司订立股份购买协议(“购买协议”)，据此，AIG母公司同意出售约1222000万股Corebridge母公司普通股，相当于约20签署时，Corebridge已发行和已发行的母公司普通股的百分比将出售给日本(“日本交易”)。新日铁的交易预计将不晚于2025年第一季度完成，具体取决于某些完成条件，包括获得特定的监管批准。于2024年5月16日，就签订购买协议，本公司与AIG母公司订立日期为2022年9月14日的分居协议修订(“分居协议”)，根据该协议，本公司与AIG母公司同意就分居协议所载有关AIG董事会指定权利及AIG同意本公司某些行动的权利作出若干改变。

2024年6月9日，AIG母公司放弃了在《分立协议》下将大多数候选人纳入Corebridge董事会就股东会议向Corebridge股东推荐的每份候选人名单中的权利。2024年6月10日，AIG母公司宣布已满足Corebridge出于会计目的取消合并的要求。

这些简明综合财务报表包括Corebridge母公司、其受控子公司(通常通过持有超过50%的投票权和投票权权益)和可变权益实体(VIE)的业绩，我们是这些实体的主要受益人。对吾等未合并实体的股权投资，包括吾等有重大影响力的公司实体，以及吾等对营运及财务政策有重大影响的合伙及类似合伙企业，除非吾等已选择公允价值选择，否则将按权益法入账。

随附的简明合并财务报表是根据美国普遍接受的会计原则（“GAAP”）编制的。所有重大公司间账户和合并实体之间的交易均已删除。

随附的简明合并财务报表反映了所有正常的经常性调整，包括管理层认为公平报表我们的财务状况、经营业绩和所列期间现金流量所需的重大公司间账户和交易的抵消。

出售业务

AIG人寿有限公司（“AIG人寿英国”）

2024年4月8日，Corebridge完成出售AIG Life Limited（“AIG Life UK”）转让给Aviva plc（“Aviva”）并收到总收益£4532000万(美元)569 百万）产生税前收益美元246 截至2024年9月30日的九个月内为百万美元。

Laya Healthcare Ltd.(“Laya”)

2023年10月31日，Corebridge完成了将Laya出售给AXA的交易，并获得了欧元的总收益6912000万(美元)731(百万美元)，税前收益为$652在截至2023年12月31日的一年中，

待售商品分类

分类为持作出售的资产从资产分类为持作出售的期间开始，在我们的简明合并资产负债表中的持作出售资产中进行隔离并报告。于2024年9月30日，我们记录了持作出售资产（主要由房地产组成）为美元111 万于2023年12月31日，我们记录了持有待售资产和持有待售负债，主要包括AIG Life UK和房地产，美元2.23亿美元和3,000美元1.7分别为200亿美元和200亿美元。

预算的使用

根据公认会计原则编制财务报表需要应用会计政策，这些政策往往涉及很大程度的判断。我们认为最依赖于估计和假设应用的会计政策被视为我们的关键会计估计，并与以下各项的确定有关：

•某些金融资产和负债的公允价值计量；

•与变额年金、固定年金和固定指数年金产品的保证收益特征相关的市场风险收益（“MRB”）估值;固定指数年金和指数万能人寿产品的嵌入式衍生负债估值;

•未来政策福利负债的估值和重新计量损益的确认；

•再保险资产，包括信贷损失准备；

•商誉减值；

•信贷损失准备，主要是贷款和可供出售的固定期限证券；以及

•所得税资产和负债，包括我们递延税项净资产的可回收性和未来税项经营盈利的可预测性，以及实现递延税项净资产所必需的性质。

该等会计估计须就若干事项作出假设，其中部分于估计时极不确定。倘实际经验与所用假设不同，则我们的综合财务状况、经营业绩及现金流量可能受到重大影响。

周期外调整

截至2024年9月30日的九个月内，公司录得美元86 百万的期外调整增加了收益，主要与某些证券净投资收益的修正以及与某些精算确定的余额的计算相关的修正有关。该公司评估了错误和期外调整的影响，并得出结论，这对之前发布的任何中期或年度综合财务报表并不重大，并且预计该调整对截至2024年12月31日的年度也不会重大。

2.主要会计政策摘要

2024年采用的会计准则

GAAP的变更由财务会计准则委员会(“FASB”)以FASB会计准则编纂的会计准则更新(“ASU”)的形式确定。本公司考虑所有华硕的适用性和影响力。

公允价值计量

2022年6月30日，FASB发布了一份ASU，以解决实践中的多样性问题，澄清在衡量股权证券的公允价值时不应考虑合同销售限制。它还要求投资于受合同销售限制的股权证券的实体披露有关此类证券的某些定性和定量信息。该公司于2024年1月1日采用了该标准，预期适用于投资公司以外的实体。该准则的采用并未对我们的合并财务报表产生实质性影响。

会计准则的未来应用

所得税

2023年12月，FASB发布了一份ASU，以解决所得税披露的改进问题。该标准要求提供有关公司有效税率调整的分类信息以及已缴纳所得税的信息。该标准在2024年12月15日之后的年度期间对上市公司有效，并允许提前采用。该标准将在预期的基础上应用，并可选择追溯适用该标准。我们正在评估这一标准的影响。

科布里奇 | 2024年第三季度10-Q表格 11

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目录

项目1|简明合并财务报表附注(未经审计)2.主要会计政策摘要

细分市场报告

2023年11月，FASB发布了一份ASU，以解决对可报告部门披露的改进。该准则主要要求以下年度和中期披露：i)定期提供给首席运营决策者(“CODM”)并计入每个报告的分部损益计量的重大分部费用；以及ii)其他分部项目及其构成说明。该准则还要求在中期披露关于可报告分部的损益和资产的当前年度披露，以及CODM的头衔和职位，并解释CODM如何使用报告的分部损益衡量标准(S)来评估分部业绩。该指导意见对上市公司在2023年12月15日之后的会计年度和2024年12月15日之后的会计年度内的过渡期有效，并允许提前采用。ASU追溯适用于以前列报的所有期间。该公司预计，采用这一ASU不会对其合并财务报表产生实质性影响。

3.细分市场信息

我们报告的运营结果与我们的首席运营决策者审查业务以评估业绩和分配资源的方式一致。

我们报告我们的运营结果如下五可报告的细分市场：

•个人退休-由固定年金、固定指数年金和可变年金组成。

•集体退休 -包括计划内提供的记录保存、计划管理和合规服务、财务规划和咨询解决方案，以及计划外提供的专有和有限的非专有年金、咨询和经纪产品。

•人寿保险 - 美国的主要产品包括定期人寿保险和万能人寿保险。国际人寿业务在英国发行个人和团体人寿保险，并在爱尔兰发行私人医疗保险。2023年10月31日，Corebridge完成了Laya的出售，并于2024年4月8日完成了AIG Life UK的出售

•机构市场 - 包括稳定价值包裹（“SVW”）产品、结构性结算和养老金风险转移（“PRT”）年金、担保投资合同（“GIC”）和企业市场产品，包括企业和银行自有人寿保险（“COLI-BOLI”）、私募可变万能人寿和私募可变年金产品。

•公司和其他 – 主要包括：

–不属于我们其他部门的公司费用；

–金融债务利息支出；

–我们合并投资实体的业绩；

–机构资产管理业务，包括管理非合并关联公司的资产；以及

–我们遗留的保险系列的结果被割让给了坚韧再保险公司。

我们根据调整后的收入和调整后的税前营业收入（亏损）（“APTOI”）评估分部业绩。调整后的收入是通过从总收入中剔除某些项目来得出的。APTOI是通过将某些项目从所得税前运营收入中剔除而得出的。这些项目通常属于以下一个或多个大类别：与我们当前业务或经营业绩无关的遗留问题;为提高交易基本经济透明度而进行的调整;以及我们认为行业常见的调整。法律实体根据该法律实体的活动优势归属于每个分部。

APTOI不包括下列项目的影响：

与毅力相关的调整：

修改后的共同保险(“modco”)再保险协议将支持再保险协议的投资资产的经济价值转移到坚韧再保险公司。因此，坚韧再保险基金预提资产的净投资收入和坚韧再保险基金预提资产的已实现收益(亏损)净额不包括在APTOI中。同样，坚韧再保险基金预扣嵌入衍生品的变化也被排除在APTOI之外。

与坚韧再保险达成的再保险协议相关的正在进行的结果已被排除在APTOI之外，因为这些并不表明我们正在进行的业务运营。

科布里奇 | 2024年第三季度10-Q表格 12

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项目1|简明合并财务报表附注(未经审计) 3.细分市场信息

与投资相关的调整：

APTOI不包括“已实现净收益(亏损)”，但与房地产投资处置有关的收益(亏损)除外。除与房地产投资处置有关的收益(亏损)外，已实现净收益(亏损)不包括在内，因为出售投资资产的时间或津贴的变化主要取决于市场信贷周期，并且在不同时期可能有很大差异。此外，利率变化可能会造成买入或卖出投资资产的机会主义情景。我们的衍生品结果，包括那些用于对保险负债进行经济对冲的结果，或那些被确认为公允价值嵌入衍生品的结果，也包括在已实现净收益(损失)中，同样不包括在APTOI中，但用于非合格(经济)对冲或用于资产复制的衍生品工具的收益(定期结算和结算应计项目的变化)除外。此类经济对冲的收益从已实现净收益和损失重新分类到特定的APTOI项目，基于被对冲的经济风险(例如，记入投保人账户余额的净投资收入和利息)。

市场风险收益调整：

我们的某些可变年金、固定年金和固定指数年金合同包含保证最低提款福利（“GMWB”）和/或保证最低死亡福利（“GMDB”），这些福利被记为MRB。这些MRB的公允价值变化（不包括与我们自身信用风险相关的变化），包括归因于MRB的某些附加费，以及用于对冲MRB的衍生品的公允价值变化，通过“MRB的公允价值变化，净额”记录，并被排除在APTOI之外。

用于对MRB进行经济对冲的证券的公允价值变动被排除在APTOI之外。

其他调整：

其他调整是不包括在APTOI之外的所有其他调整，包括与合并投资实体相关的非控制性权益的税前净营业收入(亏损)。如适用，排除的调整包括：

•与旨在减少业务费用、提高效率和简化本组织的举措有关的重组和其他费用；

•与实施非正常程序、法律或规章变更或会计原则变更有关的非经常性费用；

•分离费用;

•非经营性诉讼准备金和和解；

•债务清偿损失(收益)(如有)；

•商誉减值损失(如有)；以及

•剥离或分拆业务的损益(如有)。

科布里奇 | 2024年第三季度10-Q表格 13

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项目1|简明合并财务报表附注(未经审计) 3.细分市场信息

下表按部门列出了Corebridge的运营：

(单位：百万)			个人退休			集体退休			人寿保险			机构市场			公司和其他			淘汰			Total Corebridge			调整			合并总数
截至2024年9月30日的三个月
保费			$	36		$	5		$	352		$	208		$	17		$	—		$	618		$	1		$	619
保单收费			205			113			360			50			—			—			728			—			728
净投资收益(a)			1,461			478			336			568			(5)			(4)			2,834			462			3,296
已实现净收益(亏损)(A)(B)			—			—			—			—			53			—			53			(2,380)			(2,327)
咨询费和其他收入			116			88			81			6			9			—			300			—			300
调整后总收入			1,818			684			1,129			832			74			(4)			4,533			(1,917)			2,616
保单持有人给付			21			9			687			435			—			—			1,152			(3)			1,149
市场风险收益公允价值变动，净额			—			—			—			—			—			—			—			603			603
记入投保人账户余额的利息			744			305			84			215			—			—			1,348			10			1,358
递延保单收购成本摊销			153			21			82			4			—			—			260			—			260
不可延期的保险佣金			99			30			7			5			—			—			141			—			141
咨询费支出			38			34			1			—			—			—			73			—			73
一般运营费用			106			97			112			19			71			(1)			404			88			492
利息开支			—			—			—			—			132			(5)			127			6			133
资产剥离净（收益）			—			—			—			—			—			—			—			1			1
福利和费用总额			1,161			496			973			678			203			(6)			3,505			705			4,210
非控制性权益			—			—			—			—			3			—			3
调整后税前营业收入（亏损）			$	657		$	188		$	156		$	154		$	(126)		$	2		$	1,031
对以下各项进行调整：
总收入																					(1,917)
总费用																					705
非控制性权益																					(3)
所得税前收入支出(收益)																					$	(1,594)					$	(1,594)
截至2023年9月30日的三个月
保费			$	29		$	6		$	449		$	200		$	19		$	—		$	703		$	(2)		$	701
保单收费			182			102			371			47			—			—			702			—			702
净投资收益(亏损)(a)			1,240			504			313			408			(2)			(7)			2,456			201			2,657
已实现净收益(亏损)(A)(B)			—			—			—			—			(5)			—			(5)			1,225			1,220
咨询费和其他收入			107			78			29			1			10			—			225			—			225
调整后总收入			1,558			690			1,162			656			22			(7)			4,081			1,424			5,505
保单持有人给付			29			12			673			389			—			—			1,103			(1)			1,102
市场风险收益公允价值变动，净额			—			—			—			—			—			—			—			(418)			(418)
记入投保人账户余额的利息			582			298			86			165			—			—			1,131			3			1,134
递延保单收购成本摊销			150			21			95			2			—			—			268			—			268
不可延期的保险佣金			90			29			22			5			—			—			146			—			146
咨询费支出			35			29			1			—			—			—			65			—			65
一般运营费用			96			109			149			20			85			—			459			152			611
利息开支			—			—			—			—			132			(4)			128			7			135
资产剥离净（收益）			—			—			—			—			—			—			—			1			1
福利和费用总额			982			498			1,026			581			217			(4)			3,300			(256)			3,044
非控制性权益			—			—			—			—			32			—			32
调整后税前营业收入（亏损）			$	576		$	192		$	136		$	75		$	(163)		$	(3)		$	813
对以下各项进行调整：
总收入																					1,424
总费用																					(256)
非控制性权益																					(32)
所得税前收入支出(收益)																					$	2,461					$	2,461

科布里奇 | 2024年第三季度10-Q表格 14

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项目1|简明合并财务报表附注(未经审计) 3.细分市场信息

(单位：百万)			个人退休			集体退休			人寿保险			机构市场			公司和其他			淘汰			Total Corebridge			调整			合并总数
截至2024年9月30日的九个月
保费			$	107		$	10		$	1,117		$	2,171		$	55		$	—		$	3,460		$	1		$	3,461
保单收费			596			328			1,094			145			—			—			2,163			—			2,163
净投资收益(a)			4,205			1,460			984			1,544			3			(17)			8,179			1,029			9,208
已实现净收益(亏损)(A)(B)			—			—			—			—			36			—			36			(3,430)			(3,394)
咨询费和其他收入			340			254			82			8			40			—			724			—			724
调整后总收入			5,248			2,052			3,277			3,868			134			(17)			14,562			(2,400)			12,162
保单持有人给付			90			10			2,062			2,852			—			—			5,014			(9)			5,005
市场风险收益公允价值变动，净额			—			—			—			—			—			—			—			259			259
记入投保人账户余额的利息			2,078			903			251			571			—			—			3,803			28			3,831
递延保单收购成本摊销			454			63			260			10			—			—			787			—			787
不可延期的保险佣金			283			89			42			15			1			—			430			—			430
咨询费支出			111			99			2			—			—			—			212			—			212
一般运营费用			332			305			355			58			232			(1)			1,281			315			1,596
利息开支			—			—			—			—			401			(15)			386			23			409
资产剥离净（收益）			—			—			—			—			—			—			—			(245)			(245)
福利和费用总额			3,348			1,469			2,972			3,506			634			(16)			11,913			371			12,284
非控制性权益			—			—			—			—			78			—			78
调整后税前营业收入（亏损）			$	1,900		$	583		$	305		$	362		$	(422)		$	(1)		$	2,727
对以下各项进行调整：
总收入																					(2,400)
总费用																					371
非控制性权益																					(78)
所得税前收入支出(收益)																					$	(122)					$	(122)
截至2023年9月30日的9个月
保费			$	173		$	16		$	1,317		$	3,686		$	59		$	—		$	5,251		$	(2)		$	5,249
保单收费			528			304			1,117			145			—			—			2,094			—			2,094
净投资收益(a)			3,592			1,508			957			1,147			85			(18)			7,271			795			8,066
已实现净收益(亏损)(A)(B)			—			—			—			—			0			—			—			(558)			(558)
咨询费和其他收入			318			230			84			1			40			—			673			—			673
调整后总收入			4,611			2,058			3,475			4,979			184			(18)			15,289			235			15,524
保单持有人给付			165			27			2,102			4,188			(3)			—			6,479			(6)			6,473
市场风险收益公允价值变动，净额			—			—			—			—			—			—			—			(484)			(484)
记入投保人账户余额的利息			1,654			883			253			421			—			—			3,211			27			3,238
递延保单收购成本摊销			425			62			289			6			—			—			782			—			782
不可延期的保险佣金			270			90			60			14			1			—			435			—			435
咨询费支出			105			87			2			—			—			—			194			—			194
一般运营费用			308			334			475			64			261			—			1,442			355			1,797
利息开支			—			—			—			—			433			(14)			419			22			441
资产剥离净（收益）			—			—			—			—			—			—			—			(55)			(55)
福利和费用总额			2,927			1,483			3,181			4,693			692			(14)			12,962			(141)			12,821
非控制性权益			—			—			—			—			46			—			46
调整后税前营业收入（亏损）			$	1,684		$	575		$	294		$	286		$	(462)		$	(4)		$	2,373
对以下各项进行调整：
总收入																					235
总费用																					(141)
非控制性权益																					(46)
所得税前收入支出(收益)																					$	2,703					$	2,703

(a)调整包括Fortitude Re活动为美元（0.8）十亿美元1.1 截至2024年9月30日和2023年9月30日的三个月分别为10亿美元和（379)百万元及$736 截至2024年9月30日和2023年9月30日的九个月分别为百万美元。

(b)实现净收益（损失）包括与房地产投资处置相关的收益（损失）。

科布里奇 | 2024年第三季度10-Q表格 15

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项目1|简明合并财务报表附注(未经审计) 4.公平值计量

4.公平值计量

公允价值经常性计量

在简明合并资产负债表中按公允价值记录的资产和负债根据公允价值层级进行计量和分类，该层级由基于估值输入的可观察性的三个“级别”组成：

•1级： 公允价值计量基于我们有能力获得相同资产或负债的活跃市场的报价(未调整)。市场价格数据一般从交易所或交易商市场获得。我们不会调整这类工具的报价。

•第2级：公允价值计量基于直接或间接对资产或负债可观察到的第1级报价以外的投入。二级投入包括活跃市场中类似资产和负债的报价、不活跃市场中相同或类似资产或负债的报价、以及资产或负债可观察到的报价以外的投入，如按通常报价间隔可观察到的利率和收益率曲线。

•第3级： 公允价值计量基于使用不可观察的重要输入数据的估值技术。可观察和不可观察输入数据均可用于确定分类为第三级的头寸的公允价值。使用这些衡量标准的情况包括资产或负债几乎没有（如果有的话）市场活动的情况。因此，我们必须对假设的市场参与者用于对该资产或负债进行估值的输入做出某些假设。

于若干情况下，计量公平值所用之输入数据可能属于公平值层级之不同级别。在该等情况下，公平值计量整体所属的公平值层级级别乃根据对公平值计量整体而言属重大的最低级别输入数据厘定。

科布里奇 | 2024年第三季度10-Q表格 16

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目录

项目1|简明合并财务报表附注(未经审计) 4.公平值计量

按公允价值经常性计量的资产和负债

下表列出了按公允价值经常性计量的资产和负债的信息，并根据所用投入的可观测性说明了公允价值计量的水平：

2024年9月30日						1级						2级						3级						交易对手 编织成网(a)						现金 抵押品						总
(单位：百万)
资产：
可供出售债券：
美国政府和政府支持的实体						$	—					$	1,471					$	—					$	—					$	—					$	1,471
各州、市政当局和政治分区的义务						—						4,265						850						—						—						5,115
非美国政府						—						3,973						—						—						—						3,973
公司债务						—						108,492						1,551						—						—						110,043
RMBS(b)						—						10,524						6,613						—						—						17,137
CMBS						—						9,569						676						—						—						10,245
克罗						—						9,185						2,040						—						—						11,225
ABS						—						1,397						17,618						—						—						19,015
可供出售债券总额						—						148,876						29,348						—						—						178,224
其他债券证券：
美国政府和政府支持的实体						—						—						—						—						—						—
各州、市政当局和政治分区的义务						—						40						1						—						—						41
非美国政府						—						29						—						—						—						29
企业债务						—						2,832						205						—						—						3,037
RMBS(c)						—						61						105						—						—						166
CMBS						—						220						14						—						—						234
CLO						—						426						61						—						—						487
ABS						—						75						1,250						—						—						1,325
其他债券证券总额						—						3,683						1,636						—						—						5,319
股权证券						217						—						41						—						—						258
其他投资资产(d)						—						—						1,817						—						—						1,817
衍生资产：
利率合约						—						3,419						343						—						—						3,762
外汇合约						—						885						—						—						—						885
股权合同						9						2,935						1,407						—						—						4,351
信贷合同						—						134						—						—						—						134
其他合同						—						1						12						—						—						13
交易对手净额结算和现金抵押品						—						—						—						(5,611)						(2,837)						(8,448)
衍生工具资产总额						9						7,374						1,762						(5,611)						(2,837)						697
短期投资						14						502						—						—						—						516
市场风险惠益资产						—						—						1,164						—						—						1,164
独立账户资产						92,943						3,425						—						—						—						96,368
总						$	93,183					$	163,860					$	35,768					$	(5,611)					$	(2,837)					$	284,363
负债：
投保人合同存款(e)						$	—					$	183					$	10,089					$	—					$	—					$	10,272
衍生负债：
利率合约						—						3,419						—						—						—						3,419
外汇合约						—						583						—						—						—						583
股权合约						5						2,018						75						—						—						2,098
信用合约						—						—						—						—						—						—
其他合同						—						—						1						—						—						1
交易对手净结算和现金抵押品						—						—						—						(5,611)						(281)						(5,892)
衍生负债总额						5						6,020						76						(5,611)						(281)						209
坚韧再保险基金预扣应付款项(f)						—						—						3,341						—						—						3,341
市场风险收益负债						—						—						6,276						—						—						6,276
总计						$	5					$	6,203					$	19,782					$	(5,611)					$	(281)					$	20,098

科布里奇 | 2024年第三季度10-Q表格 17

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目录

项目1|简明合并财务报表附注(未经审计) 4.公平值计量

2023年12月31日						1级						2级						3级						交易对手 编织成网(a)						现金 抵押品						总
(单位：百万)
资产：
可供出售债券：
美国政府和政府支持的实体						$	20					$	1,200					$	—					$	—					$	—					$	1,220
各州、市政当局和政治分区的义务						—						4,987						844						—						—						5,831
非美国政府						—						4,057						—						—						—						4,057
企业债务						—						104,725						1,357						—						—						106,082
RMBS(b)						—						8,423						5,854						—						—						14,277
CMBS						—						9,373						608						—						—						9,981
CLO						—						9,301						1,843						—						—						11,144
ABS						—						1,029						12,906						—						—						13,935
可供出售债券总额						20						143,095						23,412						—						—						166,527
其他债券证券：
各州、市政当局和政治分区的义务						—						39						1						—						—						40
非美国政府						—						13						—						—						—						13
企业债务						—						2,486						167						—						—						2,653
RMBS(c)						—						63						107						—						—						170
CMBS						—						211						17						—						—						228
CLO						—						354						69						—						—						423
ABS						—						89						962						—						—						1,051
其他债券证券总额						—						3,255						1,323						—						—						4,578
股权证券						21						—						42						—						—						63
其他投资资产(d)						—						—						1,850						—						—						1,850
衍生资产：
利率合约						—						2,498						449						—						—						2,947
外汇合约						—						940						—						—						—						940
股权合约						7						1,186						824						—						—						2,017
信用合约						—						8						—						—						—						8
其他合同						—						1						12						—						—						13
交易对手净结算和现金抵押品						—						—						—						(3,646)						(1,886)						(5,532)
衍生工具资产总额						7						4,633						1,285						(3,646)						(1,886)						393
短期投资						21						1,387						—						—						—						1,408
市场风险惠益资产						—						—						912						—						—						912
独立账户资产						87,813						3,192						—						—						—						91,005
总计(g)						$	87,882					$	155,562					$	28,824					$	(3,646)					$	(1,886)					$	266,736
负债：
投保人合同存款(e)						$	—					$	108					$	7,942					$	—					$	—					$	8,050
衍生负债：
利率合约						—						3,278						—						—						—						3,278
外汇合约						—						563						—						—						—						563
股权合约						2						680						63						—						—						745
其他合同						—						—						2						—						—						2
交易对手净结算和现金抵押品						—						—						—						(3,646)						(801)						(4,447)
衍生负债总额						2						4,521						65						(3,646)						(801)						141
坚韧再保险基金预扣应付款项(f)						—						—						2,182						—						—						2,182
市场风险收益负债						—						—						5,705						—						—						5,705
总						$	2					$	4,629					$	15,894					$	(3,646)					$	(801)					$	16,078

(a)代表符合资格的主净额结算协议所涵盖的衍生品敞口的净额结算。

(b)包括对关联方发行的住宅支持抵押贷款证券（“RMBS”）的投资美元— 亿和$— 截至2024年9月30日，百万人分别被归类为2级和3级。此外，还包括对关联方发行的RMBS的投资美元36 亿和$7 截至2023年12月31日，百万人分别被归类为2级和3级。

(c)包括$— 百万且少于美元1 截至2024年9月30日和2023年12月31日，关联方发行的RMBS投资被归类为2级。

(d)不包括使用每股净资产价值（“NV”）（或其等值）按公允价值计量的投资，总计美元5.9 亿和$5.8 截至2024年9月30日和2023年12月31日，分别为10亿美元。

(e)不包括公允价值对冲的基准调整。

科布里奇 | 2024年第三季度10-Q表格 18

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TABLE OF CONTENTS

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

(f)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 Condensed Consolidated Balance Sheets. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge, which are primarily available-for-sale securities.

(g)Excludes assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $167 million, as of December 31, 2023. See Note 4 in the 2023 Form 10-K for additional information.

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

The following tables present changes during the three and nine months ended September 30, 2024 and 2023 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at September 30, 2024 and 2023:

(in millions)						Fair Value  Beginning  of Period						Net  Realized  and Unrealized Gains  (Losses)  Included in Income						Other  Comprehensive Income (Loss)						Purchases,  Sales,  Issuances  and  Settlements, Net						Gross Transfers  in						Gross  Transfers  out												Other						Fair Value  End of Period						Changes in  Unrealized Gains  (Losses)  Included in Income on Instruments Held at End of Period						Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Three Months Ended September 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions						$	796					$	(1)					$	55					$	—					$	—					$	—											$	—					$	850					$	—					$	53
Corporate debt						1,393						8						44						(46)						241						(89)												—						1,551						—						46
RMBS						6,453						82						242						(20)						—						(144)												—						6,613						—						234
CMBS						529						13						52						(27)						118						(9)												—						676						—						40
CLO						1,772						34						(39)						326						10						(63)												—						2,040						—						(26)
ABS						16,355						148						311						729						77						(2)												—						17,618						—						315
Total bonds available-for-sale						27,298						284						665						962						446						(307)												—						29,348						—						662
Other bond securities:
Obligations of states, municipalities and political subdivisions						1						—						—						—						—						—												—						1						—						—
Corporate debt						195						7						—						—						3						—												—						205						7						—
RMBS						103						5						—						(1)						—						(2)												—						105						4						—
CMBS						17						1						—						(4)						—						—												—						14						1						—
CLO						61						(1)						—						8						—						(7)												—						61						(1)						—
ABS						1,193						45						—						11						1						—												—						1,250						32						—
Total other bond securities						1,570						57						—						14						4						(9)												—						1,636						43						—
Equity securities						48						—						—						—						—						—												(7)						41						—						—
Other invested assets						1,655						17						15						130						—						—												—						1,817						15						—
Total(a)						$	30,571					$	358					$	680					$	1,106					$	450					$	(316)											$	(7)					$	32,842					$	58					$	662
(in millions)						Fair Value  Beginning  of Period						Net  Realized  and Unrealized (Gains)  Losses  Included in Income						Other  Comprehensive (Income) Loss						Purchases,  Sales,  Issuances  and  Settlements, Net						Gross Transfers  in						Gross  Transfers  out												Other						Fair Value  End of Period						Changes in  Unrealized Gains  (Losses)  Included in Income on Instruments Held at End of Period						Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Liabilities:
Policyholder contract deposits						$	9,036					$	953					$	—					$	100					$	—					$	—											$	—					$	10,089					$	(262)					$	—
Derivative liabilities, net:
Interest rate contracts						(423)						76						—						(2)						—						—												6						(343)						(76)						—
Equity contracts						(1,023)						(364)						—						56						—						—												(1)						(1,332)						305						—
Other contracts						(12)						(15)						—						15						—						—												1						(11)						14						—
Total derivative liabilities, net(b)						(1,458)						(303)						—						69						—						—												6						(1,686)						243						—
Fortitude Re funds withheld payable						1,913						1,509						—						(81)						—						—												—						3,341						(861)						—
Total(c)						$	9,491					$	2,159					$	—					$	88					$	—					$	—											$	6					$	11,744					$	(880)					$	—

Corebridge | Third Quarter 2024 Form 10-Q 19

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TABLE OF CONTENTS

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

(in millions)						Fair Value  Beginning  of Period						Net  Realized  and Unrealized Gains  (Losses)  Included in Income						Other  Comprehensive Income (Loss)						Purchases,  Sales,  Issuances  and  Settlements, Net						Gross Transfers  in						Gross  Transfers  out												Other(d)						Fair Value  End of Period						Changes in  Unrealized Gains  (Losses) Included in Income on Instruments Held at End of Period						Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Three Months Ended September 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions						$	853					$	(2)					$	(77)					$	(12)					$	—					$	—											$	—					$	762					$	—					$	(81)
Corporate debt						1,303						(3)						(65)						(13)						147						(185)												—						1,184						—						(70)
RMBS						5,753						74						(66)						(13)						1						(22)												—						5,727						—						(106)
CMBS						505						5						(28)						(2)						33						—												—						513						—						(27)
CLO						1,708						24						32						(40)						2						(11)												72						1,787						—						34
ABS						11,127						41						(167)						477						551						(2)												—						12,027						—						(153)
Total bonds available-for-sale						21,249						139						(371)						397						734						(220)												72						22,000						—						(403)
Other bond securities:
Obligations of states, municipalities and political subdivisions						3						—						—						(2)						—						—												—						1						—						—
Corporate debt						110						1						—						65						—						—												—						176						3						—
RMBS						112						(4)						—						(2)						—						—												—						106						(4)						—
CMBS						26						(2)						—						—						—						—												—						24						(3)						—
CLO						25						5						—						(3)						—						(2)												44						69						3						—
ABS						864						(2)						—						(33)						—						—												—						829						(10)						—
Total other bond securities						1,140						(2)						—						25						—						(2)												44						1,205						(11)						—
Equity securities						44						—						—						1						1						—												—						46						—						—
Other invested assets						1,914						(17)						(13)						72						34						—												—						1,990						(14)						—
Total(a)						$	24,347					$	120					$	(384)					$	495					$	769					$	(222)											$	116					$	25,241					$	(25)					$	(403)
(in millions)						Fair Value  Beginning  of Period						Net  Realized  and Unrealized (Gains)  Losses  Included in Income						Other  Comprehensive (Income) Loss						Purchases,  Sales,  Issuances  and  Settlements, Net						Gross Transfers  in						Gross  Transfers  out												Other						Fair Value  End of Period						Changes in  Unrealized Gains  (Losses) Included in Income on Instruments Held at End of Period						Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Liabilities:
Policyholder contract deposits						$	6,813					$	(716)					$	—					$	230					$	—					$	—											$	—					$	6,327					$	972					$	—
Derivative liabilities, net:
Interest rate contracts						(328)						(183)						—						(10)						—						—												—						(521)						150						—
Equity contracts						(639)						244						—						(121)						—						—												148						(368)						(148)						—
Other contracts						(15)						(16)						—						15						—						—												—						(16)						16						—
Total derivative liabilities, net(b)						(982)						45						—						(116)						—						—												148						(905)						18						—
Fortitude Re funds withheld payable						1,460						(1,080)						—						(177)						—						—												—						203						1,061						—
Debt of consolidated investment entities						—						—						—						—						—						—												—						—						—						—
Total(c)						$	7,291					$	(1,751)					$	—					$	(63)					$	—					$	—											$	148					$	5,625					$	2,051					$	—

Corebridge | Third Quarter 2024 Form 10-Q 20

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TABLE OF CONTENTS

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

(in millions)						Fair Value  Beginning  of Year						Net  Realized  and Unrealized Gains  (Losses)  Included in Income						Other  Comprehensive Income (Loss)						Purchases,  Sales,  Issuances  and  Settlements, Net						Gross Transfers  In						Gross  Transfers  Out												Other						Fair Value  End of Period						Changes in  Unrealized Gains  (Losses)  Included in Income on Instruments Held at End of Period						Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Nine Months Ended September 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions						$	844					$	(1)					$	8					$	(1)					$	—					$	—											$	—					$	850					$	—					$	4
Corporate debt						1,357						9						47						(116)						668						(414)												—						1,551						—						5
RMBS						5,854						224						218						592						21						(294)												(2)						6,613						—						211
CMBS						608						11						101						(154)						245						(135)												—						676						—						45
CLO						1,843						31						20						404						42						(300)												—						2,040						—						20
ABS						12,906						338						474						3,318						916						(334)												—						17,618						—						459
Total bonds available-for-sale						23,412						612						868						4,043						1,892						(1,477)												(2)						29,348						—						744
Other bond securities:
Obligations of states, municipalities and political subdivisions						1						—						—						—						—						—												—						1						—						—
Corporate debt						167						23						—						10						5						—												—						205						23						—
RMBS						107						7						—						(7)						—						(2)												—						105						5						—
CMBS						17						1						—						(4)						—						—												—						14						1						—
CLO						69						(1)						—						1						—						(8)												—						61						—						—
ABS						962						79						—						192						21						(4)												—						1,250						47						—
Total other bond securities						1,323						109						—						192						26						(14)												—						1,636						76						—
Equity securities						42						1						—						5						—						—												(7)						41						—						—
Other invested assets						1,850						(65)						4						88						—						(44)												(16)						1,817						(72)						—
Total(a)						$	26,627					$	657					$	872					$	4,328					$	1,918					$	(1,535)											$	(25)					$	32,842					$	4					$	744
(in millions)						Fair Value  Beginning  of Year						Net  Realized  and Unrealized (Gains)  Losses  Included in Income						Other  Comprehensive (Income) Loss						Purchases,  Sales,  Issuances  and  Settlements, Net						Gross Transfers  In						Gross  Transfers  Out												Other						Fair Value  End of Period						Changes in  Unrealized Gains  (Losses)  Included in Income on Instruments Held at End of Period						Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Liabilities:
Policyholder contract deposits						$	7,942					$	1,677					$	—					$	470					$	—					$	—											$	—					$	10,089					$	(74)					$	—
Derivative liabilities, net:
Interest rate contracts						(449)						(151)						—						(82)						—						—												339						(343)						234						—
Equity contracts						(761)						(512)						—						(72)						—						—												13						(1,332)						476						—
Other contracts						(10)						(45)						—						44						—						—												—						(11)						44						—
Total derivative liabilities, net(b)						(1,220)						(708)						—						(110)						—						—												352						(1,686)						754						—
Fortitude Re funds withheld payable						2,182						1,451						—						(292)						—						—												—						3,341						(395)						—
Total(c)						$	8,904					$	2,420					$	—					$	68					$	—					$	—											$	352					$	11,744					$	285					$	—

Corebridge | Third Quarter 2024 Form 10-Q 21

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TABLE OF CONTENTS

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

(in millions)						Fair Value  Beginning  of Year						Net  Realized  and Unrealized Gains  (Losses)  Included in Income						Other  Comprehensive Income (Loss)						Purchases,  Sales,  Issuances  and  Settlements, Net						Gross Transfers  In						Gross  Transfers  Out						Other						Fair Value  End of Period						Changes in  Unrealized Gains  (Losses) Included in Income on Instruments Held at End of Period						Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Nine Months Ended September 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions						$	805					$	(2)					$	(26)					$	(15)					$	—					$	—					$	—					$	762					$	—					$	(54)
Corporate debt						1,968						(95)						(23)						(40)						358						(968)						(16)						1,184						—						(52)
RMBS						5,670						230						27						(195)						33						(38)						—						5,727						—						(41)
CMBS						718						5						(69)						(42)						57						(156)						—						513						—						(98)
CLO						1,670						(21)						58						(85)						67						(165)						263						1,787						—						(13)
ABS						9,595						136						(1)						1,717						589						(9)						—						12,027						—						(36)
Total bonds available-for-sale						20,426						253						(34)						1,340						1,104						(1,336)						247						22,000						—						(294)
Other bond securities:
Obligations of states, municipalities and political subdivisions						—						—						—						1						—						—						—						1						—						—
Corporate debt						417						2						—						(51)						—						(192)						—						176						2						—
RMBS						107						2						—						(3)						—						—						—						106						(1)						—
CMBS						28						(4)						—						—						—						—						—						24						(4)						—
CLO						11						14						—						(49)						39						(44)						98						69						3						—
ABS						741						18						—						105						—						(35)						—						829						(4)						—
Total other bond securities						1,304						32						—						3						39						(271)						98						1,205						(4)						—
Equity securities						26						—						—						26						1						(7)						—						46						—						—
Other invested assets						1,832						(80)						(6)						210						34						—						—						1,990						(77)						—
Total(a)						$	23,588					$	205					$	(40)					$	1,579					$	1,178					$	(1,614)					$	345					$	25,241					$	(81)					$	(294)
(in millions)						Fair Value  Beginning  of Year						Net  Realized  and Unrealized (Gains)  Losses  Included in Income						Other  Comprehensive (Income) Loss						Purchases,  Sales,  Issuances  and  Settlements, Net						Gross Transfers  In						Gross  Transfers  Out						Other						Fair Value  End of Period						Changes in  Unrealized Gains  (Losses) Included in Income on Instruments Held at End of Period						Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Liabilities:
Policyholder contract deposits						$	5,367					$	94					$	—					$	866					$	—					$	—					$	—					$	6,327					$	296					$	—
Derivative liabilities, net:
Interest rate contracts						(303)						(68)						—						(150)						—						—						—						(521)						95						—
Equity contracts						(267)						44						—						(436)						—						—						291						(368)						(8)						—
Other contracts						(14)						(48)						—						46						—						—						—						(16)						48						—
Total derivative liabilities, net(b)						(584)						(72)						—						(540)						—						—						291						(905)						135						—
Fortitude Re funds withheld payable						1,262						(177)						—						(882)						—						—						—						203						641						—
Debt of consolidated investment entities						6						1						—						(7)						—						—						—						—						—						—
Total(c)						$	6,051					$	(154)					$	—					$	(563)					$	—					$	—					$	291					$	5,625					$	1,072					$	—

(a)Excludes MRB assets of $1.2 billion at September 30, 2024 and $978 million at September 30, 2023. Refer to Note 14 for additional information.

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

(c)Excludes MRB liabilities of $6.3 billion at September 30, 2024 and $4.5 billion at September 30, 2023. Refer to Note 14 for additional information.

Corebridge | Third Quarter 2024 Form 10-Q 22

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TABLE OF CONTENTS

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

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

(in millions)						Policy Fees						Net Investment Income (Loss)						Net Realized and Unrealized Gains (Losses)												Change in the Fair Value of Market Risk Benefits, net(a)						Total
Three Months Ended September 30, 2024
Assets:
Bonds available-for-sale						$	—					$	239					$	45											$	—					$	284
Other bond securities						—						57						—												—						57
Equity securities						—						—						—												—						—
Other invested assets						—						14						3												—						17
Three Months Ended September 30, 2023
Assets:
Bonds available-for-sale						$	—					$	162					$	(23)											$	—					$	139
Other bond securities						—						(2)						—												—						(2)
Equity securities						—						—						—												—						—
Other invested assets						—						(14)						(3)												—						(17)
Nine Months Ended September 30, 2024
Assets:
Bonds available-for-sale						$	—					$	598					$	14											$	—					$	612
Other bond securities						—						109						—												—						109
Equity securities						—						1						—												—						1
Other invested assets						—						(70)						5												—						(65)
Nine Months Ended September 30, 2023
Assets:
Bonds available-for-sale						$	—					$	312					$	(59)											$	—					$	253
Other bond securities						—						32						—												—						32
Equity securities						—						—						—												—						—
Other invested assets						—						(78)						(2)												—						(80)
Three Months Ended September 30, 2024
Liabilities:
Policyholder contract deposits(b)						$	—					$	—					$	(953)											$	—					$	(953)
Derivative liabilities, net						15						—						285												3						303
Fortitude Re funds withheld payable						—						—						(1,509)												—						(1,509)
Market risk benefit liabilities, net(c)						—						—						(4)												(609)						(613)
Three Months Ended September 30, 2023
Liabilities:
Policyholder contract deposits(b)						$	—					$	—					$	716											$	—					$	716
Derivative liabilities, net						16						—						(265)												204						(45)
Fortitude Re funds withheld payable						—						—						1,080												—						1,080
Market risk benefit liabilities, net(c)						—						—						1												879						880
Debt of consolidated investment entities						—						—						—												—						—
Nine Months Ended September 30, 2024
Liabilities:
Policyholder contract deposits(b)						$	—					$	—					$	(1,677)											$	—					$	(1,677)
Derivative liabilities, net						44						—						724												(60)						708
Fortitude Re funds withheld payable						—						—						(1,451)												—						(1,451)
Market risk benefit liabilities, net(c)						—						—						—												589						589
Nine Months Ended September 30, 2023
Liabilities:
Policyholder contract deposits(b)						$	—					$	—					$	(94)											$	—					$	(94)
Derivative liabilities, net						47						—						(34)												59						72
Fortitude Re funds withheld payable						—						—						177												—						177
Market risk benefit liabilities, net(c)						—						—						4												1,676						1,680
Debt of consolidated investment entities						—						(1)						—												—						(1)

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

(b)Primarily embedded derivatives.

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

Corebridge | Third Quarter 2024 Form 10-Q 23

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TABLE OF CONTENTS

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

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three and nine months ended September 30, 2024 and 2023 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:

(in millions)						Purchases						Sales						Issuances and Settlements						Purchases, Sales, Issuances and Settlements, Net
Three Months Ended September 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions						$	12					$	(12)					$	—					$	—
Corporate debt						300						(271)						(75)						(46)
RMBS						405						(191)						(234)						(20)
CMBS						48						(62)						(13)						(27)
CLO						837						(151)						(360)						326
ABS						1,585						(353)						(503)						729
Total bonds available-for-sale						3,187						(1,040)						(1,185)						962
Other bond securities:
Obligations of states, municipalities and political subdivisions						—						—						—						—
Corporate debt						—						—						—						—
RMBS						—						—						(1)						(1)
CMBS						—						(4)						—						(4)
CLO						8						—						—						8
ABS						119						(36)						(72)						11
Total other bond securities						127						(40)						(73)						14
Equity securities						—						—						—						—
Other invested assets						138						—						(8)						130
Total assets*						$	3,452					$	(1,080)					$	(1,266)					$	1,106
Liabilities:
Policyholder contract deposits						$	—					$	420					$	(320)					$	100
Derivative liabilities, net						—						—						69						69
Fortitude Re funds withheld payable						—						—						(81)						(81)
Total liabilities						$	—					$	420					$	(332)					$	88

Corebridge | Third Quarter 2024 Form 10-Q 24

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TABLE OF CONTENTS

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

(in millions)						Purchases						Sales						Issuances and Settlements						Purchases, Sales, Issuances and Settlements, Net
Three Months Ended September 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions						$	—					$	(12)					$	—					$	(12)
Corporate debt						192						(30)						(175)						(13)
RMBS						175						—						(188)						(13)
CMBS						—						—						(2)						(2)
CLO						18						(7)						(51)						(40)
ABS						510						—						(33)						477
Total bonds available-for-sale						895						(49)						(449)						397
Other bond securities:
Obligations of states, municipalities and political subdivisions						—						(2)						—						(2)
Corporate debt						89						—						(24)						65
RMBS						—						—						(2)						(2)
CMBS						—						—						—						—
CLO						—						—						(3)						(3)
ABS						35						(8)						(60)						(33)
Total other bond securities						124						(10)						(89)						25
Equity securities						1						—						—						1
Other invested assets						74						—						(2)						72
Total assets*						$	1,094					$	(59)					$	(540)					$	495
Liabilities:
Policyholder contract deposits						$	—					$	348					$	(118)					$	230
Derivative liabilities, net						(28)						—						(88)						(116)
Fortitude Re funds withheld payable						—						—						(177)						(177)
Debt of consolidated investment entities						—						—						—						—
Total liabilities						$	(28)					$	348					$	(383)					$	(63)
Nine Months Ended September 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions						$	12					$	(12)					$	(1)					$	(1)
Corporate debt						369						(279)						(206)						(116)
RMBS						1,444						(240)						(612)						592
CMBS						57						(92)						(119)						(154)
CLO						1,057						(153)						(500)						404
ABS						5,276						(456)						(1,502)						3,318
Total bonds available-for-sale						8,215						(1,232)						(2,940)						4,043
Other bond securities:
Obligations of states, municipalities and political subdivisions						—						—						—						—
Corporate debt						10						—						—						10
RMBS						—						—						(7)						(7)
CMBS						—						(4)						—						(4)
CLO						17						—						(16)						1
ABS						376						(36)						(148)						192
Total other bond securities						403						(40)						(171)						192
Equity securities						7						(2)						—						5
Other invested assets						227						—						(139)						88
Total assets*						$	8,852					$	(1,274)					$	(3,250)					$	4,328
Liabilities:
Policyholder contract deposits						$	—					$	1,144					$	(674)					$	470
Derivative liabilities, net						—						—						(110)						(110)
Fortitude Re funds withheld payable						—						—						(292)						(292)
Total liabilities						$	—					$	1,144					$	(1,076)					$	68

Corebridge | Third Quarter 2024 Form 10-Q 25

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TABLE OF CONTENTS

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

(in millions)						Purchases						Sales						Issuances and Settlements						Purchases, Sales, Issuances and Settlements, Net
Nine Months Ended September 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions						$	—					$	(12)					$	(3)					$	(15)
Corporate debt						222						(30)						(232)						(40)
RMBS						406						(42)						(559)						(195)
CMBS						9						(27)						(24)						(42)
CLO						100						(7)						(178)						(85)
ABS						1,713						—						4						1,717
Total bonds available-for-sale						2,450						(118)						(992)						1,340
Other bond securities:
Obligations of states, municipalities and political subdivisions						3						(2)						—						1
Corporate debt						156						—						(207)						(51)
RMBS						6						—						(9)						(3)
CMBS						—						—						—						—
CLO						1						—						(50)						(49)
ABS						148						(8)						(35)						105
Total other bond securities						314						(10)						(301)						3
Equity securities						26						—						—						26
Other invested assets						225						—						(15)						210
Total assets*						$	3,015					$	(128)					$	(1,308)					$	1,579
Liabilities:
Policyholder contract deposits						$	—					$	1,076					$	(210)					$	866
Derivative liabilities, net						(229)						—						(311)						(540)
Fortitude Re funds withheld payable						—						—						(882)						(882)
Debt of consolidated investment entities						—						—						(7)						(7)
Total liabilities						$	(229)					$	1,076					$	(1,410)					$	(563)

*There were no issuances during the three and nine months ended September 30, 2024 and 2023 for invested assets.

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 September 30, 2024 and 2023 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

We record transfers of assets and liabilities into or out of Level 3 at their fair values as of the end of each reporting period, consistent with the date of the determination of fair value. The Net realized and unrealized gains (losses) included in net income (loss) or OCI as shown in the table above excludes $(4) million and $6 million of net gains (losses) related to assets transferred into Level 3 during the three months ended September 30, 2024 and 2023, respectively, and $(9) million and $13 million of net gains (losses) related to assets transferred into Level 3 during the nine months ended September 30, 2024 and 2023, respectively, and includes $(3) million and $(22) million of net gains (losses) related to assets transferred out of Level 3 during the three months ended September 30, 2024 and 2023, respectively, and $10 million and $(12) million of net gains (losses) related to assets transferred out of Level 3 during the nine months ended September 30, 2024 and 2023, respectively.

Transfers of Level 3 Assets

During the three and nine months ended September 30, 2024 and 2023, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, commercial mortgage backed securities (“CMBS”), collateralized loan obligations (“CLO”) and asset-backed securities (“ABS”). Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.

Corebridge | Third Quarter 2024 Form 10-Q 26

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TABLE OF CONTENTS

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

During the three and nine months ended September 30, 2024 and 2023, transfers out of Level 3 assets primarily included private placement and other corporate debt, CMBS, RMBS, CLO, ABS and certain investments in municipal securities. Transfers of certain investments in municipal securities, corporate debt, RMBS, CMBS and CLO and ABS out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt and certain ABS out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

Transfers of Level 3 Liabilities

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three and nine months ended September 30, 2024 and 2023.

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 September 30, 2024						Valuation Technique						Unobservable Input(a)						Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions						$	826					Discounted cash flow						Yield						4.89% - 5.30% (5.09%)
Corporate debt						$	1,347					Discounted cash flow						Yield						4.52% - 7.77% (6.15%)
RMBS(c)						$	3,184					Discounted cash flow						Prepayment Speed						4.00% - 8.98% (6.49%)
																		Default Rate						0.65% - 2.39% (1.52%)
																		Yield						5.13% - 6.28% (5.71%)
																		Loss Severity						42.30% - 78.34% (60.32%)
CLO(c)						$	1,984					Discounted cash flow						Yield						5.65% - 6.84% (6.24%)
ABS(c)						$	15,326					Discounted cash flow						Yield						4.93% - 7.05% (5.99%)
CMBS						$	652					Discounted cash flow						Yield						4.90% - 19.64% (11.58%)
Market risk benefit assets						$	1,164					Discounted cash flow						Equity volatility						6.25% - 49.65%
																		Base lapse rate						0.16% - 28.80%
																		Dynamic lapse multiplier(e)						20.00% - 186.18%
																		Mortality multiplier(e)(f)						38.25% - 160.01%
																		Utilization(g)						80.00% - 100.00%
																		Equity / interest-rate correlation						0.00% - 20.50%
																		NPA(h)						0.00% - 2.35%
Liabilities(d):
Market risk benefit liabilities
Variable annuities guaranteed benefits						$	1,792					Discounted cash flow						Equity volatility						6.25% - 49.65%
																		Base lapse rate						0.16% - 28.80%
																		Dynamic lapse multiplier(e)						20.00% - 186.18%
																		Mortality multiplier(e)(f)						38.25% - 160.01%
																		Utilization(g)						80.00% - 100.00%
																		Equity / interest-rate correlation						0.00% - 20.50%
																		NPA(h)						0.00% - 2.35%
Fixed annuities guaranteed benefits						$	1,508					Discounted cash flow						Base lapse rate						0.20% - 15.75%
																		Dynamic lapse multiplier(e)						20.00% - 186.18%
																		Mortality multiplier(e)(f)						40.26% - 168.43%
																		Utilization(g)						90.00% - 97.50%
																		NPA(h)						0.00% - 2.35%

Corebridge | Third Quarter 2024 Form 10-Q 27

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TABLE OF CONTENTS

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

(in millions)						Fair Value at September 30, 2024						Valuation Technique						Unobservable Input(a)						Range (Weighted Average)(b)
Fixed index annuities guaranteed benefits						$	2,976					Discounted cash flow						Equity volatility						6.25% - 49.65%
																		Base lapse rate						0.20% - 50.00%
																		Dynamic lapse multiplier(e)						20.00% - 186.18%
																		Mortality multiplier(e)(f)						24.13% - 130.80%
																		Utilization(g)						60.00% - 97.50%
																		Option budget						0.00% - 6.00%
																		Equity / interest-rate correlation						0.00% - 20.50%
																		NPA(h)						0.00% - 2.35%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)						$	8,905					Discounted cash flow						Equity volatility						6.25% - 49.65%
																		Base lapse rate						0.20% - 50.00%
																		Dynamic lapse multiplier(e)						20.00% - 186.18%
																		Mortality multiplier(e)(f)						24.13% - 130.80%
																		Utilization(g)						60.00% - 97.50%
																		Option Budget						0.00% - 6.00%
																		Equity / interest-rate correlation						0.00% - 20.50%
																		NPA(h)						0.00% - 2.35%
Index universal life						$	1,184					Discounted cash flow						Base lapse rate						0.00% - 37.97%
																		Mortality rates						0.00% - 100.00%
																		Equity Volatility						5.85% - 19.77%
																		NPA(h)						0.00% - 2.35%

(in millions)						Fair Value at December 31, 2023						Valuation Technique						Unobservable Input(a)						Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions						$	821					Discounted cash flow						Yield						4.97% - 5.31% (5.14%)
Corporate debt						$	1,471					Discounted cash flow						Yield						5.26% - 8.16% (6.71%)
RMBS(c)						$	3,315					Discounted cash flow						Prepayment Speed						4.31% - 9.86% (7.09%)
																		Default Rate						0.73% - 2.52% (1.63%)
																		Yield						6.11% - 7.40% (6.75%)
																		Loss Severity						30.64% - 91.03% (60.83%)
CLO(c)						$	1,697					Discounted cash flow						Yield						6.06% - 7.81% (6.93%)
ABS(c)						$	11,367					Discounted cash flow						Yield						5.63% - 7.82% (6.73%)
CMBS						$	565					Discounted cash flow						Yield						5.49% - 17.84% (11.66%)
Market risk benefit assets						$	912					Discounted cash flow						Equity volatility						6.25% - 49.75%
																		Base lapse rate						0.16% - 28.80%
																		Dynamic lapse multiplier(e)						20.00% - 186.18%
																		Mortality multiplier(e)(f)						38.25% - 160.01%
																		Utilization(g)						80.00% - 100.00%
																		Equity / interest-rate correlation						0.00% - 30.00%
																		NPA(h)						0.00% - 2.29%
Liabilities(d):
Market risk benefit liabilities
Variable annuities guaranteed benefits						$	2,174					Discounted cash flow						Equity volatility						6.25% - 49.75%
																		Base lapse rate						0.16% - 28.80%
																		Dynamic lapse multiplier(e)						20.00% - 186.18%
																		Mortality multiplier(e)(f)						38.25% - 160.01%
																		Utilization(g)						80.00% - 100.00%
																		Equity / interest-rate correlation						0.00% - 30.00%
																		NPA(h)						0.00% - 2.29%

Corebridge | Third Quarter 2024 Form 10-Q 28

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

(in millions)						Fair Value at December 31, 2023						Valuation Technique						Unobservable Input(a)						Range (Weighted Average)(b)
Fixed annuities guaranteed benefits						$	1,111					Discounted cash flow						Base lapse rate						0.20% - 15.75%
																		Dynamic lapse multiplier(e)						20.00% - 186.18%
																		Mortality multiplier(e)(f)						40.26% - 168.43%
																		Utilization(g)						90.00% - 97.50%
																		NPA(g)						0.00% - 2.29%
Fixed index annuities guaranteed benefits						$	2,420					Discounted cash flow						Equity volatility						6.25% - 49.75%
																		Base lapse rate						0.20% - 50.00%
																		Dynamic lapse multiplier(e)						20.00% - 186.18%
																		Mortality multiplier(e)(f)						24.00% - 146.00%
																		Utilization(g)						60.00% - 97.50%
																		Option budget						0.00% - 6.00%
																		Equity / interest-rate correlation						0.00% - 30.00%
																		NPA(h)						0.00% - 2.29%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)						$	6,953					Discounted cash flow						Equity volatility						6.25% - 49.75%
																		Base lapse rate						0.20% - 50.00%
																		Dynamic lapse multiplier(e)						20.00% - 186.18%
																		Mortality multiplier(e)(f)						24.00% - 146.00%
																		Utilization(g)						60.00% - 97.50%
																		Option Budget						0.00% - 6.00%
																		Equity / interest-rate correlation						0.00% - 30.00%
																		NPA(h)						0.00% - 2.29%
Index universal life						$	989					Discounted cash flow						Base lapse rate						0.00% - 37.97%
																		Mortality rates						0.00% - 100.00%
																		Equity Volatility						5.85% - 20.36%
																		NPA(h)						0.00% - 2.29%

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

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

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

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

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

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

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

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

(i)The fixed index annuities embedded derivative associated with index credits related to the contracts with guaranteed product features included in policyholder contract deposits was $1.8 billion and $1.5 billion at September 30, 2024 and December 31, 2023, respectively.

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

Corebridge | Third Quarter 2024 Form 10-Q 29

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

Interrelationships Between Unobservable Inputs

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

Fixed Maturity Securities

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

MRBs and Embedded Derivatives within Policyholder Contract Deposits

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

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

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

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

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

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

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

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

Corebridge | Third Quarter 2024 Form 10-Q 30

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

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

Embedded Derivatives within Reinsurance Contracts

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

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

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

												September 30, 2024												December 31, 2023
(in millions)						Investment Category Includes						Fair Value Using NAV Per Share (or its equivalent)						Unfunded Commitments						Fair Value Using NAV Per Share (or its equivalent)						Unfunded 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						$	2,687					$	1,867					$	2,445					$	1,755
Real estate						Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities						1,033						551						1,074						540
Venture capital						Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company						192						81						203						91
Growth equity						Funds that make investments in established companies for the purpose of growing their businesses						474						101						485						109
Mezzanine						Funds that make investments in the junior debt and equity securities of leveraged companies						113						30						152						42
Other						Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi-strategy, and other strategies						1,240						207						1,182						233
Total private equity funds												5,739						2,837						5,541						2,770
Hedge funds:
Event-driven						Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations						4						—						4						—
Long-short						Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk						162						—						161						—
Macro						Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions						1						—						69						—
Other						Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments						39						—						65						—
Total hedge funds												206						—						299						—
Total												$	5,945					$	2,837					$	5,840					$	2,770

Corebridge | Third Quarter 2024 Form 10-Q 31

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

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

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

FAIR VALUE OPTION

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

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Assets:
Other bond securities(a)						$	252					$	(28)					$	427					$	101
Alternative investments(b)						90						35						199						116
Total assets						342						7						626						217
Liabilities:
Policyholder contract deposits(c)						(4)						6						(1)						8
Total liabilities						(4)						6						(1)						8
Total gain (loss)						$	338					$	13					$	625					$	225

(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.

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

FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS

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

						Assets at Fair Value																								Impairment Charges
						Non-Recurring Basis																								Three Months Ended September 30,									Nine Months Ended September 30,
(in millions)						Level 1						Level 2						Level 3						Total						2024						2023			2024						2023
September 30, 2024
Other investments						$	—					$	—					$	101					$	101					$	5					$	9		$	51					$	9
Total						$	—					$	—					$	101					$	101					$	5					$	9		$	51					$	9
December 31, 2023
Other investments						$	—					$	—					$	80					$	80
Total						$	—					$	—					$	80					$	80

Corebridge | Third Quarter 2024 Form 10-Q 32

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

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

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

						Estimated Fair Value
(in millions)						Level 1						Level 2						Level 3						Total						Carrying Value
September 30, 2024
Assets:
Mortgage and other loans receivable						$	—					$	29					$	49,588					$	49,617					$	51,653
Other invested assets						—						277						—						277						277
Short-term investments						—						4,382						—						4,382						4,382
Cash						530						—						—						530						530
Other assets						13						2						—						15						14
Liabilities:
Policyholder contract deposits associated with investment-type contracts						—						78						143,800						143,878						148,620
Fortitude Re funds withheld payable						—						—						22,568						22,568						22,568
Other liabilities						—						5,040						—						5,040						5,040
Short-term debt						—						—						—						—						—
Long-term debt						—						9,632						—						9,632						9,865
Debt of consolidated investment entities						—						30						2,004						2,034						2,149
Separate account liabilities - investment contracts						—						92,301						—						92,301						92,301
December 31, 2023
Assets:
Mortgage and other loans receivable						$	—					$	30					$	43,919					$	43,949					$	46,867
Other invested assets						—						268						—						268						268
Short-term investments(a)						—						2,928						—						2,928						2,928
Cash(b)						612						—						—						612						612
Other assets						13						—						—						13						13
Liabilities:
Policyholder contract deposits associated with investment-type contracts						—						90						130,094						130,184						140,652
Fortitude Re funds withheld payable						—						—						23,775						23,775						23,775
Other liabilities						—						2,467						—						2,467						2,467
Short-term debt						—						250						—						250						250
Long-term debt						—						8,722						—						8,722						9,118
Debt of consolidated investment entities						—						43						2,230						2,273						2,504
Separate account liabilities - investment contracts						—						87,215						—						87,215						87,215

(a)Excludes assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $11 million as of December 31, 2023. See Note 4 in the 2023 Form 10-K for additional information.

(b)Excludes assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $3 million as of December 31, 2023. See Note 4 in the 2023 Form 10-K for additional information.

Corebridge | Third Quarter 2024 Form 10-Q 33

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

5. 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 Cost or Costs(a)						Allowance for Credit Losses(b)						Gross Unrealized Gains(c)						Gross Unrealized Losses(c)						Fair Value(a)
September 30, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities						$	1,682					$	—					$	28					$	(239)					$	1,471
Obligations of states, municipalities and political subdivisions						5,625						—						54						(564)						5,115
Non-U.S. governments						4,534						—						54						(615)						3,973
Corporate debt						121,754						(129)						1,824						(13,406)						110,043
Mortgage-backed, asset-backed and collateralized:
RMBS						16,931						(14)						787						(567)						17,137
CMBS						10,887						(16)						77						(703)						10,245
CLO						11,126						—						161						(62)						11,225
ABS						19,535						—						241						(761)						19,015
Total mortgage-backed, asset-backed and collateralized						58,479						(30)						1,266						(2,093)						57,622
Total bonds available-for-sale						$	192,074					$	(159)					$	3,226					$	(16,917)					$	178,224
December 31, 2023
Bonds available-for-sale:
U.S. government and government sponsored entities						$	1,436					$	—					$	17					$	(233)					$	1,220
Obligations of states, municipalities and political subdivisions						6,466						—						58						(693)						5,831
Non-U.S. governments						4,695						(2)						43						(679)						4,057
Corporate debt						120,654						(71)						1,294						(15,795)						106,082
Mortgage-backed, asset-backed and collateralized:
RMBS						14,491						(25)						599						(788)						14,277
CMBS						11,045						(30)						22						(1,056)						9,981
CLO						11,203						—						90						(149)						11,144
ABS						14,956						—						63						(1,084)						13,935
Total mortgage-backed, asset-backed and collateralized						51,695						(55)						774						(3,077)						49,337
Total bonds available-for-sale						$	184,946					$	(128)					$	2,186					$	(20,477)					$	166,527

(a)The table above includes available-for-sale securities issued by related parties. This includes RMBS which had a fair value of $— million and $43 million, and an amortized cost of $— million and $45 million as of September 30, 2024 and December 31, 2023, respectively.

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

(c)At September 30, 2024 includes mark-to-market movement (“MTM”) relating to embedded derivatives.

Corebridge | Third Quarter 2024 Form 10-Q 34

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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*
September 30, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities						$	29					$	5					$	740					$	234					$	769					$	239
Obligations of states, municipalities and political subdivisions						343						45						3,742						519						4,085						564
Non-U.S. governments						438						88						2,641						527						3,079						615
Corporate debt						11,570						1,944						64,728						11,401						76,298						13,345
RMBS						1,076						30						5,438						523						6,514						553
CMBS						739						35						6,439						659						7,178						694
CLO						1,269						36						1,047						26						2,316						62
ABS						1,678						105						8,207						656						9,885						761
Total bonds available-for-sale						$	17,142					$	2,288					$	92,982					$	14,545					$	110,124					$	16,833
December 31, 2023
Bonds available-for-sale:
U.S. government and government sponsored entities						$	22					$	3					$	746					$	230					$	768					$	233
Obligations of states, municipalities and political subdivisions						1,124						110						3,676						583						4,800						693
Non-U.S. governments						470						82						2,981						592						3,451						674
Corporate debt						11,338						1,760						75,045						14,009						86,383						15,769
RMBS						2,676						174						4,855						577						7,531						751
CMBS						1,840						159						6,570						886						8,410						1,045
CLO						2,992						60						3,823						89						6,815						149
ABS						2,599						110						8,138						974						10,737						1,084
Total bonds available-for-sale						$	23,061					$	2,458					$	105,834					$	17,940					$	128,895					$	20,398

*At September 30, 2024 includes mark to market movement relating to embedded derivatives.

At September 30, 2024, we held 12,681 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 11,243 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2023, we held 15,034 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 12,787 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at September 30, 2024 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data.

Contractual Maturities of Fixed Maturity Securities Available-for-Sale

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

						Total Fixed Maturity Securities Available-for-sale
(in millions)						Amortized Cost, Net of Allowance						Fair Value
September 30, 2024
Due in one year or less						$	2,969					$	2,952
Due after one year through five years						23,735						23,586
Due after five years through ten years						25,146						24,303
Due after ten years						81,616						69,761
Mortgage-backed, asset-backed and collateralized						58,449						57,622
Total						$	191,915					$	178,224

Corebridge | Third Quarter 2024 Form 10-Q 35

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

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

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

						Three Months Ended  September 30,																								Nine Months Ended  September 30,
						2024												2023												2024												2023
(in millions)						Gross Realized Gains						Gross Realized Losses						Gross Realized Gains						Gross Realized Losses						Gross Realized Gains						Gross Realized Losses						Gross Realized Gains						Gross Realized Losses
Fixed maturity securities						$	25					$	(113)					$	14					$	(23)					$	40					$	(1,012)					$	98					$	(441)

For the three and nine months ended September 30, 2024, the aggregate fair value of available-for-sale securities sold was $0.7 billion and $5.7 billion, respectively, which resulted in Net realized gains (losses) of $(88) million and $(972) million, respectively. Included within the Net realized gains (losses) are $(1) million and $(72) million of Net realized gains (losses) for the three and nine months ended September 30, 2024, 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 Net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.    

For the three and nine months ended September 30, 2023, the aggregate fair value of available-for-sale securities sold was $0.5 billion and $6.2 billion, respectively, which resulted in Net realized gains (losses) of $(9) million and $(343) million, respectively. Included within the Net realized gains (losses) are $(5) million and $(68) million of Net realized gains (losses) for the three and nine months ended September 30, 2023, 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 Net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

OTHER SECURITIES MEASURED AT FAIR VALUE

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

						September 30, 2024												December 31, 2023
(in millions)						Fair Value						Percent of Total						Fair Value						Percent of Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions						$	41					1		%				$	40					1		%
Non-U.S. governments						29						—						13						—
Corporate debt						3,037						54						2,653						57
Mortgage-backed, asset-backed and collateralized:
RMBS						166						3						170						4
CMBS						234						4						228						5
CLO						487						9						423						9
ABS						1,325						24						1,051						23
Total mortgage-backed, asset-backed and collateralized						2,212						40						1,872						41
Total fixed maturity securities						5,319						95						4,578						99
Equity securities						258						5						63						1
Total						$	5,577					100		%				$	4,641					100		%

Corebridge | Third Quarter 2024 Form 10-Q 36

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

OTHER INVESTED ASSETS

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

(in millions)						September 30, 2024						December 31, 2023
Alternative investments(a)(b)						$	7,803					$	7,690
Investment real estate(c)						1,690						1,932
All other investments(d)						594						635
Total						$	10,087					$	10,257

(a)At September 30, 2024, included hedge funds of $206 million and private equity funds of $7.6 billion. At December 31, 2023, included hedge funds of $299 million and private equity funds of $7.4 billion.

(b)A quarter of our hedge fund investments are in liquid funds and have been redeemed, though due to withdrawal terms they will liquidate over the next three quarters. The remaining three quarters of the portfolio consists of illiquid run-off or “side-pocket” positions whose liquidation horizons are uncertain and likely to extend beyond a year.

(c)Net of accumulated depreciation of $644 million and $680 million as of September 30, 2024 and December 31, 2023, respectively.

(d)Includes Corebridge’s ownership interest in Fortitude Re Bermuda, which is recorded using the measurement alternative for equity securities. Our investment in Fortitude Re Bermuda totaled $156 million and $156 million at September 30, 2024 and December 31, 2023, respectively.

Other Invested Assets – Equity Method Investments

The carrying amount of equity method investments totaled $2.8 billion and $2.9 billion as of September 30, 2024 and December 31, 2023, respectively, representing various ownership percentages each period.

NET INVESTMENT INCOME    

The following table presents the components of Net investment income:

						2024																		2023
(in millions)						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total
Three Months Ended September 30,
Available-for-sale fixed maturity securities, including short-term investments						$	2,202					$	182					$	2,384					$	1,976					$	201					$	2,177
Other fixed maturity securities						22						230						252						7						(35)						(28)
Equity securities						2						—						2						9						—						9
Interest on mortgage and other loans						657						47						704						529						51						580
Alternative investments*						59						60						119						(7)						25						18
Real estate						7						3						10						9						—						9
Other investments						13						1						14						25						(1)						24
Total investment income						2,962						523						3,485						2,548						241						2,789
Investment expenses						181						8						189						124						8						132
Net investment income						$	2,781					$	515					$	3,296					$	2,424					$	233					$	2,657
Nine Months Ended September 30,
Available-for-sale fixed maturity securities, including short-term investments						$	6,560					$	560					$	7,120					$	5,777					$	626					$	6,403
Other fixed maturity securities						48						379						427						25						76						101
Equity securities						5						—						5						41						—						41
Interest on mortgage and other loans						1,829						143						1,972						1,605						150						1,755
Alternative investments*						59						119						178						72						69						141
Real estate						29						(5)						24						28						—						28
Other investments						40						1						41						36						(1)						35
Total investment income						8,570						1,197						9,767						7,584						920						8,504
Investment expenses						534						25						559						415						23						438
Net investment income						$	8,036					$	1,172					$	9,208					$	7,169					$	897					$	8,066

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

Corebridge | Third Quarter 2024 Form 10-Q 37

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

NET REALIZED GAINS AND LOSSES

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

						2024																		2023
(in millions)						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total
Three Months Ended September 30,
Sales of fixed maturity securities						$	(87)					$	(1)					$	(88)					$	(4)					$	(5)					$	(9)
Intent to sell						—						—						—						—						—						—
Change in allowance for credit losses on fixed maturity securities						(85)						—						(85)						(41)						(7)						(48)
Change in allowance for credit losses on loans						(15)						2						(13)						(25)						(25)						(50)
Foreign exchange transactions, net of related hedges						(354)						18						(336)						135						(20)						115
Index-Linked interest credited embedded derivatives, net of related hedges						(285)						—						(285)						133						—						133
All other derivatives and hedge accounting*						(195)						131						(64)						141						(170)						(29)
Sales of alternative investments and real estate investments						58						7						65						40						(1)						39
Other						(12)						—						(12)						(11)						—						(11)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative						(975)						157						(818)						368						(228)						140
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative						—						(1,509)						(1,509)						—						1,080						1,080
Net realized gains (losses)						$	(975)					$	(1,352)					$	(2,327)					$	368					$	852					$	1,220
Nine Months Ended September 30,
Sales of fixed maturity securities						$	(900)					$	(72)					$	(972)					$	(275)					$	(68)					$	(343)
Intent to sell						(15)						(32)						(47)						—						—						—
Change in allowance for credit losses on fixed maturity securities						(197)						(7)						(204)						(84)						(9)						(93)
Change in allowance for credit losses on loans						(63)						(1)						(64)						(107)						(52)						(159)
Foreign exchange transactions, net of related hedges						(253)						18						(235)						31						(11)						20
Index-Linked interest credited embedded derivatives, net of related hedges						(367)						—						(367)						(186)						—						(186)
All other derivatives and hedge accounting*						(72)						(9)						(81)						235						(199)						36
Sales of alternative investments and real estate investments						89						3						92						48						(1)						47
Other						(65)						—						(65)						(59)						2						(57)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative						(1,843)						(100)						(1,943)						(397)						(338)						(735)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative						—						(1,451)						(1,451)						—						177						177
Net realized gains (losses)						$	(1,843)					$	(1,551)					$	(3,394)					$	(397)					$	(161)					$	(558)

*Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 14.

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  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities						$	7,030					$	(6,369)					$	4,721					$	(4,133)
Other investments						—						(1)						3						11
Total increase (decrease) in unrealized appreciation (depreciation) of investments*						$	7,030					$	(6,370)					$	4,724					$	(4,122)

*    Excludes net unrealized gains and losses attributable to business Held-for-sale at September 30, 2023 and December 31, 2023.

Corebridge | Third Quarter 2024 Form 10-Q 38

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

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:

						2024																		2023
(in millions)						Equities						Other Invested Assets						Total						Equities						Other Invested Assets						Total
Three Months Ended September 30,
Net gains (losses) recognized during the period on equity securities and other investments						$	2					$	142					$	144					$	9					$	56					$	65
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period						(4)						2						(2)						26						6						32
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date						$	6					$	140					$	146					$	(17)					$	50					$	33
Nine Months Ended September 30,
Net gains (losses) recognized during the period on equity securities and other investments						$	5					$	295					$	300					$	42					$	210					$	252
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period						12						6						18						59						15						74
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date						$	(7)					$	289					$	282					$	(17)					$	195					$	178

EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS

Credit Impairments

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

						2024																		2023
(in millions)						Structured						Non-Structured						Total						Structured						Non-Structured						Total
Three Months Ended September 30,
Balance, beginning of period						$	38					$	57					$	95					$	40					$	50					$	90
Additions:
Securities for which allowance for credit losses were not previously recorded						5						52						57						12						47						59
Reductions:
Securities sold during the period						(3)						—						(3)						(1)						(3)						(4)
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						(4)						32						28						3						(14)						(11)
Write-offs charged against the allowance						(5)						(11)						(16)						(16)						(8)						(24)
Other						(1)						(1)						(2)						—						—						—
Balance, end of period						$	30					$	129					$	159					$	38					$	72					$	110
Nine Months Ended September 30,
Balance, beginning of year						$	55					$	73					$	128					$	27					$	121					$	148
Additions:
Securities for which allowance for credit losses were not previously recorded						19						83						102						27						75						102
Reductions:
Securities sold during the period						(18)						(11)						(29)						(2)						(30)						(32)
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						42						60						102						2						(11)						(9)
Write-offs charged against the allowance						(68)						(76)						(144)						(16)						(83)						(99)
Other						—						—						—						—						—						—
Balance, end of period						$	30					$	129					$	159					$	38					$	72					$	110

Corebridge | Third Quarter 2024 Form 10-Q 39

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

Purchased Credit Deteriorated Securities

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

•current delinquency rates;

•expected default rates and the timing of such defaults;

•loss severity and the timing of any recovery; and

•expected prepayment speeds.

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

We did not purchase securities with more-than-insignificant credit deterioration since their origination during the nine months ended September 30, 2024 and 2023.

PLEDGED INVESTMENTS

Secured Financing and Similar Arrangements

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

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

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

(in millions)						September 30, 2024						December 31, 2023
Fixed maturity securities available-for-sale						$	5,071					$	2,655

At September 30, 2024 and December 31, 2023, amounts borrowed under repurchase agreements totaled $5.0 billion and $2.5 billion, respectively.

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

						Remaining Contractual Maturity of the Repurchase Agreements
(in millions)						Overnight and Continuous						Up to 30 Days						31 - 90 Days						91 - 364 Days						365 Days or Greater						Total
September 30, 2024
Bonds available-for-sale:
Non-U.S. governments						$	—					$	52					$	—					$	—					$	—					$	52
Corporate debt						13						4,967						39						—						—						5,019
Total						$	13					$	5,019					$	39					$	—					$	—					$	5,071
December 31, 2023
Bonds available-for-sale:
Non-U.S. governments						$	—					$	209					$	—					$	—					$	—					$	209
Corporate debt						38						2,408						—						—						—						2,446
Total						$	38					$	2,617					$	—					$	—					$	—					$	2,655

Corebridge | Third Quarter 2024 Form 10-Q 40

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

There were no securities lending agreements at September 30, 2024 and December 31, 2023.

There were no reverse repurchase agreements at September 30, 2024 and December 31, 2023.

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

Insurance – Statutory and Other Deposits

The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements, including certain annuity-related obligations and certain reinsurance treaties, was $10.4 billion and $8.1 billion at September 30, 2024 and December 31, 2023, respectively.

Other Pledges and Restrictions

Certain of our subsidiaries are members of Federal Home Loan Banks (“FHLB”) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $277 million and $268 million of stock in FHLBs at September 30, 2024 and December 31, 2023, respectively. In addition, our subsidiaries have pledged securities available-for-sale and residential loans associated with borrowings and funding agreements from FHLBs, with a fair value of $4.4 billion and $3.1 billion, respectively, at September 30, 2024 and $4.8 billion and $3.0 billion, respectively, at December 31, 2023.

Certain GICs recorded in policyholder contract deposits with a carrying value of $113 million and $53 million at September 30, 2024 and December 31, 2023, respectively, have provisions that require collateral to be posted or payments to be made by us upon a downgrade of our Insurer Financial Strength (“IFS”) ratings. The actual amount of collateral required to be posted to the counterparties in the event of such downgrades and the aggregate amount of payments that we could be required to make depend on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. The fair value of securities pledged as collateral with respect to these obligations was approximately $103 million and $63 million at September 30, 2024 and December 31, 2023, respectively. This collateral primarily consists of securities of the U.S. government and government-sponsored entities and generally cannot be repledged or resold by the counterparties.

As part of our collateralized reinsurance transactions, we pledge collateral to cedants as contractually required. The fair value of securities pledged as excess collateral with respect to these obligations was approximately $616 million and $490 million at September 30, 2024 and December 31, 2023, respectively. Additionally, assets supporting these transactions are held solely for the benefit of the cedants and insulated from obligations owed to our other policyholders and general creditors.

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

6. Lending Activities

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

(in millions)						September 30, 2024						December 31, 2023
Commercial mortgages(a)						$	36,118					$	34,172
Residential mortgages						11,115						8,445
Life insurance policy loans						1,742						1,746
Commercial loans, other loans and notes receivable(b)						3,446						3,202
Total mortgage and other loans receivable						52,421						47,565
Allowance for credit losses(c)						(768)						(698)
Mortgage and other loans receivable, net						$	51,653					$	46,867

(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 17% and 10%, respectively, at September 30, 2024, and 19% and 10%, respectively, at December 31, 2023). The weighted average loan-to-value ratio for NY and CA was 63% and 56% at September 30, 2024, respectively, and 61% and 55% at December 31, 2023, respectively. The debt service coverage ratio for NY and CA was 1.9X and 2.1X at September 30, 2024, respectively, and 1.9X and 2.1X at December 31, 2023, respectively.

(b)There were no loans that were held for sale which are carried at lower of cost or market as of September 30, 2024 and December 31, 2023.

(c)Does not include allowance for credit losses of $39 million and $58 million at September 30, 2024 and December 31, 2023, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Corebridge | Third Quarter 2024 Form 10-Q 41

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TABLE OF CONTENTS

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

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 September 30, 2024, $57 million and $1.1 billion of residential mortgage loans and commercial mortgage loans, respectively, are in nonaccrual status. As of December 31, 2023, $27 million and $419 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status.    

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of September 30, 2024, accrued interest receivable was $55 million and $176 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2023, accrued interest receivable was $20 million and $162 million associated with residential mortgage loans and commercial mortgage loans, respectively.

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

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

CREDIT QUALITY OF COMMERCIAL MORTGAGES

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

September 30, 2024
(in millions)						2024						2023						2022						2021						2020						Prior						Total
>1.2X						$	2,256					$	2,302					$	6,744					$	2,766					$	1,364					$	16,022					$	31,454
1.00 - 1.20X						273						284						820						82						244						1,805						3,508
<1.00X						—						—						25						—						—						1,131						1,156
Total commercial mortgages						$	2,529					$	2,586					$	7,589					$	2,848					$	1,608					$	18,958					$	36,118
December 31, 2023
(in millions)						2023						2022						2021						2020						2019						Prior						Total
>1.2X						$	2,156					$	6,042					$	1,955					$	1,252					$	4,813					$	11,675					$	27,893
1.00 - 1.20X						291						1,077						1,320						312						156						2,334						5,490
<1.00X						—						40						—						—						—						749						789
Total commercial mortgages						$	2,447					$	7,159					$	3,275					$	1,564					$	4,969					$	14,758					$	34,172

*The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X at both periods ended September 30, 2024 and December 31, 2023. The debt service coverage ratios are updated when additional relevant information becomes available.

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

September 30, 2024
(in millions)						2024						2023						2022						2021						2020						Prior						Total
Less than 65%						$	2,406					$	2,178					$	4,598					$	2,147					$	861					$	12,358					$	24,548
65% to 75%						123						408						2,387						411						590						3,714						7,633
76% to 80%						—						—						—						207						—						997						1,204
Greater than 80%						—						—						604						83						157						1,889						2,733
Total commercial mortgages						$	2,529					$	2,586					$	7,589					$	2,848					$	1,608					$	18,958					$	36,118
December 31, 2023
(in millions)						2023						2022						2021						2020						2019						Prior						Total
Less than 65%						$	2,088					$	4,470					$	2,249					$	1,126					$	2,676					$	10,186					$	22,795
65% to 75%						280						1,748						658						287						1,916						2,853						7,742
76% to 80%						—						343						89						—						377						340						1,149
Greater than 80%						79						598						279						151						—						1,379						2,486
Total commercial mortgages						$	2,447					$	7,159					$	3,275					$	1,564					$	4,969					$	14,758					$	34,172

*The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 60% at September 30, 2024 and 59% at December 31, 2023. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

Corebridge | Third Quarter 2024 Form 10-Q 42

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TABLE OF CONTENTS

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

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

(dollars in millions)						Number of Loans						Class																																										Percent  of Total
												Apartments						Offices						Retail						Industrial						Hotel						Others						Total
September 30, 2024
Credit Quality Performance Indicator:
In good standing						594						$	14,673					$	8,417					$	3,854					$	6,514					$	1,849					$	443					$	35,750					99%
90 days or less delinquent						—						—						—						—						—						—						—						—						—%
>90 days delinquent or in process of foreclosure(a)						4						—						188						180						—						—						—						368						1%
Total(b)						598						$	14,673					$	8,605					$	4,034					$	6,514					$	1,849					$	443					$	36,118					100%
Allowance for credit losses												$	70					$	375					$	88					$	82					$	32					$	4					$	651					2		%
December 31, 2023
Credit Quality Performance Indicator:
In good standing						600						$	13,861					$	8,468					$	3,787					$	5,908					$	1,805					$	325					$	34,154					100%
90 days or less delinquent						1						—						18						—						—						—						—						18						—%
>90 days delinquent or in process of foreclosure						—						—						—						—						—						—						—						—						—%
Total(b)						601						$	13,861					$	8,486					$	3,787					$	5,908					$	1,805					$	325					$	34,172					100%
Allowance for credit losses												$	85					$	340					$	74					$	83					$	27					$	5					$	614					2		%

(a)Includes $64 million of Offices loans and $20 million of Retail loans supporting the Fortitude Re Funds Withheld arrangements, greater than 90 days delinquent or in process of foreclosure, at September 30, 2024

(b)Does not reflect allowance for credit losses.

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

September 30, 2024
(in millions)						2024						2023						2022						2021						2020						Prior						Total
FICO*:
780 and greater						$	554					$	650					$	690					$	2,268					$	626					$	808					$	5,596
720 - 779						1,077						1,131						602						577						152						361						3,900
660 - 719						375						363						240						152						40						214						1,384
600 - 659						—						13						35						23						11						82						164
Less than 600						—						2						20						11						5						33						71
Total residential mortgages						$	2,006					$	2,159					$	1,587					$	3,031					$	834					$	1,498					$	11,115
December 31, 2023
(in millions)						2023						2022						2021						2020						2019						Prior						Total
FICO*:
780 and greater						$	514					$	528					$	2,280					$	619					$	239					$	497					$	4,677
720 - 779						1,121						608						558						168						99						209						2,763
660 - 719						313						256						113						40						37						120						879
600 - 659						2						20						11						8						9						51						101
Less than 600						—						—						2						2						4						17						25
Total residential mortgages						$	1,950					$	1,412					$	2,964					$	837					$	388					$	894					$	8,445

*Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On September 30, 2024 and December 31, 2023 residential loans direct to consumers totaled $7.9 billion and $6.7 billion, respectively.

Corebridge | Third Quarter 2024 Form 10-Q 43

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TABLE OF CONTENTS

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

ALLOWANCE FOR CREDIT LOSSES

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

						2024																		2023
(in millions)						Commercial Mortgages						Other Loans						Total						Commercial Mortgages						Other Loans						Total
Three Months Ended September 30,
Allowance, beginning of period						$	654					$	104					$	758					$	621					$	68					$	689
Loans charged off						(6)						(1)						(7)						(1)						—						(1)
Net charge-offs						(6)						(1)						(7)						(1)						—						(1)
Addition to (release of) allowance for loan losses						3						14						17						61						3						64
Allowance, end of period						$	651					$	117					$	768					$	681					$	71					$	752
Nine Months Ended September 30,
Allowance, beginning of period						$	614					$	84					$	698					$	531					$	69					$	600
Loans charged off						(6)						(7)						(13)						(5)						—						(5)
Net charge-offs						(6)						(7)						(13)						(5)						—						(5)
Addition to (release of) allowance for loan losses						43						40						83						155						2						157
Allowance, end of period						$	651					$	117					$	768					$	681					$	71					$	752

*Does not include allowance for credit losses of $39 million and $61 million at September 30, 2024 and 2023, respectively, 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 nine months ended September 30, 2024, commercial mortgage loans with an amortized cost of $139 million (including $11 million supporting the funds withheld arrangements with Fortitude Re) and commercial loans, other loans and notes receivable with an amortized cost of $168 million (none of which were supporting the funds withheld arrangements with Fortitude Re, and $168 million of which is related to the loans previously modified in 2023) were granted term extensions and adjustment of interest rates. The modified loans represent less than 1% and 5%, respectively, of these portfolio segments. These modifications added less than one year to the weighted average life of loans in each of these two portfolio segments.

There were no loans that defaulted during the nine months ended September 30, 2024 and 2023, that had been previously modified with borrowers experiencing financial difficulties.

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

Corebridge | Third Quarter 2024 Form 10-Q 44

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TABLE OF CONTENTS

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

7. Reinsurance

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

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

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

FORTITUDE RE

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

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

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

						September 30, 2024												December 31, 2023
(in millions)						Carrying Value						Fair Value						Carrying Value						Fair Value						Corresponding Accounting Policy
Fixed maturity securities - available-for-sale						$	14,561					$	14,561					$	15,204					$	15,204					Fair value through other comprehensive income
Fixed maturity securities - fair value option						4,951						4,951						4,212						4,212						Fair value through net investment income
Commercial mortgage loans						3,266						3,089						3,378						3,157						Amortized cost
Real estate investments						207						296						184						329						Amortized cost
Private equity funds/hedge funds						1,901						1,901						1,910						1,910						Fair value through net investment income
Policy loans						318						318						330						330						Amortized cost
Short-term Investments						195						195						129						129						Fair value through net investment income
Funds withheld investment assets						25,399						25,311						25,347						25,271
Derivative assets, net(a)						—						—						45						45						Fair value through realized gains (losses)
Other(b)						598						598						641						641						Amortized cost
Total						$	25,997					$	25,909					$	26,033					$	25,957

(a)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $— million and $157 million, respectively, as of September 30, 2024. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $62 million and $6 million, respectively, as of December 31, 2023. These derivative assets and liabilities are fully collateralized either by cash or securities.

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

Corebridge | Third Quarter 2024 Form 10-Q 45

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TABLE OF CONTENTS

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

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

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Net investment income - Fortitude Re funds withheld assets						$	515					$	233					$	1,172					$	897
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized gains (losses) Fortitude Re funds withheld assets						157						(228)						(100)						(338)
Net realized gains (losses) Fortitude Re funds withheld embedded derivatives						(1,509)						1,080						(1,451)						177
Net realized losses on Fortitude Re funds withheld assets						(1,352)						852						(1,551)						(161)
Income (loss) before income tax expense (benefit)						(837)						1,085						(379)						736
Income tax expense (benefit)*						(176)						228						(80)						155
Net income (loss)						(661)						857						(299)						581
Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available-for-sale*						636						(820)						304						(534)
Comprehensive income (loss)						$	(25)					$	37					$	5					$	47

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

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

REINSURANCE – CREDIT LOSSES

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

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

•paid and unpaid amounts recoverable;

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

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

•whether collateral and collateral arrangements exist.

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

The total reinsurance recoverables as of September 30, 2024 were $27.9 billion. As of that date, utilizing Corebridge’s ORRs, (i) approximately 95% of the reinsurance recoverables were investment grade, (ii) approximately 5% 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:

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Balance, beginning of period						$	12					$	66					$	30					$	84
Current period provision for expected credit losses and disputes						—						4						(8)						(14)
Write-offs charged against the allowance for credit losses and disputes						—						—						(10)						—
Balance, end of period						$	12					$	70					$	12					$	70

There were no material recoveries of credit losses previously written off for the nine months ended September 30, 2024 or 2023.

Corebridge | Third Quarter 2024 Form 10-Q 46

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TABLE OF CONTENTS

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

Past-Due Status

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

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

8. Variable Interest Entities

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

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

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

Corebridge | Third Quarter 2024 Form 10-Q 47

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TABLE OF CONTENTS

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 Investment Entities(c)						Securitization and Repackaging Vehicles						Total
September 30, 2024
Assets:
Bonds available-for-sale						$	37					$	—					$	37
Other bond securities						44						—						44
Equity securities						4						—						4
Mortgage and other loans receivable						—						1,939						1,939
Other invested assets
Alternative investments(a)						2,576						—						2,576
Investment real estate						1,222						—						1,222
Short-term investments						211						1						212
Cash						53						—						53
Accrued investment income						2						5						7
Other assets						74						—						74
Total assets(b)						$	4,223					$	1,945					$	6,168
Liabilities:
Debt of consolidated investment entities						$	884					$	994					$	1,878
Other liabilities						72						—						72
Total liabilities						$	956					$	994					$	1,950
December 31, 2023
Assets:
Bonds available-for-sale						$	36					$	76					$	112
Other bond securities						45						—						45
Equity securities						8						—						8
Mortgage and other loans receivable						—						1,941						1,941
Other invested assets
Alternative investments(a)						2,695						—						2,695
Investment real estate						1,488						—						1,488
Short-term investments						125						5						130
Cash						61						—						61
Accrued investment income						2						5						7
Other assets						93						2						95
Total assets(b)						$	4,553					$	2,029					$	6,582
Liabilities:
Debt of consolidated investment entities						$	1,117					$	1,149					$	2,266
Other liabilities						82						1						83
Total liabilities						$	1,199					$	1,150					$	2,349

(a)Composed primarily of investments in real estate joint ventures at September 30, 2024 and December 31, 2023.

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

(c)Off-balance-sheet exposure primarily consisting of commitments by insurance operations and affiliates into real estate and investment entities. At September 30, 2024 and December 31, 2023, the Company had commitments to internal parties of $0.7 billion and $1.2 billion and commitments to external parties of $0.4 billion and $0.4 billion, respectively.

Corebridge | Third Quarter 2024 Form 10-Q 48

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TABLE OF CONTENTS

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 Statements of Income (Loss):

						Real Estate and						Securitization
						Investment						and Repackaging
(in millions)						Entities						Vehicles						Total
Three Months Ended September 30, 2024
Total revenue						$	59					$	19					$	78
Net (loss) attributable to noncontrolling interests						$	(3)					$	—					$	(3)
Net income attributable to Corebridge						$	45					$	13					$	58
Three Months Ended September 30, 2023
Total revenue						$	(21)					$	18					$	(3)
Net (loss) attributable to noncontrolling interests						$	(32)					$	—					$	(32)
Net income (loss) attributable to Corebridge						$	(5)					$	12					$	7
Nine Months Ended September 30, 2024
Total revenue						$	2					$	54					$	56
Net (loss) attributable to noncontrolling interests						$	(78)					$	—					$	(78)
Net income attributable to Corebridge						$	24					$	31					$	55
Nine Months Ended September 30, 2023
Total revenue						$	48					$	95					$	143
Net (loss) attributable to noncontrolling interests						$	(46)					$	—					$	(46)
Net income attributable to Corebridge						$	47					$	66					$	113

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

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

									Maximum Exposure to Loss
(in millions)						Total VIE Assets						On-Balance Sheet(b)						Off-Balance Sheet (c)						Total
September 30, 2024
Real estate and investment entities(a)						$	437,913					$	5,754					$	2,819					$	8,573
Total						$	437,913					$	5,754					$	2,819					$	8,573
December 31, 2023
Real estate and investment entities(a)						$	398,978					$	5,532					$	2,870					$	8,402
Total						$	398,978					$	5,532					$	2,870					$	8,402

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

(b)At September 30, 2024 and December 31, 2023, $5.7 billion and $5.5 billion, respectively, of our total unconsolidated VIE assets were recorded as other invested assets.

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

Additionally, Corebridge is a passive investor in certain investment vehicles that securitized certain secured loans, bank loans and residential mortgage loans. The notes held by Corebridge and their related fair values are included in the available-for-sale disclosures that are reported in Notes 4 and 5. As of September 30, 2024, the total VIE assets of these securitizations are $2.7 billion, of which Corebridge’s maximum exposure to loss including unfunded commitments is $2.5 billion. As of December 31, 2023, the total VIE assets of these securitizations are $3.1 billion, of which Corebridge’s maximum exposure to loss is $2.2 billion.

Corebridge | Third Quarter 2024 Form 10-Q 49

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

9. Derivatives and Hedge Accounting

We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate futures, swaps and options), equity derivatives (such as equity futures, swaps and options) and fixed maturity securities are used to economically mitigate interest rate risk, equity risk and credit spread exposure associated with MRBs and embedded derivatives contained in insurance contract liabilities. Interest rate derivatives are used to manage interest rate risk associated with fixed maturity securities as well as other interest rate sensitive assets and liabilities. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives and MRBs in certain insurance liabilities. In addition, equity derivatives are used to economically hedge certain investments. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with foreign denominated investments, net capital exposures and foreign currency transactions. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. As part of our strategy to enhance investment income, in addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (“CDS”), total return swaps 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 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, 13 and 14.

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:

						September 30, 2024																								December 31, 2023
						Gross Derivative Assets												Gross Derivative Liabilities												Gross Derivative Assets												Gross Derivative Liabilities
(in millions)						Notional Amount						Fair Value						Notional Amount						Fair Value						Notional Amount						Fair Value						Notional Amount						Fair Value
Derivatives designated as hedging instruments:(a)
Interest rate contracts						$	8,479					$	394					$	2,313					$	26					$	2,213					$	238					$	833					$	18
Foreign exchange contracts						3,075						340						5,040						140						2,918						354						4,829						164
Derivatives not designated as hedging instruments:(a)
Interest rate contracts						54,165						3,368						39,630						3,393						41,056						2,709						41,225						3,260
Foreign exchange contracts						6,537						545						9,422						443						6,260						586						7,878						399
Equity contracts						52,919						4,351						20,563						2,098						76,561						2,017						14,144						745
Credit contracts(b)						3,005						134						5						—						305						8						5						—
Other contracts(c)						44,434						13						55						1						44,640						13						47						2
Total derivatives, gross						$	172,614					$	9,145					$	77,028					$	6,101					$	173,953					$	5,925					$	68,961					$	4,588
Counterparty netting(d)												(5,611)												(5,611)												(3,646)												(3,646)
Cash collateral(e)												(2,837)												(281)												(1,886)												(801)
Total derivatives on Condensed Consolidated Balance Sheets(f)												$	697											$	209											$	393											$	141

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

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

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

Corebridge | Third Quarter 2024 Form 10-Q 50

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

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

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

(f)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. The fair value of assets related to bifurcated embedded derivatives were both zero at September 30, 2024 and December 31, 2023. The fair value of liabilities related to bifurcated embedded derivatives was $13.6 billion and $10.2 billion at September 30, 2024 and December 31, 2023, respectively. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities, index universal life contracts and bonds available-for-sale, which include equity and interest rate components and the funds withheld arrangement with Fortitude Re. For additional information, see Note 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:

						September 30, 2024																								December 31, 2023
						Gross Derivative Assets												Gross Derivative Liabilities												Gross Derivative Assets												Gross Derivative Liabilities
(in millions)						Notional Amount						Fair Value						Notional Amount						Fair Value						Notional Amount						Fair Value						Notional Amount						Fair Value
Total derivatives with related parties						$	2,161					$	32					$	—					$	—					$	53,163					$	622					$	5,720					$	232
Total derivatives with third parties						170,453						9,113						77,028						6,101						120,790						5,303						63,241						4,356
Total derivatives, gross						$	172,614					$	9,145					$	77,028					$	6,101					$	173,953					$	5,925					$	68,961					$	4,588

As of September 30, 2024 and December 31, 2023, the following amounts were recorded on the Condensed Consolidated Balance Sheets related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges:

						September 30, 2024												December 31, 2023
(in millions)						Carrying Amount of the Hedged Assets (Liabilities)						Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities						Carrying Amount of the Hedged Assets (Liabilities)						Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities
Balance sheet line item in which hedged item is recorded:
Fixed maturities, available-for-sale, at fair value						$	7,250					$	—					$	7,412					$	—
Commercial mortgage and other loans(a)						—						(23)						—						(24)
Policyholder contract deposits(b)						(7,842)						(96)						(4,756)						(31)

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

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

COLLATERAL

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

Collateral posted by us to third parties for derivative transactions was $1.2 billion and $1.4 billion at September 30, 2024 and December 31, 2023, respectively. No collateral was posted by us to related parties for derivative transactions at September 30, 2024 and December 31, 2023, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $3.5 billion and $1.9 billion at September 30, 2024 and December 31, 2023, respectively. Collateral provided to us from related parties for derivative transactions was $31 million and $377 million at September 30, 2024 and December 31, 2023, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.

Corebridge | Third Quarter 2024 Form 10-Q 51

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

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.

In 2022, we designated certain interest rate swaps entered into with related parties as cash flow hedges of forecasted coupon payments associated with anticipated long-term debt issuances. For the three and nine months ended September 30, 2024, $7 million and $21 million, respectively, and for the three and nine months ended September 30, 2023, $7 million and $21 million, respectively, have been reclassified into Interest expense. The remaining amount in AOCI, of $153 million, will be reclassified into Interest expense over the life of the hedging relationship, which can extend up to 30 years. We expect $28 million to be reclassified into Interest expense over the next 12 months. There are no amounts excluded from the assessment of hedge effectiveness that are recognized in earnings.

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

We also designated certain interest rate swaps as cash flow hedges of floating-rate investment assets. Related to such swaps, for the three and nine months ended September 30, 2024, we recognized derivative gains (losses) of $119 million and $106 million, respectively, in AOCI and $(14) million and $(21) million, respectively, in net investment income. For the three and nine months ended September 30, 2023, $(11) million and $(11) million, respectively, in AOCI and $(1) million and $(1) million, respectively, in net investment income. As it relates to such hedges, we do not expect any reclassifications into net investment income over the next 12 months and there are no amounts excluded from the assessment of hedge effectiveness that are recognized in earnings.

We use cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. We recognized gains (losses) for the three and nine months ended September 30, 2024 of $(5) million and $(2) million, respectively, and for the three and nine months ended September 30, 2023 of $3 million and $1 million, respectively, included in Change in foreign currency translation adjustment in OCI related to the net investment hedge relationships. The gains (losses) recognized primarily include transactions with related parties. A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while regression analysis is employed for all other hedges.

Corebridge | Third Quarter 2024 Form 10-Q 52

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TABLE OF CONTENTS

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

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 Derivatives(a)(c)						Excluded Components(b)(c)						Hedged Items						Net Impact
Three Months Ended September 30, 2024
Interest rate contracts:
Interest credited to policyholder account balances						$	137					$	—					$	(140)					$	(3)
Foreign exchange contracts:
Realized gains (losses)						$	(327)					$	99					$	327					$	99
Three Months Ended September 30, 2023
Interest rate contracts:
Interest credited to policyholder account balances						$	(57)					$	—					$	54					$	(3)
Foreign exchange contracts:
Realized gains (losses)						$	226					$	(124)					$	(226)					$	(124)
Nine Months Ended September 30, 2024
Interest rate contracts:
Interest credited to policyholder account balances						$	68					$	—					$	(71)					$	(3)
Foreign exchange contracts:
Realized gains (losses)						$	(158)					$	141					$	158					$	141
Nine Months Ended September 30, 2023
Interest rate contracts:
Interest credited to policyholder account balances						$	(14)					$	—					$	3					$	(11)
Foreign exchange contracts:
Realized gains (losses)						$	64					$	(15)					$	(64)					$	(15)

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

(b)Includes gains and losses with related parties for the three and nine months ended September 30, 2024 and 2023.

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

Corebridge | Third Quarter 2024 Form 10-Q 53

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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  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
By Derivative Type:
Interest rate contracts						$	136					$	(618)					$	(228)					$	(734)
Foreign exchange contracts						(282)						268						(118)						78
Equity contracts						476						(459)						679						(507)
Credit contracts						34						—						60						—
Other contracts						11						25						42						50
Embedded derivatives						(976)						718						(1,813)						(101)
Fortitude Re funds withheld embedded derivative						(1,509)						1,080						(1,451)						177
Total(a)						$	(2,110)					$	1,014					$	(2,829)					$	(1,037)
By Classification:
Policy fees						$	17					$	16					$	46					$	48
Net investment income (loss) - Fortitude Re funds withheld assets						(8)						1						3						(1)
Net realized gains (losses) - excluding Fortitude Re funds withheld assets(b)						(735)						538						(566)						133
Net realized gains (losses) on Fortitude Re funds withheld assets						119						(155)						(13)						(197)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivatives						(1,509)						1,080						(1,451)						177
Policyholder benefits						—						(5)						—						(5)
Change in the Fair value of market risk benefits(c)						6						(461)						(848)						(1,192)
Total(a)						$	(2,110)					$	1,014					$	(2,829)					$	(1,037)

(a)Includes gains (losses) with related parties of $(14) million and $(744) million for the three months ended September 30, 2024 and 2023, respectively, and $22 million and $(984) million for the nine months ended September 30, 2024 and 2023, respectively.

(b)Includes a $5 million gain related to the sale of AIG Life U.K. reported in net (gain) loss on divestitures for the nine months ended September 30, 2024. For further details on this transaction, see Note 1.

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

In addition to embedded derivatives within policyholder contract deposits, certain guaranteed benefits within insurance contracts are classified as MRBs. The change in the fair value of these benefits is disclosed in Note 14. The change in the fair value of MRBs and the derivative instruments that hedge those risks are recognized in “Change in the fair value of MRBs, net” in the Condensed Consolidated Statements of Income (Loss).

HYBRID SECURITIES WITH EMBEDDED CREDIT DERIVATIVES

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

We elect to account for our investments in these hybrid securities with embedded written credit derivatives at fair value, with changes in fair value recognized in Net investment income. Our investments in these hybrid securities are reported as Other bond securities in the Condensed Consolidated Balance Sheets. The fair values of these hybrid securities were both zero at September 30, 2024 and December 31, 2023. These securities have par amounts of $25 million and $25 million at September 30, 2024 and December 31, 2023, respectively, and have remaining stated maturity dates that extend to 2052.

Corebridge | Third Quarter 2024 Form 10-Q 54

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TABLE OF CONTENTS

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

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.

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

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

The following table presents a rollforward of deferred policy acquisition costs and value of business acquired related to long-duration contracts for the nine months ended September 30, 2024 and 2023:

						Individual Retirement						Group Retirement						Life Insurance						Institutional Markets						Total
(in millions)
DAC:
Balance at January 1, 2024 (a)						$	4,777					$	1,055					$	4,092					$	70					$	9,994
Capitalization						606						60						317						32						1,015
Amortization expense						(453)						(62)						(259)						(10)						(784)
Other, including foreign exchange						—						—						(7)						—						(7)
Dispositions						—						—						(27)						—						(27)
Balance at September 30, 2024						$	4,930					$	1,053					$	4,116					$	92					$	10,191
Balance at January 1, 2023						$	4,643					$	1,060					$	4,718					$	51					$	10,472
Capitalization						519						55						341						22						937
Amortization expense						(424)						(62)						(282)						(6)						(774)
Other, including foreign exchange						—						—						5						—						5
Reclassified to Assets held-for-sale						—						—						(684)						—						(684)
Balance at September 30, 2023						$	4,738					$	1,053					$	4,098					$	67					$	9,956
VOBA:
Balance at January 1, 2024 (b)						$	2					$	1					$	14					$	—					$	17
Amortization expense						(1)						(1)						(1)						—						(3)
Other, including foreign exchange						—						—						(1)						—						(1)
Balance at September 30, 2024						$	1					$	—					$	12					$	—					$	13
Balance at January 1, 2023						$	3					$	1					$	87					$	—					$	91
Amortization expense						(1)						—						(7)						—						(8)
Other, including foreign exchange						—						—						5						—						5
Reclassified to Assets held-for-sale						—						—						(71)						—						(71)
Balance at September 30, 2023						$	2					$	1					$	14					$	—					$	17
Total DAC and VOBA:
Balance at September 30, 2024																														$	10,204
Balance at September 30, 2023																														$	9,973

(a) Excludes $740 million of DAC reclassified to Assets held-for-sale at the beginning of the period and was derecognized concurrent with the closing of the sale of AIG Life U.K.

(b) Excludes $74 million of VOBA reclassified to Assets held-for-sale at the beginning of the period and was derecognized concurrent with the closing of the sale of AIG Life U.K.

Corebridge | Third Quarter 2024 Form 10-Q 55

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TABLE OF CONTENTS

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

DEFERRED SALES INDUCEMENTS

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

The following table presents a rollforward of deferred sales inducement assets related to long-duration contracts for the nine months ended September 30, 2024 and 2023:

Nine Months Ended September 30,						2024																		2023
						Individual Retirement						Group Retirement						Total						Individual Retirement						Group Retirement						Total
(in millions)
Balance, beginning of year						$	333					$	164					$	497					$	381					$	177					$	558
Capitalization						4						1						5						5						—						5
Amortization expense						(38)						(10)						(48)						(41)						(10)						(51)
Balance, end of period						$	299					$	155					$	454					$	345					$	167					$	512
Other reconciling items*																		1,785																		1,302
Other assets, including restricted cash																		$	2,239																	$	1,814

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

11. 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.

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

			Individual Retirement						Group Retirement						Life Insurance						Institutional Markets						Total
(in millions)
September 30, 2024
Equity funds			$	27,353					$	30,785					$	945					$	683					$	59,766
Bond funds			4,187						3,233						46						1,305						8,771
Balanced funds			18,066						5,831						56						2,143						26,096
Money market funds			705						825						17						188						1,735
Total			$	50,311					$	40,674					$	1,064					$	4,319					$	96,368
December 31, 2023
Equity funds			$	25,451					$	28,675					$	819					$	593					$	55,538
Bond funds			4,037						3,292						44						1,303						8,676
Balanced funds			17,711						5,479						53						1,923						25,166
Money market funds			694						742						16						173						1,625
Total			$	47,893					$	38,188					$	932					$	3,992					$	91,005

Corebridge | Third Quarter 2024 Form 10-Q 56

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TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Separate Account Assets and Liabilities

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

			Individual Retirement						Group  Retirement						Life Insurance						Institutional Markets						Total
(in millions)
Nine Months Ended September 30, 2024
Separate accounts balance, beginning of year			$	47,893					$	38,188					$	932					$	3,992					$	91,005
Premiums and deposits			973						1,063						26						93						2,155
Policy charges			(863)						(353)						(36)						(72)						(1,324)
Surrenders and withdrawals			(3,872)						(3,238)						(24)						(58)						(7,192)
Benefit payments			(721)						(444)						(9)						(16)						(1,190)
Investment performance			6,841						5,718						179						355						13,093
Net transfers from (to) general account and other			60						(260)						(4)						25						(179)
Separate accounts balance, end of period			$	50,311					$	40,674					$	1,064					$	4,319					$	96,368
Cash surrender value*			$	49,399					$	40,467					$	1,043					$	4,313					$	95,222
Nine Months Ended September 30, 2023
Separate accounts balance, beginning of year			$	45,178					$	34,361					$	799					$	4,515					$	84,853
Premiums and deposits			1,124						1,033						27						40						2,224
Policy charges			(964)						(333)						(37)						(69)						(1,403)
Surrenders and withdrawals			(2,728)						(2,205)						(19)						(503)						(5,455)
Benefit payments			(640)						(374)						(5)						(61)						(1,080)
Investment performance			2,470						2,806						85						160						5,521
Net transfers from (to) general account and other			173						(122)						(2)						15						64
Separate accounts balance, end of period			$	44,613					$	35,166					$	848					$	4,097					$	84,724
Cash surrender value*			$	43,566					$	34,980					$	828					$	4,100					$	83,474

*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.

12. Future Policy Benefits

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

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

Corebridge | Third Quarter 2024 Form 10-Q 57

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TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |12. Future Policy Benefits

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

			Individual Retirement						Group Retirement						Life Insurance						Institutional Markets						Corporate and Other						Total
(in millions, except for liability durations)
Nine Months Ended September 30, 2024
Present value of expected net premiums
Balance, beginning of year			$	—					$	—					$	8,379					$	—					$	973					$	9,352
Effect of changes in discount rate assumptions (AOCI)			—						—						1,482						—						44						1,526
Reclassified to Liabilities held-for-sale			—						—						4,287						—						—						4,287
Beginning balance at original discount rate			—						—						14,148						—						1,017						15,165
Effect of changes in cash flow assumptions			—						—						(57)						—						(11)						(68)
Effect of actual variances from expected experience			—						—						4						—						(7)						(3)
Adjusted beginning of year balance			—						—						14,095						—						999						15,094
Issuances			—						—						733						—						—						733
Interest accrual			—						—						288						—						32						320
Net premium collected			—						—						(888)						—						(86)						(974)
Foreign exchange impact			—						—						(46)						—						—						(46)
Other			—						—						—						—						—						—
Dispositions			—						—						(5,108)						—						—						(5,108)
Ending balance at original discount rate			—						—						9,074						—						945						10,019
Effect of changes in discount rate assumptions (AOCI)			—						—						(463)						—						(28)						(491)
Balance, end of period			$	—					$	—					$	8,611					$	—					$	917					$	9,528
Present value of expected future policy benefits
Balance, beginning of year			$	1,353					$	217					$	17,531					$	18,482					$	20,654					$	58,237
Effect of changes in discount rate assumptions (AOCI)			132						(3)						2,745						1,906						437						5,217
Reclassified to Liabilities held-for-sale			—						—						5,119						—						—						5,119
Beginning balance at original discount rate			1,485						214						25,395						20,388						21,091						68,573
Effect of changes in cash flow assumptions(a)			—						—						(24)						(41)						(39)						(104)
Effect of actual variances from expected experience(a)			(27)						(2)						15						(8)						(19)						(41)
Adjusted beginning of year balance			1,458						212						25,386						20,339						21,033						68,428
Issuances			92						10						721						2,105						5						2,933
Interest accrual			50						9						635						665						753						2,112
Benefit payments			(105)						(18)						(1,204)						(907)						(1,099)						(3,333)
Foreign exchange impact			—						—						(61)						503						—						442
Other			—						(5)						2						—						(7)						(10)
Dispositions			—						—						(6,796)						—						—						(6,796)
Ending balance at original discount rate			1,495						208						18,683						22,705						20,685						63,776
Effect of changes in discount rate assumptions (AOCI)			(108)						5						(825)						(2,260)						(324)						(3,512)
Balance, end of period			$	1,387					$	213					$	17,858					$	20,445					$	20,361					$	60,264
Net liability for future policy benefits, end of period			1,387						213						9,247						20,445						19,444						50,736
Liability for future policy benefits for certain participating contracts			—						—						12						—						1,270						1,282
Liability for universal life policies(b)			—						—						4,170						—						55						4,225
Deferred profit liability			59						11						22						1,673						832						2,597
Other reconciling items(c)			34						—						449						—						93						576
Future policy benefits for life and accident and health insurance contracts			1,480						224						13,900						22,118						21,694						59,416
Less: Reinsurance recoverable:			(5)						—						(678)						(41)						(21,694)						(22,418)
Net liability for future policy benefits after reinsurance recoverable			$	1,475					$	224					$	13,222					$	22,077					$	—					$	36,998
Weighted average liability duration of the liability for future policy benefits(d)			7.7						6.7						11.1						11.9						11.2

Corebridge | Third Quarter 2024 Form 10-Q 58

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TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |12. Future Policy Benefits

			Individual Retirement						Group Retirement						Life Insurance						Institutional Markets						Corporate and Other						Total
(in millions, except for liability durations)
Nine Months Ended September 30, 2023
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			—						—						34						—						21						55
Effect of actual variances from expected experience			—						—						36						—						16						52
Adjusted beginning of year balance			—						—						13,596						—						1,094						14,690
Issuances			—						—						986						—						—						986
Interest accrual			—						—						325						—						34						359
Net premium collected			—						—						(1,093)						—						(90)						(1,183)
Foreign exchange impact			—						—						44						—						—						44
Other			—						—						11						—						(3)						8
Ending balance at original discount rate			—						—						13,869						—						1,035						14,904
Effect of changes in discount rate assumptions (AOCI)			—						—						(2,199)						—						(95)						(2,294)
Reclassified to Liabilities held-for-sale															(3,784)																		(3,784)
Balance, end of period			$	—					$	—					$	7,886					$	—					$	940					$	8,826
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)			—						—						62						—						76						138
Effect of actual variances from expected experience(a)			(1)						(1)						85						21						(10)						94
Adjusted beginning of year balance			1,389						212						24,750						15,119						21,578						63,048
Issuances			141						16						978						3,503						4						4,642
Interest accrual			38						8						679						478						770						1,973
Benefit payments			(95)						(20)						(1,461)						(810)						(1,121)						(3,507)
Foreign exchange impact			—						—						54						48						—						102
Other			—						—						8						—						(18)						(10)
Ending balance at original discount rate			1,473						216						25,008						18,338						21,213						66,248
Effect of changes in discount rate assumptions (AOCI)			(217)						(9)						(4,397)						(3,512)						(2,214)						(10,349)
Reclassified to Liabilities held-for-sale			—						—						(4,352)						—						—						(4,352)
Balance, end of period			$	1,256					$	207					$	16,259					$	14,826					$	18,999					$	51,547
Net liability for future policy benefits, end of period			1,256						207						8,373						14,826						18,059						42,721
Liability for future policy benefits for certain participating contracts			—						—						13						—						1,308						1,321
Liability for universal life policies(b)			—						—						3,223						—						55						3,278
Deferred profit liability			80						9						18						1,428						865						2,400
Other reconciling items(c)			34						—						508						—						93						635
Future policy benefits for life and accident and health insurance contracts			1,370						216						12,135						16,254						20,380						50,355
Less: Reinsurance recoverable:			(4)						—						(700)						(37)						(20,380)						(21,121)
Net liability for future policy benefits after reinsurance recoverable			$	1,366					$	216					$	11,435					$	16,217					$	—					$	29,234
Weighted average liability duration of the liability for future policy benefits(d)(e)			7.4						6.6						11.9						10.9						10.8

(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.

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

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

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

Corebridge | Third Quarter 2024 Form 10-Q 59

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TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |12. Future Policy Benefits

For the nine months ended September 30, 2024 and 2023 in the traditional and term life insurance block, capping of net premium ratios at 100% caused a (credit)/charge to net income of $(1) million and $(1) million, respectively. The discount rate was updated based on market observable information. Relative to the prior period, the increase in upper-medium-grade fixed income yields resulted in a decrease in the liability for future policy benefits.

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

									Nine Months Ended September 30,
(in millions)									2024						2023
Individual Retirement			Undiscounted expected future benefits and expense						$	2,139					$	2,119
			Undiscounted expected future gross premiums						$	—					$	—
			Discounted expected future gross premiums (at current discount rate)						$	—					$	—
Group Retirement			Undiscounted expected future benefits and expense						$	306					$	315
			Undiscounted expected future gross premiums						$	—					$	—
			Discounted expected future gross premiums (at current discount rate)						$	—					$	—
Life Insurance (a)			Undiscounted expected future benefits and expense						$	31,018					$	39,763
			Undiscounted expected future gross premiums						$	21,763					$	29,789
			Discounted expected future gross premiums (at current discount rate)						$	14,899					$	18,596
Institutional Markets			Undiscounted expected future benefits and expense						$	43,864					$	33,025
			Undiscounted expected future gross premiums						$	—					$	—
			Discounted expected future gross premiums (at current discount rate)						$	—					$	—
Corporate and other (b)			Undiscounted expected future benefits and expense						$	41,994					$	43,250
			Undiscounted expected future gross premiums						$	2,016					$	2,141
			Discounted expected future gross premiums (at current discount rate)						$	1,385					$	1,372

(a)    2023 includes balances related to AIG Life U.K. that have been reclassified to Liabilities held-for-sale in the Condensed Consolidated Balance Sheets at September 30, 2023.

(b)    Represents activity ceded to Fortitude Re.

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

			Gross Premiums												Interest Accretion
			Nine Months Ended September 30,												Nine Months Ended September 30,
(in millions)			2024						2023												2024						2023
Individual Retirement			$	102					$	164											$	50					$	38
Group Retirement			10						16												9						8
Life Insurance			1,537						1,781												347						354
Institutional Markets			2,200						3,709												665						478
Corporate and Other			154						161												721						736
Total			$	4,003					$	5,831											$	1,792					$	1,614

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

			Individual Retirement						Group Retirement						Life Insurance						Institutional Markets						Corporate and Other
September 30, 2024
Weighted-average interest rate, original discount rate			3.75		%				5.17		%				4.69		%				4.29		%				4.85		%
Weighted-average interest rate, current discount rate			4.89		%				4.81		%				5.04		%				5.15		%				5.04		%
September 30, 2023
Weighted-average interest rate, original discount rate *			3.75		%				5.15		%				4.14		%				3.97		%				4.87		%
Weighted-average interest rate, current discount rate *			5.92		%				5.90		%				5.92		%				5.87		%				5.94		%

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

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

Actuarial Assumption Updates for Liability for Future Policy Benefits

In 2024, Corebridge recognized a favorable impact to net income primarily due to model refinements offset by lapse and mortality assumption updates in Life Insurance. In 2023, Corebridge recognized an unfavorable impact to net income due to other refinements on Life products offset in part by mortality assumption updates.

Corebridge | Third Quarter 2024 Form 10-Q 60

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TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |12. Future Policy Benefits

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

Our additional liabilities include 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 policies include discount rates and net earned rates.

The following table presents the balances and changes in the liability for universal life policies:

			Nine Months Ended September 30,
			2024																		2023
			Life Insurance						Corporate and Other						Total						Life Insurance						Corporate and Other						Total
(in millions, except duration of liability)
Balance, beginning of year			$	3,731					$	55					$	3,786					$	3,300					$	55					$	3,355
Effect of changes in assumptions			38						—						38						(41)						—						(41)
Effect of changes in experience			274						(3)						271						174						(3)						171
Adjusted beginning balance			$	4,043					$	52					$	4,095					$	3,433					$	52					$	3,485
Assessments			434						1						435						518						1						519
Excess benefits paid			(646)						—						(646)						(681)						—						(681)
Interest accrual			119						2						121						95						2						97
Other			(8)						—						(8)						20						—						20
Changes related to unrealized appreciation (depreciation) of investments			228						—						228						(162)						—						(162)
Balance, end of period			$	4,170					$	55					$	4,225					$	3,223					$	55					$	3,278
Less: Reinsurance recoverable			(155)						(55)						(210)						(162)						—						(162)
Balance, end of period, net of Reinsurance recoverable			$	4,015					$	—					$	4,015					$	3,061					$	55					$	3,116
Weighted average duration of liability *			24.0						9.0												25.4						9.3

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

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

			Gross Assessments												Interest Accretion
			Nine Months Ended September 30,															Nine Months Ended  September 30,
(in millions)			2024						2023									2024						2023
Life Insurance			$	741					$	855								$	119					$	95
Corporate and Other			29						31									2						2
Total			$	770					$	886								$	121					$	97

The following table presents the calculation of weighted average interest rate for the liability for universal life policies:

September 30,									2024												2023
									Life Insurance						Corporate and Other						Life Insurance						Corporate and Other
Weighted-average interest rate									4.13		%				4.20		%				3.94		%				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 | Third Quarter 2024 Form 10-Q 61

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TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |12. Future Policy Benefits

The following table presents details concerning our universal life policies:

						Nine Months Ended September 30,
(in millions, except for attained age of contract holders)						2024						2023
Account value						$	3,912					$	3,654
Net amount at risk						$	74,889					$	71,497
Average attained age of contract holders						53						53

Actuarial Assumption Updates for Liability for universal life policies

In 2024, Corebridge recognized an unfavorable impact to net income due to lapse and mortality updates for universal life policies, offset by yield and spread updates. In 2023, Corebridge recognized a favorable impact to net income due to updates to the portfolio yield assumption and refinements to the modeling for universal life policies, partially offset by updated premium assumptions.

13. Policyholder Contract Deposits and Other Policyholder Funds

POLICYHOLDER CONTRACT DEPOSITS

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

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

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

Corebridge | Third Quarter 2024 Form 10-Q 62

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TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13. Policyholder Contract Deposits and Other Policyholder Funds

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

			Individual Retirement						Group Retirement						Life Insurance						Institutional Markets									Corporate and other						Total
(in millions, except for average crediting rate)
Nine Months Ended September 30, 2024
Policyholder contract deposits account balance, beginning of year			$	94,896					$	41,299					$	10,231					$	13,649								$	3,333					$	163,408
Deposits			17,949						4,025						1,211						3,784									31						27,000
Policy charges			(544)						(380)						(1,124)						(51)									(44)						(2,143)
Surrenders and withdrawals			(13,087)						(7,337)						(227)						(82)									(91)						(20,824)
Benefit payments			(3,049)						(1,500)						(214)						(1,232)									(219)						(6,214)
Net transfers from (to) separate account			3,934						3,086						17						15									—						7,052
Interest credited			2,769						951						377						511									119						4,727
Other			(1)						(210)						15						214									(3)						15
Policyholder contract deposits account balance, end of period			102,867						39,934						10,286						16,808									3,126						173,021
Other reconciling items(b)			(1,113)						(187)						279						177									—						(844)
Policyholder contract deposits			$	101,754					$	39,747					$	10,565					$	16,985								$	3,126					$	172,177
Weighted average crediting rate			3.04		%				3.12		%				4.46		%				4.57		%							5.05		%
Cash surrender value(c)			$	96,343					$	39,076					$	9,101					$	2,586								$	1,613					$	148,719
Nine Months Ended September 30, 2023
Policyholder contract deposits account balance, beginning of year			$	89,554					$	43,395					$	10,224					$	11,734								$	3,587					$	158,494
Deposits			12,885						3,943						1,211						3,707									34						21,780
Policy charges			(661)						(359)						(1,143)						(50)									(47)						(2,260)
Surrenders and withdrawals			(10,310)						(6,010)						(194)						(502)									(65)						(17,081)
Benefit payments			(2,984)						(1,801)						(222)						(1,355)									(233)						(6,595)
Net transfers from (to) separate account			2,577						1,896						1						565									—						5,039
Interest credited			1,482						843						297						353									127						3,102
Other			(7)						6						16						(9)									(11)						(5)
Policyholder contract deposits account balance, end of period			92,536						41,913						10,190						14,443									3,392						162,474
Other reconciling items(b)			(2,280)						(327)						11						(20)									—						(2,616)
Policyholder contract deposits			$	90,256					$	41,586					$	10,201					$	14,423								$	3,392					$	159,858
Weighted average crediting rate			2.65		%				2.88		%				4.37		%				3.66		%							4.99		%
Cash surrender value(c)			$	85,644					$	40,928					$	9,008					$	2,577								$	1,732					$	139,889

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

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

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

For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 14.

Corebridge | Third Quarter 2024 Form 10-Q 63

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TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13. Policyholder Contract Deposits and Other Policyholder Funds

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

September 30, 2024						At Guaranteed Minimum						1 Basis Point - 50 Basis Points Above						More than 50 Basis Points Above Minimum Guarantee						Total
(in millions, except percentage of total)
Individual Retirement			Range of Guaranteed Minimum Credited Rate
			<=1%			$	5,794					$	1,711					$	33,119					$	40,624
			> 1% - 2%			3,226						21						1,120						4,367
			> 2% - 3%			7,127						13						2,299						9,439
			> 3% - 4%			5,943						34						4						5,981
			> 4% - 5%			411						—						4						415
			> 5%			37						5						3						45
			Total			$	22,538					$	1,784					$	36,549					$	60,871
Group Retirement			Range of Guaranteed Minimum Credited Rate
			<=1%			$	2,087					$	1,542					$	8,594					$	12,223
			> 1% - 2%			3,324						735						937						4,996
			> 2% - 3%			10,977						297						115						11,389
			> 3% - 4%			575						—						—						575
			> 4% - 5%			6,432						—						—						6,432
			> 5%			137						—						—						137
			Total			$	23,532					$	2,574					$	9,646					$	35,752
Life Insurance			Range of Guaranteed Minimum Credited Rate
			<=1%			$	—					$	—					$	—					$	—
			> 1% - 2%			—						109						364						473
			> 2% - 3%			9						391						1,530						1,930
			> 3% - 4%			1,179						438						22						1,639
			> 4% - 5%			2,748						—						—						2,748
			> 5%			211						—						—						211
			Total			$	4,147					$	938					$	1,916					$	7,001
Total*						$	50,217					$	5,296					$	48,111					$	103,624
Percentage of total						49%						5%						46%						100%

Corebridge | Third Quarter 2024 Form 10-Q 64

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TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13. Policyholder Contract Deposits and Other Policyholder Funds

September 30, 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%			$	6,741					$	2,234					$	24,455					$	33,430
			> 1% - 2%			3,940						22						1,909						5,871
			> 2% - 3%			8,401						11						822						9,234
			> 3% - 4%			6,864						37						6						6,907
			> 4% - 5%			439						—						4						443
			> 5%			32						—						3						35
			Total			$	26,417					$	2,304					$	27,199					$	55,920
Group Retirement			Range of Guaranteed Minimum Credited Rate
			<=1%			$	2,197					$	2,467					$	6,304					$	10,968
			> 1% - 2%			3,874						1,347						667						5,888
			> 2% - 3%			12,700						159						93						12,952
			> 3% - 4%			641						—						—						641
			> 4% - 5%			6,773						—						—						6,773
			> 5%			150						—						—						150
			Total			$	26,335					$	3,973					$	7,064					$	37,372
Life Insurance			Range of Guaranteed Minimum Credited Rate
			<=1%			$	—					$	—					$	—					$	—
			> 1% - 2%			—						131						347						478
			> 2% - 3%			9						866						1,078						1,953
			> 3% - 4%			1,178						499						26						1,703
			> 4% - 5%			2,879						—						—						2,879
			> 5%			218						—						—						218
			Total			$	4,284					$	1,496					$	1,451					$	7,231
Total*						$	57,036					$	7,773					$	35,714					$	100,523
Percentage of total						56%						8%						36%						100%

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

OTHER POLICYHOLDER FUNDS

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

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

Corebridge | Third Quarter 2024 Form 10-Q 65

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TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13. Policyholder Contract Deposits and Other Policyholder Funds

The following table presents a rollforward of the unearned revenue reserve for the nine months ended September 30, 2024 and 2023:

			Life Insurance						Institutional Markets						Corporate and Other						Total
(in millions)
Nine Months Ended September 30, 2024
Balance, beginning of year			$	1,770					$	1					$	94					$	1,865
Revenue deferred			120						—						—						120
Amortization			(83)						—						(7)						(90)
Balance, end of period			$	1,807					$	1					$	87					$	1,895
Other reconciling items*																					957
Other policyholder funds																					$	2,852
Nine Months Ended September 30, 2023
Balance, beginning of year			$	1,727					$	2					$	105					$	1,834
Revenue deferred			114						—						—						114
Amortization			(83)						(1)						(8)						(92)
Balance, end of period			$	1,758					$	1					$	97					$	1,856
Other reconciling items*																					994
Other policyholder funds																					$	2,850

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

14. Market Risk Benefits

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

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

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

Corebridge | Third Quarter 2024 Form 10-Q 66

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TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 14. Market Risk Benefits

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

						Individual Retirement						Group Retirement						Total
(in millions, except for attained age of contract holders)
Nine Months Ended September 30, 2024
Balance, beginning of year						$	4,562					$	308					$	4,870
Effect of changes in our own credit risk						(1,072)						(88)						(1,160)
Balance, beginning of year, before effect of changes in our own credit risk						$	3,490					$	220					$	3,710
Issuances						612						40						652
Interest accrual						111						8						119
Attributed fees						504						45						549
Expected claims						(49)						(1)						(50)
Effect of changes in interest rates						86						5						91
Effect of changes in interest rate volatility						(27)						1						(26)
Effect of changes in equity markets						(1,006)						(87)						(1,093)
Effect of changes in equity index volatility						(4)						1						(3)
Actual outcome different from model expected outcome						(28)						4						(24)
Effect of changes in future expected policyholder behavior						148						26						174
Effect of changes in other future expected assumptions						(95)						(1)						(96)
Other, including foreign exchange						—						—						—
Balance, end of period before effect of changes in our own credit risk						3,742						261						4,003
Effect of changes in our own credit risk						1,081						89						1,170
Balance, end of period						4,823						350						5,173
Less: Reinsured MRB, end of period						(61)						—						(61)
Net Liability Balance after reinsurance recoverable						$	4,762					$	350					$	5,112
Net amount at risk
GMDB only						$	578					$	118					$	696
GMWB only						$	377					$	33					$	410
Combined*						$	467					$	11					$	478
Weighted average attained age of contract holders						71						64
Nine Months Ended September 30, 2023
Balance, beginning of year						$	3,738					$	296					$	4,034
Effect of changes in our own credit risk						(441)						(24)						(465)
Balance, beginning of year, before effect of changes in our own credit risk						$	3,297					$	272					$	3,569
Issuances						527						28						555
Interest accrual						122						12						134
Attributed fees						636						49						685
Expected claims						(68)						(2)						(70)
Effect of changes in interest rates						(1,223)						(99)						(1,322)
Effect of changes in interest rate volatility						(7)						2						(5)
Effect of changes in equity markets						(591)						(61)						(652)
Effect of changes in equity index volatility						(27)						(4)						(31)
Actual outcome different from model expected outcome						155						10						165
Effect of changes in future expected policyholder behavior						(1)						(1)						(2)
Effect of changes in other future expected assumptions						(86)						(40)						(126)
Other, including foreign exchange						—						(3)						(3)
Balance, end of period before effect of changes in our own credit risk						2,734						163						2,897
Effect of changes in our own credit risk						662						53						715
Balance, end of period						3,396						216						3,612
Less: Reinsured MRB, end of period						(71)						—						(71)
Net liability balance after reinsurance recoverable						$	3,325					$	216					$	3,541
Net amount at risk
GMDB only						$	1,200					$	257					$	1,457
GMWB only						$	24					$	1					$	25
Combined*						$	1,764					$	28					$	1,792
Weighted average attained age of contract holders						70						64

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

Corebridge | Third Quarter 2024 Form 10-Q 67

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TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 14. 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:

						September 30, 2024																		September 30, 2023
(in millions)						Asset*						Liability*						Net						Asset*						Liability*						Net
Individual Retirement						$	970					$	5,732					$	4,762					$	814					$	4,139					$	3,325
Group Retirement						194						544						350						164						380						216
Total						$	1,164					$	6,276					$	5,112					$	978					$	4,519					$	3,541

*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.

Actuarial Assumption Updates for Market Risk Benefits

For 2024, Corebridge recognized an unfavorable impact to net income due to policyholder assumptions, including mortality and partial withdrawal updates, partially offset by economic assumptions. For 2023, Corebridge recognized a favorable impact to net income due to policyholder behavior assumptions.

15. Debt

On September 12, 2024, Corebridge Parent issued and sold $750 million aggregate principal amount of its 6.375% fixed-to-fixed reset rate junior subordinated notes due 2054 (“2054 Notes”). Subject to certain redemption provisions and other terms of the 2054 Notes, the interest rate resets on September 15, 2034 and each five-year anniversary thereafter, at an annual rate equal to the five-year treasury rate as of the most recent reset interest determination date plus 2.646%.

Corebridge used a portion of the net proceeds of the issuance of the 2054 Notes to repay all of the $250 million aggregate principal amount outstanding under Corebridge’s Three-Year DDTL Facility, dated as of February 25, 2022, among Corebridge, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The balance of the proceeds will be used for general corporate purposes. This facility was terminated on September 12, 2024 after the final loan repayment.

16. Contingencies, Commitments and Guarantees

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

LEGAL CONTINGENCIES

Overview

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

Corebridge | Third Quarter 2024 Form 10-Q 68

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TABLE OF CONTENTS

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

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 other reinsurers may initiate them in the future. To the extent reinsurers have sought retroactive premium increases, we have accrued our current estimate of probable loss with respect to these matters.

For additional information, see Note 7.

Moriarty Litigation

AGL continues to defend against Moriarty v. American General Life Insurance Co. (S.D. Cal.), a putative class action involving Sections 10113.71 and 10113.72 of the California Insurance Code, which was instituted against AGL on July 18, 2017. In general, those statutes require that for life-insurance policies issued and delivered in California: (1) the policy must contain a 60-day grace period following non-payment of premium during which the policy remains in force; (2) the insurer must provide a 30-day pre-lapse notice; and (3) the insurer must notify policy owners of the right to designate a secondary recipient for lapse notices. The plaintiff contends AGL did not comply with these requirements for a policy issued before these statutes went into effect. The plaintiff seeks damages and other relief. AGL asserts various defenses to the plaintiff’s claims and to class certification. In 2022, the District Court held that a trial was necessary to determine whether AGL was liable on the plaintiff’s breach of contract claim, and it denied class certification. In May 2023, the case was reassigned to a new judge. On August 14, 2023, the District Court granted the plaintiff’s motion for summary judgment on the plaintiff’s breach of contract claim. On September 26, 2023, the District Court decided that good cause exists to allow the plaintiff to file a third motion for class certification. At the same time, however, the District Court certified its August 14, 2023 order for interlocutory appeal to the Ninth Circuit and stayed trial court proceedings pending the outcome of AGL’s appeal. The Ninth Circuit granted AGL’s petition for interlocutory appeal on November 21, 2023, which remains pending. AGL filed its opening brief on April 15, 2024. Plaintiff filed its answering brief on July 22, 2024, and AGL filed its reply on September 11, 2024. On August 13, 2024, Plaintiff filed a motion with the Ninth Circuit to certify a question regarding the interpretation of the California statute – namely, whether an insured can terminate an insurance policy without having complied with the notice and grace period requirements of the California statute. AGL opposed Plaintiff’s motion on August 23, 2024, arguing that there was no basis for certification and disagreeing with Plaintiff’s claimed issue for review. Plaintiff’s motion for certification remains pending. The Ninth Circuit has indicated that it may hold arguments in February or March 2025.

AGL is also defending other actions in California involving similar issues: Allen v. Protective Life Insurance Co. and American General Life Insurance Co. (E.D. Cal.) was filed in state court on September 26, 2022. After being removed to federal court, the plaintiffs filed a motion on August 11, 2023, seeking leave to amend the complaint to add class action allegations against AGL. On November 8, 2023, the District Court issued an order that plaintiffs’ motion will be held in abeyance pending resolution of the class certification issues in Moriarty. On June 24, 2024, Protective Life and AGL filed a motion to stay the entire lawsuit (not just plaintiffs’ motion for leave to amend the complaint) pending resolution of Moriarty. On July 8, 2024, plaintiffs filed a response in opposition to the motion to stay; Chuck v. American General Life Insurance Co. (C.D. Cal.) was filed in state court on September 6, 2023, as a putative class action. After being removed to federal court, the plaintiffs filed an amended complaint on January 8, 2024, dropping the class action allegation against AGL and adding a sales agent as a defendant. On April 15, 2024, the District Court entered a scheduling order setting the case for trial on February 18, 2025. Koch Family Insurance Trust v. American General Life Insurance Co. (C.D. Cal.) was filed in state court on May 15, 2024, and removed to federal court on June 28, 2024. Wong v. American General Life Insurance Co. (C.D. Cal.) was filed in state court on July 31, 2024, and removed to federal court on September 4, 2024. People of the State of California v. American General Life Insurance Co., et al. (Cal. Superior Court, San Diego County) was filed on October 17, 2024, against AGL, Lincoln Benefit Life Co., Everlake Life Insurance Co., and Transamerica Life Insurance Co., seeking civil penalties and equitable relief under California Business & Professions Code §§ 17200 et seq. AGL had not been served as of October 24, 2024.

These cases are in the early stages, and AGL expects their progress will be influenced by future developments in Moriarty and cases against other insurers involving the same insurance statutes. AGL has accrued its current estimate of probable loss with respect to these litigation matters.

OTHER COMMITMENTS

In the normal course of business, we enter into commitments to invest in limited partnerships, private equity funds and hedge funds and to purchase and develop real estate in the United States and abroad. These commitments totaled $3.8 billion at September 30, 2024.

Corebridge | Third Quarter 2024 Form 10-Q 69

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TABLE OF CONTENTS

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

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 will indemnify, defend and hold harmless AIG against or from any liability arising from or related to these guarantees.

Certain of our insurance subsidiaries benefit from General Guarantee Agreements under which American Home Assurance Company (“AHAC”) or National Union Fire Insurance Company of Pittsburgh, PA (“NUFIC”) has unconditionally and irrevocably guaranteed all present and future obligations arising from certain insurance policies issued by these subsidiaries (a “Guaranteed Policy” or the “Guaranteed Policies”). AHAC and NUFIC are required to perform under the agreements if one of the insurance subsidiaries fails to make payments due under a Guaranteed Policy. These General Guarantee Agreements have all been terminated as to insurance policies issued after the date of termination. AHAC and NUFIC have not been required to perform under any of the agreements but remain contingently liable for all policyholder obligations associated with the Guaranteed Policies. We did not pay any fees under these agreements for the nine months ended September 30, 2024 or 2023.

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

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

•a guarantee in connection with a sale-leaseback transaction in 2020. Pursuant to this transaction, CRBGLH issued promissory notes to AGL with maturity dates of up to five years. These promissory notes were guaranteed by AIG Parent for the benefit of AGL. We paid no fees for these guarantees during the nine months ended September 30, 2024 or 2023. On August 1, 2023, the guarantee of these promissory notes was novated from AIG Parent to Corebridge Parent.

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

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

•For additional disclosures about derivatives, see Note 9.

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

Corebridge | Third Quarter 2024 Form 10-Q 70

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TABLE OF CONTENTS

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

17. Equity

COMMON STOCK

The following table presents a rollforward of outstanding shares:

Nine Months Ended September 30, 2024			Common Stock Issued			Treasury Stock			Common Stock Outstanding
Shares, beginning of year			648,148,737			(26,484,411)			621,664,326
Shares issued under long-term incentive compensation plans			2,041,112			1,234,028			3,275,140
Shares repurchased			—			(50,547,821)			(50,547,821)
Shares, end of period			650,189,849			(75,798,204)			574,391,645

Repurchase of Corebridge Common Stock

Shares may be repurchased from time to time in the open market, through private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) Rule 10b5-1 repurchase plans. On May 4, 2023, our Board of Directors authorized a $1.0 billion share repurchase program. On April 30, 2024, our Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the share repurchase program. Under this program, Corebridge Parent may, from time to time, purchase up to $3.0 billion of Corebridge Parent common stock but is not obligated to purchase any particular number of shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.

From October 1, 2024 to October 31, 2024, we repurchased approximately 5.5 million shares of Corebridge Parent common stock for an aggregate purchase price of approximately $169 million, leaving approximately $1.1 billion under the share repurchase authorizations as of October 31, 2024.

RETAINED EARNINGS

Dividends

Declaration Date			Record Date			Payment Date			Dividend Paid Per Common Share
July 30, 2024			September 16, 2024			September 30, 2024			$	0.23
May 2, 2024			June 14, 2024			June 28, 2024			$	0.23
February 14, 2024			March 15, 2024			March 29, 2024			$	0.23

Dividends Declared

On November 1, 2024, the Company declared a cash dividend on Corebridge Parent common stock of $0.23 per share, payable on December 31, 2024 to shareholders of record at close of business on December 17, 2024.

Corebridge | Third Quarter 2024 Form 10-Q 71

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

Accumulated Other Comprehensive Income (Loss)

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

(in millions)						Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken						Unrealized Appreciation (Depreciation) of All Other Investments						Change in fair value of market risk benefits attributable to changes in our own credit risk						Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts						Cash Flow Hedges						Foreign Currency Translation Adjustments						Retirement Plan Liabilities Adjustment						Total
Three Months Ended September 30, 2024
Balance, June 30, 2024, net of tax						$	(53)					$	(16,832)					$	(773)					$	3,017					$	125					$	6					$	2					$	(14,508)
Change in unrealized depreciation of investments						(15)						7,045						—						—						—						—						—						7,030
Change in fair value of market risk benefits attributable to changes in our own credit risk						—						—						(183)						—						—						—						—						(183)
Change in discount rates assumptions of certain liabilities						—						—						—						(1,155)						—						—						—						(1,155)
Change in future policy benefits and other						—						(189)						—						—						—						—						—						(189)
Change in cash flow hedges						—						—						—						—						112						—						—						112
Change in foreign currency translation adjustments						—						—						—						—						—						22						—						22
Change in deferred tax asset (liability)						3						(1,269)						40						251						(24)						(5)						—						(1,004)
Total other comprehensive income (loss)						(12)						5,587						(143)						(904)						88						17						—						4,633
Less: Noncontrolling interests						—						—						—						—						—						9						—						9
Balance, September 30, 2024, net of tax						$	(65)					$	(11,245)					$	(916)					$	2,113					$	213					$	14					$	2					$	(9,884)
Three Months Ended September 30, 2023
Balance, June 30, 2023, net of tax						$	(19)					$	(17,732)					$	(480)					$	2,929					$	147					$	(38)					$	11					$	(15,182)
Change in unrealized depreciation of investments *						(52)						(6,398)						—						—						—						—						—						(6,450)
Change in fair value of market risk benefits attributable to changes in our own credit risk						—						—						(104)						—						—						—						—						(104)
Change in discount rates assumptions of certain liabilities						—						—						—						1,435						—						—						—						1,435
Change in future policy benefits and other						(10)						183						—						—						—						—						—						173
Change in cash value hedges						—						—						—						—						(17)						—						—						(17)
Change in foreign currency translation adjustments						—						—						—						—						—						(41)						—						(41)
Change in deferred tax asset (liability)						13						1,157						23						(319)						3						12						—						889
Total other comprehensive income (loss)						(49)						(5,058)						(81)						1,116						(14)						(29)						—						(4,115)
Less: Noncontrolling interests						—						—						—						—						—						(3)						—						(3)
Balance, September 30, 2023, net of tax						$	(68)					$	(22,790)					$	(561)					$	4,045					$	133					$	(64)					$	11					$	(19,294)
Nine Months Ended September 30, 2024
Balance at December 31, 2023, net of tax						$	(79)					$	(14,650)					$	(909)					$	2,095					$	146					$	(63)					$	2					$	(13,458)
Change in unrealized depreciation of investments						18						4,775						—						—						—						—						—						4,793
Change in fair value of market risk benefits attributable to changes in our own credit risk						—						—						(10)						—						—						—						—						(10)
Change in discount rates assumptions of certain liabilities						—						—						—						12						—						—						—						12
Change in future policy benefits and other						—						(230)						—						—						—						—						—						(230)
Change in cash flow hedges						—						—						—						—						84						—						—						84
Change in foreign currency translation adjustments						—						—						—						—						—						88						—						88

Corebridge | Third Quarter 2024 Form 10-Q 72

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TABLE OF CONTENTS

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

(in millions)						Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken						Unrealized Appreciation (Depreciation) of All Other Investments						Change in fair value of market risk benefits attributable to changes in our own credit risk						Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts						Cash Flow Hedges						Foreign Currency Translation Adjustments						Retirement Plan Liabilities Adjustment						Total
Change in deferred tax asset (liability)						(4)						(1,101)						3						6						(18)						(4)						—						(1,118)
Total other comprehensive income (loss)						14						3,444						(7)						18						66						84						—						3,619
Other						—						(39)						—						—						1						—						—						(38)
Less: Noncontrolling interests						—						—						—						—						—						7						—						7
Balance, September 30, 2024, net of tax						$	(65)					$	(11,245)					$	(916)					$	2,113					$	213					$	14					$	2					$	(9,884)
Nine Months Ended September 30, 2023
Balance, December 31, 2022, net of tax						$	(92)					$	(19,380)					$	(365)					$	2,908					$	157					$	(100)					$	9					$	(16,863)
Change in unrealized depreciation of investments *						41						(4,243)						—						—						—						—						—						(4,202)
Change in fair value of market risk benefits attributable to changes in our own credit risk						—						—						(250)						—						—						—						—						(250)
Change in discount rates assumptions of certain liabilities						—						—						—						1,468						—						—						—						1,468
Change in future policy benefits and other						(10)						116						—						—						—						—						—						106
Change in cash value hedges						—						—						—						—						(32)						—						—						(32)
Change in foreign currency translation adjustments						—						—						—						—						—						24						—						24
Change in net actuarial loss						—						—						—						—						—						—						3						3
Change in deferred tax asset (liability)						(7)						717						54						(331)						8						19						(1)						459
Total other comprehensive income (loss)						24						(3,410)						(196)						1,137						(24)						43						2						(2,424)
Less: Noncontrolling interests						—						—						—						—						—						7						—						7
Balance, September 30, 2023, net of tax						$	(68)					$	(22,790)					$	(561)					$	4,045					$	133					$	(64)					$	11					$	(19,294)

* Includes net unrealized gains and losses attributable to held-for-sale businesses at September 30, 2023.

Corebridge | Third Quarter 2024 Form 10-Q 73

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TABLE OF CONTENTS

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

The following table presents the OCI reclassification adjustments for the three and nine months ended September 30, 2024 and 2023, respectively:

(in millions)						Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken						Unrealized Appreciation (Depreciation) of All Other Investments						Change in fair value of market risk benefits attributable to changes in our own credit risk						Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts						Cash Flow Hedges						Foreign Currency Translation Adjustments						Retirement Plan Liabilities Adjustment						Total
Three Months Ended September 30, 2024
Unrealized change arising during period						$	(15)					$	6,769					$	(183)					$	(1,155)					$	112					$	22					$	—					$	5,550
Less: Reclassification adjustments included in net income						—						(87)						—						—						—						—						—						(87)
Total other comprehensive income (loss), before income tax expense (benefit)						(15)						6,856						(183)						(1,155)						112						22						—						5,637
Less: Income tax expense (benefit)						(3)						1,269						(40)						(251)						24						5						—						1,004
Total other comprehensive income (loss), net of income tax expense (benefit)						$	(12)					$	5,587					$	(143)					$	(904)					$	88					$	17					$	—					$	4,633
Three Months Ended September 30, 2023
Unrealized change arising during period						$	(62)					$	(6,223)					$	(104)					$	1,435					$	(17)					$	(41)					$	—					$	(5,012)
Less: Reclassification adjustments included in net income						—						(8)						—						—						—						—						—						(8)
Total other comprehensive income (loss), before income tax expense (benefit)						(62)						(6,215)						(104)						1,435						(17)						(41)						—						(5,004)
Less: Income tax expense (benefit)						(13)						(1,157)						(23)						319						(3)						(12)						—						(889)
Total other comprehensive income (loss), net of income tax expense (benefit)						$	(49)					$	(5,058)					$	(81)					$	1,116					$	(14)					$	(29)					$	—					$	(4,115)
Nine Months Ended September 30, 2024
Unrealized change arising during period						$	10					$	3,521					$	(10)					$	258					$	84					$	21					$	—					$	3,884
Less: Reclassification adjustments included in net income						(8)						(1,024)						—						246						—						(67)						—						(853)
Total other comprehensive income (loss), before income tax expense (benefit)						18						4,545						(10)						12						84						88						—						4,737
Less: Income tax expense (benefit)						4						1,101						(3)						(6)						18						4						—						1,118
Total other comprehensive income (loss), net of income tax expense (benefit)						$	14					$	3,444					$	(7)					$	18					$	66					$	84					$	—					$	3,619
Nine Months Ended September 30, 2023
Unrealized change arising during period						$	14					$	(4,453)					$	(250)					$	1,468					$	(32)					$	24					$	3					$	(3,226)
Less: Reclassification adjustments included in net income						(17)						(326)						—						—						—						—						—						(343)
Total other comprehensive income (loss), before income tax expense (benefit)						31						(4,127)						(250)						1,468						(32)						24						3						(2,883)
Less: Income tax expense (benefit)						7						(717)						(54)						331						(8)						(19)						1						(459)
Total other comprehensive income (loss), net of income tax expense (benefit)						$	24					$	(3,410)					$	(196)					$	1,137					$	(24)					$	43					$	2					$	(2,424)

Corebridge | Third Quarter 2024 Form 10-Q 74

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TABLE OF CONTENTS

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

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

						Amount Reclassified from AOCI																								Affected Line Item in the Condensed Consolidated Statements of Income (Loss)
						Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)						2024						2023						2024						2023
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments						$	—					$	—					$	(8)					$	(17)											Net realized gains (losses)
Total						$	—					$	—					$	(8)					$	(17)
Unrealized appreciation (depreciation) of all other investments
Investments						$	(87)					$	(8)					$	(963)					$	(326)											Net realized gains (losses)
Sale of business						—						—						(61)						—												Net (gain) loss on divestitures
Total						$	(87)					$	(8)					$	(1,024)					$	(326)
Effect of changes in the discount rates used to measure traditional and limited-payment long duration insurance contracts
Sale of business						$	—					$	—					$	246					$	—											Net (gain) loss on divestitures
Total						$	—					$	—					$	246					$	—
Foreign Currency Translation Adjustments
Sale of business						$	—					$	—					$	(67)					$	—											Net (gain) loss on divestitures
Total						$	—					$	—					$	(67)					$	—
Total reclassifications for the period						$	(87)					$	(8)					$	(853)					$	(343)

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

NON-REDEEMABLE NONCONTROLLING INTEREST

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

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

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

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

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

						Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)						2024						2023						2024						2023
Beginning balance						$	816					$	907					$	869					$	939
Net (loss) attributable to redeemable noncontrolling interest						(3)						(32)						(78)						(46)
Other comprehensive income (loss), net of tax						9						(3)						7						7
Changes in noncontrolling interests due to divestitures and acquisitions						—						—						1						(19)
Contributions from noncontrolling interests						10						20						63						63
Distributions to noncontrolling interests						7						(1)						(24)						(54)
Other						(5)						(1)						(4)						—
Ending balance						$	834					$	890					$	834					$	890

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

Corebridge | Third Quarter 2024 Form 10-Q 75

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TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) 18. Earnings Per Common Share

18. Earnings Per Common Share

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

The following table presents the computation of basic and diluted EPS for the three and nine months ended September 30, 2024 and 2023:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions, except per common share data)			2024						2023						2024						2023
Numerator for EPS:
Net income (loss)			$	(1,187)					$	2,069					$	(19)					$	2,367
Less: Net income (loss) attributable to noncontrolling interests			(3)						(32)						(78)						(46)
Net income (loss) attributable to Corebridge common shareholders			$	(1,184)					$	2,101					$	59					$	2,413
Denominator for EPS:
Weighted average common shares outstanding - basic			587.1						639.0						607.5						646.8
Dilutive common shares			—						2.0						1.0						1.8
Weighted average common shares outstanding - diluted			587.1						641.0						608.5						648.6
Income per common share attributable to Corebridge common shareholders
Common stock - basic			$	(2.02)					$	3.29					$	0.10					$	3.73
Common stock - diluted			$	(2.02)					$	3.28					$	0.10					$	3.72

*Potential dilutive common shares include our share-based employee compensation plans. The number of common shares excluded from dilutive shares outstanding was approximately 0.2 million and 1.0 million for the three months ended September 30, 2024 and 2023, respectively, and 0.2 million and 1.0 million for the nine months ended September 30, 2024 and 2023, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

19. Income Taxes

RECENT TAX LAW CHANGES

The Inflation Reduction Act of 2022 (H.R. 5376), (the “Inflation Reduction Act”) includes a 15% corporate alternative minimum tax (“CAMT”) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period and a 1% stock buyback tax. The U.S. Treasury and Internal Revenue Service (“IRS”) published proposed regulations that would address the application of CAMT on September 12, 2024. The proposed regulations are open to public comment through December 12, 2024 and certain specifics of application of the CAMT remain subject to future guidance. Our estimated CAMT liability will continue to be refined based on future guidance.

BASIS OF PRESENTATION

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

RECLASSIFICATION OF CERTAIN TAX EFFECTS FROM AOCI

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

Corebridge | Third Quarter 2024 Form 10-Q 76

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TABLE OF CONTENTS

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

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 reclassification of certain tax effects from AOCI 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 September 30, 2024, the effective tax rate on loss from operations was 25.5%. The effective tax rate on loss from operations differs from the statutory tax rate of 21% primarily due to tax benefits associated with the release of U.S. federal and state valuation allowance, and dividends received deduction. These tax benefits were partially offset by tax charges associated with reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities, state and local income taxes, and net tax adjustments related to prior year returns including interest.

For the nine months ended September 30, 2024, the effective tax rate on loss from operations was 84.4%. The effective tax rate on loss from operations differs from the statutory tax rate of 21% primarily due to tax benefits associated with dividends received deduction, excess tax benefits related to share based compensation payments recorded through the income statement, adjustments to deferred tax assets, renewable energy tax credits, and reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities. These tax benefits were partially offset by the establishment of additional U.S. federal and foreign valuation allowance and tax charges associated with state and local income taxes.

For the three months ended September 30, 2023, the effective tax rate on income from operations was 15.9%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to tax benefits associated with the establishment of outside basis as a result of the held-for-sale designation of Laya and AIG Life U.K., partial release of valuation allowance, dividends received deduction, tax adjustments related to prior year returns, and reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities. These tax benefits were partially offset by tax charges associated with state and local income taxes.

For the nine months ended September 30, 2023, the effective tax rate on income from operations was 12.4%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to tax benefits associated with the establishment of outside basis as a result of the held-for-sale designation of Laya and AIG Life U.K., dividends received deduction, adjustments to deferred tax assets, reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities, tax adjustments related to prior year returns, partial release of valuation allowance, 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.

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.

Our separation from AIG resulted in an “ownership change” for U.S. federal income tax purposes under Section 382 of the Code. As a result of the ownership change, a limitation has been imposed upon the utilization of our U.S. net operating loss carryforwards and certain built-in losses and deductions to offset future taxable income. Our utilization is limited to approximately $648 million per year. These limitation amounts accumulate for future use to the extent they are not utilized in a given year.

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

Corebridge | Third Quarter 2024 Form 10-Q 77

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TABLE OF CONTENTS

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

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 and nine months ended September 30, 2024, we recorded an increase/(decrease) in valuation allowance of $(36) million and $9 million primarily attributable to current year activity. As of September 30, 2024, the balance sheet reflects a valuation allowance of $171 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 and nine months ended September 30, 2024, recent changes in market conditions, including changes in 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 September 30, 2024, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax asset related to unrealized capital losses that are not more-likely-than-not to be realized. For the three and nine months ended September 30, 2024, we recorded an increase/(decrease) in valuation allowance of $(198) million and $92 million, respectively, associated with the unrealized tax capital losses in the U.S. Life insurance companies’ available-for-sale securities portfolio. As of September 30, 2024, the balance sheet reflects a valuation allowance of $1.1 billion associated with the unrealized tax capital losses in the U.S. Life Insurance Companies’ available-for-sale securities portfolio, all of which was allocated to OCI. Additionally, as of September 30, 2024, based on all available evidence, we concluded that a valuation allowance should not be established on a portion of the deferred tax asset related to realized tax capital losses. As of September 30, 2024, we released $57 million of valuation allowance associated with the realized tax capital losses from the insurance companies’ available-for-sale securities portfolio.

For the nine months ended September 30, 2024, we recognized a $2 million increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions.

TAX EXAMINATIONS AND LITIGATION

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

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

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

Corebridge | Third Quarter 2024 Form 10-Q 78

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

20. Related Parties

RELATED PARTY TRANSACTIONS

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

Related Party Transactions with AIG

We have historically entered into various transactions with AIG, some of which are continuing and are described below. In addition, on September 14, 2022, we entered into a Separation Agreement with AIG, which 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. On May 16, 2024, in connection with the execution of the Purchase Agreement with AIG Parent and Nippon, the Company entered into an Amendment to the Separation Agreement, by and between the Company and AIG Parent, pursuant to which the Company and AIG Parent agreed to certain changes with respect to AIG’s board designation rights and AIG’s right to consent over certain actions by the Company, as set forth in the original Separation Agreement. Additionally, on June 9, 2024, AIG Parent waived its right under the Separation Agreement to include a majority of the director candidates on each slate of candidates recommended by the Corebridge Board of Directors.

For further information on the Nippon Transaction, the Separation Agreement and the amendment and waiver thereto, see Note 1.

Advisory Transactions

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

Separately, certain of our subsidiaries provide portfolio administration and investment planning, performance evaluation and oversight services to AIG Property Casualty International, LLC (“AIGPCI”), on a non-discretionary basis, with respect to the investment portfolios of various of AIGPCI’s non-U.S. subsidiaries. In some cases, these services are directly provided to AIGPCI’s non-US subsidiaries. We offer our Funds to AIGPCI’s non-U.S. subsidiaries. Our subsidiaries earn investment management and advisory fees under the IMAs and other service agreements, as well as management fees and carried interest distributions or similar performance-based compensation under the Funds’ operating agreements, the majority of which are based on, or calibrated to approximate, the costs of providing the services. With respect to a minority of the AIG client portfolios, which relate to assets backing risks that have been transferred to third parties, our subsidiaries earn market-based fees. Management and advisory fee income for these Investment Services and related services reflected in Other income on the Condensed Consolidated Statements of Income (Loss) were $3 million and $16 million for the three and nine months ended September 30, 2024, respectively, and $8 million and $28 million for the three and nine months ended September 30, 2023, respectively.

Capital Markets Agreements

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

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

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

Corebridge | Third Quarter 2024 Form 10-Q 79

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

The total expenses incurred for services provided by AIGM reflected in Net investment income - excluding Fortitude Re funds withheld assets on the Condensed Consolidated Statements of Income (Loss) were $0 million and $0 million for the three and nine months ended September 30, 2024, respectively, and $0 million and $0 million for the three and nine months ended September 30, 2023, respectively. The derivative assets, net of gross assets and gross liabilities after collateral were $1 million and $13 million as of September 30, 2024 and December 31, 2023, respectively. The derivative liabilities, net of gross assets and gross liabilities after collateral were $0 million and $0 million as of September 30, 2024 and December 31, 2023, respectively. The collateral posted to AIGM was $0 million and $0 million as of September 30, 2024 and December 31, 2023, respectively. The collateral held by us was $31 million and $377 million as of September 30, 2024 and December 31, 2023, 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 $9 million and $39 million as of September 30, 2024 and December 31, 2023, respectively. Amounts due from AIG were $11 million and $38 million as of September 30, 2024 and December 31, 2023, respectively. The total service expenses incurred specific to these agreements reflected in General operating expenses on the Condensed Consolidated Statements of Income (Loss) were $12 million and $37 million for the three and nine months ended September 30, 2024, respectively, and $34 million and $127 million for the three and nine months ended September 30, 2023, respectively.

Reinsurance Transactions

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

•In 2018, AIG Life U.K. 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 U.K. 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 $67 million as of December 31, 2023. Amounts payable to AIRCO were $13 million as of December 31, 2023. Ceded premiums related to these agreements were $9 million for the nine months ended September 30, 2024, and $10 million and $28 million for the three and nine months ended September 30, 2023, respectively. Reinsurance assets and amounts payable related to these agreements were reclassified to Assets held-for-sale and Liabilities held-for-sale, respectively at December 31, 2023.

On April 8, 2024, Corebridge completed the sale of AIG Life U.K. to Aviva and AIG Life U.K. terminated its reinsurance agreements with AIRCO.

Guarantees

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

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

Tax Sharing Agreements

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

Corebridge | Third Quarter 2024 Form 10-Q 80

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

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 nine months ended September 30, 2024 and 2023. Amounts payable to AIG pursuant to the tax sharing agreements were $366 million and $371 million as of September 30, 2024 and December 31, 2023, respectively.

Employee Compensation and Benefits

Our employees participate in certain of AIG’s employee benefit programs. We had a payable of $1 million and $32 million as of September 30, 2024 and December 31, 2023, respectively, with respect to these programs. On September 14, 2022, we entered into an employee matters agreement with AIG (the “EMA”). The EMA allocates liabilities and responsibilities relating to employment matters, employee compensation and benefits plans and programs, and other related matters between us and AIG. The EMA generally provides that, unless otherwise specified, each party is responsible for liabilities associated with their current and former employees for purposes of compensation and benefit matters following the IPO.

Repurchase of Corebridge Common Stock

During the nine months ended September 30, 2024, we repurchased approximately 8.0 million shares of Corebridge Common Stock from AIG for an aggregate purchase price of approximately $200 million.

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

Investment Expense

We entered into a long-term asset management relationship with Blackstone to manage a portion of our investment portfolio. The investment expense incurred were $64 million and $175 million for the three and nine months ended September 30, 2024, respectively, and $47 million and $119 million for the three and nine months ended September 30, 2023, respectively.

Related Party Transactions with Variable Interest Entities

In the ordinary course of business, we enter into various arrangements with VIEs, and we consolidate the VIE if we are determined to be the primary beneficiary. In certain situations, we may have a variable interest in a VIE that is consolidated by an affiliate, and in other instances, affiliates may have variable interests in a VIE that is consolidated by us. The total debt of consolidated VIEs held by affiliates was $22 million and $102 million as of September 30, 2024 and December 31, 2023, respectively. The interest expense incurred on the debt reflected in Interest expense on the Condensed Consolidated Statements of Income (Loss) were $1 million and $3 million for the three and nine months ended September 30, 2024, respectively, and $0 million and $8 million for the three and nine months ended September 30, 2023, respectively.

The noncontrolling interest included in the Condensed Consolidated Balance Sheets related to the VIEs held by affiliates was $478 million and $518 million as of September 30, 2024 and December 31, 2023, respectively. The gain/(loss) attributable to noncontrolling interest of consolidated VIEs held by affiliates were $(7) million and $(46) million for the three and nine months ended September 30, 2024, respectively, and $(17) million and $(6) million for the three and nine months ended September 30, 2023, respectively.

In addition to transactions with VIEs, Corebridge has entered into other structured financing arrangements supporting real estate properties and other types of assets with other AIG affiliates. These financing arrangements are reported in Other invested assets in the Condensed Consolidated Balance Sheets. Certain of these and the VIE structures above also include commitments for funding from AIG affiliates of $0.6 billion and $0.6 billion at September 30, 2024 and December 31, 2023, respectively.

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

Corebridge | Third Quarter 2024 Form 10-Q 81

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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 September 30, 2024, compared with December 31, 2023, and its consolidated results of operations for the three and nine months ended September 30, 2024 and 2023. In addition to historical data, this discussion contains forward-looking statements about our business operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. You should read the following analysis of our consolidated financial condition and results of operations in conjunction with the “Management’s Discussion and Analysis of Results of Operations and Financial Condition,” the unaudited Condensed Consolidated Financial Statements and the statements under “Cautionary Statements Regarding Forward-Looking Information,” included elsewhere in this Quarterly Report and the “Risk Factors” section in the 2023 Form 10-K.

Corebridge | Third Quarter 2024 Form 10-Q 82

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Index to Item 2

			Page
Executive Summary			84
Overview			84
Revenues			84
Benefits and Expenses			84
Significant Factors Impacting our Results			85
Corebridge’s Outlook - Macroeconomic, Industry and Regulatory Trends			87
Use of Non-GAAP Measures			90
Key Operating Metrics			95
Consolidated Results of Operations			98
Business Segment Operations			101
Individual Retirement			102
Group Retirement			106
Life Insurance			109
Institutional Markets			111
Corporate and Other			114
Investments			115
Overview			115
Key Investment Strategies			115
Credit Ratings			119
Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits and Update of Actuarial Assumptions and Models			136
Liquidity and Capital Resources			141
Overview			141
Liquidity and Capital Resources of Corebridge Parent and Intermediate Holding Companies			141
Liquidity and Capital Resources of Corebridge Insurance Subsidiaries			142
Short-Term and Long-Term Debt			144
Credit Ratings			145
Off-Balance Sheet Arrangements and Commercial Commitments			145
Accounting Policies and Pronouncements			146
Critical Accounting Estimates			146
Adoption of Accounting Pronouncements			146
Glossary			147
Certain Important Terms			149
Acronyms			150

Corebridge | Third Quarter 2024 Form 10-Q 83

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ITEM 2 | Executive Summary

Executive Summary

OVERVIEW

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

REVENUES

Our revenues come from five principal sources:

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

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

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

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

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

BENEFITS AND EXPENSES

Our benefits and expenses come from six principal sources:

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

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

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

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

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

Corebridge | Third Quarter 2024 Form 10-Q 84

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ITEM 2 | Executive Summary

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

SIGNIFICANT FACTORS IMPACTING OUR RESULTS

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

Impact of Fortitude Re

In 2018, AIG established Fortitude Re, a wholly-owned subsidiary of Fortitude Group Holdings, LLC (“Fortitude Holdings”), in a series of reinsurance transactions related to certain of AIG’s legacy operations. In February 2018, AGL, VALIC and USL entered into modco agreements with Fortitude Re, a registered Class 4 and Class E reinsurer in Bermuda. Following the sale of AIG’s majority ownership interest in Fortitude Holdings, AIG contributed its remaining ownership in Fortitude Re Bermuda and its one seat on its Board of Managers to us. As of September 30, 2024, our ownership interest in Fortitude Re was 2.46%.

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

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

As of September 30, 2024, $26.3 billion of reserves had been ceded to Fortitude Re.

For additional information on our reinsurance agreements with Fortitude Re, see Note 7 to the Condensed Consolidated Financial Statements.

Impact of Variable Annuity Guaranteed Benefit Riders and Hedging

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

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

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

Corebridge | Third Quarter 2024 Form 10-Q 85

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ITEM 2 | Executive Summary

Embedded Derivatives for Fixed Index Annuity and Index Universal Life Products

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

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

(in millions)						September 30, 2024						December 31, 2023
Fixed index annuities						$	8,905					$	6,953
Index universal life						$	1,184					$	989

Our Strategic Partnership with Blackstone

In 2021, we entered into a strategic partnership with Blackstone pursuant to which Blackstone acquired a 9.9% position in our common stock and we entered into a long-term asset management relationship with Blackstone IM. As of September 30, 2024, Blackstone managed approximately $67.5 billion in book value of assets in our investment portfolio.

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

Our Investment Management Agreements with BlackRock

Since April 2022, we entered into investment management agreements with BlackRock and its investment advisory affiliates. As of September 30, 2024, BlackRock managed approximately $86.3 billion in book value of assets in our investment portfolio, consisting of liquid fixed income and certain private placement assets.

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

Fair Value Option Bond Securities

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

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

						Three Months Ended  September 30,												Nine Months Ended September 30,
(in millions)						2024						2023						2024						2023
Net investment income - excluding Fortitude Re funds withheld assets						$	22					$	7					$	48					$	25
Net investment income - Fortitude Re funds withheld assets						230						(35)						379						76
Total						$	252					$	(28)					$	427					$	101

Separation Costs

In connection with our separation from AIG, we have incurred and expect to continue to incur one-time and recurring expenses. As of September 30, 2024, we have incurred approximately $519 million of one-time expenses on a pre-tax basis. These expenses primarily relate to replicating and replacing functions, systems and infrastructure provided by AIG; rebranding; and accounting advisory, consulting and actuarial fees. In addition to these separation costs, we expect to incur costs related to the evolution of our investments organization to reflect our strategic partnerships with key external managers, our implementation of BlackRock’s “Aladdin” investment management technology platform and our expected reduction in fees for asset management services.

In addition, as part of Corebridge Forward, we aimed to achieve an annual run rate expense reduction of approximately $400 million on a pre-tax basis within 24 months of the IPO. Through September 30, 2024 we have acted upon or contracted the full $400 million of exit run rate savings on a pre-tax basis. Corebridge Forward is expected to have a cumulative cost to achieve of approximately $300 million on a pre-tax basis. As of September 30, 2024, the cost to achieve has been approximately $214 million.

Corebridge | Third Quarter 2024 Form 10-Q 86

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ITEM 2 | Executive Summary

Actuarial Assumption Changes

Most of the fixed annuities, fixed index annuities, variable annuity products and universal life insurance products we offer maintain policyholder deposits that are reported as liabilities and classified within either separate account liabilities or policyholder contract deposits. Our products and riders also impact liabilities for future policyholder benefits and unearned revenues and assets for DAC and DSI. The valuation of these assets and liabilities (other than deposits) is based on differing accounting methods depending on the product, each of which requires numerous assumptions and considerable judgment. The accounting guidance applied in the valuation of these assets and liabilities includes, but is not limited to, the following: (i) traditional life and limited pay insurance products for which actual experience is reflected in the liability and assumptions are reviewed and updated at least annually, if necessary, with the recognition and parenthetical presentation of any resulting re-measurement gain or loss in policyholder benefits (except for discount rate changes) in the income statement; (ii) certain product guarantees for which benefit liabilities are accrued over the life of the contract in proportion to actual and future expected policy assessments; (iii) certain product guarantees reported as market risk benefits or index crediting features accounted for as embedded derivatives which are carried at fair value; and (iv) unearned revenue and assets for DAC, VOBA and DSI which are 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.

At least annually, typically in the third quarter, we conduct a comprehensive review of the underlying assumptions within our actuarially determined assets and liabilities. These assumptions include, but are not limited to, policyholder behavior, mortality, expenses, investment returns and policy crediting rates. Changes in assumptions can result in a significant change to the carrying value of product liabilities and assets and, consequently, the impact could be material to earnings in the period of the change.

For further details of our accounting policies and related judgments pertaining to assumption updates, see “Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits and Update of Actuarial Assumptions and Models—Update of Actuarial Assumptions and Models”, herein and “Accounting Policies and Pronouncements—Critical Accounting Estimates—Market Risk Benefits, Valuation of Embedded Derivatives for Fixed Index Annuity and Index Universal Life Products, Guaranteed Benefit Features of Variable Annuity, Fixed Annuity and Fixed Index Annuity Products, and Future Policy Benefits for Life, Accident and Health Insurance Contracts” in the 2023 Form 10-K.

COREBRIDGE’S MACROECONOMIC, INDUSTRY AND REGULATORY TRENDS

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

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

Demographics

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

Equity Markets

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

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

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

Corebridge | Third Quarter 2024 Form 10-Q 87

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

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

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

Impact of Changes in the Interest Rate Environment

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

As of September 30, 2024, new investments continue to have higher yields than the yield on maturities and redemptions that we are experiencing in our existing portfolios. 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.

Annuity Sales and Surrenders

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

In October 2024, we announced the launch of Corebridge MarketLock ® Annuity, a registered index-linked annuity (“RILA”) contract.

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 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.

Corebridge | Third Quarter 2024 Form 10-Q 88

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Of the aggregate fixed account values of our Individual Retirement and Group Retirement annuity products, 48% and 54% were crediting at the contractual minimum guaranteed interest rate at September 30, 2024 and December 31, 2023, respectively. The percentages of fixed account values of our annuity products that are currently crediting at rates above 1% were 45% and 50% at September 30, 2024 and December 31, 2023, respectively. In the universal life insurance products in our Life Insurance business, 59% and 59% of the account values were crediting at the contractual minimum guaranteed interest rate at September 30, 2024 and December 31, 2023, respectively. These businesses continue to focus on pricing discipline and strategies to manage the minimum guaranteed interest crediting rates offered on new sales in the context of regulatory requirements and competitive positioning.

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

Regulatory Environment

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

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

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

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

In addition, on April 25, 2024, the Department of Labor (“DOL”) published a final rule in the Federal Register updating the definition for when a person is an “investment advice fiduciary” for purposes of transactions with ERISA qualified plans, related plan participants and IRAs. The DOL also published changes with respect to existing prohibited transactions exemptions (“PTEs”) relating to such advice, including PTE 84-24 and PTE 2020-02. Orders staying the rule’s September 23, 2024 effective date were issued by the U.S. District Courts for the Eastern District of Texas and the Northern District of Texas on July 25, 2024 and July 26, 2024, respectively, in connection with separate lawsuits challenging the rule. On September 20, 2024, DOL filed a notice of appeal confirming its intent to appeal these two orders to the United States Court of Appeals for the Fifth Circuit. We are actively monitoring the progress of the litigation while continuing to evaluate potential impact of the DOL rule to our business.

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

Corebridge | Third Quarter 2024 Form 10-Q 89

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Use of Non-GAAP Financial Measures and Key Operating Metrics

NON-GAAP FINANCIAL MEASURES

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

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

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

						Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)						2024						2023						2024						2023
Total revenues						$	2,616					$	5,505					$	12,162					$	15,524
Fortitude Re related items:
Net investment (income) on Fortitude Re funds withheld assets						(515)						(233)						(1,172)						(897)
Net realized (gains) losses on Fortitude Re funds withheld assets						(157)						228						100						338
Net realized (gains) losses on Fortitude Re funds withheld embedded derivatives						1,509						(1,080)						1,451						(177)
Subtotal - Fortitude Re related items						837						(1,085)						379						(736)
Other non-Fortitude Re reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits						(13)						(14)						(44)						(41)
Other (income) loss - net						(6)						(8)						(23)						(22)
Net realized (gains) losses*						1,099						(317)						2,088						564
Subtotal - Other non-Fortitude Re reconciling items						1,080						(339)						2,021						501
Total adjustments						1,917						(1,424)						2,400						(235)
Adjusted revenues						$	4,533					$	4,081					$	14,562					$	15,289

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

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

APTOI excludes the impact of the following items:

FORTITUDE RE RELATED ADJUSTMENTS:

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

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

Corebridge | Third Quarter 2024 Form 10-Q 90

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

INVESTMENT RELATED ADJUSTMENTS:

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

MARKET RISK BENEFIT ADJUSTMENTS:

Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain GMWBs and/or GMDBs which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs, along with changes in the fair value of derivatives used to hedge MRBs are recorded through “Change in the fair value of MRBs, net” and are excluded from APTOI.

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

OTHER ADJUSTMENTS:

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

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

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

•separation costs;

•non-operating litigation reserves and settlements;

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

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

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

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

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

•deferred income tax valuation allowance releases and charges.

Corebridge | Third Quarter 2024 Form 10-Q 91

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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 September 30,						2024															2023
(in millions)						Pre-tax			Total Tax (Benefit) Charge			Non- controlling Interests			After Tax						Pre-tax			Total Tax (Benefit) Charge			Non- controlling Interests			After Tax
Pre-tax income (loss)/net income (loss), including noncontrolling interests						$	(1,594)		$	(407)		$	—		$	(1,187)					$	2,461		$	392		$	—		$	2,069
Noncontrolling interests						—			—			3			3						—			—			32			32
Pre-tax income (loss)/net income (loss) attributable to Corebridge						(1,594)			(407)			3			(1,184)						2,461			392			32			2,101
Fortitude Re related items
Net investment (income) on Fortitude Re funds withheld assets						(515)			(110)			—			(405)						(233)			(52)			—			(181)
Net realized (gains) losses on Fortitude Re funds withheld assets						(157)			(34)			—			(123)						228			51			—			177
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative						1,509			324			—			1,185						(1,080)			(239)			—			(841)
Subtotal Fortitude Re related items						837			180			—			657						(1,085)			(240)			—			(845)
Other reconciling Items
Reclassification of disproportionate tax effects from AOCI and other tax adjustments						—			(22)			—			22						—			(6)			—			6
Deferred income tax valuation allowance (releases) charges						—			91			—			(91)						—			57			—			(57)
Changes in fair value of market risk benefits, net						603			126			—			477						(418)			(88)			—			(330)
Changes in fair value of securities used to hedge guaranteed living benefits						2			1			—			1						4			1			—			3
Changes in benefit reserves related to net realized (losses)						(2)			(1)			—			(1)						(2)			—			—			(2)
Net realized (gains) losses*						1,093			235			—			858						(332)			(70)			—			(262)
Separation costs						—			—			—			—						64			13			—			51
Restructuring and other costs						87			18			—			69						82			17			—			65
Non-recurring costs related to regulatory or accounting changes						1			—			—			1						6			2			—			4
Net (gain) loss on divestiture						1			—			—			1						1			60			—			(59)
Pension expense - non operating						—			—			—			—						—			—			—			—
Noncontrolling interests						3			—			(3)			—						32			—			(32)			—
Subtotal Non-Fortitude Re reconciling items						1,788			448			(3)			1,337						(563)			(14)			(32)			(581)
Total adjustments						2,625			628			(3)			1,994						(1,648)			(254)			(32)			(1,426)
Adjusted pre-tax operating income/Adjusted after-tax operating income attributable to Corebridge						$	1,031		$	221		$	—		$	810					$	813		$	138		$	—		$	675

Corebridge | Third Quarter 2024 Form 10-Q 92

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Nine Months Ended September 30,						2024															2023
(in millions)						Pre-tax			Total Tax (Benefit) Charge			Non- controlling Interests			After Tax						Pre-tax			Total Tax (Benefit) Charge			Non- controlling Interests			After Tax
Pre-tax income (loss)/net income (loss), including noncontrolling interests						$	(122)		$	(103)		$	—		$	(19)					$	2,703		$	336		$	—		$	2,367
Noncontrolling interests						—			—			78			78						—			—			46			46
Pre-tax income (loss)/net income (loss) attributable to Corebridge						(122)			(103)			78			59						2,703			336			46			2,413
Fortitude Re related items
Net investment (income) on Fortitude Re funds withheld assets						(1,172)			(250)			—			(922)						(897)			(200)			—			(697)
Net realized losses on Fortitude Re funds withheld assets						100			21			—			79						338			75			—			263
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative						1,451			312			—			1,139						(177)			(39)			—			(138)
Subtotal Fortitude Re related items						379			83			—			296						(736)			(164)			—			(572)
Other reconciling items
Reclassification of disproportionate tax effects from AOCI and other tax adjustments						—			56			—			(56)						—			74			—			(74)
Deferred income tax valuation allowance (releases) charges						—			(13)			—			13						—			6			—			(6)
Changes in fair value of market risk benefits, net						259			54			—			205						(484)			(102)			—			(382)
Changes in fair value of securities used to hedge guaranteed living benefits						8			2			—			6						11			2			—			9
Changes in benefit reserves related to net realized (losses)						(8)			(2)			—			(6)						(6)			(1)			—			(5)
Net realized losses*						2,063			442			—			1,621						539			113			—			426
Separation costs						94			20			—			74						186			39			—			147
Restructuring and other costs						219			46			—			173						137			29			—			108
Non-recurring costs related to regulatory or accounting changes						2			—			—			2						17			4			—			13
Net (gain) loss on divestiture						(245)			(48)			—			(197)						(55)			48			—			(103)
Pension expense - non operating						—			—			—			—						15			3			—			12
Noncontrolling interests						78			—			(78)			—						46			—			(46)			—
Subtotal Other non-Fortitude Re reconciling items						2,470			557			(78)			1,835						406			215			(46)			145
Total adjustments						2,849			640			(78)			2,131						(330)			51			(46)			(427)
Adjusted pre-tax operating income/Adjusted after-tax operating income attributable to Corebridge						$	2,727		$	537		$	—		$	2,190					$	2,373		$	387		$	—		$	1,986

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

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

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

(in millions, except per common share data)						September 30, 2024						December 31, 2023
Total Corebridge shareholders' equity (a)						$	13,608					$	11,766
Less: Accumulated other comprehensive income (loss)						(9,884)						(13,458)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets						(2,058)						(2,332)
Adjusted Book Value (b)						$	21,434					$	22,892
Total common shares outstanding (c)						574.4						621.7
Book value per common share (a/c)						$	23.69					$	18.93
Adjusted book value per common share (b/c)						$	37.32					$	36.82

Corebridge | Third Quarter 2024 Form 10-Q 93

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

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

The following table presents the reconciliation of Adjusted ROAE:

						Three Months Ended September 30,												Nine Months Ended September 30,
(in millions, unless otherwise noted)						2024						2023						2024						2023
Actual or annualized net income (loss) attributable to Corebridge shareholders (a)						$	(4,736)					$	8,404					$	79					$	3,217
Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b)						3,240						2,700						2,920						2,648
Average Corebridge shareholders’ equity (c)						12,302						9,464						11,987						9,966
Less: Average AOCI						(12,196)						(17,238)						(12,997)						(16,352)
Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets						(2,390)						(3,004)						(2,402)						(2,795)
Average Adjusted Book Value (d)						$	22,108					$	23,698					$	22,582					$	23,523
Return on Average Equity (a/c)						(38.5)		%				88.8		%				0.7		%				32.3%
Adjusted ROAE (b/d)						14.7		%				11.4		%				12.9		%				11.3%

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

The following table presents the premiums and deposits:

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Individual Retirement
Premiums						$	36					$	29					$	107					$	173
Deposits						5,493						3,935						17,076						12,726
Other(a)						(3)						(3)						(9)						(10)
Premiums and deposits						5,526						3,961						17,174						12,889
Group Retirement
Premiums						5						6						10						16
Deposits						1,958						1,825						6,005						5,984
Premiums and deposits(b)(c)						1,963						1,831						6,015						6,000
Life Insurance
Premiums						352						449						1,117						1,317
Deposits						386						393						1,168						1,175
Other(a)						118						243						511						705
Premiums and deposits						856						1,085						2,796						3,197
Institutional Markets
Premiums						208						200						2,171						3,686
Deposits						1,045						2,048						3,697						3,620
Other(a)						10						8						29						23
Premiums and deposits						1,263						2,256						5,897						7,329
Total
Premiums						601						684						3,405						5,192
Deposits						8,882						8,201						27,946						23,505
Other(a)						125						248						531						718
Premiums and deposits						$	9,608					$	9,133					$	31,882					$	29,415

(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 $761 million and $656 million for the three months ended September 30, 2024 and 2023, respectively, and $2.3 billion and $1.8 billion for the nine months ended September 30, 2024 and 2023, respectively.

(c)Includes inflows related to in-plan mutual funds of $770 million and $773 million for the three months ended September 30, 2024 and 2023, respectively, and $2.4 billion and $2.5 billion for the nine months ended September 30, 2024 and 2023, respectively.

Corebridge | Third Quarter 2024 Form 10-Q 94

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TABLE OF CONTENTS

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

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

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

						Three Months Ended  September 30,												Nine Months Ended September 30,
(in millions)						2024						2023						2024						2023
Net investment income (net income basis)						$	3,296					$	2,657					$	9,208					$	8,066
Net investment (income) on Fortitude Re funds withheld assets						(515)						(233)						(1,172)						(897)
Change in fair value of securities used to hedge guaranteed living benefits						(13)						(14)						(44)						(41)
Other adjustments						(6)						(7)						(23)						(22)
Derivative income recorded in net realized gains (losses)						72						53						210						165
Total adjustments						(462)						(201)						(1,029)						(795)
Net investment income (APTOI basis)						$	2,834					$	2,456					$	8,179					$	7,271

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:

(in millions)						September 30, 2024						December 31, 2023
Individual Retirement
AUM						$	163,285					$	149,691
AUA						—						—
Total Individual Retirement AUMA						163,285						149,691
Group Retirement
AUM						82,240						79,910
AUA						47,655						42,271
Total Group Retirement AUMA						129,895						122,181
Life Insurance
AUM						27,972						26,691
AUA						—						—
Total Life Insurance AUMA *						27,972						26,691
Institutional Markets
AUM						47,796						40,678
AUA						44,417						44,607
Total Institutional Markets AUMA						92,213						85,285
Total AUMA						$	413,365					$	383,848

*The December 31, 2023 AUMA excludes $181 million, of assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets. See Note 4 in the 2023 Form 10-K Notes to the Condensed Consolidated Financial Statements for additional information.

Corebridge | Third Quarter 2024 Form 10-Q 95

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TABLE OF CONTENTS

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

Fee and Spread income and Underwriting Margin

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

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

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

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

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

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

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

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

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

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Individual Retirement
Spread income						$	729					$	672					$	2,165					$	1,979
Fee income						321						289						936						846
Total Individual Retirement*						1,050						961						3,101						2,825
Group Retirement
Spread income						176						209						567						635
Fee income						201						180						582						534
Total Group Retirement						377						389						1,149						1,169
Life Insurance
Underwriting margin						392						384						998						1,101
Total Life Insurance						392						384						998						1,101
Institutional Markets
Spread income						133						70						327						269
Fee income						15						16						46						48
Underwriting margin						25						14						63						51
Total Institutional Markets						173						100						436						368
Total
Spread income						1,038						951						3,059						2,883
Fee income						537						485						1,564						1,428
Underwriting margin						417						398						1,061						1,152
Total						$	1,992					$	1,834					$	5,684					$	5,463

Corebridge | Third Quarter 2024 Form 10-Q 96

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TABLE OF CONTENTS

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

Net Investment Income (APTOI Basis)

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

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Individual Retirement
Base portfolio income						$	1,417					$	1,230					$	4,126					$	3,547
Variable investment income						44						10						79						45
Net investment income						1,461						1,240						4,205						3,592
Group Retirement
Base portfolio income						451						487						1,421						1,462
Variable investment income						27						17						39						46
Net investment income						478						504						1,460						1,508
Life Insurance
Base portfolio income						331						310						973						948
Variable investment income						5						3						11						9
Net investment income						336						313						984						957
Institutional Markets
Base portfolio income						527						401						1,500						1,086
Variable investment income						41						7						44						61
Net investment income						568						408						1,544						1,147
Total
Base portfolio income						2,726						2,428						8,020						7,043
Variable investment income						117						37						173						161
Net investment income (APTOI basis) - Insurance operations						$	2,843					$	2,465					$	8,193					$	7,204

Net Flows

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

The following table presents a summary of our Net Flows:

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Individual Retirement
Fixed Annuities						$	607					$	(1,356)					$	2,410					$	(2,561)
Fixed Index Annuities						1,146						1,519						3,173						4,519
Variable Annuities						(1,344)						(906)						(3,879)						(2,397)
Total Individual Retirement						409						(743)						1,704						(439)
Group Retirement						(1,784)						(2,188)						(5,549)						(4,753)
Total Net Flows						$	(1,375)					$	(2,931)					$	(3,845)					$	(5,192)

Corebridge | Third Quarter 2024 Form 10-Q 97

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TABLE OF CONTENTS

ITEM 2 Consolidated Results of Operations

Consolidated Results of Operations

The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three and nine months ended September 30, 2024 and 2023. For factors that relate primarily to a specific business, see “— Business Segment Operations.”

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Revenues:
Premiums						$	619					$	701					$	3,461					$	5,249
Policy fees						728						702						2,163						2,094
Net investment income						3,296						2,657						9,208						8,066
Net realized gains (losses)						(2,327)						1,220						(3,394)						(558)
Advisory fee and other income						300						225						724						673
Total revenues						2,616						5,505						12,162						15,524
Benefits and expenses:
Policyholder benefits						1,149						1,102						5,005						6,473
Change in the fair value of market risk benefits, net						603						(418)						259						(484)
Interest credited to policyholder account balances						1,358						1,134						3,831						3,238
Amortization of deferred policy acquisition costs and value of business acquired						260						268						787						782
Non-deferrable insurance commissions						141						146						430						435
Advisory fee expenses						73						65						212						194
General operating expenses						492						611						1,596						1,797
Interest expense						133						135						409						441
Net (gain) loss on divestitures						1						1						(245)						(55)
Total benefits and expenses						4,210						3,044						12,284						12,821
Income (loss) before income (loss) tax expense (benefit)						(1,594)						2,461						(122)						2,703
Income (loss) tax expense (benefit)						(407)						392						(103)						336
Net income (loss)						(1,187)						2,069						(19)						2,367
Less: Net (loss) attributable to noncontrolling interests						(3)						(32)						(78)						(46)
Net income (loss) attributable to Corebridge						$	(1,184)					$	2,101					$	59					$	2,413

The following table presents certain balance sheet data:.

(in millions, except per common share data)			September 30, 2024						December 31, 2023
Balance sheet data:
Total assets			$	399,422					$	379,270
Long-term debt			$	9,865					$	9,118
Debt of consolidated investment entities			$	2,149					$	2,504
Total Corebridge shareholders’ equity			$	13,608					$	11,766
Book value per common share			$	23.69					$	18.93
Adjusted book value per common share			$	37.32					$	36.82

Financial Highlights

Three Months Ended September 30, 2024 to Three Months Ended September 30, 2023 Net Income Comparison

Income (loss) before income tax expense (benefit)

We recorded a pre-tax loss of $1.6 billion in the three months ended September 30, 2024 compared to pre-tax income of $2.5 billion in the three months ended September 30, 2023. The change in pre-tax income was primarily due to:

•higher net realized losses of $3.5 billion primarily driven by higher losses on the Fortitude Re balances;

•unfavorable change in the fair value of market risk benefits, net of $1.0 billion primarily driven by the impacts of interest rates compared to the comparable period in the prior year; and

•higher interest credited to policyholder account balances of $224 million primarily due to higher sales activity in fixed and fixed index annuities and continued growth in our GIC business.

Corebridge | Third Quarter 2024 Form 10-Q 98

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TABLE OF CONTENTS

ITEM 2 Consolidated Results of Operations

Partially offset by:

•higher net investment income of $639 million primarily driven by higher base portfolio income, higher variable investment income and higher income related to the Fortitude Re funds withheld assets.

Income tax expense (benefit)

For the three months ended September 30, 2024, there was an income tax benefit of $407 million on loss from operations, resulting in an effective tax rate on loss from operations of 25.5%.

Nine Months Ended September 30, 2024 to Nine Months Ended September 30, 2023 Net Income Comparison

We recorded a pre-tax loss of $122 million in the nine months ended September 30, 2024 compared to pre-tax income of $2.7 billion in the nine months ended September 30, 2023.The change in pre-tax income was primarily due to:

•higher net realized losses of $2.8 billion primarily driven by higher losses on the Fortitude Re balances;

•lower premiums of $1.8 billion primarily on new pension risk transfer business;

•unfavorable change in the fair value of market risk benefits, net of $743 million primarily driven by the impacts of lower interest rates compared to the comparable period in the prior year; and

•higher interest credited to policyholder account balances of $593 million primarily due to higher sales activity in fixed and fixed index annuities and continued growth in our GIC business.

Partially offset by:

•lower policyholder benefits of $1.5 billion primarily on new pension risk transfer business;

•higher net investment income of $1.1 billion primarily driven by higher base portfolio income partially offset by lower variable investment income; and

•higher net gain on divestitures of $190 million primarily from the gain on the sale of AIG Life U.K.

Income tax expense (benefit)

For the nine months ended September 30, 2024, there was an income tax benefit of $103 million on loss from operations, resulting in an effective tax rate on loss from operations of 84.4%.

Adjusted pre-tax operating income

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

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Premiums						$	618					$	703					$	3,460					$	5,251
Policy fees						728						702						2,163						2,094
Net investment income						2,834						2,456						8,179						7,271
Net realized gains (losses)*						53						(5)						36						—
Advisory fee and other income						300						225						724						673
Total adjusted revenues						4,533						4,081						14,562						15,289
Policyholder benefits						1,152						1,103						5,014						6,479
Interest credited to policyholder account balances						1,348						1,131						3,803						3,211
Amortization of deferred policy acquisition costs						260						268						787						782
Non-deferrable insurance commissions						141						146						430						435
Advisory fee expenses						73						65						212						194
General operating expenses						404						459						1,281						1,442
Interest expense						127						128						386						419
Total benefits and expenses						3,505						3,300						11,913						12,962
Noncontrolling interests						3						32						78						46
Adjusted pre-tax operating income						$	1,031					$	813					$	2,727					$	2,373

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

Corebridge | Third Quarter 2024 Form 10-Q 99

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TABLE OF CONTENTS

ITEM 2 Consolidated Results of Operations

Three Months Ended September 30, 2024 to Three Months Ended September 30, 2023 APTOI Comparison

APTOI increased $218 million, primarily due to:

•higher net investment income of $378 million primarily driven by higher base portfolio income partially offset by lower variable investment income; and

•lower general operating expenses by $55 million.

Partially offset by:

•higher interest credited to policyholder account balances of $217 million primarily due to higher sales activity in fixed and fixed index annuities and continued growth in our GIC business.

Nine Months Ended September 30, 2024 to Nine Months Ended September 30, 2023 APTOI Comparison

APTOI increased $354 million, primarily due to:

•lower policyholder benefits of $1.5 billion primarily on new pension risk transfer business;

•higher net investment income of $908 million primarily driven by higher base portfolio income partially offset by lower variable investment income;

•lower general operating expenses by $161 million; and

•lower income attributable to noncontrolling interest of $32 million.

Partially offset by:

•lower premiums of $1.8 billion primarily on new pension risk transfer business;and

•higher interest credited to policyholder account balances of $592 million primarily due to higher sales activity in fixed and fixed index annuities and continued growth in our GIC business.

Corebridge | Third Quarter 2024 Form 10-Q 100

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TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Business Segment Operations

Our business operations consist of five reportable segments:

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

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

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

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

•Corporate and Other – consists primarily of:

–corporate expenses not attributable to our other segments;

–interest expense on financial debt;

–results of our consolidated investment entities;

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

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

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

See Note 3 to the Condensed Consolidated Financial Statements.

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Individual Retirement						$	657					$	576					$	1,900					$	1,684
Group Retirement						188						192						583						575
Life Insurance						156						136						305						294
Institutional Markets						154						75						362						286
Corporate and Other						(126)						(163)						(422)						(462)
Consolidation and elimination						2						(3)						(1)						(4)
Adjusted pre-tax operating income						$	1,031					$	813					$	2,727					$	2,373

Corebridge | Third Quarter 2024 Form 10-Q 101

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TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

DISCUSSION OF SEGMENT RESULTS

Individual Retirement

Individual Retirement Results

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Revenues:
Premiums						$	36					$	29					$	107					$	173
Policy fees						205						182						596						528
Net investment income:
Base portfolio income						1,417						1,230						4,126						3,547
Variable investment income						44						10						79						45
Net investment income						1,461						1,240						4,205						3,592
Advisory fee and other income*						116						107						340						318
Total adjusted revenues						1,818						1,558						5,248						4,611
Benefits and expenses:
Policyholder benefits						21						29						90						165
Interest credited to policyholder account balances						744						582						2,078						1,654
Amortization of deferred policy acquisition costs						153						150						454						425
Non-deferrable insurance commissions						99						90						283						270
Advisory fee expenses						38						35						111						105
General operating expenses						106						96						332						308
Total benefits and expenses						1,161						982						3,348						2,927
Adjusted pre-tax operating income						$	657					$	576					$	1,900					$	1,684

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

Individual Retirement Sources of Earnings

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

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Spread income(a)						$	729					$	672					$	2,165					$	1,979
Fee income						321						289						936						846
Policyholder benefits, net of premiums						15						—						17						8
Non-deferrable insurance commissions						(99)						(90)						(283)						(270)
Amortization of DAC and DSI						(165)						(164)						(492)						(466)
General operating expenses						(106)						(96)						(332)						(308)
Other(b)						(38)						(35)						(111)						(105)
Adjusted pre-tax operating income						$	657					$	576					$	1,900					$	1,684

(a)Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $12 million and $14 million for the three months ended September 30,2024 and 2023, respectively, and $38 million and $41 million for the nine months ended September 30, 2024 and 2023 respectively.

(b)Other represents advisory fee expenses.

Financial Highlights

Three Months Ended September 30, 2024 to Three Months Ended September 30, 2023 APTOI Comparison

APTOI increased $81 million, primarily due to:

•higher spread income of $57 million primarily driven by an increase in variable investment income of $34 million due to higher alternative income mostly due to improved private equity returns and higher yield enhancement income, and higher base spread income of $23 million due to improved base portfolio yields and growth in invested assets driven by higher general account sales; and

•higher fee income of $32 million, primarily due to an increase in mortality and expense fees and other fee income due to higher average variable annuity separate account asset values driven by improved equity market returns.

Corebridge | Third Quarter 2024 Form 10-Q 102

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TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Nine Months Ended September 30, 2024 to Nine Months Ended September 30, 2023 APTOI Comparison

APTOI increased $216 million, primarily due to:

•higher spread income of $186 million primarily driven by an increase in variable investment income of $34 million due to higher alternative income mostly due to improved private equity returns and higher yield enhancement income, higher base spread income of $152 million due to improved base portfolio yields and growth in invested assets driven by higher general account sales; and

•higher fee income of $90 million, primarily due to an increase in mortality and expense fees and other fee income due to higher average variable annuity separate account asset values driven by improved equity market returns, and higher surrender charge fee income due to an increase in surrenders.

Partially offset by:

•higher amortization of DAC and DSI of $26 million due to growth in Fixed and Fixed index annuity business; and

•higher non-deferrable insurance commissions of $13 million mostly due to continued growth in the Fixed index annuity business.

AUMA

The following table presents Individual Retirement AUMA by product:

(in millions)																		September 30, 2024						December 31, 2023
Fixed annuities																		$	57,936					$	53,570
Fixed index annuities																		48,263						40,661
Variable annuities:
Variable annuities - General Account																		6,932						7,715
Variable annuities - Separate Accounts																		50,154						47,745
Variable annuities																		57,086						55,460
Total																		$	163,285					$	149,691

    

September 30, 2024 to December 31, 2023 AUMA Comparison

AUMA increased $13.6 billion driven by an increase of $11.2 billion in the general account and higher separate accounts asset values of $2.4 billion. The general account increased primarily due to positive general account net flows and lower interest rates resulting in unrealized gains from fixed maturities securities. The separate account increased primarily due to increases in the equity markets, partially offset by outflows from separate accounts.

Spread and Fee Income

The following table presents Individual Retirement spread and fee income:

						Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)						2024						2023						2024						2023
Spread income:
Total spread income
Base portfolio income						$	1,417					$	1,230					$	4,126					$	3,547
Interest credited to policyholder account balances						(732)						(568)						(2,040)						(1,613)
Base spread income						685						662						2,086						1,934
Variable investment income						44						10						79						45
Total spread income*						$	729					$	672					$	2,165					$	1,979
Fee income:
Policy fees						$	205					$	182					$	596					$	528
Advisory fees and other income						116						107						340						318
Total fee income						$	321					$	289					$	936					$	846

*Excludes amortization of DSI assets of $12 million and $14 million for the three months ended September 30, 2024 and 2023, respectively, and $38 million and $41 million for the nine months ended September 30, 2024 and 2023, respectively.

Corebridge | Third Quarter 2024 Form 10-Q 103

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ITEM 2 | Business Segment Operations

The following table presents Individual Retirement net investment spread:

						Three Months Ended  September 30,												Nine Months Ended  September 30,
						2024						2023						2024						2023
Fixed annuities base net investment spread:
Base yield*						5.52		%				5.10		%				5.44		%				4.97		%
Cost of funds						3.51						2.97						3.37						2.89
Fixed annuities base net investment spread						2.01						2.13						2.07						2.08
Fixed index annuities base net investment spread:
Base yield*						4.99						4.91						5.00						4.72
Cost of funds						2.45						2.06						2.39						1.94
Fixed index annuities base net investment spread						2.54						2.85						2.61						2.78
Variable annuities base net investment spread:
Base yield*						3.69						3.88						3.67						3.81
Cost of funds						1.51						1.49						1.50						1.48
Variable annuities base net investment spread						2.18						2.39						2.17						2.33
Total Individual Retirement base net investment spread:
Base yield*						5.20						4.97						5.15						4.81
Cost of funds						2.94						2.50						2.83						2.42
Total Individual Retirement base net investment spread						2.26		%				2.47		%				2.32		%				2.39		%

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

Three Months Ended September 30, 2024 to Three Months Ended September 30, 2023 Comparison and Nine Months Ended September 30, 2024 to Nine Months Ended September 30, 2023 Comparison

See “Financial Highlights.”

Premiums and Deposits and Net Flows

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

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

Premiums and Deposits						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Fixed annuities						$	2,780					$	1,339					$	9,524					$	4,855
Fixed index annuities						2,298						2,224						6,420						6,598
Variable annuities						448						398						1,230						1,436
Total						$	5,526					$	3,961					$	17,174					$	12,889

Net Flows						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Fixed annuities						$	607					$	(1,356)					$	2,410					$	(2,561)
Fixed index annuities						1,146						1,519						3,173						4,519
Variable annuities						(1,344)						(906)						(3,879)						(2,397)
Total						$	409					$	(743)					$	1,704					$	(439)

Three Months Ended September 30, 2024 to Three Months Ended September 30, 2023 Comparison

Fixed Annuities Net inflows increased by $2.0 billion over the prior year, primarily due to higher premiums and deposits of $1.4 billion due to strong customer demand, lower death benefits of $85 million and lower surrenders and withdrawals of $437 million.

Fixed Index Annuities Net inflows decreased by $373 million primarily due to higher surrenders and withdrawals of $430 million and higher death benefits of $17 million, offset by higher premiums and deposits of $74 million.

Variable Annuities Net outflows increased $438 million primarily due to higher surrenders and withdrawals of $449 million and higher death benefits of $39 million, offset by higher premium and deposits of $50 million.

Corebridge | Third Quarter 2024 Form 10-Q 104

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ITEM 2 | Business Segment Operations

Nine Months Ended September 30, 2024 to Nine Months Ended September 30, 2023 Comparison

Fixed Annuities Net inflows increased by $5.0 billion over the prior year, primarily due to higher premiums and deposits of $4.7 billion due to strong customer demand and lower death benefits of $528 million, offset by higher surrenders and withdrawals of $226 million.

Fixed Index Annuities Net inflows decreased by $1.3 billion primarily due to higher surrenders and withdrawals of $1.1 billion, lower premiums and deposits of $178 million and higher death benefits of $66 million.

Variable Annuities Net outflows increased $1.5 billion primarily due to higher surrenders and withdrawals of $1.2 billion, lower premium and deposits of $206 million and higher death benefits of $65 million.

Surrenders

The following table presents Individual Retirement surrender rates:

						Three Months Ended  September 30,												Nine Months Ended  September 30,
						2024						2023						2024						2023
Fixed annuities						13.0		%				17.7		%				16.2		%				16.2		%
Fixed index annuities						9.1						6.4						8.8						6.6
Variable annuities						10.6						7.9						10.1						7.6

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

						September 30, 2024																		December 31, 2023
(in millions)						Fixed Annuities						Fixed Index Annuities						Variable Annuities						Fixed Annuities						Fixed Index Annuities						Variable Annuities
No surrender charge						$	19,062					$	2,112					$	31,829					$	21,793					$	1,727					$	29,819
Greater than 0% - 2%						1,064						4,152						7,043						1,023						3,326						6,717
Greater than 2% - 4%						2,641						7,131						6,228						2,844						6,413						5,799
Greater than 4%						28,445						30,765						10,297						21,766						28,128						11,014
Non-surrenderable(a)						2,510						—						1,156						2,474						—						1,156
Total account value(b)						$	53,722					$	44,160					$	56,553					$	49,900					$	39,594					$	54,505

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

(b)    Includes payout Immediate Annuities and funding agreements.

Individual Retirement annuities are typically subject to a three- to ten-year surrender charge period, depending on the product. For fixed annuities, the proportion of account value subject to surrender charge at September 30, 2024 increased compared to December 31, 2023 primarily due to growth in the business. For fixed index annuities, the proportion of account value subject to surrender charge at September 30, 2024 was slightly lower compared to December 31, 2023 due to the aging of the business. The increase in the proportion of account value with no surrender charge for variable annuities as of September 30, 2024 compared to December 31, 2023 was principally due to normal aging of the business.

Corebridge | Third Quarter 2024 Form 10-Q 105

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ITEM 2 | Business Segment Operations

Group Retirement

Group Retirement Results

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Revenues:
Premiums						$	5					$	6					$	10					$	16
Policy fees						113						102						328						304
Net investment income:
Base portfolio income						451						487						1,421						1,462
Variable investment income						27						17						39						46
Net investment income						478						504						1,460						1,508
Advisory fee and other income*						88						78						254						230
Total adjusted revenues						684						690						2,052						2,058
Benefits and expenses:
Policyholder benefits						9						12						10						27
Interest credited to policyholder account balances						305						298						903						883
Amortization of deferred policy acquisition costs						21						21						63						62
Non-deferrable insurance commissions						30						29						89						90
Advisory fee expenses						34						29						99						87
General operating expenses						97						109						305						334
Total benefits and expenses						496						498						1,469						1,483
Adjusted pre-tax operating income						$	188					$	192					$	583					$	575

*    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:

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Spread income(a)						$	176					$	209					$	567					$	635
Fee income(b)						201						180						582						534
Policyholder benefits, net of premiums						(4)						(6)						—						(11)
Non-deferrable insurance commissions						(30)						(29)						(89)						(90)
Amortization of DAC and DSI						(24)						(24)						(73)						(72)
General operating expenses						(97)						(109)						(305)						(334)
Other(c)						(34)						(29)						(99)						(87)
Adjusted pre-tax operating income						$	188					$	192					$	583					$	575

(a)Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $3 million and $3 million for the three months ended September 30, 2024 and 2023, respectively, and $10 million and $10 million for the nine months ended September 30, 2024 and 2023, respectively.

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

(c)Other consists of advisory fee expenses.

Financial Highlights

Three Months Ended September 30, 2024 to Three Months Ended September 30, 2023 APTOI Comparison

APTOI decreased $4 million, primarily due to:

•lower spread income of $33 million due to lower base spread income of $43 million reflecting lower yields on base portfolio and higher crediting rates, partially offset by higher variable investment income of $10 million primarily driven by higher alternative investment income.

Partially offset by:

•higher fee income, net of advisory fee expenses of $16 million due to higher average separate account, advisory, and mutual fund assets driven by improved equity market performance; and

•lower general operating expenses of $12 million.

Corebridge | Third Quarter 2024 Form 10-Q 106

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ITEM 2 | Business Segment Operations

Nine Months Ended September 30, 2024 to Nine Months Ended September 30, 2023 APTOI Comparison

APTOI increased $8 million, primarily due to:

•higher fee income, net of advisory fee expenses of $36 million due to higher average separate account, advisory, and mutual fund assets driven by improved equity market performance; and

•lower general operating expenses of $29 million.

Partially offset by:

•lower spread income of $68 million due to lower base spread income of $61 million reflecting lower yields on base portfolio and higher crediting rates and a decrease in variable investment income of $7 million primarily due to lower alternative investment income.

AUMA

The following table presents Group Retirement AUMA by product:

(in millions)						September 30, 2024						December 31, 2023
AUMA by asset type:
In-plan spread based						$	24,062					$	25,160
In-plan fee based						60,410						54,807
Total in-plan AUMA(a)						84,472						79,967
Out-of-plan proprietary - General Account						17,604						16,664
Out-of-plan proprietary - Separate Accounts						11,482						11,075
Total out-of-plan proprietary annuities						29,086						27,739
Advisory and brokerage assets						16,337						14,475
Total out-of-plan AUMA(b)						45,423						42,214
Total AUMA						$	129,895					$	122,181

(a)Includes $13.7 billion of AUMA at September 30, 2024 and $12.7 billion of AUMA at December 31, 2023 that is associated with our in-plan investment advisory service that we offer to participants at an additional fee.

(b)Includes $13.7 billion of AUMA at September 30, 2024 and $12.0 billion of AUMA at December 31, 2023 that is associated with our out-of-plan investment advisory service that we offer to customers at an additional fee.

September 30, 2024 to December 31, 2023 AUMA Comparison

In-plan assets increased by $4.5 billion driven by $5.6 billion increase in fee based assets, primarily due to higher equity markets partially offset by $1.1 billion decrease in spread based assets due to negative net flows. Out-of-plan proprietary annuity assets increased by $1.3 billion, primarily due to higher equity markets and lower interest rates resulting in unrealized gains from fixed maturities securities. The increase of advisory and brokerage assets of $1.9 billion was driven by net new client deposits and higher equity markets.

Spread and Fee Income

The following table presents Group Retirement spread and fee income:

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Spread income:
Base portfolio income						$	451					$	487					$	1,421					$	1,462
Interest credited to policyholder account balances						(302)						(295)						(893)						(873)
Base spread income						149						192						528						589
Variable investment income						27						17						39						46
Total spread income*						$	176					$	209					$	567					$	635
Fee income:
Policy fees						$	113					$	102					$	328					$	304
Advisory fees and other income						88						78						254						230
Total fee income						$	201					$	180					$	582					$	534

*Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $3 million and $3 million for the three months ended September 30, 2024 and 2023, respectively, and $10 million and $10 million for the nine months ended September 30, 2024 and 2023, respectively.

Corebridge | Third Quarter 2024 Form 10-Q 107

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ITEM 2 | Business Segment Operations

						Three Months Ended  September 30,												Nine Months Ended  September 30,
						2024						2023						2024						2023
Base net investment spread:
Base yield*						4.18		%				4.30		%				4.29		%				4.27		%
Cost of funds						3.00						2.78						2.95						2.74
Base net investment spread						1.18		%				1.52		%				1.34		%				1.53		%

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

Three Months Ended September 30, 2024 to Three Months Ended September 30, 2023 Comparison and Nine Months Ended September 30, 2024 to Nine Months Ended September 30, 2023 Comparison

See “Financial Highlights.”

Premiums and Deposits and Net Flows

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

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

Premiums and Deposits and Net Flows						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
In-plan(a)(b)						$	1,251					$	1,225					$	3,762					$	3,935
Out-of-plan proprietary variable annuity						221						189						537						550
Out-of-plan proprietary fixed and index annuities						491						417						1,716						1,515
Premiums and deposits(c)						$	1,963					$	1,831					$	6,015					$	6,000
Net Flows						$	(1,784)					$	(2,188)					$	(5,549)					$	(4,753)

(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 $770 million and $773 million for the three months ended September 30, 2024 and 2023, respectively, and $2.4 billion and $2.5 billion for the nine months ended September 30, 2024 and 2023, respectively.    

(c)Excludes client deposits into advisory and brokerage accounts of $761 million and $656 million for the three months ended September 30, 2024 and 2023, respectively, and $2.3 billion and $1.8 billion for the nine months ended September 30, 2024 and 2023, respectively.

Three Months Ended September 30, 2024 to Three Months Ended September 30, 2023 Comparison

Net flows remained negative but improved by $404 million primarily due to a decrease in surrenders and withdrawals of $283 million, driven by a decrease in group surrenders, partially offset by an increase in in-plan annuity surrenders, and an increase in deposits of $132 million. Net outflows were concentrated in variable annuity products with higher contractual guaranteed minimum crediting rates. Large plan acquisitions and surrenders resulted in higher net flows of $995 million compared to the prior year. Excluding large plan acquisitions and surrenders, net outflows were concentrated in higher contractual guaranteed minimum crediting rates.

Nine Months Ended September 30, 2024 to Nine Months Ended September 30, 2023 Comparison

Net flows remained negative and declined by $796 million primarily due to an increase in surrenders and withdrawals of $742 million, driven by an increase in in-plan annuity surrenders and an increase in death and payout benefit annuity benefits of $69 million partially offset by an increase in deposits of $15 million. Net outflows were concentrated in higher contractual guaranteed minimum crediting rates. Large plan acquisitions and surrenders resulted in higher net flows of $889 million compared to the prior year. Excluding large plan acquisitions and surrenders, net outflows were concentrated in higher contractual guaranteed minimum crediting rates.

Surrenders

The following table presents Group Retirement surrender rates:

						Three Months Ended  September 30,									Nine Months Ended  September 30,
						2024						2023			2024						2023
Surrender rates						12.6		%				14.5		%	13.1		%				12.9		%

Corebridge | Third Quarter 2024 Form 10-Q 108

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ITEM 2 | Business Segment Operations

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

(in millions)						September 30, 2024(a)						December 31, 2023(a)
No surrender charge(b)						$	70,901					$	70,500
Greater than 0% - 2%						1,431						1,251
Greater than 2% - 4%						1,519						1,698
Greater than 4%						6,687						5,757
Non-surrenderable						276						490
Total account value(c)						$	80,814					$	79,696

(a)Excludes mutual fund assets under administration of $31.3 billion and $27.8 billion at September 30, 2024 and December 31, 2023, respectively.

(b)Group Retirement amounts in this category include account value in the general account of approximately $3.8 billion and $4.1 billion at September 30, 2024 and December 31, 2023, respectively, which are subject to 20% annual withdrawal limitations at the participant level and account value in the general account of $5.1 billion and $5.3 billion at September 30, 2024 and December 31, 2023, respectively, which are subject to 20% annual withdrawal limitations at the plan level.

(c)Includes payout Immediate Annuities and funding agreements.

Group Retirement annuity deposits are typically subject to a four- to seven-year surrender charge period, depending on the product. In addition, for annuity assets held within an employer defined contribution plan, participants can only withdraw funds in certain circumstances without incurring tax penalties (for example, separation from service), regardless of surrender charges.

Life Insurance

Life Insurance Results

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Revenues:
Premiums						$	352					$	449					$	1,117					$	1,317
Policy fees						360						371						1,094						1,117
Net investment income:
Base portfolio income						331						310						973						948
Variable investment income						5						3						11						9
Net investment income						336						313						984						957
Other income						81						29						82						84
Total adjusted revenues						1,129						1,162						3,277						3,475
Benefits and expenses:
Policyholder benefits						687						673						2,062						2,102
Interest credited to policyholder account balances						84						86						251						253
Amortization of deferred policy acquisition costs						82						95						260						289
Non-deferrable insurance commissions						7						22						42						60
Advisory fee expenses						1						1						2						2
General operating expenses						112						149						355						475
Total benefits and expenses						973						1,026						2,972						3,181
Adjusted pre-tax operating income						$	156					$	136					$	305					$	294

Life Insurance Sources of Earnings

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

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Underwriting margin(a)						$	392					$	384					$	998					$	1,101
General operating expenses						(112)						(149)						(355)						(475)
Non-deferrable insurance commissions(b)						(7)						(22)						(42)						(60)
Amortization of DAC						(82)						(95)						(260)						(289)
Impact of annual actuarial assumption update excluded from Underwriting margin						(34)						19						(34)						19
Other(c)						(1)						(1)						(2)						(2)
Adjusted pre-tax operating income						$	156					$	136					$	305					$	294

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

(b)2024 includes a $5 million favorable impact from the of annual actuarial assumption update.

(c)Other primarily represents advisory fee expenses.

Corebridge | Third Quarter 2024 Form 10-Q 109

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TABLE OF CONTENTS

ITEM 2 | Business Segment Operations

Financial Highlights

Three Months Ended September 30, 2024 to Three Months Ended September 30, 2023 APTOI Comparison

Reported APTOI reflects the results of AIG Life U.K. until April 2024 and Laya until October 2023.

APTOI increased $20 million, primarily due to:

•favorable domestic underwriting margin of $71 million, driven by reinsurance recapture impacts of $62 million.

Partially offset by:

•unfavorable impact of $29 million from the annual review and update of actuarial assumptions in 2024 compared to a favorable impact of $19 million from the annual review and update of actuarial assumptions in 2023.

Nine Months Ended September 30, 2024 to Nine Months Ended September 30, 2023 APTOI Comparison

Reported APTOI reflects the results of AIG Life U.K. until April 2024 and Laya until October 2023.

APTOI increased $11 million, primarily due to:

•favorable domestic underwriting margin of $42 million, driven by reinsurance recapture impacts and other one-time reinsurance adjustments of $32 million; and

•lower domestic general operating expenses of $21 million, driven by expense efficiencies.

Partially offset by:

•unfavorable impact of $29 million from the annual review and update of actuarial assumptions in 2024 compared to a favorable impact of $19 million from the annual review and update of actuarial assumptions in 2023.

AUMA

The following table presents Life Insurance AUMA:

(in millions)						September 30, 2024						December 31, 2023
Total AUMA*						$	27,972					$	26,691

*The December 31, 2023 AUMA excludes $181 million, of assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets. See Note 4 in the 2023 Form 10-K Notes to the Condensed Consolidated Financial Statements for additional information.

September 30, 2024 to December 31, 2023 AUMA Comparison

AUMA increased $1.3 billion in the nine months ended September 30, 2024 compared to the prior year-end due to improved investment performance.

Underwriting Margin

The following table presents Life Insurance underwriting margin:

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Premiums						$	352					$	449					$	1,117					$	1,317
Policy fees						360						371						1,094						1,117
Net investment income						336						313						984						957
Other income						81						29						82						84
Policyholder benefits						(687)						(673)						(2,062)						(2,102)
Interest credited to policyholder account balances						(84)						(86)						(251)						(253)
Less: Impact of annual actuarial assumption update						34						(19)						34						(19)
Underwriting margin						$	392					$	384					$	998					$	1,101

Three Months Ended September 30, 2024 to Three Months Ended September 30, 2023 Comparison and Nine Months Ended September 30, 2024 to Nine Months Ended September 30, 2023 Comparison

See “Financial Highlights.”

Corebridge | Third Quarter 2024 Form 10-Q 110

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ITEM 2 | Business Segment Operations

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  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Traditional Life						$	469					$	453					$	1,388					$	1,348
Universal Life						387						393						1,168						1,175
Total U.S.						856						846						2,556						2,523
International						—						239						240						674
Premiums and deposits						$	856					$	1,085					$	2,796					$	3,197

Three Months Ended September 30, 2024 to Three Months Ended September 30, 2023 Comparison

Premiums and deposits decreased $229 million for the three months ended September 30, 2024 compared to the prior year, reflecting the sale of AIG Life U.K. on April 8, 2024. Total U.S. life premiums and deposits increased primarily due to higher Traditional Life premiums.

Nine Months Ended September 30, 2024 to Nine Months Ended September 30, 2023 Comparison

Premiums and deposits decreased $401 million for the nine months ended September 30, 2024 compared to the prior year, reflecting the sale of AIG Life U.K. on April 8, 2024. Total U.S. life premiums and deposits increased primarily due to higher Traditional Life premiums.

Institutional Markets

Institutional Markets Results

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Revenues:
Premiums						$	208					$	200					$	2,171					$	3,686
Policy fees						50						47						145						145
Net investment income:
Base portfolio income						527						401						1,500						1,086
Variable investment income						41						7						44						61
Net investment income						568						408						1,544						1,147
Other income						6						1						8						1
Total adjusted revenues						832						656						3,868						4,979
Benefits and expenses:
Policyholder benefits						435						389						2,852						4,188
Interest credited to policyholder account balances						215						165						571						421
Amortization of deferred policy acquisition costs						4						2						10						6
Non-deferrable insurance commissions						5						5						15						14
General operating expenses						19						20						58						64
Total benefits and expenses						678						581						3,506						4,693
Adjusted pre-tax operating income						$	154					$	75					$	362					$	286

Corebridge | Third Quarter 2024 Form 10-Q 111

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ITEM 2 | Business Segment Operations

Institutional Markets Sources of Earnings

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

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Spread income(a)						$	133					$	70					$	327					$	269
Fee income(b)						15						16						46						48
Underwriting margin(c)						25						14						63						51
Non-deferrable insurance commissions						(5)						(5)						(15)						(14)
General operating expenses						(19)						(20)						(58)						(64)
Other						5						—						(1)						(4)
Adjusted pre-tax operating income						$	154					$	75					$	362					$	286

(a)Represents spread income on GIC, PRT and structured settlement products.

(b)Represents fee income on SVW products.

(c)Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products.

Financial Highlights

Three Months Ended September 30, 2024 to Three Months Ended September 30, 2023 APTOI Comparison

APTOI increased $79 million, primarily due to:

•higher spread income of $63 million driven by $29 million higher base portfolio income, $34 million higher variable investment income from private equity investments and other activity;

•higher underwriting margin of $11 million primarily driven by a $5 million impact from a reinsurance recapture and $4 million higher non-SVW fee income; and

•higher other activity of $5 million driven by $7 million more favorable impact from the annual review and update of actuarial assumption, partially offset by higher amortization of DAC.

Nine Months Ended September 30, 2024 to Nine Months Ended September 30, 2023 APTOI Comparison

APTOI increased $76 million, primarily due to:

•higher spread income of $58 million driven by $75 million higher base portfolio spread income, partially offset by $17 million lower variable investment income from private equity investments; and

•higher underwriting margin of $12 million driven by $8 million higher base portfolio income and a $5 million impact from a reinsurance recapture.

AUMA

The following table presents Institutional Markets AUMA:

(in millions)						September 30, 2024						December 31, 2023
SVW (AUA)						$	44,417					$	44,607
GIC, PRT and Structured settlements (AUM)						40,203						33,579
All other (AUM)						7,593						7,099
Total AUMA						$	92,213					$	85,285

September 30, 2024 to December 31, 2023 AUMA Comparison

AUMA increased $6.9 billion, primarily due to premiums and deposits of PRT and GIC products of $5.9 billion, primarily PRT and GIC products and investment performance and other activity of $4.4 billion, partially offset by benefit payments on the GIC, PRT and structured settlement products of $2.3 billion and net outflows of $1.1 billion from SVW products.

Corebridge | Third Quarter 2024 Form 10-Q 112

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ITEM 2 | Business Segment Operations

Spread Income, Fee Income and Underwriting Margin

The following table presents Institutional Markets spread income, fee income and underwriting margin:

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Premiums						$	217					$	209					$	2,197					$	3,713
Net investment income						531						373						1,431						1,042
Policyholder benefits						(418)						(375)						(2,802)						(4,147)
Interest credited to policyholder account balances						(187)						(137)						(489)						(339)
Less: impact of annual actuarial assumption update						(10)						—						(10)						—
Total spread income(a)						$	133					$	70					$	327					$	269
SVW fees						$	15					$	16					$	46					$	48
Total fee income						$	15					$	16					$	46					$	48
Premiums						$	(9)					$	(9)					$	(26)					$	(27)
Policy fees (excluding SVW)						35						31						99						97
Net investment income						37						35						113						105
Other income						6						1						8						1
Policyholder benefits						(17)						(14)						(50)						(41)
Interest credited to policyholder account balances						(28)						(28)						(82)						(82)
Less: impact of annual actuarial assumption update						1						(2)						1						(2)
Total underwriting margin(b)						$	25					$	14					$	63					$	51

(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 September 30, 2024 to Three Months Ended September 30, 2023 Comparison and Nine Months Ended September 30, 2024 to Nine Months Ended September 30, 2023 Comparison

See “Financial Highlights.”

Premiums and Deposits

The following table presents the Institutional Markets premiums and deposits:

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
PRT						$	169					$	137					$	2,063					$	3,550
GICs						1,000						1,921						3,391						3,344
Other*						94						198						443						435
Premiums and deposits						$	1,263					$	2,256					$	5,897					$	7,329

*Other principally consists of structured settlements and Corporate Markets products.

Three Months Ended September 30, 2024 to Three Months Ended September 30, 2023 Comparison

Premiums and deposits decreased compared to the prior year period by $1.0 billion, primarily due to lower deposits on new GICs of $0.9 billion and $104 million lower sales of other products, partially offset by higher premiums on new PRT business of $32 million.

Nine Months Ended September 30, 2024 to Nine Months Ended September 30, 2023 Comparison

Premiums and deposits decreased compared to the prior year period by $1.4 billion, primarily due to lower premiums on new PRT business of $1.5 billion, partially offset by higher deposits on new GICs of $47 million.

Corebridge | Third Quarter 2024 Form 10-Q 113

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ITEM 2 | Business Segment Operations

Corporate and Other

Corporate and Other primarily consists of interest expense on financial debt, parent expenses not attributable to other segments, institutional asset management business, which includes managing assets for non-consolidated affiliates, results of our consolidated investment entities, results of our legacy insurance lines ceded to Fortitude Re and intercompany eliminations.

Corporate and Other Results

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Revenues:
Premiums(a)						$	17					$	19					$	55					$	59
Net investment income (loss)						(5)						(2)						3						85
Net realized gains on real estate investments						53						(5)						36						—
Other income						9						10						40						40
Total adjusted revenues						74						22						134						184
Benefits and expenses:
Policyholder benefits						—						—						—						(3)
Non-deferrable insurance commissions						—						—						1						1
General operating expenses:
Corporate and other						57						69						183						208
Asset management(b)						14						16						49						53
Total general operating expenses						71						85						232						261
Interest expense:
Corporate						110						110						324						324
Asset management and other						22						22						77						109
Total interest expense						132						132						401						433
Total benefits and expenses						203						217						634						692
Noncontrolling interest(c)						3						32						78						46
Adjusted pre-tax operating (loss) before consolidation and eliminations						(126)						(163)						(422)						(462)
Consolidations and eliminations						2						(3)						(1)						(4)
Adjusted pre-tax operating (loss)						$	(124)					$	(166)					$	(423)					$	(466)

        

(a)Premiums include an expense allowance associated with Fortitude Re which is entirely offset in general 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.

Corebridge | Third Quarter 2024 Form 10-Q 114

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ITEM 2 | Business Segment Operations

Corporate and Other Sources of Earnings

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

						Three Months Ended  September 30,												Nine Months Ended  September 30,
(in millions)						2024						2023						2024						2023
Corporate expenses						$	(32)					$	(44)					$	(108)					$	(139)
Interest expense on financial debt						(110)						(110)						(324)						(324)
Asset management						39						5						55						16
Consolidated investment entities						(10)						(1)						(9)						4
Other						(11)						(16)						(37)						(23)
Adjusted pre-tax operating (loss)						$	(124)					$	(166)					$	(423)					$	(466)

Financial Highlights

Three Months Ended September 30, 2024 to Three Months Ended September 30, 2023 APTOI Comparison

Adjusted pre-tax operating loss decreased $42 million primarily due to:

•higher asset management income of $34 million driven by higher income from legacy investments; and

•lower corporate expenses of $12 million primarily driven by Corebridge Forward, our modernization program delivering both expense reduction and increased efficiency.

Nine Months Ended September 30, 2024 to Nine Months Ended September 30, 2023 APTOI Comparison

Adjusted pre-tax operating loss decreased $43 million primarily due to:

•higher asset management income of $39 million driven by higher income from legacy investments; and

•lower corporate expenses of $31 million primarily driven by Corebridge Forward, our modernization program delivering both expense reduction and increased efficiency.

Partially offset by:

•higher losses from Other sources of earnings of $14 million.

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 September 30, 2024, for $221.1 billion of invested assets supporting our insurance operating companies, approximately 45% were in corporate debt securities. Mortgage-backed securities (“MBS”), ABS and CLOs represent 34% of our fixed income securities, and 99% were investment grade. At December 31, 2023, for $202.8 billion of invested assets supporting our insurance operating companies, approximately 47% were in corporate debt securities. MBS, ABS and CLOs represent 31% of our fixed income securities and 99% were investment grade.

See “Business - Investment Management” in the 2023 Form 10-K for further information, including current and future management of our investment portfolio.”

Key Investment Strategies

Investment strategies are assessed at the segment level and involve considerations that include local and general market and economic conditions, duration and cash flow management, risk appetite and volatility constraints, rating agency and regulatory capital considerations, tax, regulatory and legal investment limitations, and, as applicable, environmental, social and governance considerations.

Corebridge | Third Quarter 2024 Form 10-Q 115

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ITEM 2 | Investments

In 2021, we entered into a long-term asset management relationship with Blackstone IM. Blackstone IM initially managed $50 billion of our existing investment portfolio, with that amount to increase to an aggregate of $92.5 billion by the third quarter of 2027.

The investments underlying the original $50 billion mandate with Blackstone IM began to run-off in 2022 and are being reinvested over time. As these assets run-off, we expect Blackstone to reinvest primarily in Blackstone-originated investments across a range of asset classes, including private and structured credit, and commercial and residential real estate securitized and whole loans. Blackstone’s preferred credit and lending strategy is to seek to control all significant components of the underwriting and pricing processes with the goal of facilitating bespoke opportunities with historically strong credit protection and attractive risk-adjusted returns. Blackstone seeks to capture enhanced economics to those available in the traditional fixed income markets by going directly to the borrowers.

We believe that Blackstone’s ability to originate attractive and privately sourced, fixed-income oriented assets, will be accretive to our businesses and provide us with an enhanced competitive advantage as we have been able to expand our investment capabilities, access new asset classes and improve our investment yields. We continue to manage asset allocation and portfolio-level risk management decisions with respect to any assets managed by Blackstone, ensuring that we maintain a consistent level of oversight across our entire investment portfolio considering our asset-liability matching needs, risk appetite and capital position.

As of September 30, 2024, Blackstone managed $67.5 billion in book value of assets in our investment portfolio.

Under the investment management agreements with BlackRock and its investment advisory affiliates, as of September 30, 2024, BlackRock managed approximately $86.3 billion in book value of assets in our investment portfolio, consisting of liquid fixed income and certain private placement assets. In addition, liquid fixed income assets associated with the Fortitude Re portfolio were separately transferred to BlackRock for management. The investment management agreements with BlackRock provide us with access to market-leading capabilities, including portfolio management, research and tactical strategies in addition to a larger pool of investment professionals. We believe BlackRock’s scale and fee structure make BlackRock an excellent outsourcing partner for certain asset classes and will allow us to further optimize our investment management operating model while improving overall performance. The investment management agreements contain detailed investment guidelines and reporting requirements.

Some of our key investment strategies are as follows:

•our fundamental strategy across the portfolios is to seek investments with similar characteristics to the associated insurance liabilities to the extent practicable;

•we seek to purchase investments that offer enhanced yield through illiquidity premiums, such as private placements and commercial mortgage loans, which also add portfolio diversification. These assets typically afford credit protections through covenants, ability to customize structures that meet our insurance liability needs and deeper due diligence given information access;

•we seek investments that provide diversification from assets available in local markets. To the extent we purchase these investments, we generally hedge any currency risk using derivatives, which could provide opportunities to earn higher risk-adjusted returns compared to investments in the functional currency;

•we actively manage our assets and liabilities, counterparties and duration. Our liquidity sources are held primarily in the form of cash, short-term investments and publicly traded, investment grade rated fixed maturity securities that can be readily monetized through sales or repurchase agreements. Certain of our subsidiaries are members of the FHLBs in their respective districts, and we borrow from the FHLB utilizing its funding agreement program. Borrowings from FHLBs are used to supplement liquidity or for other uses deemed appropriate by management. This strategy allows us to both diversify our sources of liquidity and reduce the cost of maintaining sufficient liquidity;

•within the United States, investments are generally split between reserve-backing and surplus portfolios:

–insurance liabilities are backed mainly by investment grade fixed maturity securities that meet our duration, risk-return, tax liquidity, credit quality and diversification objectives. We assess asset classes based on their fundamental underlying risk factors, including credit (public and private), commercial real estate and residential real estate, regardless of whether such investments are bonds, loans or structured products; and

–surplus investments seek to enhance portfolio returns and are generally comprised of a mix of fixed maturity investment grade and below investment grade securities and various alternative asset classes, including private equity, real estate equity and hedge funds. Over the past few years, hedge fund investments have been reduced;

•outside of the United States, fixed maturity securities held by our insurance companies consist primarily of investment grade securities generally denominated in the currencies of the countries in which we operate; and

•we also utilize derivatives to manage our asset and liability duration as well as currency exposures.

Corebridge | Third Quarter 2024 Form 10-Q 116

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ITEM 2 | Investments

Asset Liability Management

Our investment strategy is to invest in assets that generate net investment income to back policyholder benefit and deposit liabilities that result in stable distributable earnings and enhance portfolio value, subject to asset-liability management, capital, liquidity and regulatory constraints.

We use asset-liability management as a primary tool to monitor and manage interest rate and duration risk in our businesses. We maintain a diversified, high quality portfolio of fixed maturity securities issued by corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential and commercial real estate; and commercial mortgage loans that, to the extent practicable, match the duration characteristics of the liabilities. We seek to diversify the portfolio across asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks. The investment portfolio of each product line is tailored to the specific characteristics of its insurance liabilities, and as a result, duration varies between distinct portfolios. The interest rate environment has a direct impact on the asset liability management profile of the businesses, and changes in the interest rate environment may result in the need to lengthen or shorten the duration of the portfolio. In a rising rate environment, we may shorten the duration of the investment portfolio.

Fixed maturity securities of our domestic operations have an average duration of 6.5 years as of September 30, 2024.

In addition, we seek to enhance surplus portfolio returns through investments in a diversified portfolio of alternative investments. Although these alternative investments are subject to earnings fluctuations, they have historically achieved accumulative returns over time in excess of the fixed maturity portfolio returns.    

Corebridge | Third Quarter 2024 Form 10-Q 117

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ITEM 2 | Investments

Investment Portfolio

The following table presents carrying amounts of our total investments:

(in millions)						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total
September 30, 2024
Bonds available-for-sale:
U.S. government and government-sponsored entities						$	1,195					$	276					$	1,471
Obligations of states, municipalities and political subdivisions						4,485						630						5,115
Non-U.S. governments						3,722						251						3,973
Corporate debt						98,606						11,437						110,043
Mortgage-backed, asset-backed and collateralized:
RMBS						16,411						726						17,137
CMBS						9,766						479						10,245
CLO						11,064						161						11,225
ABS						18,414						601						19,015
Total mortgage-backed, asset-backed and collateralized						55,655						1,967						57,622
Total bonds available-for-sale						163,663						14,561						178,224
Other bond securities						368						4,951						5,319
Total fixed maturities						164,031						19,512						183,543
Equity securities						258						—						258
Mortgage and other loans receivable:
Residential mortgages						11,060						—						11,060
Commercial mortgages						32,354						3,113						35,467
Life insurance policy loans						1,424						318						1,742
Commercial loans, other loans and notes receivable						3,231						153						3,384
Total mortgage and other loans receivable(a)						48,069						3,584						51,653
Other invested assets(b)						7,979						2,108						10,087
Short-term investments						4,703						195						4,898
Total(c)						$	225,040					$	25,399					$	250,439
December 31, 2023
Bonds available-for-sale:
U.S. government and government-sponsored entities						$	946					$	274					$	1,220
Obligations of states, municipalities and political subdivisions						5,178						653						5,831
Non-U.S. governments						3,782						275						4,057
Corporate debt						94,118						11,964						106,082
Mortgage-backed, asset-backed and collateralized:
RMBS						13,531						746						14,277
CMBS						9,493						488						9,981
CLO						10,938						206						11,144
ABS						13,337						598						13,935
Total mortgage-backed, asset-backed and collateralized						47,299						2,038						49,337
Total bonds available-for-sale						151,323						15,204						166,527
Other bond securities						366						4,212						4,578
Total fixed maturities						151,689						19,416						171,105
Equity securities						63						—						63
Mortgage and other loans receivable:
Residential mortgages						8,428						—						8,428
Commercial mortgages						30,354						3,204						33,558
Life insurance policy loans						1,416						330						1,746
Commercial loans, other loans and notes receivable						2,961						174						3,135
Total mortgage and other loans receivable(a)						43,159						3,708						46,867
Other invested assets(b)						8,163						2,094						10,257
Short-term investments						4,207						129						4,336
Total(c)						$	207,281					$	25,347					$	232,628

(a)Net of total allowance for credit losses for $768 million and $698 million at September 30, 2024 and December 31, 2023, respectively.

(b)Other invested assets, excluding Fortitude Re funds withheld assets, include $5.8 billion and $5.6 billion of private equity funds as of September 30, 2024 and December 31, 2023, respectively, which are generally reported on a one-quarter lag.

(c)Includes the consolidation of approximately $5.2 billion and $5.9 billion of consolidated investment entities at September 30, 2024 and December 31, 2023, respectively.

Corebridge | Third Quarter 2024 Form 10-Q 118

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ITEM 2 | Investments

The following table presents carrying amounts of our total investments for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

(in millions)						September 30, 2024						December 31, 2023
Bonds available-for-sale:
U.S. government and government-sponsored entities						$	1,196					$	945
Obligations of states, municipalities and political subdivisions						4,485						5,178
Non-U.S. governments						3,722						3,782
Corporate debt
Public credit						77,042						73,014
Private credit						21,913						21,388
Total corporate debt						98,955						94,402
Mortgage-backed, asset-backed and collateralized:
RMBS						16,911						13,941
CMBS						9,766						9,493
CLO						11,014						10,893
ABS						18,414						13,337
Total mortgage-backed, asset-backed and collateralized						56,105						47,664
Total bonds available-for-sale						164,463						151,971
Other bond securities						331						329
Total fixed maturities						164,794						152,300
Equity securities						253						55
Mortgage and other loans receivable:
Residential mortgages						9,484						6,869
Commercial mortgages						32,929						30,892
Commercial loans, other loans and notes receivable						3,292						3,040
Total mortgage and other loans receivable(a)(b)						45,705						40,801
Other invested assets
Hedge funds						131						222
Private equity(c)						5,291						5,012
Real estate investments						263						270
Other invested assets - All other						306						290
Total other invested assets						5,991						5,794
Short-term investments						4,399						3,881
Total(d)						$	221,142					$	202,831

(a)Does not reflect allowance for credit loss on mortgage loans of $689 million and $623 million at September 30, 2024 and December 31, 2023, respectively.

(b)Does not reflect policy loans of $1.4 billion and $1.4 billion at September 30, 2024 and December 31, 2023, respectively.

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

(d)Excludes approximately $5.2 billion and $5.9 billion of consolidated investment entities as well as $2.0 billion and $2.3 billion of eliminations primarily between the consolidated investment entities and the insurance operating companies at September 30, 2024 and December 31, 2023, respectively.

Credit Ratings

At September 30, 2024, nearly all our fixed maturity securities were held by our U.S. entities and 93% of these securities were rated investment grade by one or more of the principal rating agencies.

Moody’s, Standard & Poor’s Financial Services LLC (“S&P”), Fitch or similar foreign rating services rate a significant portion of our foreign entities’ fixed maturity securities portfolio. Rating services are not available for some foreign-issued securities. Our Investments team, with oversight from credit risk management, closely reviews the credit quality of the foreign portfolio’s non-rated fixed maturity securities.

Corebridge | Third Quarter 2024 Form 10-Q 119

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ITEM 2 | Investments

NAIC Designations of Fixed Maturity Securities    

The Securities Valuation Office (“SVO”) of the National Association of Insurance Commissioners (“NAIC”) evaluates the investments of U.S. insurers for statutory reporting purposes and assigns fixed maturity securities to one of six categories called ‘NAIC Designations.’ In general, NAIC Designations of ‘1,’ highest quality, or ‘2,’ high quality, include fixed maturity securities considered investment grade, while NAIC Designations of ‘3’ through ‘6’ generally include fixed maturity securities referred to as below investment grade. NAIC Designations for non-agency RMBS and CMBS are calculated using third-party modeling results provided through the NAIC. These methodologies result in an improved NAIC Designation for such securities compared to the rating typically assigned by the three major rating agencies. The following tables summarize the ratings distribution of our subsidiaries’ fixed maturity security portfolio by NAIC Designation, and the distribution by composite our credit rating, which is generally based on ratings of the three major rating agencies. As of September 30, 2024 and December 31, 2023, 95% and 95%, respectively, of our fixed maturity security portfolio, excluding Fortitude Re funds withheld assets, were investment grade. The fixed maturity security portfolio of our insurance operating subsidiaries, excluding the Fortitude Re funds withheld assets, was 95% and 95% investment grade as of September 30, 2024 and December 31, 2023, respectively. The remaining below investment grade securities that are not included in consolidated investment entities relate to middle market and high yield bank loans securities.

The following tables present the fixed maturity security portfolio categorized by NAIC Designation, at fair value:

NAIC Designation Excluding Fortitude Re Funds Withheld Assets (in millions)						1			2			Total Investment Grade						3			4(a)			5(a)			6			Total Below Investment Grade						Total
September 30, 2024
Other fixed maturity securities						$	49,462		$	50,701		$	100,163					$	4,367		$	3,000		$	437		$	88		$	7,892					$	108,055
Mortgage-backed, asset-backed and collateralized						47,290			8,009			55,299						334			166			38			46			584						55,883
Total(b)						$	96,752		$	58,710		$	155,462					$	4,701		$	3,166		$	475		$	134		$	8,476					$	163,938
Fortitude Re funds withheld assets																																				$	19,512
Total fixed maturities																																				$	183,450
December 31, 2023
Other fixed maturity securities						$	49,628		$	46,891		$	96,519					$	4,104		$	2,983		$	389		$	58		$	7,534					$	104,053
Mortgage-backed, asset-backed and collateralized						41,165			5,806			46,971						307			224			44			11			586						47,557
Total(b)						$	90,793		$	52,697		$	143,490					$	4,411		$	3,207		$	433		$	69		$	8,120					$	151,610
Fortitude Re funds withheld assets																																				$	19,416
Total fixed maturities																																				$	171,026

(a)Includes $2 million and $2 million of consolidated CLOs that are rated NAIC 4 and 5, respectively, as of September 30, 2024 and $63 million and $6 million of NAIC 4 and 5 securities, respectively, as of December 31, 2023. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(b)Excludes $93 million and $79 million of fixed maturity securities for which no NAIC Designation is available at September 30, 2024 and December 31, 2023, respectively.

The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value, for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

(in millions)						September 30, 2024						December 31, 2023
NAIC 1						$	97,252					$	91,207
NAIC 2						59,064						53,029
NAIC 3						4,709						4,408
NAIC 4						3,168						3,147
NAIC 5 and 6						601						496
Total(a)(b)						$	164,794					$	152,287

(a)Excludes approximately $57 million and $121 million of consolidated investment entities and $827 million and $732 million of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at September 30, 2024 and December 31, 2023, respectively.

(b)Excludes $— million and $13 million of fixed maturity securities for which no NAIC Designation is available at September 30, 2024 and December 31, 2023, respectively.

Corebridge | Third Quarter 2024 Form 10-Q 120

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ITEM 2 | Investments

Composite Corebridge Credit Ratings

With respect to our fixed maturity securities, the credit ratings in the table below and in subsequent tables reflect: (i) a composite of the ratings of the three major rating agencies, or when agency ratings are not available, the rating assigned by the NAIC SVO (100% of total fixed maturity securities), or (ii) our equivalent internal ratings when these investments have not been rated by any of the major rating agencies or the NAIC. The “Non-rated” category in those tables consists of fixed maturity securities that have not been rated by any of the major rating agencies, the NAIC or us.

The following tables present the fixed maturity security portfolio categorized by composite Corebridge credit rating (as described below), at fair value:

Composite Corebridge Credit Rating Excluding Fortitude Re Funds Withheld Assets (in millions)						AAA/AA/A						BBB						Total Investment Grade						BB						B						CCC and Lower						Total Below Investment Grade (a)(b)						Total
September 30, 2024
Other fixed maturity securities						$	49,992					$	50,253					$	100,245					$	4,285					$	3,025					$	500					$	7,810					$	108,055
Mortgage-backed, asset-backed and collateralized						44,032						8,621						52,653						426						310						2,494						3,230						55,883
Total(c)						$	94,024					$	58,874					$	152,898					$	4,711					$	3,335					$	2,994					$	11,040					$	163,938
Fortitude Re funds withheld assets																																																$	19,512
Total fixed maturities																																																$	183,450
December 31, 2023
Other fixed maturity securities						$	49,833					$	46,706					$	96,539					$	4,083					$	3,014					$	417					$	7,514					$	104,053
Mortgage-backed, asset-backed and collateralized						37,795						6,439						44,234						430						335						2,558						3,323						47,557
Total(c)						$	87,628					$	53,145					$	140,773					$	4,513					$	3,349					$	2,975					$	10,837					$	151,610
Fortitude Re funds withheld assets																																																$	19,416
Total fixed maturities																																																$	171,026

(a)Includes $2.6 billion and $2.7 billion at September 30, 2024 and December 31, 2023, respectively, of certain RMBS that had experienced deterioration in credit quality since its origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

(b)Includes $10 million of consolidated CLOs as of September 30, 2024 and $76 million as of December 31, 2023. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(c)Excludes $93 million and $79 million of fixed maturity securities for which no NAIC Designation is available at September 30, 2024 and December 31, 2023, respectively.

The following table presents the fixed maturity security portfolio categorized by composite Corebridge credit rating (as described below), at fair value for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

Composite Corebridge Credit Rating For Our Insurance Operating Subsidiaries (in millions)						AAA/AA/A						BBB						Total Investment Grade						BB						B						CCC and Lower						Total Below Investment Grade						Total
September 30, 2024
Other fixed maturity securities						$	49,993					$	50,603					$	100,596					$	4,285					$	3,023					$	500					$	7,808					$	108,404
Mortgage-backed, asset-backed and collateralized						44,517						8,636						53,153						436						314						2,487						3,237						56,390
Total fixed maturities(a)(b)						$	94,510					$	59,239					$	153,749					$	4,721					$	3,337					$	2,987					$	11,045					$	164,794
December 31, 2023
Other fixed maturity securities						$	49,836					$	47,056					$	96,892					$	4,079					$	2,957					$	408					$	7,444					$	104,336
Mortgage-backed, asset-backed and collateralized						38,204						6,422						44,626						434						338						2,553						3,325						47,951
Total fixed maturities(a)(b)						$	88,040					$	53,478					$	141,518					$	4,513					$	3,295					$	2,961					$	10,769					$	152,287

(a)Excludes approximately $57 million and $121 million of consolidated investment entities and $827 million and $732 million of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at September 30, 2024 and December 31, 2023, respectively.

(b)Excludes $— million and $13 million of fixed maturity securities for which no NAIC Designation is available at September 30, 2024 and December 31, 2023, respectively.

For a discussion of credit risks associated with investments, see “Business—Investment Management—Credit Risk” in the 2023 Form 10-K.

Corebridge | Third Quarter 2024 Form 10-Q 121

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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, at Fair Value												Total
Excluding Fortitude Funds Withheld Assets (in millions)						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
Rating:
Other fixed maturity securities*
AAA						$	1,678					$	1,656					$	—					$	—					$	1,678					$	1,656
AA						22,404						21,970						20						14						22,424						21,984
A						25,891						26,193						—						—						25,891						26,193
BBB						50,235						46,688						18						18						50,253						46,706
Below investment grade						7,784						7,506						11						10						7,795						7,516
Non-rated						16						11						—						—						16						11
Total						$	108,008					$	104,024					$	49					$	42					$	108,057					$	104,066
Mortgage-backed, asset-
backed and collateralized
AAA						$	11,730					$	9,720					$	16					$	19					$	11,746					$	9,739
AA						23,855						20,577						81						83						23,936						20,660
A						8,239						7,293						111						103						8,350						7,396
BBB						8,568						6,383						54						56						8,622						6,439
Below investment grade						3,206						3,297						16						19						3,222						3,316
Non-rated						57						29						41						44						98						73
Total						$	55,655					$	47,299					$	319					$	324					$	55,974					$	47,623
Total
AAA						$	13,408					$	11,376					$	16					$	19					$	13,424					$	11,395
AA						46,259						42,547						101						97						46,360						42,644
A						34,130						33,486						111						103						34,241						33,589
BBB						58,803						53,071						72						74						58,875						53,145
Below investment grade						10,990						10,803						27						29						11,017						10,832
Non-rated						73						40						41						44						114						84
Total						$	163,663					$	151,323					$	368					$	366					$	164,031					$	151,689

    

Corebridge | Third Quarter 2024 Form 10-Q 122

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ITEM 2 | Investments

						Available-for-Sale												Other Fixed Maturity Securities, at Fair Value												Total
Fortitude Re Funds Withheld Assets (in millions)						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
Rating:
Other fixed maturity securities*
AAA						$	387					$	387					$	23					$	23					$	410					$	410
AA						3,393						3,603						858						795						4,251						4,398
A						3,540						3,559						198						158						3,738						3,717
BBB						4,863						5,084						1,538						1,225						6,401						6,309
Below investment grade						411						533						437						457						848						990
Non-rated						—						—						4						6						4						6
Total						$	12,594					$	13,166					$	3,058					$	2,664					$	15,652					$	15,830
Mortgage-backed, asset- backed and collateralized
AAA						$	151					$	141					$	110					$	117					$	261					$	258
AA						712						770						739						555						1,451						1,325
A						220						238						221						225						441						463
BBB						356						361						757						591						1,113						952
Below investment grade						528						526						65						59						593						585
Non-rated						—						2						1						1						1						3
Total						$	1,967					$	2,038					$	1,893					$	1,548					$	3,860					$	3,586
Total
AAA						$	538					$	528					$	133					$	140					$	671					$	668
AA						4,105						4,373						1,597						1,350						5,702						5,723
A						3,760						3,797						419						383						4,179						4,180
BBB						5,219						5,445						2,295						1,816						7,514						7,261
Below investment grade						939						1,059						502						516						1,441						1,575
Non-rated						—						2						5						7						5						9
Total						$	14,561					$	15,204					$	4,951					$	4,212					$	19,512					$	19,416

Corebridge | Third Quarter 2024 Form 10-Q 123

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ITEM 2 | Investments

						Available-for-Sale												Other Fixed Maturity Securities, at Fair Value												Total
Total (in millions)						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
Rating:
Other fixed maturity securities*
AAA						$	2,065					$	2,043					$	23					$	23					$	2,088					$	2,066
AA						25,797						25,573						878						809						26,675						26,382
A						29,431						29,752						198						158						29,629						29,910
BBB						55,098						51,772						1,556						1,243						56,654						53,015
Below investment grade						8,195						8,039						448						467						8,643						8,506
Non-rated						16						11						4						6						20						17
Total						$	120,602					$	117,190					$	3,107					$	2,706					$	123,709					$	119,896
Mortgage-backed, asset-backed and collateralized
AAA						$	11,881					$	9,861					$	126					$	136					$	12,007					$	9,997
AA						24,567						21,347						820						638						25,387						21,985
A						8,459						7,531						332						328						8,791						7,859
BBB						8,924						6,744						811						647						9,735						7,391
Below investment grade						3,734						3,823						81						78						3,815						3,901
Non-rated						57						31						42						45						99						76
Total						$	57,622					$	49,337					$	2,212					$	1,872					$	59,834					$	51,209
Total
AAA						$	13,946					$	11,904					$	149					$	159					$	14,095					$	12,063
AA						50,364						46,920						1,698						1,447						52,062						48,367
A						37,890						37,283						530						486						38,420						37,769
BBB						64,022						58,516						2,367						1,890						66,389						60,406
Below investment grade						11,929						11,862						529						545						12,458						12,407
Non-rated						73						42						46						51						119						93
Total						$	178,224					$	166,527					$	5,319					$	4,578					$	183,543					$	171,105

*Consists of assets including U.S. government and government sponsored entities, obligations of states, municipalities and political subdivisions, non-U.S. governments, and corporate debt.

The following table presents the fair value of our aggregate credit exposures to non-U.S. governments for our fixed maturity securities:

						September 30, 2024																		December 31, 2023
(in millions)						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total
Chile						$	424					$	14					$	438					$	357					$	13					$	370
Indonesia						345						33						378						344						23						367
Mexico						262						19						281						257						13						270
France						247						20						267						229						18						247
United Arab Emirates						218						1						219						221						4						225
Qatar						204						42						246						204						61						265
Saudi Arabia						187						20						207						185						20						205
Colombia						158						26						184						155						26						181
Panama						153						20						173						145						19						164
Norway						151						—						151						160						—						160
Other						1,373						85						1,458						1,525						91						1,616
Total*						$	3,722					$	280					$	4,002					$	3,782					$	288					$	4,070

*Includes bonds available-for-sale and other bond securities.

Corebridge | Third Quarter 2024 Form 10-Q 124

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ITEM 2 | Investments

Investments in Corporate Debt Securities

The following table presents the industry categories of our available-for-sale corporate debt securities:

						September 30, 2024																		December 31, 2023
						Fair Value																		Fair Value
(in millions)						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total
Industry Category:
Financial institutions						$	27,890					$	2,380					$	30,270					$	25,875					$	2,429					$	28,304
Utilities						14,910						2,501						17,411						14,108						2,545						16,653
Communications						5,916						642						6,558						5,957						730						6,687
Consumer noncyclical						12,188						1,350						13,538						12,093						1,444						13,537
Capital goods						4,060						385						4,445						4,230						412						4,642
Energy						8,880						1,030						9,910						8,323						1,096						9,419
Consumer cyclical						5,529						473						6,002						5,114						520						5,634
Basic materials						3,541						302						3,843						3,141						350						3,491
Other						15,692						2,374						18,066						15,277						2,438						17,715
Total*						$	98,606					$	11,437					$	110,043					$	94,118					$	11,964					$	106,082

*    93% and 93% of investments were rated investment grade at September 30, 2024 and December 31, 2023, respectively.

Corebridge | Third Quarter 2024 Form 10-Q 125

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ITEM 2 | Investments

Investments in RMBS

The following table presents our RMBS available-for-sale securities:

						September 30, 2024												December 31, 2023
(in millions)						Fair Value						Percent of Total						Fair Value						Percent of Total
Agency RMBS						$	4,014					25%						$	4,218					31%
AAA						5												20
AA						4,009												4,198
A						—												—
BBB						—												—
Below investment grade						—												—
Non-rated						—												—
Alt-A RMBS						3,538						22%						3,147						23%
AAA						1,047												692
AA						751												685
A						76												38
BBB						64												54
Below investment grade						1,600												1,678
Non-rated						—												—
Sub-prime RMBS						1,092						7%						1,124						8%
AAA						—												—
AA						86												78
A						69												60
BBB						58												50
Below investment grade						879												936
Non-rated						—												—
Prime non-agency						3,535						21%						2,399						18%
AAA						1,897												1,163
AA						940												847
A						319												198
BBB						269												76
Below investment grade						109												113
Non-rated						1												2
Other housing related						4,232						25%						2,643						20%
AAA						2,902												1,822
AA						710												465
A						420												246
BBB						183												93
Below investment grade						13												13
Non-rated						4												4
Total RMBS excluding Fortitude Re funds withheld assets						16,411						100		%				13,531						100%
Total RMBS Fortitude Re funds withheld assets						726												746
Total RMBS(a)(b)						$	17,137											$	14,277

(a)Includes $2.6 billion and $2.7 billion at September 30, 2024 and December 31, 2023, respectively, of certain RMBS that had experienced deterioration in credit quality since their origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

(b)The weighted average expected life was 6 years at September 30, 2024 and 7 years at December 31, 2023.

Our underwriting principles for investing in RMBS, other ABS and CLOs take into consideration the quality of the originator, the manager, the servicer, security credit ratings, underlying characteristics of the mortgages, borrower characteristics and the level of credit enhancement in the transaction.

Corebridge | Third Quarter 2024 Form 10-Q 126

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ITEM 2 | Investments

Investments in CMBS

The following table presents our CMBS available-for-sale securities:

						September 30, 2024												December 31, 2023
(in millions)						Fair Value						Percent of Total						Fair Value						Percent of Total
CMBS (traditional)						$	8,753					90		%				$	8,265					87		%
AAA						3,634												3,691
AA						3,091												2,855
A						901												753
BBB						757												621
Below investment grade						370												345
Non-rated						—												—
Agency						812						8		%				815						9		%
AAA						3												3
AA						809												812
A						—												—
BBB						—												—
Below investment grade						—												—
Non-rated						—												—
Other						201						2		%				413						4		%
AAA						46												91
AA						14												130
A						22												100
BBB						119												92
Below investment grade						—												—
Non-rated						—												—
Total excluding Fortitude Re funds withheld assets						9,766						100		%				9,493						100		%
Total Fortitude Re funds withheld assets						479												488
Total						$	10,245											$	9,981

The fair value of CMBS holdings increased slightly during the nine months ended September 30,2024. The majority of our investments in CMBS are in tranches that contain substantial protection features through collateral subordination.

Corebridge | Third Quarter 2024 Form 10-Q 127

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ITEM 2 | Investments

Investments in ABS/CLOs

The following table presents our ABS/CLO available-for-sale securities by collateral type:

						September 30, 2024												December 31, 2023
(dollars in millions)						Fair Value						Percent of Total						Fair Value						Percent of Total
CDO - bank loan (CLO)						$	11,062					38		%				$	10,808					44		%
AAA						1,587												1,741
AA						5,428												5,246
A						2,944												3,058
BBB						1,041												727
Below investment grade						10												13
Non-rated						52												23
CDO - other						2						—		%				130						1		%
AAA						—												1
AA						—												125
A						—												—
BBB						—												1
Below investment grade						2												3
Non-rated						—												—
ABS						18,414						62		%				13,337						55		%
AAA						610												496
AA						8,015												5,136
A						3,487												2,840
BBB						6,076												4,669
Below investment grade						226												196
Non-rated						—												—
Total excluding Fortitude Re funds withheld assets						29,478						100		%				24,275						100		%
Total Fortitude Re funds withheld assets						762												804
Total						$	30,240											$	25,079

Unrealized Losses of Fixed Maturity Securities

The following tables show the aging of the unrealized losses on available-for-sale fixed maturity securities, the extent to which the fair value is less than amortized cost or cost, and the number of respective items in each category:

September 30, 2024						Less Than or Equal to 20% of Cost(b)												Greater Than 20% to 50% of Cost(b)												Greater Than 50% of Cost(b)												Total
Aging(a) (dollars in millions)						Cost(c)			Unrealized Loss(e)			Items(d)						Cost(c)			Unrealized Loss(e)			Items(d)						Cost(c)			Unrealized Loss(e)			Items(d)						Cost(c)			Unrealized Loss(e)			Items(d)
Investment grade bonds
0-6 months						$	9,478		$	462		846						$	2,054		$	611		156						$	74		$	68		4						$	11,606		$	1,141		1,006
7-11 months						3,191			221			341						2,850			837			235						—			—			1						6,041			1,058			577
12 months or more						67,177			5,357			7,373						21,884			6,243			1,884						84			45			11						89,145			11,645			9,268
Total						79,846			6,040			8,560						26,788			7,691			2,275						158			113			16						106,792			13,844			10,851
Below investment grade bonds
0-6 months						1,182			37			210						11			4			13						11			10			6						1,204			51			229
7-11 months						402			23			85						20			5			8						4			3			2						426			31			95
12 months or more						3,167			218			721						591			167			75						21			14			8						3,779			399			804
Total						4,751			278			1,016						622			176			96						36			27			16						5,409			481			1,128
Total bonds
0-6 months						10,660			499			1,056						2,065			615			169						85			78			10						12,810			1,192			1,235
7-11 months						3,593			244			426						2,870			842			243						4			3			3						6,467			1,089			672
12 months or more						70,344			5,575			8,094						22,475			6,410			1,959						105			59			19						92,924			12,044			10,072
Total excluding Fortitude Re funds withheld assets						$	84,597		$	6,318		9,576						$	27,410		$	7,867		2,371						$	194		$	140		32						$	112,201		$	14,325		11,979
Total Fortitude Re funds withheld assets																																										$	15,472		$	2,592		734
Total																																										$	127,673		$	16,917		12,713

Corebridge | Third Quarter 2024 Form 10-Q 128

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ITEM 2 | Investments

December 31, 2023						Less Than or Equal to 20% of Cost(b)												Greater than 20% to 50% of Cost(b)												Greater than 50% of Cost(b)												Total
Aging(a) (dollars in millions)						Cost(c)			Unrealized Loss			Items(d)						Cost(c)			Unrealized Loss			Items(d)						Cost(c)			Unrealized Loss			Items(d)						Cost(c)			Unrealized Loss			Items(d)
Investment grade bonds
0-6 months						$	8,072		$	358		964						$	2,687		$	779		209						$	6		$	3		—						$	10,765		$	1,140		1,173
7-11 months						9,583			490			880						2,176			628			178						4			2			—						11,763			1,120			1,058
12 months or more						74,309			6,603			7,899						28,479			7,968			2,391						79			42			10						102,867			14,613			10,300
Total						91,964			7,451			9,743						33,342			9,375			2,778						89			47			10						125,395			16,873			12,531
Below Investment grade bonds
0-6 months						1,635			64			449						110			40			41						8			7			8						1,753			111			498
7-11 months						497			18			98						47			13			4						1			1			2						545			32			104
12 months or more						5,127			325			1,066						606			177			104						39			25			8						5,772			527			1,178
Total						7,259			407			1,613						763			230			149						48			33			18						8,070			670			1,780
Total bonds
0-6 months						9,707			422			1,413						2,797			819			250						14			10			8						12,518			1,251			1,671
7-11 months						10,080			508			978						2,223			641			182						5			3			2						12,308			1,152			1,162
12 months or more						79,436			6,928			8,965						29,085			8,145			2,495						118			67			18						108,639			15,140			11,478
Total excluding Fortitude Re funds withheld assets						$	99,223		$	7,858		11,356						$	34,105		$	9,605		2,927						$	137		$	80		28						$	133,465		$	17,543		14,311
Total Fortitude Re funds withheld assets																																										$	16,725		$	2,934		891
Total																																										$	150,190		$	20,477		15,202

(a)Represents the number of consecutive months that fair value has been less than amortized cost or cost by any amount.

(b)Represents the percentage by which fair value is less than amortized cost or cost at September 30, 2024 and December 31, 2023.

(c)For bonds, represents amortized cost net of allowance.

(d)Item count is by CUSIP by subsidiary.

(e)Includes MTM movement relating to embedded derivatives.

The allowance for credit losses was $11 million and $7 million for investment grade bonds, and $148 million and $121 million for below investment grade bonds as of September 30, 2024 and December 31, 2023, respectively.

Change in Unrealized Gains and Losses on Investments

The change in net unrealized gains and losses on investments for the three and nine months ended September 30, 2024, was primarily attributable to a change in the fair value of fixed maturity securities. For the three and nine months ended September 30, 2024, net unrealized gains related to fixed maturity securities were $7.0 billion and $4.7 billion, respectively, due to a decrease in interest rates.

The change in net unrealized gains and losses on investments for the three and nine months ended September 30, 2023 was primarily attributable to a change in the fair value of fixed maturity securities. For the three months ended September 30, 2023, net unrealized losses related to fixed maturity securities were $6.4 billion due to an increase in interest rates and a widening of credit spreads. For the nine months ended September 30, 2023, net unrealized losses were $4.1 billion due to increase in interest rates, partially offset by a narrowing of credit spreads.

For further discussion of our investment portfolio, see Notes 4 and 5 to the Condensed Consolidated Financial Statements.    

Corebridge | Third Quarter 2024 Form 10-Q 129

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ITEM 2 | Investments

Commercial Mortgage Loans

At September 30, 2024 and December 31, 2023, we had direct commercial mortgage loan exposure of $36.1 billion and $34.2 billion, respectively. At September 30, 2024 and December 31, 2023, we had an allowance for credit losses of $651 million and $614 million, respectively.

The following tables present the commercial mortgage loan exposure by location and class of loan based on amortized cost:

			Number of Loans			Class																																							Total						Percent of Total
Excluding Fortitude Re Funds Withheld Assets (dollars in millions)									Apartments						Offices						Retail						Industrial						Hotel						Others
September 30, 2024
State:
New York			70						$	1,393					$	3,467					$	275					$	514					$	67					$	—					$	5,716					17		%
California			57						737						817						98						1,121						572						12						3,357						10		%
New Jersey			75						2,107						96						206						885						—						21						3,315						10		%
Texas			38						735						547						329						228						17						157						2,013						6		%
Florida			46						727						106						357						299						455						—						1,944						6		%
Massachusetts			20						546						834						530						14						—						—						1,924						6		%
Illinois			21						556						351						3						64						—						20						994						3		%
Pennsylvania			19						138						101						190						234						22						—						685						2		%
Colorado			14						314						43						87						70						155						—						669						2		%
Ohio			16						76						—						76						348						—						—						500						2		%
Other States			104						2,399						226						489						697						201						—						4,012						12		%
Foreign			72						3,794						1,072						898						1,511						292						233						7,800						24		%
Total*			552						$	13,522					$	7,660					$	3,538					$	5,985					$	1,781					$	443					$	32,929					100		%
Fortitude Re funds withheld assets																																													$	3,189
Total Commercial Mortgages																																													$	36,118
December 31, 2023
State:
New York			69						$	1,301					$	3,577					$	276					$	392					$	70					$	1					$	5,617					18		%
California			57						665						837						102						1,153						579						12						3,348						11		%
New Jersey			73						2,012						73						256						650						—						21						3,012						10		%
Texas			38						760						609						131						221						18						—						1,739						6		%
Florida			44						632						107						361						97						455						—						1,652						5		%
Massachusetts			19						550						567						492						15						—						—						1,624						5		%
Illinois			20						503						353						3						39						—						20						918						3		%
Pennsylvania			19						128						94						206						188						23						—						639						2		%
Colorado			15						285						61						87						70						157						—						660						2		%
Ohio			19						78						6						80						407						—						—						571						2		%
Other States			105						2,273						221						505						699						144						47						3,889						13		%
Foreign			72						3,479						1,069						728						1,432						291						224						7,223						23		%
Total*			550						$	12,666					$	7,574					$	3,227					$	5,363					$	1,737					$	325					$	30,892					100		%
Fortitude Re funds withheld assets																																													$	3,280
Total Commercial Mortgages																																													$	34,172

*Does not reflect allowance for credit losses.

Corebridge | Third Quarter 2024 Form 10-Q 130

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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
September 30, 2024
Loan-to-value ratios(b)
Less than 65%						$	20,785					$	1,661					$	211					$	22,657
65% to 75%						5,497						1,312						86						6,895
76% to 80%						897						116						23						1,036
Greater than 80%						1,442						146						753						2,341
Total commercial mortgages excluding Fortitude Re(c)						$	28,621					$	3,235					$	1,073					$	32,929
Total commercial mortgages including Fortitude Re																								$	3,189
Total commercial mortgages																								$	36,118
December 31, 2023
Loan-to-value ratios(b)
Less than 65%						$	17,301					$	3,141					$	285					$	20,727
65% to 75%						5,577						1,337						44						6,958
76% to 80%						938						64						47						1,049
Greater than 80%						1,349						402						407						2,158
Total commercial mortgages excluding Fortitude Re(c)						$	25,165					$	4,944					$	783					$	30,892
Total commercial mortgages including Fortitude Re																								$	3,280
Total commercial mortgages																								$	34,172

(a)The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X at both periods ended September 30, 2024 and December 31, 2023. The debt service coverage ratios are updated when additional relevant information becomes available.

(b)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 60% at September 30, 2024 and 59% at December 31, 2023. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

(c)Does not reflect allowance for credit losses.

Residential Mortgage Loans

At September 30, 2024 and December 31, 2023, we had direct residential mortgage loan exposure of $11.1 billion and $8.4 billion, respectively.

The following tables present credit quality performance indicators for residential mortgages by year of vintage:

September 30, 2024
(in millions)						2024						2023						2022						2021						2020						Prior						Total
FICO:(a)
780 and greater						$	554					$	650					$	690					$	2,268					$	626					$	808					$	5,596
720 - 779						1,077						1,131						602						577						152						361						3,900
660 - 719						375						363						240						152						40						214						1,384
600 - 659						—						13						35						23						11						82						164
Less than 600						—						2						20						11						5						33						71
Total residential mortgages(b)(c)						$	2,006					$	2,159					$	1,587					$	3,031					$	834					$	1,498					$	11,115

Corebridge | Third Quarter 2024 Form 10-Q 131

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ITEM 2 | Investments

December 31, 2023
(in millions)						2023						2022						2021						2020						2018						Prior						Total
FICO:(a)
780 and greater						$	514					$	528					$	2,280					$	619					$	239					$	497					$	4,677
720 - 779						1,121						608						558						168						99						209						2,763
660 - 719						313						256						113						40						37						120						879
600 - 659						2						20						11						8						9						51						101
Less than 600						—						—						2						2						4						17						25
Total residential mortgages(b)(c)						$	1,950					$	1,412					$	2,964					$	837					$	388					$	894					$	8,445

(a)Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On September 30, 2024 and December 31, 2023 residential loans direct to consumers totaled $7.9 billion and $6.7 billion, respectively.

(b)There are no residential mortgage loans under Fortitude Re funds withheld assets.

(c)Does not include allowance for credit losses.

For additional discussion on credit losses, see Note 5 and for additional discussion on commercial mortgage loans, see Note 6 to the Condensed Consolidated Financial Statements.

Corebridge | Third Quarter 2024 Form 10-Q 132

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ITEM 2 | Investments

Net Realized Gains and Losses

Three Months Ended September 30,						2024																		2023
(in millions)						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total
Sales of fixed maturity securities						$	(87)					$	(1)					$	(88)					$	(4)					$	(5)					$	(9)
Intent to Sell						—						—						—						—						—						—
Change in allowance for credit losses on fixed maturity securities						(85)						—						(85)						(41)						(7)						(48)
Change in allowance for credit losses on loans						(15)						2						(13)						(25)						(25)						(50)
Foreign exchange transactions, net of related hedges						(354)						18						(336)						135						(20)						115
Index-linked interest credited embedded derivatives, net of related hedges						(285)						—						(285)						133						—						133
All other derivatives and hedge accounting*						(195)						131						(64)						141						(170)						(29)
Sale of alternative investments and real estate						58						7						65						40						(1)						39
Other						(12)						—						(12)						(11)						—						(11)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative						(975)						157						(818)						368						(228)						140
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative						—						(1,509)						(1,509)						—						1,080						1,080
Net realized gains (losses)						$	(975)					$	(1,352)					$	(2,327)					$	368					$	852					$	1,220
Nine Months Ended September 30,						2024																		2023
(in millions)						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total
Sales of fixed maturity securities						$	(900)					$	(72)					$	(972)					(275)						(68)						(343)
Intent to Sell						(15)						(32)						(47)						—						—						—
Change in allowance for credit losses on fixed maturity securities						(197)						(7)						(204)						(84)						(9)						(93)
Change in allowance for credit losses on loans						(63)						(1)						(64)						(107)						(52)						(159)
Foreign exchange transactions, net of related hedges						(253)						18						(235)						31						(11)						20
Index-linked interest credited embedded derivatives, net of related hedges						(367)						—						(367)						(186)						—						(186)
All other derivatives and hedge accounting*						(72)						(9)						(81)						235						(199)						36
Sale of alternative investments and real estate						89						3						92						48						(1)						47
Other						(65)						—						(65)						(59)						2						(57)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative						(1,843)						(100)						(1,943)						(397)						(338)						(735)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative						—						(1,451)						(1,451)						—						177						177
Net realized gains (losses)						$	(1,843)					$	(1,551)					$	(3,394)					(397)						(161)						(558)

*Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 14 to the Condensed Consolidated Financial Statements.

Higher net realized losses excluding Fortitude Re funds withheld assets in the three and nine months ended September 30, 2024 compared to same periods in the prior year were due primarily to losses on sale of securities and foreign exchange transactions in the current period compared to lower losses on sale of securities and gain on foreign exchange transactions in the same period in the prior year.

Index-linked interest credited embedded derivatives, net of related hedges, reflected losses in the three and nine months ended September 30, 2024 compared to gains and lower losses in the same period in the prior year, respectively. Fair value gains or losses in the hedging portfolio are typically not fully offset by increases or decreases in liabilities due to the non-performance or “own credit” risk adjustment used in the valuation of index-linked interest credited embedded derivatives, which are not hedged as part of our economic hedging program, and other risk margins used for valuation that cause the embedded derivatives to be less sensitive to changes in market rates than the hedge portfolio.

Corebridge | Third Quarter 2024 Form 10-Q 133

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ITEM 2 | Investments

Net realized gains (losses) on Fortitude Re funds withheld assets primarily reflect changes in the valuation of the modified coinsurance and funds withheld assets. Increases in the valuation of these assets result in losses to Corebridge as the appreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. Decreases in valuation of the assets result in gains to Corebridge as the depreciation on the assets under those reinsurance agreements must be transferred to Fortitude Re.

For further discussion of our investment portfolio, see Note 5 to the Condensed Consolidated Financial Statements.

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:

						September 30, 2024												December 31, 2023
(in millions)						Excluding Fortitude Re Funds Withheld Assets			Fortitude Re Funds Withheld Assets			Total						Excluding Fortitude Re Funds Withheld Assets			Fortitude Re Funds Withheld Assets			Total
Alternative investments(a)						$	5,902		$	1,901		$	7,803					$	5,780		$	1,910		$	7,690
Investment real estate(b)						1,483			207			1,690						1,748			184			1,932
All other investments(c)						594			—			594						635			—			635
Total						$	7,979		$	2,108		$	10,087					$	8,163		$	2,094		$	10,257

(a)At September 30, 2024, included hedge funds of $206 million and private equity funds of $7.6 billion. At December 31, 2023, included hedge funds of $299 million and private equity funds of $7.4 billion.

(b)Net of accumulated depreciation of $644 million and $680 million as of September 30, 2024 and December 31, 2023, respectively.

(c)Includes Corebridge’s ownership interest in Fortitude Re Bermuda, which is recorded using the measurement alternative for equity securities. Our investment in Fortitude Re Bermuda totaled $156 million and $156 million at September 30, 2024 and December 31, 2023, respectively.

Derivatives and Hedge Accounting

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

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

Credit risk associated with derivative counterparties exists for a derivative contract when that contract has a positive fair value to us. The maximum potential exposure may increase or decrease during the life of the derivative commitments as a function of maturity and market conditions. All derivative transactions must be transacted within counterparty limits.

We utilize various credit enhancements, including guarantees, collateral, credit triggers and margin agreements, to reduce the credit risk related to outstanding financial derivative transactions. We require credit enhancements in connection with specific transactions based on, among other things, the creditworthiness of the counterparties and the transaction size and maturity. Furthermore, we enter into certain agreements that have the benefit of set-off and close-out netting provisions, such as ISDA Master Agreements. These provisions provide that, in the case of an early termination of a transaction, we can set off receivables from a counterparty against payables to the same counterparty arising out of all covered transactions. As a result, where a legally enforceable netting agreement exists, the fair value of the transaction with the counterparty represents the net sum of estimated fair values.

For additional information on embedded derivatives, see Notes 4 and 9 to the Condensed Consolidated Financial Statements.

Corebridge | Third Quarter 2024 Form 10-Q 134

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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:

						September 30, 2024																		December 31, 2023
						Gross Derivative Assets									Gross Derivative Liabilities									Gross Derivative Assets									Gross Derivative Liabilities
(in millions)						Notional Amount			Fair Value						Notional Amount			Fair Value						Notional Amount			Fair Value						Notional Amount			Fair Value
Derivatives designated as hedging instruments(a)
Interest rate contracts						$	8,479		$	394					$	2,313		$	26					$	2,213		$	238					$	833		$	18
Foreign exchange contracts						3,075			340						5,040			140						2,765			336						4,670			159
Derivatives not designated as hedging instruments(a)
Interest rate contracts						54,165			3,368						39,630			3,393						41,056			2,709						41,225			3,260
Foreign exchange contracts						6,537			545						9,422			443						6,229			584						7,523			379
Equity contracts						52,919			4,351						20,563			2,098						76,561			2,017						14,144			745
Credit contracts						3,005			134						5			—						305			8						5			—
Other contracts(b)						44,434			13						55			1						44,640			13						47			2
Total derivatives, excluding Fortitude Re funds withheld						$	172,614		$	9,145					$	77,028		$	6,101					$	173,769		$	5,905					$	68,447		$	4,563
Total derivatives, Fortitude Re funds withheld						$	—		$	—					$	—		$	—					$	184		$	20					$	514		$	25
Total derivatives, gross						$	172,614		$	9,145					$	77,028		$	6,101					$	173,953		$	5,925					$	68,961		$	4,588
Counterparty netting(c)									(5,611)									(5,611)									(3,646)									(3,646)
Cash collateral(d)									(2,837)									(281)									(1,886)									(801)
Total derivatives on Condensed Consolidated Balance Sheets(e)									$	697								$	209								$	393								$	141

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

(b)Consists primarily of SVWs and contracts with multiple underlying exposures.

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

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

(e)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was zero at both September 30, 2024 and December 31, 2023. Fair value of liabilities related to bifurcated embedded derivatives was $13.6 billion and $10.2 billion, respectively, at September 30, 2024 and December 31, 2023. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities, index universal life contracts and bonds available-for-sale, which include equity and interest rate components and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7 to the Condensed Consolidated Financial Statements.

For additional information, see Note 9 to the Condensed Consolidated Financial Statements.

Corebridge | Third Quarter 2024 Form 10-Q 135

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ITEM 2 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits and Update of Actuarial Assumptions and Models

VARIABLE ANNUITY GUARANTEED BENEFITS AND HEDGING RESULTS

The following section provides discussion of our variable annuity guaranteed benefits and hedging results regarding our business segments.

Variable Annuity Guaranteed Benefits and Hedging Results

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

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

For additional discussion of market risk management related to these product features, see “Quantitative and Qualitative Disclosures about Market Risk.”

Differences in Valuation of MRBs and Economic Hedge Target

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

•the MRBs include both the GMWB riders and the GMDB riders while the hedge program is targeting the economic risks of just the GMWB rider;

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

•the economic hedge target includes 100% of the GMWB rider fees in present value calculations;

•the GAAP valuation reflects those fees attributed to the MRBs such that the initial value at contract issue equals zero. Since the MRB includes GMWBs and GMDBs these attributed fees are typically larger than just the GMWB rider fees;

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

•the economic hedge target excludes our own credit risk changes (NPAs) used in the GAAP valuation, which are recognized in OCI. The GAAP valuation has different sensitivities to movements in interest rates and other market factors, and to changes from actuarial assumption updates, than the economic hedge target.

For additional information on our valuation methodology for MRBs, see Note 5 to the Consolidated Financial Statements in the 2023 Form 10-K.

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

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

•realized volatility versus implied volatility;

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

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

Corebridge | Third Quarter 2024 Form 10-Q 136

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ITEM 2 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

The following table presents a reconciliation between the fair value of the GAAP MRBs and the value of our economic hedge target:

						September 30,						December 31,
(in millions)						2024						2023
Reconciliation of market risk benefits and economic hedge target:
Market risk benefits liability, net						$	689					$	1,340
Exclude NPA						(793)						(826)
Market risk benefits liability, excluding NPA						(104)						514
Adjustments for risk margins and differences in valuation						569						522
Economic hedge target liability						$	465					$	1,036

Impact on Pre-tax Income (Loss)

The impact on our pre-tax income (loss) of variable annuity guaranteed benefits and related hedging results includes changes in the fair value of MRBs and changes in the fair value of related derivative hedging instruments, and along with attributed rider fees and net of benefits associated with MRBs are together recognized in Change in the fair value of market risk benefits, net, with the exception of NPA changes, which are recognized in OCI. Changes in the fair value of market risk benefits, net are excluded from APTOI of Individual Retirement and Group Retirement.

The change in the fair value of the MRBs and the change in the value of the hedging portfolio are not expected to be fully offsetting, primarily due to the differences in valuation between the economic hedge target, the GAAP MRBs and the fair value of the hedging portfolio, as discussed above. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair value of the MRBs liabilities, resulting in a gain in AOCI, and when corporate credit spreads tighten, the change in the NPA spread generally increases the fair value of the MRBs liabilities, resulting in a loss in AOCI. In addition to changes driven by credit market-related movements in the NPA spread, the NPA balance also reflects changes in business activity and in the net amount at risk from the underlying guaranteed living benefits.

Change in Economic Hedge Target

The decrease in the economic hedge target liability in the nine months ended September 30, 2024, was primarily driven by higher equity markets and the update of actuarial assumptions.

Corebridge | Third Quarter 2024 Form 10-Q 137

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ITEM 2 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

The following table presents the impact on pre-tax income (loss) and Other comprehensive income (loss) of Variable Annuity MRBs and Hedging for the Individual Retirement and Group Retirement Segments:

						Three Months Ended September 30, 2024																								Nine Months Ended September 30, 2024
(in millions)						MRB Liability(*)						Hedge Assets						Net																								MRB Liability(*)						Hedge Assets						Net
Issuances						$	(1)					$	—					$	(1)																							$	(2)					$	—					$	(2)
Interest accrual						3						(60)						(57)																								(3)						(181)						(184)
Attributed fees						(180)						—						(180)																								(549)						—						(549)
Expected claims						16						—						16																								50						—						50
Effect of changes in interest rates						(407)						439						32																								(35)						32						(3)
Effect of changes in interest rate volatility						55						(31)						24																								24						(26)						(2)
Effect of changes in equity markets						347						(264)						83																								1,076						(705)						371
Effect of changes in equity index volatility						(34)						22						(12)																								3						57						60
Actual outcome different from model expected outcome						(27)						—						(27)																								(44)						—						(44)
Effect of changes in future expected policyholder behavior						(5)						—						(5)																								(5)						—						(5)
Effect of changes in other future expected assumptions						105						—						105																								103						—						103
Foreign exchange impact						(4)						—						(4)																								—						—						—
Total impact on balance before other and changes in our own credit risk						(132)						106						(26)																								618						(823)						(205)
Other						4						(18)						(14)																								—						(19)						(19)
Effect of changes in our own credit risk						(104)						(1)						(105)																								33						(20)						13
Total income (loss) impact on market risk benefits						(232)						87						(145)																								651						(862)						(211)
Less: impact on OCI						(104)						85						(19)																								33						(4)						29
Add: fees net of claims and ceded premiums and benefits						181						—						181																								502						—						502
Net impact on pre-tax income (loss)						$	53					$	2					$	55																							$	1,120					$	(858)					$	262
Net change in value of economic hedge target and related hedges
Net impact on economic gains (losses)																		$	99																																			$	133

												Three Months Ended September 30, 2023																								Nine Months Ended September 30, 2023
(in millions)																								MRB Liability(*)						Hedge Assets						Net																								MRB Liability(*)						Hedge Assets						Net
Issuances																								$	3					$	—					$	3																							$	3					$	—					$	3
Interest accrual																								(10)						(60)						(70)																								(36)						(179)						(215)
Attributed fees																								(210)						—						(210)																								(685)						—						(685)
Expected claims																								21						—						21																								70						—						70
Effect of changes in interest rates																								867						(817)						50																								839						(788)						51
Effect of changes in interest rate volatility																								(91)						75						(16)																								3						(3)						—
Effect of changes in equity markets																								(268)						189						(79)																								644						(361)						283
Effect of changes in equity index volatility																								35						12						47																								31						1						32
Actual outcome different from model expected outcome																								(74)						—						(74)																								(183)						—						(183)
Effect of changes in future expected policyholder behavior																								—						—						—																								—						—						—
Effect of changes in other future expected assumptions																								7						—						7																								115						—						115
Foreign exchange impact																								2						—						2																								5						—						5
Total impact on balance before other and changes in our own credit risk																								282						(601)						(319)																								806						(1,330)						(524)
Other																								(1)						18						17																								(4)						1						(3)
Effect of changes in our own credit risk																								(40)						—						(40)																								(77)						43						(34)
Total income (loss) impact on market risk benefits																								241						(583)						(342)																								725						(1,286)						(561)
Less: impact on OCI																								(40)						(116)						(156)																								(77)						(82)						(159)
Add: fees net of claims and ceded premiums and benefits																								178						—						178																								597						—						597
Net impact on pre-tax income (loss)																								$	459					$	(467)					$	(8)																							$	1,399					$	(1,204)					$	195
Net change in value of economic hedge target and related hedges
Net impact on economic gains (losses)																																				$	(99)																																			$	(474)

*MRB Liability is partially offset by MRB Assets.

Corebridge | Third Quarter 2024 Form 10-Q 138

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ITEM 2 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

Three Months Ended September 30, 2024

•Net impact on pre-tax income of $55 million was primarily driven by the update to actuarial assumptions.

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 September 30, 2024, we had a net mark-to-market gain of approximately $99 million from our hedging activities related to our economic hedge target principally driven by the update to actuarial assumptions.

Nine Months Ended September 30, 2024

•Net impact on pre-tax income of $262 million was primarily driven by increases in equity markets.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the nine months ended September 30, 2024, we had a net mark-to-market gain of approximately $133 million from our hedging activities related to our economic hedge target principally driven by higher equity markets and the update to actuarial assumptions.

Three Months Ended September 30, 2023

•Net impact on pre-tax loss of $8 million was primarily driven by decreases in equity markets.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the three months ended September 30, 2023, we had a net mark-to-market loss of approximately $99 million from our hedging activities related to our economic hedge target primarily driven by tightening credit spreads.

Nine Months Ended September 30, 2023

•Net impact on pre-tax income of $195 million was primarily driven by increases in equity markets and the impact of the London Interbank Offered Rate to Secured Overnight Financing Rate (“SOFR”) transition.

•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 nine months ended September 30, 2023, we had a net mark-to-market loss of approximately $474 million from our hedging activities related to our economic hedge target primarily driven by tightening credit spreads and lower equity volatility.

Update of Actuarial Assumptions and Models

Our life insurance companies review and update actuarial assumptions at least annually, generally in the third quarter.

Investment-oriented products

We review and update assumptions used to value our universal life policies at least annually. These benefit reserves are also adjusted to reflect the changes in the fair value of available-for-sale securities with an offset to OCI. DAC and related items (which may include VOBA, DSI and unearned revenue reserves) are amortized on a constant level basis.

We also review assumptions related to variable annuities, fixed annuities, and fixed index annuities guaranteed benefits that are accounted for as MRBs or embedded derivatives and measured at fair value. The fair value of these MRBs or embedded derivatives is based on actuarial assumptions, including policyholder behavior, as well as capital market assumptions.

Traditional long-duration products

For traditional long-duration products discussed below, which includes whole life insurance, term life insurance, accident and health insurance, PRT, life-contingent single premium immediate annuities and structured settlements, cash flow assumptions are reviewed at least annually to determine any changes in the liability for future policy benefits. DAC and related items (which may include VOBA) are amortized on a constant level basis.

Corebridge | Third Quarter 2024 Form 10-Q 139

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ITEM 2 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

The net impacts to pre-tax income and APTOI because of the update of actuarial assumptions for the nine months ended September 30, 2024 and 2023 are shown in the following tables.

The following table presents the increase (decrease) in pre-tax income resulting from the annual update of actuarial assumptions, by line item as reported in Results of Operations:

						Nine Months Ended September 30,
(in millions)						2024																		2023
Premiums						$	13																	$	—
Policyholder benefits						(21)																		22
Non-deferrable insurance commissions						5																		—
Increase (decrease) in adjusted pre-tax operating income						(3)																		22
Change in the fair value of market risk benefits, net						(84)																		7
Net realized losses						8																		(7)
Increase (decrease) in pre-tax income						$	(79)																	$	22

The following table presents the increase in adjusted pre-tax operating income resulting from the annual update of actuarial assumptions by segment:

												Nine Months Ended September 30,
(in millions)												2024						2023
Individual Retirement												$	18					$	1
Group Retirement												(1)						—
Life Insurance												(29)						19
Institutional Markets												9						2
Total increase in adjusted pre-tax operating income from the update of assumptions*												$	(3)					$	22

*Liabilities ceded to Fortitude Re are reported in Corporate and Other. There is no impact to adjusted pre-tax operating income due to the annual update of actuarial assumptions as these liabilities are 100% ceded.

Update of Actuarial Assumptions Impact to Consolidated pre-tax income (loss)

Corebridge recognized a $79 million unfavorable and $22 million favorable impact to pre-tax income, for the nine months ended September 30, 2024 and 2023, respectively, attributable to the annual actuarial assumption review. For 2024, the impacts were primarily driven by updates to policyholder assumptions, including lapse and mortality updates for certain annuity products in Individual Retirement and Group Retirement and universal life products. These were partially offset by updated economic assumptions, including investment yields, and model refinements related to traditional life products and immediate annuities. For 2023, the assumption update impacts were primarily driven by updates to the portfolio yield assumption, refinements to the modeling for universal life products, and mortality assumption updates, partially offset by updated premium assumptions, and other refinements on life insurance products.

Update of Actuarial Assumptions Impact to Consolidated APTOI

Corebridge recognized a $3 million unfavorable and $22 million favorable impact to adjusted pre-tax operating income, for the nine months ended September 30, 2024 and 2023, respectively, attributable to the annual actuarial assumption review. For 2024, the assumption update impacts were primarily driven by lapse and mortality updates for universal life products, partially offset by yield and spread updates and model refinements to traditional life products and immediate annuities . For 2023, the assumption update impacts were primarily driven by updates to the portfolio yield assumption, refinements to the modeling for universal life products, and mortality assumption updates, partially offset by updated premium assumptions, and other refinements on life insurance products.

Corebridge | Third Quarter 2024 Form 10-Q 140

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ITEM 2 | Liquidity and Capital Resources

Liquidity and Capital Resources

OVERVIEW

Liquidity is defined as cash and unencumbered assets that can be monetized in a short period of time at a reasonable cost. In addition to the on-balance-sheet liquid assets, liquidity resources include availability under committed bank credit facilities.

Capital refers to the long-term financial resources available to support the operation of our businesses, fund business growth, and cover financial and operational needs that arise from adverse circumstances.

We aim to manage our liquidity and capital resources prudently through a well-defined risk management framework that involves various target operating thresholds, as well as minimum requirements during periods of stress.

We believe that we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations to policyholders, customers, creditors and debt-holders, including those arising from reasonably foreseeable contingencies or events.

For a discussion regarding risks associated with liquidity and capital, see “Risk Factors—Risks Relating to Our Investment Portfolio, Liquidity, Capital and Credit” in the 2023 Form 10-K.

LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE PARENT AND INTERMEDIATE HOLDING COMPANIES

As of September 30, 2024 and December 31, 2023, Corebridge Parent and its non-regulated intermediate holding companies (“Corebridge Hold Cos.”) had $4.5 billion and $4.1 billion, respectively, in liquidity sources. These liquidity sources were primarily held in the form of cash and short-term investments and included a $2.5 billion committed revolving credit facility as of September 30, 2024 and December 31, 2023. Corebridge Hold Cos.’ primary sources of liquidity are dividends, loans and other payments from subsidiaries, sales of businesses and credit facilities. Corebridge Hold Cos.’ primary uses of liquidity are for debt service, capital and liability management, and operating expenses.

Corebridge Parent expects to maintain liquidity that is sufficient to cover one year of its expenses. We expect the Corebridge Hold Cos. may access the debt and equity markets from time to time to meet funding requirements as needed.

We utilize our capital resources to support our businesses, with the majority of capital held by our insurance businesses. Corebridge Hold Cos. intend to manage capital between Corebridge Hold Cos. and our insurance companies through internal, Board-approved policies as well as management standards. Nevertheless, regulatory and other legal restrictions could limit our ability to transfer capital freely, either to or from our subsidiaries.

As of September 30, 2024, Corebridge Parent and certain of our subsidiaries were parties to several letter of credit agreements with various financial institutions which issue letters of credit from time to time in support of our insurance companies, including a $100 million letter of credit entered into on September 30, 2024 in support of CRBG Bermuda. Letters of credit issued in support of our subsidiaries (primarily, insurance companies) totaled $226 million and $151 million at September 30, 2024 and December 31, 2023, respectively.

The following table presents Corebridge Hold Cos.’ liquidity sources:

(in millions)						September 30, 2024						December 31, 2023
Cash and short-term investments						$	1,988					$	1,591
Total Corebridge Hold Cos. liquidity						1,988						1,591
Available capacity under committed, revolving credit facility						2,500						2,500
Total Corebridge Hold Cos. liquidity sources						$	4,488					$	4,091

COREBRIDGE HOLD COS. LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS

SOURCES

Liquidity to Corebridge Parent from Subsidiaries

During the three and nine months ended September 30, 2024, Corebridge Hold Cos. received $550 million and $1.7 billion in dividends from subsidiaries, respectively.

Sale of AIG Life U.K.

On April 8, 2024, Corebridge completed the sale of AIG Life U.K. and received gross proceeds (i.e., net cash before transaction costs) of £453 million ($569 million).

Corebridge | Third Quarter 2024 Form 10-Q 141

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ITEM 2 | Liquidity and Capital Resources

Debt Issuance

On September 12, 2024, Corebridge Parent issued $750 million of 6.375% fixed-to fixed reset rate junior subordinated notes due 2054 (“2054 Notes”).

USES

Interest Payments

We made interest payments on our debt instruments totaling $60 million and $261 million, respectively, during the three and nine months ended September 30, 2024.

Debt Repayment

On September 12, 2024, Corebridge Parent repaid all of the $250 million aggregate principal amount outstanding under the Three-Year DDTL Facility. This facility was terminated on September 12, 2024 after the final loan repayment.

Dividends

During each of the three months ended March 31, 2024, June 30, 2024 and September 30, 2024, Corebridge Parent paid cash dividends of $0.23 per share of Corebridge Parent common stock totaling $133 million and $415 million, for the three and nine months ended September 30, 2024, respectively.

Repurchase of Common Stock

During the three and nine months ended September 30, 2024, Corebridge Parent repurchased approximately 25.9 million and 50.5 million of shares of Corebridge Parent common stock, for an aggregate purchase price of approximately $715 million and $1.4 billion, respectively.

For additional information, see Note 17 to the Condensed Consolidated Financial Statements.

LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE INSURANCE SUBSIDIARIES

Insurance Companies

We believe that our insurance companies have sufficient liquidity and capital resources to satisfy reasonably foreseeable future liquidity requirements and meet their obligations, including those arising from reasonably foreseeable contingencies or events, through cash from operations and, to the extent necessary, monetization of invested assets. Our insurance companies’ liquidity resources are primarily held in the form of cash, short-term investments and publicly traded, investment grade-rated fixed maturity securities.

The liquidity of each of our material insurance companies is monitored through various internal liquidity risk measures. The primary sources of liquidity are premiums, deposits, fees, reinsurance recoverables, investment income and maturities. The primary uses of liquidity are paid losses, reinsurance payments, benefit claims, surrenders, withdrawals, interest payments, dividends, expenses, investment purchases and collateral requirements.

Certain of our U.S. insurance companies are members of the FHLBs in their respective districts. Our borrowings from FHLBs are non-puttable and are used to supplement liquidity or for other uses deemed appropriate by management. Our U.S. insurance companies had $5.5 billion which were due to FHLBs in their respective districts at September 30, 2024, under funding agreements which were reported in policyholder contract deposits. These investment contracts do not have mortality or morbidity risk. Proceeds from funding agreements are generally invested in investments intended to generate spread income. In addition, our U.S. insurance companies had no outstanding borrowings in the form of cash advances from FHLBs at September 30, 2024.

Certain of our U.S. insurance companies have securities lending programs that lend securities from their investment portfolios to supplement liquidity or for other uses deemed appropriate by management. Under these programs, these U.S. insurance companies lend securities to financial institutions and receive cash as collateral equal to 102% of the fair value of the loaned securities. Cash collateral received is kept in cash or invested in short-term investments or used for short-term liquidity purposes.

The aggregate amount of securities that a U.S. insurance company can lend under its program at any time is limited to 5% of its general account statutory-basis admitted assets. Our U.S. insurance companies had no securities subject to these agreements at September 30, 2024 and no liabilities to borrowers for collateral received at September 30, 2024.

We manage the capital of our Life Fleet Risk-Based Capital (“RBC”) ratio targeting above 400%. AGC serves as an affiliate reinsurance company. The surplus of AGC is comprised predominantly of the statutory surplus of the Life Fleet. Given that AGC has no primary operations outside of this internal reinsurance, we believe that excluding AGC from the Life Fleet RBC ratio calculation presents a more accurate view of the overall capital position of our U.S. operating entities. Our Life Fleet RBC ratio was above our minimum target Life Fleet RBC ratio of 400% as of December 31, 2023.

Corebridge | Third Quarter 2024 Form 10-Q 142

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ITEM 2 | Liquidity and Capital Resources

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 of domicile. With respect to our domestic insurance subsidiaries, the payment of a dividend may require formal notice to the insurance department of the state in which the particular insurance subsidiary is domiciled, and prior approval of such insurance regulator is required when the amount of the dividend is above certain regulatory thresholds. See “Business — Regulation — U.S. Regulation — State Insurance Regulation” in the 2023 Form 10-K. Bermuda law also restricts the ability of CRBG Bermuda 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:

						Nine Months Ended  September 30,
(in millions)						2024						2023
Sources:
Operating activities, net						$	672					$	2,590
Net changes in policyholder account balances						8,815						4,141
Issuance of long-term debt						743						496
Issuance of debt of consolidated investment entities						132						202
Contributions from noncontrolling interests						63						63
Financing other, net						—						73
Issuance of common stock						1						—
Net change in securities lending and repurchase agreements						2,580						—
Effect of exchange rate changes on cash and restricted cash						—						3
Total Sources						13,006						7,568
Uses:
Investing activities, net						(10,187)						(3,267)
Repayments of debt of consolidated investment entities						(652)						(374)
Repayments of short-term debt						(250)						(500)
Distributions to noncontrolling interests						(24)						(59)
Dividends paid on common stock						(415)						(846)
Net change in securities lending and repurchase agreements						—						(2,290)
Repurchase of common stock						(1,394)						(246)
Financing other, net						(165)						—
Total Uses						(13,087)						(7,582)
Net increase (decrease) in cash and cash equivalents						$	(81)					$	(14)

Operating Activities

Cash inflows from operating activities primarily include insurance premiums, fees and investment income. Cash outflows from operating activities primarily include benefit payments, general operating expenses and servicing of debt. Operating cash flow will fluctuate based on the timing of premiums received and benefit payments to policyholders, as well as other core business activities.

Investing Activities

Cash inflows from investing activities primarily include sales and maturities of underlying assets, mainly fixed maturities available-for-sale and principal payments on mortgage and other loans. The primary cash outflows for investing activities relate to the purchases of new securities, mainly fixed maturities available-for-sale.

Financing Activities

Cash inflows from financing activities primarily include policyholder deposits on investment-type contracts, issuances of debt and inflows from the settlement of securities lending and repurchase agreements. Cash outflows primarily relate to policyholder withdrawal activity on investment-type contracts, repayments of debt of consolidated investment entities, repayments of short and long-term debt, repurchases of common stock, shareholder dividends, distributions to noncontrolling interests and outflows for the settlement of securities lending and repurchase agreements.

Corebridge | Third Quarter 2024 Form 10-Q 143

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ITEM 2 | Liquidity and Capital Resources

CONTRACTUAL OBLIGATIONS

As of September 30, 2024, there have been no material changes in our contractual obligations from December 31, 2023, a description of which may be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operation —Liquidity and Capital Resources — Contractual Obligations” in the 2023 Form 10-K.

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 Date(s)						Balance at December 31, 2023						Issuances						Maturities and Repayments						Other Changes						Balance at September 30, 2024
Short-term debt issued by Corebridge:
Three-Year DDTL Facility						2024						$	250					$	—					$	(250)					$	—					$	—
Total short-term debt												250						—						(250)						—						—
Long-term debt issued by Corebridge:
Senior unsecured notes						2025-2052						7,750						—						—						—						7,750
Hybrid junior subordinated notes						2052-2054						1,000						750						—						—						1,750
Long-term debt issued by Corebridge subsidiaries:
CRBGLH notes						2025-2029						200						—						—						—						200
CRBGLH junior subordinated debentures						2030-2046						227						—						—						—						227
Total long-term debt												9,177						750						—						—						9,927
Debt issuance costs												(59)						—						—						(3)						(62)
Total long-term debt, net of debt issuance costs												9,118						750						—						(3)						9,865
Total debt, net of issuance costs												$	9,368					$	750					$	(250)					$	(3)					$	9,865

HYBRID JUNIOR SUBORDINATED NOTES

On September 12, 2024, Corebridge Parent issued and sold $750 million aggregate principal amount of its 6.375% 2054 Notes. Subject to certain redemption provisions and other terms of the 2054 Notes, the interest rate resets on September 15, 2034 and each five-year anniversary thereafter, at an annual rate equal to the five-year treasury rate as of the most recent reset interest determination date plus 2.646%.

DELAYED DRAW TERM LOAN

Corebridge Parent used a portion of the net proceeds of the issuance of the 2054 Notes to repay all of the $250 million aggregate principal amount outstanding under Corebridge’s Three-Year DDTL Facility, dated as of February 25, 2022, among Corebridge, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The balance of the proceeds will be used for general corporate purposes. This facility was terminated on September 12, 2024 after the final loan repayment.

REVOLVING CREDIT AGREEMENT

On May 12, 2022, Corebridge Parent entered into a revolving credit agreement (the “Revolving Credit Agreement”). The Revolving Credit Agreement provides for a five-year total commitment of $2.5 billion, consisting of standby letters of credit and/or revolving credit borrowings without any limits on the type of borrowings. Under circumstances described in the Revolving Credit Agreement, the aggregate commitments may be increased by up to $500 million, for a total commitment under the Revolving Credit Agreement of $3.0 billion. Loans under the Revolving Credit Agreement will mature on May 12, 2027. Under the Revolving Credit Agreement, the applicable rate, commitment fee and letter of credit fee are determined by reference to the credit ratings of Corebridge Parent’s senior, unsecured, long-term indebtedness. Borrowings bear interest at a rate per annum equal to (i) in the case of U.S. dollar borrowings, Term SOFR plus an applicable credit spread adjustment plus an applicable rate or an alternative base rate plus an applicable rate; (ii) in the case of Sterling borrowings, sterling overnight index average plus an applicable credit spread adjustment plus an applicable rate; (iii) in the case of Euro borrowings, European Union interbank Offer Rate plus an applicable rate; and (iv) in the case of Japanese Yen, Tokyo Interbank Offered Rate plus an applicable rate. The alternative base rate is equal to the highest of (a) the New York Federal Reserve Bank Rate plus 0.50%, (b) the rate of interest in effect as quoted by The Wall Street Journal as the “Prime Rate” in the United States and (c) Term SOFR plus a credit spread adjustment of 0.100% plus an additional 1.00%.

For additional information on debt outstanding and revolving credit facilities, see Note 17 to the Consolidated Financial Statements in the 2023 Form 10-K.

Corebridge | Third Quarter 2024 Form 10-Q 144

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ITEM 2 | Liquidity and Capital Resources

DEBT OF CONSOLIDATED INVESTMENT ENTITIES

Our non-financial debt includes debt of consolidated investment entities and such debt does not represent our contractual obligation and is non-recourse to Corebridge. This non-financial debt includes notes and bonds payables supported by cash and investments held by us and certain of our non-insurance subsidiaries for the repayment of those obligations.

(in millions)			Balance at December 31, 2023			Issuances			Maturities and Repayments			Effect of Foreign Exchange			Other Changes			Balance at September 30, 2024
Debt of consolidated investment entities – not guaranteed by Corebridge(a)(b)			$	2,504		$	132		$	(652)		$	11		$	154		$	2,149

(a)At September 30, 2024, includes debt of consolidated investment entities related to real estate investments of $884 million and other securitization vehicles of $1.0 billion.

(b)In relation to the debt of consolidated investment entities not guaranteed by Corebridge, creditors or beneficial interest holders of VIEs generally only have recourse to the assets and cash flows of the VIEs and do not have recourse to us.

CREDIT RATINGS

Credit ratings estimate a company’s ability to meet its obligations and may directly affect the cost and availability of financing to that company.

The following table presents the credit ratings of Corebridge Parent as of the date of this filing:

Senior Unsecured Long-Term Debt

Hybrid Junior Subordinated Long-Term Debt

Moody’s(a)

S&P(b)

Fitch(c)

Moody’s(a)

S&P(b)

Fitch(c)

Baa2 (Stable)

BBB+ (Stable)

BBB+ (Stable)

Baa3 (Stable)

BBB- (Stable)

BBB- (Stable)

(a)Moody’s appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories.

(b)S&P ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

(c)Fitch ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

These credit ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies because of changes in, or unavailability of, information or based on other circumstances. Ratings may also be withdrawn at our request.

We are party to some agreements that contain “ratings triggers.” Depending on the ratings maintained by one or more rating agencies, these triggers could result in (i) the termination or limitation of credit availability or a requirement for accelerated repayment, (ii) the termination of business contracts or (iii) a requirement to post collateral for the benefit of counterparties.

In the event of a downgrade of our long-term debt ratings or our insurance subsidiaries’ Insurer Financial Strength (“IFS”) ratings, we would be required to post additional collateral under some derivative and other transactions, or certain of the counterparties of such other of our subsidiaries would be permitted to terminate such transactions early.

The actual amount of collateral that we or certain of our subsidiaries would be required to post to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at the time of the downgrade.

INSURER FINANCIAL STRENGTH RATINGS

IFS ratings estimate an insurance company’s ability to pay its obligations under an insurance policy.

The following table presents the ratings of our primary insurance subsidiaries as of the date of this filing:

A.M. Best

S&P

Fitch

Moody’s

American General Life Insurance Company

A

A+

A+

A2

The Variable Annuity Life Insurance Company

A

A+

A+

A2

The United States Life Insurance Company in the City of New York

A

A+

A+

A2

These IFS ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances.

OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS

As September 30, 2024, there have been no material changes in our off-balance-sheet arrangements and commercial commitments from December 31, 2023, a description of which may be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Liquidity and Capital Resources—Off-Balance Sheet Arrangements and Commercial Commitments” in the 2023 Form 10-K.

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ITEM 2 | Accounting Policies and Pronouncements

Accounting Policies and Pronouncements

CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. On a regular basis, we review estimates and assumptions used in the preparation of financial statements. Actual results may differ from these estimates under different assumptions or conditions. For a detailed discussion of our significant accounting policies and accounting pronouncements, see Note 2 to the Consolidated Financial Statements in the 2023 Form 10-K.

The accounting policies that we believe are most dependent on the application of estimates and assumptions, which are critical accounting estimates, are related to the determination of:

•fair value measurements of certain financial assets and liabilities;

•valuation of MRBs related to guaranteed benefit features of variable annuity, fixed annuity and fixed index annuity products;

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

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

•reinsurance assets, including the allowance for credit losses;

•goodwill impairment;

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

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

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

For a complete discussion of our critical accounting estimates, see “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Accounting Policies and Pronouncements” in the 2023 Form 10-K.

ADOPTION OF ACCOUNTING PRONOUNCEMENTS

See Note 2 to the Condensed Consolidated Financial Statements for a complete discussion of adoption of accounting pronouncements.

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ITEM 2 | Glossary

Glossary

Credit support annex — a legal document generally associated with an ISDA Master Agreement that provides for collateral postings which could vary depending on ratings and threshold levels.

Deferred policy acquisition costs — deferred costs that are incremental and directly related to the successful acquisition of new business or renewal of existing business.

Deferred sales inducement — represents enhanced crediting rates or bonus payments to contract holders on certain annuity and investment contract products that meet the criteria to be deferred and amortized over the life of the contract.

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

Financial debt — represents the sum of short-term debt and long-term debt, net of debt issuance costs, not including (a) debt of consolidated investment entities—not guaranteed by Corebridge; (b) investment contracts supported by assets and issued for purposes of earning spread income, such as GICs and FABNs; and (c) operating debt utilized to fund daily operations.

Guaranteed investment contract — a contract whereby the issuer provides a guaranteed repayment of principal and a fixed or floating interest rate for a predetermined period of time.

Guaranteed minimum death benefit — a benefit that guarantees the annuity beneficiary will receive a certain value upon death of the annuitant. The GMDB feature may provide a death benefit of either (a) total deposits made to the contract, less any partial withdrawals plus a minimum return (and in rare instances, no minimum return); (b) return of premium whereby the benefit is the greater of the current account value or premiums paid less any partial withdrawals; (c) rollups whereby the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified rates up to specified ages; or (d) the highest contract value attained, typically on any anniversary date less any subsequent withdrawals following the contract anniversary.

Guaranteed minimum withdrawal benefit — a type of living benefit that guarantees that withdrawals from the contract may be taken up to a contractually guaranteed amount, even if the account value subsequently falls to zero, provided that during each contract year total withdrawals do not exceed an annual withdrawal amount specified in the contract. Once the account value is depleted under the conditions of the GMWB, the policy continues to provide a protected income payment.

ISDA Master Agreement — an agreement between two counterparties, which may have multiple derivative transactions with each other governed by such agreement, that generally provides for the net settlement of all or a specified group of these derivative transactions, as well as pledged collateral, through a single payment, in a single currency, in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions.

Loan-to-value ratio — principal amount of loan divided by appraised value of collateral securing the loan.

Market risk benefit — is an amount that a policyholder would receive in addition to the account balance upon the occurrence of a specific event or circumstance, such as death, annuitization, or periodic withdrawal that involves protection from other-than-nominal capital market risk.

Master netting agreement — an agreement between two counterparties who have multiple derivative contracts with each other that provides for the net settlement of all contracts covered by such agreement, as well as pledged collateral, through a single payment, in a single currency, in the event of default on or upon termination of any one such contract.

Non-performance Risk Adjustment — adjusts the valuation of derivatives and MRBs to account for non-performance risk in the fair value measurement of all MRBs and derivative net liability positions.

Noncontrolling interests — the portion of equity ownership in a consolidated subsidiary not attributable to the controlling parent company.

Policy fees — an amount added to a policy premium, or deducted from a policy cash value or contract holder account, to reflect the cost of issuing a policy, establishing the required records and sending premium notices and other related expenses.

Reinsurance — the practice whereby one insurer, the reinsurer, in consideration of a premium paid to that insurer, agrees to indemnify another insurer, the ceding company, for part or all of the liability of the ceding company under one or more policies or contracts of insurance which it has issued.

Risk-based capital — a formula designed to measure the adequacy of an insurer’s statutory surplus compared to the risks inherent in its business.

Corebridge | Third Quarter 2024 Form 10-Q 147

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ITEM 2 | Glossary

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

Surrender charge — a charge levied against an investor for the early withdrawal of funds from a life insurance or annuity contract, or for the cancellation of the agreement.

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

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

Value of business acquired — present value of projected future gross profits from in-force policies of acquired businesses.

Corebridge | Third Quarter 2024 Form 10-Q 148

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ITEM 2 | Certain Important Terms

Certain Important Terms

We use the following capitalized terms in this report

“AGC” means AGC Life Insurance Company, a Missouri insurance company;

“AGC Group” means AGC and its directly owned life insurance subsidiaries;

“AGL” means American General Life Insurance Company, a Texas insurance company;

“AHAC” means American Home Assurance Company, a consolidated subsidiary of AIG;

“AIG” means AIG, Inc. and its subsidiaries, other than Corebridge and Corebridge’s subsidiaries, unless the context refers to AIG, Inc. only;

“AIG, Inc.” means American International Group, Inc., a Delaware corporation;

“AIG Life U.K.” means AIG Life Limited, a U.K. insurance company, and its subsidiary;

“AIGM” means AIG Markets, Inc., a consolidated subsidiary of AIG;

“AIRCO” means American International Reinsurance Company, Ltd., a consolidated subsidiary of AIG;

“BlackRock” means BlackRock Financial Management, Inc.;

“Blackstone” means Blackstone Inc. and its subsidiaries;

“Blackstone IM” means Blackstone ISG-I Advisors L.L.C.;

“Board of Directors” means the Corebridge Financial, Inc. Board of Directors;

“CIIUS” means Corebridge Institutional Investments (U.S), LLC (formerly known as AIG Asset Management (U.S.), LLC.(“AMG”));

“Corebridge”, “we”, “us”, “our” or the “Company” means Corebridge and its subsidiaries, unless the context refers to Corebridge Parent;

“Corebridge Forward” means Corebridge’s expense savings initiative aimed at improving profitability across its businesses through operating expense reductions;

“Corebridge Parent” means Corebridge Financial, Inc., a Delaware corporation;

“CRBG Bermuda” means Corebridge Insurance Company of Bermuda, Ltd., a Bermuda insurance company;

“CRBGLH” means Corebridge Life Holdings, Inc., a Texas corporation;

“Fortitude Re” means Fortitude Reinsurance Company Ltd., a Bermuda insurance company;

“Fortitude Re Bermuda” means FGH Parent, L.P., a Bermuda exempted limited partnership and the indirect parent of Fortitude Re;

“Laya” means Laya Healthcare Limited, an Irish insurance intermediary, and its subsidiary;

“Life Fleet” means AGL, USL and VALIC;

“NUFIC” means National Union Fire Insurance Company of Pittsburgh, PA, a consolidated subsidiary of AIG;

“NYSE” means the New York Stock Exchange;

“SAFG Capital” means SAFG Capital LLC, a Delaware corporation;

“USL” means The United States Life Insurance Company in the City of New York, a New York insurance company;

“VALIC” means The Variable Annuity Life Insurance Company, a Texas insurance company; and

Corebridge | Third Quarter 2024 Form 10-Q 149

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ITEM 2 | Acronyms

Acronyms

•“AATOI” — adjusted after-tax operating income attributable to our common stockholders;

•“ABS” — asset-backed securities;

•“APTOI” — adjusted pre-tax operating income;

•“AUA” — assets under administration;

•“AUM” — assets under management;

•“AUMA” — assets under management and administration;

•“BMA” — Bermuda Monetary Authority;

•“CDO” — collateralized debt obligations;

•“CDS” — credit default swap;

•“CLO” — collateralized loan obligations;

•“CMBS” — commercial mortgage-backed securities;

•“DAC” — deferred policy acquisition costs;

•“DSI” — deferred sales inducement;

•“FABN”— funding agreement-backed notes;

•“FASB” — the Financial Accounting Standards Board;

•“GAAP” — accounting principles generally accepted in the United States of America;

•“GIC” — guaranteed investment contract;

•“GMDB” — guaranteed minimum death benefits;

•“GMWB” — guaranteed minimum withdrawal benefits;

•“ISDA” — the International Swaps and Derivatives Association, Inc.;

•“MBS” — mortgage-backed securities;

•“MRB” — market risk benefits;

•“NAIC” — National Association of Insurance Commissioners;

•“NPA” — Non-performance risk adjustment;

•“NPR” — Net premium ratio;

•“PRT” — pension risk transfer;

•“RBC” — Risk-Based Capital;

•“RMBS” — residential mortgage-backed securities;

•“S&P” — Standard & Poor’s Financial Services LLC;

•“SEC” — the U.S. Securities and Exchange Commission;

•“SVW” — stable value wrap;

•“URR” — unearned revenue reserve;

•“VIE” — variable interest entity;

•“VIX” — volatility index; and

•“VOBA” — value of business acquired.

Corebridge | Third Quarter 2024 Form 10-Q 150

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ITEM 3 | Quantitative and Qualitative Disclosures about Market Risk

ITEM 3 | Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes to the quantitative and qualitative disclosures about market risk described in “Quantitative and Qualitative Disclosures About Market Risk” in the 2023 Form 10-K.

ITEM 4 | Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by Corebridge management, with the participation of Corebridge’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of September 30, 2024. Based on this evaluation, Corebridge’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2024.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f)) that have occurred during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Corebridge | Third Quarter 2024 Form 10-Q 151

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Part II - Other Information

ITEM 1 | Legal Proceedings

For information regarding certain legal proceedings pending against us, see Note 16 to the Condensed Consolidated Financial Statements.

ITEM 1A | Risk Factors

Failure to complete the Nippon Transaction may negatively impact our ongoing business and stock price.

If the Nippon Transaction is not completed on a timely basis or at all, our ongoing business may be adversely affected as a result of the time and resources committed to the proposed transaction that could have been devoted to pursuing other opportunities. In addition, the price of our common stock may decline to the extent that the current market price reflects a market assumption that the Nippon Transaction will be completed on the proposed timeline and that any anticipated benefits will be realized.

In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors discussed in “Risk Factors” in the 2023 Form 10-K.

ITEM 2 | Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information about purchases made by or on behalf of Corebridge Parent or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act) of Corebridge Parent common stock during the three months ended September 30, 2024:

Period			Total Number of Shares Repurchased						Average Price Paid per Share*						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs						Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)
07/01/24 through 07/31/24			9,334,100						$	29.56					9,334,100						$	1,547
08/01/24 through 08/31/24			12,297,410						25.88						12,297,410						1,229
09/01/24 through 09/30/24			4,309,246						27.99						4,309,246						1,108
Total			25,940,756						$	27.56					25,940,756						$	1,108

*Excludes excise tax of $5.1 million due to the Inflation Reduction Act of 2022 for the three months ended September 30, 2024.

On May 4, 2023, our Board of Directors authorized a $1.0 billion share repurchase program. On April 30, 2024, our Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the share repurchase program. Under this program, Corebridge Parent may, from time to time, purchase up to $3.0 billion of Corebridge Parent common stock but is not obligated to purchase any particular number of shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.

Shares may be repurchased from time to time in the open market, through private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. For instance, on August 7, 2024, we purchased an aggregate of approximately $200 million of shares from AIG in a privately negotiated transaction. In addition, certain of our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans, including the share repurchase plan Corebridge Parent adopted on September 17, 2024, which, unless extended expires on November 7, 2024. The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.

During the three months ended September 30, 2024, Corebridge Parent repurchased approximately 25.9 million shares of Corebridge Parent common stock, par value $0.01 per share, for an aggregate purchase price of $715 million, pursuant to the share repurchase program.

As of September 30, 2024, approximately $1.1 billion remained under the share repurchase program authorizations.

Corebridge | Third Quarter 2024 Form 10-Q 152

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ITEM 5 | Other Information

Not applicable.

Corebridge | Third Quarter 2024 Form 10-Q 153

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Exhibit Index

Exhibit Index

Exhibit Number			Description
4.1			Second Supplemental Indenture, dated September 12, 2024, between Corebridge Financial, Inc. and The Bank of New York Mellon, as Trustee, incorporated by reference to Exhibit 4.2 to Corebridge Financial, Inc.’s Current Report on Form 8-K, filed on September 12, 2024.
10.1			Share Repurchase Agreement, dated as of August 5, 2024, by and between Corebridge Financial, Inc. and American International Group, Inc., incorporated by reference to Exhibit 10.1 to Corebridge Financial, Inc.’s Current Report on Form 8-K, filed on August 5, 2024.
31.1*			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**			Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**			Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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 September 30, 2024 and December 31, 2023, (ii) the Condensed Consolidated Statements of Income (Loss) for the nine months ended September 30, 2024 and 2023, (iii) the Condensed Consolidated Statements of Equity for the nine months ended September 30, 2024 and 2023, (iv) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023, (v) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the nine months ended September 30, 2024 and 2023, and (vi) the Notes to the Condensed Consolidated Financial Statements
104*			Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in exhibits 101).
*			Filed herewith.
**			This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, as amended.

Corebridge | Third Quarter 2024 Form 10-Q 154

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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 November 5, 2024

Corebridge | Third Quarter 2024 Form 10-Q 155