# Corebridge Financial, Inc. (CRBG) FY 2024 MD&A

Verbatim Item 7 Management's Discussion and Analysis from Corebridge Financial, Inc.'s 10-K for fiscal year 2024.

SEC filing source: https://www.sec.gov/Archives/edgar/data/1889539/000188953925000014/crbg-20241231.htm
Accession: 0001889539-25-000014
Filing date: 2025-02-13
Report date: 2024-12-31
Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high

Company profile: /company/CRBG/
All MD&A years: /company/CRBG/mda/
Previous year: /company/CRBG/mda/fy2023/ (FY 2023)
Next year: /company/CRBG/mda/fy2025/ (FY 2025)

Item 7 | 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, Certain Important Terms and Acronyms.

Corebridge has incorporated into this discussion a number of cross-references to additional information included throughout this Annual Report on Form 10-K to assist readers seeking additional information related to a particular subject.

In this Annual Report on Form 10-K, 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 December 31, 2024, compared with December 31, 2023, and its consolidated results of operations for the years ended December 31, 2024, 2023 and 2022. 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 Consolidated Financial Statements and the statements under “Cautionary Statements Regarding Forward-Looking Information,” included elsewhere in this Annual Report on Form 10-K , “Financial Statements and Supplementary Data” and the “Risk Factors” section.

Corebridge | 2024 Form 10-K 70

TABLE OF CONTENTS

Index to Item 7

[[GREPCENT_TABLE]]
[["","Page"],["Executive Summary","72"],["Overview","72"],["Revenues","72"],["Benefits and Expenses","72"],["Significant Factors Impacting our Results","73"],["Corebridge\u2019s Outlook - Macroeconomic, Industry and Regulatory Trends","75"],["Use of Non-GAAP Measures","78"],["Key Operating Metrics","85"],["Consolidated Results of Operations","88"],["Business Segment Operations","90"],["Individual Retirement","91"],["Group Retirement","94"],["Life Insurance","97"],["Institutional Markets","99"],["Corporate and Other","101"],["Investments","102"],["Overview","102"],["Key Investment Strategies","102"],["Credit Ratings","105"],["Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits and Update of Actuarial Assumptions and Models","121"],["Liquidity and Capital Resources","125"],["Overview","125"],["Liquidity and Capital Resources of Corebridge Parent and Intermediate Holding Companies","125"],["Liquidity and Capital Resources of Corebridge Insurance Subsidiaries","126"],["Short-Term and Long-Term Debt","129"],["Credit Ratings","130"],["Off-Balance Sheet Arrangements and Commercial Commitments","131"],["Accounting Policies and Pronouncements","132"],["Critical Accounting Estimates","132"],["Adoption of Accounting Pronouncements","139"],["Glossary","140"],["Certain Important Terms","142"],["Acronyms","143"]]
[[/GREPCENT_TABLE]]

Corebridge | 2024 Form 10-K 71

TABLE OF CONTENTS

ITEM 7 | Executive Summary

Executive Summary

OVERVIEW

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

REVENUES

Our revenues come from five principal sources:

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

•Policy fees are principally derived from our individual retirement, group retirement, universal life insurance, 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 (“DAC”) and value of business acquired (“VOBA”) for all contracts except for other investment contracts is amortized, on a constant level basis over the expected term of the related contracts, using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding contracts, as applicable. VOBA is determined at the time of acquisition and is reported with DAC. This value is based on the present value of future pre-tax profits discounted at yields applicable at the time of purchase;

•General operating 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 | 2024 Form 10-K 72

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ITEM 7 | 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 December 31, 2024, our ownership interest in Fortitude Re was 2.46%.

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

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

As of December 31, 2024, $24.9 billion of reserves had been ceded to Fortitude Re.

For additional information on our reinsurance agreements with Fortitude Re, see Note 7 to the 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 and Update of Actuarial Assumptions and Models — Variable Annuity Guaranteed Benefits and Hedging Results.”

Corebridge | 2024 Form 10-K 73

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ITEM 7 | Executive Summary

Embedded Derivatives for Fixed Index Annuity, Registered Index Linked Annuity and Index Universal Life Products

Fixed index annuity and registered index linked annuity contracts contain index interest credits which are accounted for as embedded derivatives and our index universal life insurance products also contain embedded derivatives. In contrast to fixed index annuity contracts, registered index linked annuity contract owners also accept limited exposure to negative index interest credits in return for higher potential positive index credits. 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, registered index linked annuity and index universal life products:

[[GREPCENT_TABLE]]
[["(in millions)","","December 31, 2024","","December 31, 2023"],["Fixed index annuities and Registered index linked annuities","","$","8,407","","","$","6,953"],["Index universal life","","$","1,008","","","$","989"]]
[[/GREPCENT_TABLE]]

Our Strategic Partnership with Blackstone

In 2021, we entered into a long-term asset management relationship with Blackstone IM. As of December 31, 2024, Blackstone managed approximately $68.8 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 December 31, 2024, BlackRock managed approximately $86.8 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.

See “Business—Investment Management—Our Investment Management Agreements with BlackRock.”

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:

[[GREPCENT_TABLE]]
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[[/GREPCENT_TABLE]]

Corebridge | 2024 Form 10-K 74

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ITEM 7 | Executive Summary

Actuarial Assumption Changes

Most of the fixed annuities, fixed index annuities, registered index linked annuities, variable annuities 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, Registered Index Linked 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.”

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:

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.”

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.

Corebridge | 2024 Form 10-K 75

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ITEM 7 | Executive Summary

For additional information see “Risk Factors—Risks Relating to Market Conditions—Our business is highly dependent on economic and capital market conditions.”

Alternative investments include private equity funds which are generally reported on a one-quarter lag. Accordingly, changes in valuations driven by equity market conditions during the fourth quarter of 2024 may impact the private equity investments in the alternative investments portfolio in the first quarter of 2025.

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 December 31, 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.

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

Of the aggregate fixed account values of our Individual Retirement and Group Retirement annuity products, 47% and 54% were crediting at the contractual minimum guaranteed interest rate at December 31, 2024 and December 31, 2023, respectively. In the universal life insurance products in our Life Insurance business, 59% and 59% of the account values were crediting at the contractual minimum guaranteed interest rate at December 31, 2024 and December 31, 2023, respectively. These businesses continue to focus on pricing discipline and strategies to manage the minimum guaranteed interest crediting rates offered on new sales in the context of regulatory requirements and competitive positioning.

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

Corebridge | 2024 Form 10-K 76

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ITEM 7 | Executive Summary

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—U.S. Regulation” and “Business—Regulation—International Regulation.”

Corebridge | 2024 Form 10-K 77

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ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Use of Non-GAAP Financial Measures and Key Operating Metrics

NON-GAAP FINANCIAL MEASURES

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

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

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

[[GREPCENT_TABLE]]
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[[/GREPCENT_TABLE]]

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

APTOI excludes the impact of the following items:

FORTITUDE RE RELATED ADJUSTMENTS:

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

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

Corebridge | 2024 Form 10-K 78

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ITEM 7 | 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 | 2024 Form 10-K 79

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ITEM 7 | 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:

[[GREPCENT_TABLE]]
[["Years Ended December 31,","","2024","","2023","","2022"],["(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","Total Tax (Benefit) Charge","Non- controlling Interests","After Tax"],["Pre-tax income (loss)/net income (loss), including noncontrolling interests","","$","2,803","$","600","$","\u2014","$","2,203","","$","940","$","(96)","$","\u2014","$","1,036","","$","10,491","$","2,012","$","\u2014","$","8,479"],["Noncontrolling interests","","\u2014","\u2014","27","27","","\u2014","\u2014","68","68","","\u2014","\u2014","(320)","(320)"],["Pre-tax income (loss)/net income (loss) attributable to Corebridge","","2,803","600","27","2,230","","940","(96)","68","1,104","","10,491","2,012","(320)","8,159"],["Fortitude Re related items"],["Net investment (income) on Fortitude Re funds withheld assets","","(1,370)","(293)","\u2014","(1,077)","","(1,368)","(291)","\u2014","(1,077)","","(891)","(187)","\u2014","(704)"],["Net realized losses on Fortitude Re funds withheld assets","","248","53","\u2014","195","","224","48","\u2014","176","","397","83","\u2014","314"],["Net realized (gains) losses on Fortitude Re funds embedded derivative","","518","111","\u2014","407","","1,734","369","\u2014","1,365","","(6,347)","(1,370)","\u2014","(4,977)"],["Subtotal Fortitude Re related items","","(604)","(129)","\u2014","(475)","","590","126","\u2014","464","","(6,841)","(1,474)","\u2014","(5,367)"],["Other reconciling items"],["Reclassification of disproportionate tax effects from AOCI and other tax adjustments","","\u2014","49","\u2014","(49)","","\u2014","89","\u2014","(89)","","\u2014","95","\u2014","(95)"],["Deferred income tax valuation allowance (releases) charges","","\u2014","(97)","\u2014","97","","\u2014","(11)","\u2014","11","","\u2014","(157)","\u2014","157"],["Changes in fair value of market risk benefits, net","","(227)","(48)","\u2014","(179)","","(6)","(1)","\u2014","(5)","","(958)","(199)","\u2014","(759)"],["Changes in fair value of securities used to hedge guaranteed living benefits","","10","2","\u2014","8","","16","3","\u2014","13","","(30)","(6)","\u2014","(24)"],["Changes in benefit reserves related to net realized (losses)","","(8)","(1)","\u2014","(7)","","(6)","(1)","\u2014","(5)","","(15)","(3)","\u2014","(12)"],["Net realized losses*","","1,459","312","7","1,154","","1,792","381","\u2014","1,411","","211","44","\u2014","167"],["Non-operating litigation reserves and settlements","","(1)","\u2014","\u2014","(1)","","\u2014","\u2014","\u2014","\u2014","","(25)","(5)","\u2014","(20)"],["Separation costs","","94","20","\u2014","74","","245","51","\u2014","194","","180","142","\u2014","38"],["Restructuring and other costs","","287","60","\u2014","227","","197","41","\u2014","156","","147","31","\u2014","116"],["Non-recurring costs related to regulatory or accounting changes","","3","1","\u2014","2","","18","4","\u2014","14","","12","3","\u2014","9"],["Net (gain) loss on divestiture","","(245)","(55)","\u2014","(190)","","(676)","(43)","\u2014","(633)","","1","\u2014","\u2014","1"],["Pension expense - non operating","","\u2014","\u2014","\u2014","\u2014","","15","3","\u2014","12","","1","\u2014","\u2014","1"],["Noncontrolling interests","","34","\u2014","(34)","\u2014","","68","\u2014","(68)","\u2014","","(320)","\u2014","320","\u2014"],["Subtotal Other non-Fortitude Re reconciling items","","1,406","243","(27)","1,136","","1,663","516","(68)","1,079","","(796)","(55)","320","(421)"],["Total adjustments","","802","114","(27)","661","","2,253","642","(68)","1,543","","(7,637)","(1,529)","320","(5,788)"],["Adjusted pre-tax operating income/Adjusted after-tax operating income attributable to Corebridge","","$","3,605","$","714","$","\u2014","$","2,891","","$","3,193","$","546","$","\u2014","$","2,647","","$","2,854","$","483","$","\u2014","$","2,371"]]
[[/GREPCENT_TABLE]]

*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.

Corebridge | 2024 Form 10-K 80

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ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

The following table presents a reconciliation of the GAAP tax rate to the adjusted tax rate:

[[GREPCENT_TABLE]]
[["Years Ended December 31,","GAAP","","Non-GAAP Adjustments","","Adjusted"],["","Pre-tax","","","","","","Pre-tax"],["(in millions)","Income","","Tax","","Rate","","Adjustments","","Tax","","APTOI","","Tax","","Rate"],["2024"],["U.S. federal income tax at statutory rate","$","2,803","","","$","589","","","21.0","%","","$","802","","","$","168","","","$","3,605","","","$","757","","","21.0","%"],["Rate adjustments"],["Uncertain tax positions","\u2014","","","(17)","","","(0.6)","","","\u2014","","","\u2014","","","\u2014","","","(17)","","","(0.5)"],["Dispositions of subsidiaries","\u2014","","","4","","","0.1","","","\u2014","","","(4)","","","\u2014","","","\u2014","","","0.0"],["Reclassifications from accumulated other comprehensive income","\u2014","","","(32)","","","(1.1)","","","\u2014","","","32","","","\u2014","","","\u2014","","","0.0"],["Noncontrolling interest","\u2014","","","6","","","0.2","","","\u2014","","","(6)","","","\u2014","","","\u2014","","","0.0"],["Dividends received deduction","\u2014","","","(48)","","","(1.7)","","","\u2014","","","\u2014","","","\u2014","","","(48)","","","(1.3)"],["State and local income taxes","\u2014","","","20","","","0.7","","","\u2014","","","(1)","","","\u2014","","","19","","","0.5"],["Other","\u2014","","","(5)","","","(0.2)","","","\u2014","","","(17)","","","\u2014","","","(22)","","","(0.6)"],["Adjustments to prior year tax returns","\u2014","","","(10)","","","(0.4)","","","\u2014","","","39","","","\u2014","","","29","","","0.8"],["Share based compensation payments excess tax deduction","\u2014","","","(4)","","","(0.1)","","","\u2014","","","\u2014","","","\u2014","","","(4)","","","(0.1)"],["Valuation allowance","\u2014","","","97","","","3.5","","","\u2014","","","(97)","","","\u2014","","","\u2014","","","0.0"],["Amount Attributable to Corebridge","$","2,803","","","$","600","","","21.4","%","","$","802","","","$","114","","","$","3,605","","","$","714","","","19.8","%"],["2023"],["U.S. federal income tax at statutory rate","$","940","","","$","197","","","21.0","%","","$","2,253","","","$","474","","","$","3,193","","","$","671","","","21.0","%"],["Rate adjustments"],["Dispositions of subsidiaries","\u2014","","","(99)","","","(10.5)","","","\u2014","","","99","","","\u2014","","","\u2014","","","0.0"],["Reclassifications from accumulated other comprehensive income","\u2014","","","(52)","","","(5.5)","","","\u2014","","","52","","","\u2014","","","\u2014","","","0.0"],["Noncontrolling interest","\u2014","","","14","","","1.5","","","\u2014","","","(14)","","","\u2014","","","\u2014","","","0.0"],["Dividends received deduction","\u2014","","","(59)","","","(6.3)","","","\u2014","","","\u2014","","","\u2014","","","(59)","","","(1.8)"],["State and local income taxes","\u2014","","","12","","","1.3","","","\u2014","","","7","","","\u2014","","","19","","","0.6"],["Other","\u2014","","","(3)","","","(0.4)","","","\u2014","","","(2)","","","\u2014","","","(5)","","","(0.2)"],["Adjustments to deferred tax assets","\u2014","","","(40)","","","(4.3)","","","\u2014","","","\u2014","","","\u2014","","","(40)","","","(1.3)"],["Adjustments to prior year tax returns","\u2014","","","(67)","","","(7.1)","","","\u2014","","","37","","","\u2014","","","(30)","","","(0.9)"],["Share based compensation payments excess tax deduction","\u2014","","","(10)","","","(1.1)","","","\u2014","","","\u2014","","","\u2014","","","(10)","","","(0.3)"],["Valuation allowance","\u2014","","","11","","","1.2","","","\u2014","","","(11)","","","\u2014","","","\u2014","","","\u2014"],["Amount Attributable to Corebridge","$","940","","","$","(96)","","","(10.2)","%","","$","2,253","","","$","642","","","$","3,193","","","$","546","","","17.1","%"],["2022"],["U.S. federal income tax at statutory rate","$","10,491","","","$","2,203","","","21.0","%","","$","(7,637)","","","$","(1,604)","","","$","2,854","","","$","599","","","21.0","%"],["Rate adjustments"],["Uncertain tax positions","\u2014","","","2","","","0.0","","","\u2014","","","\u2014","","","\u2014","","","2","","","0.1"],["Reclassifications from accumulated other comprehensive income","\u2014","","","(84)","","","(0.7)","","","\u2014","","","84","","","\u2014","","","\u2014","","","0.0"],["Noncontrolling interest","\u2014","","","(67)","","","(0.6)","","","\u2014","","","67","","","\u2014","","","\u2014","","","0.0"],["Dividends received deduction","\u2014","","","(36)","","","(0.3)","","","\u2014","","","\u2014","","","\u2014","","","(36)","","","(1.3)"],["Tax deconsolidation and separation costs","\u2014","","","(104)","","","(1.0)","","","\u2014","","","104","","","\u2014","","","\u2014","","","0.0"],["State and local income taxes","\u2014","","","24","","","0.2","","","\u2014","","","(35)","","","\u2014","","","(11)","","","(0.4)"],["Other","\u2014","","","(29)","","","(0.3)","","","\u2014","","","12","","","\u2014","","","(17)","","","(0.6)"],["Adjustments to prior year tax returns","\u2014","","","(48)","","","(0.5)","","","\u2014","","","\u2014","","","\u2014","","","(48)","","","(1.7)"],["Share based compensation payments excess tax deduction","\u2014","","","(6)","","","(0.1)","","","\u2014","","","\u2014","","","\u2014","","","(6)","","","(0.2)"],["Valuation allowance","\u2014","","","157","","","1.5","","","\u2014","","","(157)","","","\u2014","","","\u2014","","","\u2014"],["Amount Attributable to Corebridge","$","10,491","","","$","2,012","","","19.2","%","","$","(7,637)","","","$","(1,529)","","","$","2,854","","","$","483","","","16.9","%"]]
[[/GREPCENT_TABLE]]

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.

Corebridge | 2024 Form 10-K 81

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ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

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

[[GREPCENT_TABLE]]
[["","","Years Ended December 31,"],["(in millions, except per common share data)","","2024","","2023","","2022"],["Total Corebridge shareholders' equity (a)","","$","11,462","","","$","11,766","","","$","9,380"],["Less: Accumulated other comprehensive income (loss)","","(13,681)","","","(13,458)","","","(16,863)"],["Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets","","(2,798)","","","(2,332)","","","(2,806)"],["Adjusted Book Value (b)","","$","22,345","","","$","22,892","","","$","23,437"],["Total common shares outstanding (c)","","561.5","","","621.7","","","645.0"],["Book value per common share (a/c)","","$","20.41","","","$","18.93","","","$","14.54"],["Adjusted book value per common share (b/c)","","$","39.80","","","$","36.82","","","$","36.34"]]
[[/GREPCENT_TABLE]]

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:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions, unless otherwise noted)","","","","","","2024","","2023","","2022"],["Actual or annualized net income (loss) attributable to Corebridge shareholders (a)","","","","","","$","2,230","","","$","1,104","","$","8,159"],["Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b)","","","","","","2,891","","","2,647","","2,371"],["Average Corebridge shareholders\u2019 equity (c)","","","","","","11,882","","","10,326","","15,497"],["Less: Average AOCI","","","","","","(13,134)","","","(15,773)","","(8,143)"],["Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets","","","","","","(2,481)","","","(2,702)","","(919)"],["Average Adjusted Book Value (d)","","","","","","$","22,535","","","$","23,397","","$","22,721"],["Return on Average Equity (a/c)","","","","","","18.8","%","","10.7%","","52.6%"],["Adjusted ROAE (b/d)","","","","","","12.8","%","","11.3%","","10.4%"]]
[[/GREPCENT_TABLE]]

Corebridge | 2024 Form 10-K 82

TABLE OF CONTENTS

ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

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:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Individual Retirement"],["Premiums","","","","","","$","137","","","$","213","","","$","235"],["Deposits","","","","","","22,046","","","17,971","","","14,900"],["Other(a)","","","","","","(9)","","","(13)","","","(15)"],["Premiums and deposits","","","","","","22,174","","","18,171","","","15,120"],["Group Retirement"],["Premiums","","","","","","12","","","20","","","19"],["Deposits","","","","","","7,619","","","8,063","","","7,923"],["Premiums and deposits(b)(c)","","","","","","7,631","","","8,083","","","7,942"],["Life Insurance"],["Premiums","","","","","","1,483","","","1,776","","","1,864"],["Deposits","","","","","","1,579","","","1,583","","","1,601"],["Other(a)","","","","","","613","","","941","","","771"],["Premiums and deposits","","","","","","3,675","","","4,300","","","4,236"],["Institutional Markets"],["Premiums","","","","","","2,894","","","5,607","","","2,913"],["Deposits","","","","","","5,332","","","3,695","","","1,382"],["Other(a)","","","","","","36","","","31","","","30"],["Premiums and deposits","","","","","","8,262","","","9,333","","","4,325"],["Total"],["Premiums","","","","","","4,526","","","7,616","","","5,031"],["Deposits","","","","","","36,576","","","31,312","","","25,806"],["Other(a)","","","","","","640","","","959","","","786"],["Premiums and deposits","","","","","","$","41,742","","","$","39,887","","","$","31,623"]]
[[/GREPCENT_TABLE]]

(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 $3.1 billion, $2.4 billion and $2.1 billion for the years ended December 31, 2024, 2023 and 2022, respectively.

(c)Includes inflows related to in-plan mutual funds of $3.1 billion, $3.2 billion and $3.5 billion for the years ended December 31, 2024, 2023 and 2022, respectively.

Corebridge | 2024 Form 10-K 83

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ITEM 7 | 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. We believe that presenting net investment income on an APTOI basis is useful for gaining an understanding of the main drivers of investment income.

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

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Net investment income (net income basis)","","","","","","$","12,228","","","$","11,078","","","$","9,576"],["Net investment (income) on Fortitude Re funds withheld assets","","","","","","(1,370)","","","(1,368)","","","(891)"],["Change in fair value of securities used to hedge guaranteed living benefits","","","","","","(58)","","","(55)","","","(56)"],["Other adjustments","","","","","","(30)","","","(28)","","","(50)"],["Derivative income recorded in net realized gains (losses)","","","","","","288","","","212","","","179"],["Total adjustments","","","","","","(1,170)","","","(1,239)","","","(818)"],["Net investment income (APTOI basis) *","","","","","","$","11,058","","","$","9,839","","","$","8,758"]]
[[/GREPCENT_TABLE]]

* Includes net investment income from Corporate and Other of $33 million, $92 million and $473 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Normalized distributions are defined as dividends paid by the Life Fleet subsidiaries as well as the international insurance subsidiaries, less non-recurring dividends, plus dividend capacity that would have been available to Corebridge absent strategies that resulted in utilization of tax attributes. We believe that presenting normalized distributions is useful in understanding a significant component of our liquidity as a stand-alone company.

The following table presents a reconciliation of Dividends to Normalized distributions:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Subsidiary dividends paid","","","","","","$","2,200","","","$","2,027","","","$","1,821"],["Tax sharing payments related to utilization of tax attributes","","","","","","\u2014","","","\u2014","","","401"],["Normalized distributions","","","","","","$","2,200","","","$","2,027","","","$","2,222"]]
[[/GREPCENT_TABLE]]

Corebridge | 2024 Form 10-K 84

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ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

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:

[[GREPCENT_TABLE]]
[["","","Years Ended December 31,"],["(in millions)","","2024","2024","2023","","2022"],["Individual Retirement"],["AUM","","$","160,126","","$","149,691","","$","136,696"],["AUA","","\u2014","","\u2014","","\u2014"],["Total Individual Retirement AUMA","","160,126","","149,691","","136,696"],["Group Retirement"],["AUM","","78,669","","79,910","","78,474"],["AUA","","45,630","","42,271","","36,458"],["Total Group Retirement AUMA","","124,299","","122,181","","114,932"],["Life Insurance"],["AUM","","26,466","","26,691","","27,760"],["AUA","","\u2014","","\u2014","","\u2014"],["Total Life Insurance AUMA *","","26,466","","26,691","","27,760"],["Institutional Markets"],["AUM","","48,112","","40,678","","30,686"],["AUA","","45,000","","44,607","","47,078"],["Total Institutional Markets AUMA","","93,112","","85,285","","77,764"],["Total AUMA","","$","404,003","","$","383,848","","$","357,152"]]
[[/GREPCENT_TABLE]]

*The December 31, 2023 AUMA excludes $181 million of assets that were reclassified to Assets held-for-sale in the Consolidated Balance Sheets.

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.

Corebridge | 2024 Form 10-K 85

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ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

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:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Individual Retirement"],["Spread income","","","","","","$","2,868","","$","2,694","","$","2,027"],["Fee income","","","","","","1,251","","1,134","","1,192"],["Total Individual Retirement","","","","","","4,119","","","3,828","","3,219"],["Group Retirement"],["Spread income","","","","","","727","","828","","867"],["Fee income","","","","","","785","","715","","720"],["Total Group Retirement","","","","","","1,512","","","1,543","","1,587"],["Life Insurance"],["Underwriting margin","","","","","","1,368","","1,442","","1,561"],["Total Life Insurance","","","","","","1,368","","","1,442","","1,561"],["Institutional Markets"],["Spread income","","","","","","454","","355","","285"],["Fee income","","","","","","62","","64","","63"],["Underwriting margin","","","","","","81","","71","","77"],["Total Institutional Markets","","","","","","597","","","490","","425"],["Total"],["Spread income","","","","","","4,049","","3,877","","3,179"],["Fee income","","","","","","2,098","","1,913","","1,975"],["Underwriting margin","","","","","","1,449","","1,513","","1,638"],["Total","","","","","","$","7,596","","$","7,303","","$","6,792"]]
[[/GREPCENT_TABLE]]

Net Investment Income (APTOI Basis)

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

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Individual Retirement"],["Base portfolio income","","","","","","$","5,562","","$","4,852","","$","3,725"],["Variable investment income","","","","","","117","","56","","163"],["Net investment income","","","","","","5,679","","","4,908","","3,888"],["Group Retirement"],["Base portfolio income","","","","","","1,864","","1,946","","1,882"],["Variable investment income","","","","","","56","","50","","118"],["Net investment income","","","","","","1,920","","","1,996","","2,000"],["Life Insurance"],["Base portfolio income","","","","","","1,302","","1,275","","1,282"],["Variable investment income","","","","","","19","","7","","107"],["Net investment income","","","","","","1,321","","","1,282","","1,389"],["Institutional Markets"],["Base portfolio income","","","","","","2,041","","1,534","","995"],["Variable investment income","","","","","","86","","52","","54"],["Net investment income","","","","","","2,127","","","1,586","","1,049"],["Total"],["Base portfolio income","","","","","","10,769","","9,607","","7,884"],["Variable investment income","","","","","","278","","165","","442"],["Net investment income (APTOI basis) - Insurance operations","","","","","","$","11,047","","$","9,772","","$","8,326"]]
[[/GREPCENT_TABLE]]

Corebridge | 2024 Form 10-K 86

TABLE OF CONTENTS

ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

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:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Individual Retirement"],["Fixed Annuities","","","","","","$","2,510","","$","(1,870)","","$","(441)"],["Fixed Index Annuities and Registered Index Linked Annuities","","","","","","4,731","","5,632","","4,521"],["Variable Annuities","","","","","","(5,220)","","(3,429)","","(1,672)"],["Total Individual Retirement","","","","","","2,021","","333","","2,408"],["Group Retirement","","","","","","(9,086)","","(6,302)","","(3,111)"],["Total Net Flows","","","","","","$","(7,065)","","$","(5,969)","","$","(703)"]]
[[/GREPCENT_TABLE]]

Corebridge | 2024 Form 10-K 87

TABLE OF CONTENTS

ITEM 7 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 years ended December 31, 2024, 2023 and 2022. For factors that relate primarily to a specific business, see “— Business Segment Operations.”

For a comparative discussion regarding Corebridge’s results of operations for the year ended December 31, 2023 and the year ended December 31, 2022 see the Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K ”).

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Revenues:"],["Premiums","","","","","","$","4,600","","","$","7,691","","","$","5,091"],["Policy fees","","","","","","2,901","","","2,797","","","2,914"],["Net investment income","","","","","","12,228","","","11,078","","","9,576"],["Net realized gains (losses)","","","","","","(1,883)","","","(3,572)","","","6,091"],["Advisory fee and other income","","","","","","935","","","884","","","1,025"],["Total revenues","","","","","","18,781","","","18,878","","","24,697"],["Benefits and expenses:"],["Policyholder benefits","","","","","","6,632","","","9,362","","","6,720"],["Change in the fair value of market risk benefits, net","","","","","","(227)","","","(6)","","","(958)"],["Interest credited to policyholder account balances","","","","","","5,240","","","4,427","","","3,732"],["Amortization of deferred policy acquisition costs and value of business acquired","","","","","","1,060","","","1,042","","","1,020"],["Non-deferrable insurance commissions","","","","","","588","","","588","","","568"],["Advisory fee expenses","","","","","","286","","","261","","","266"],["General operating expenses","","","","","","2,090","","","2,360","","","2,323"],["Interest expense","","","","","","554","","","580","","","534"],["Net (gain) loss on divestitures","","","","","","(245)","","","(676)","","","1"],["Total benefits and expenses","","","","","","15,978","","","17,938","","","14,206"],["Income before income tax expense (benefit)","","","","","","2,803","","","940","","","10,491"],["Income tax expense (benefit)","","","","","","600","","","(96)","","","2,012"],["Net income","","","","","","2,203","","","1,036","","","8,479"],["Less: Net income (loss) attributable to noncontrolling interests","","","","","","(27)","","","(68)","","","320"],["Net income attributable to Corebridge","","","","","","$","2,230","","","$","1,104","","","$","8,159"]]
[[/GREPCENT_TABLE]]

The following table presents certain balance sheet data:.

[[GREPCENT_TABLE]]
[["(in millions, except per common share data)","December 31, 2024","","December 31, 2023"],["Balance sheet data:"],["Total assets","$","389,397","","","$","379,270"],["Short-term and long-term debt","$","10,454","","","$","9,368"],["Debt of consolidated investment entities","$","1,938","","","$","2,504"],["Total Corebridge shareholders\u2019 equity","$","11,462","","","$","11,766"],["Book value per common share","$","20.41","","","$","18.93"],["Adjusted book value per common share","$","39.80","","","$","36.82"]]
[[/GREPCENT_TABLE]]

Financial Highlights

2024 to 2023 Net Income Comparison

We recorded pre-tax income of $2.8 billion in the year ended December 31, 2024 compared to pre-tax income of $940 million in the year ended December 31, 2023.The change in pre-tax income was primarily due to:

•lower policyholder benefits of $2.7 billion primarily on new pension risk transfer business;

•lower net realized losses of $1.7 billion primarily driven by lower losses on the Fortitude Re balances and index-linked interest credited embedded derivatives, net of related hedges partially offset by higher losses on sales of fixed maturities;

•higher net investment income of $1.2 billion primarily driven by higher base portfolio income and higher variable investment income;

Corebridge | 2024 Form 10-K 88

TABLE OF CONTENTS

ITEM 7 Consolidated Results of Operations

•lower general operating expenses of $270 million; and

•higher favorable change in the fair value of market risk benefits, net of $221 million primarily driven by the impacts of higher equity market performance compared to the comparable period in the prior year.

Partially offset by:

•lower premiums of $3.1 billion primarily on new pension risk transfer business;

•higher interest credited to policyholder account balances of $813 million primarily due to growth in fixed annuities, fixed index annuities and GICs; and

•lower net gain on divestitures of $431 million primarily from the gains on the sale of Laya in 2023 and AIG Life U.K. in 2024.

Income tax expense (benefit)

For the year ended December 31, 2024, there was an income tax expense of $600 million on income from operations, resulting in an effective tax rate on income from operations of 21.4%.

Refer to the reconciliation of the GAAP tax rate to the adjusted tax rate presented in “–– Use of Non-GAAP Financial Measures and Key Operating Metrics” presented herein.

Adjusted pre-tax operating income

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

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Premiums","","","","","","$","4,600","","","$","7,694","","","$","5,113"],["Policy fees","","","","","","2,901","","","2,797","","","2,914"],["Net investment income","","","","","","11,058","","","9,839","","","8,758"],["Net realized gains (losses)*","","","","","","85","","","(2)","","","170"],["Advisory fee and other income","","","","","","934","","","884","","","1,000"],["Total adjusted revenues","","","","","","19,578","","","21,212","","17,955"],["Policyholder benefits","","","","","","6,641","","","9,368","","","6,734"],["Interest credited to policyholder account balances","","","","","","5,202","","","4,391","","","3,725"],["Amortization of deferred policy acquisition costs","","","","","","1,060","","","1,042","","","1,020"],["Non-deferrable insurance commissions","","","","","","588","","","588","","","568"],["Advisory fee expenses","","","","","","286","","","261","","","266"],["General operating expenses","","","","","","1,706","","","1,885","","","1,984"],["Interest expense","","","","","","524","","","552","","","484"],["Total benefits and expenses","","","","","","16,007","","","18,087","","14,781"],["Noncontrolling interests","","","","","","34","","","68","","","(320)"],["Adjusted pre-tax operating income","","","","","","$","3,605","","","$","3,193","","$","2,854"]]
[[/GREPCENT_TABLE]]

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

2024 to 2023 APTOI Comparison

APTOI increased $412 million, primarily due to:

•lower policyholder benefits of $2.7 billion primarily on new pension risk transfer business;

•higher net investment income of $1.2 billion primarily driven by higher base portfolio income and higher variable investment income;

•lower general operating expenses by $179 million; and

•higher policy fee income of $104 million, primarily due to higher average variable annuity separate account assets driven by increases in the equity markets and higher GMWB fees from fixed and fixed index annuity growth.

Partially offset by:

•lower premiums of $3.1 billion primarily on new pension risk transfer business; and

•higher interest credited to policyholder account balances of $811 million primarily due to growth in fixed annuities, fixed index annuities and GICs.

Corebridge | 2024 Form 10-K 89

TABLE OF CONTENTS

ITEM 7 | Business Segment Operations

Business Segment Operations

Our business operations consist of five reportable segments:

•Individual Retirement – consists of fixed annuities, fixed index annuities, registered index linked 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 – consists of term and universal life insurance products in the United States. 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.

For a comparative discussion regarding Corebridge’s results of operations for the year ended December 31, 2023 and the year ended December 31, 2022 see the 2023 Form 10-K.

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

See Note 3 to the Consolidated Financial Statements.

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Individual Retirement","","","","","","$","2,478","","$","2,312","","$","1,673"],["Group Retirement","","","","","","744","","754","","783"],["Life Insurance","","","","","","461","","373","","447"],["Institutional Markets","","","","","","495","","379","","334"],["Corporate and Other","","","","","","(574)","","(617)","","(395)"],["Consolidation and elimination","","","","","","1","","(8)","","12"],["Adjusted pre-tax operating income","","","","","","$","3,605","","$","3,193","","$","2,854"]]
[[/GREPCENT_TABLE]]

Corebridge | 2024 Form 10-K 90

TABLE OF CONTENTS

ITEM 7 | Business Segment Operations

DISCUSSION OF SEGMENT RESULTS

Individual Retirement

Individual Retirement Results

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Adjusted Revenues:"],["Premiums","","","","","","$","137","","$","213","","$","235"],["Policy fees","","","","","","797","","708","","741"],["Net investment income:"],["Base portfolio income","","","","","","5,562","","4,852","","3,725"],["Variable investment income","","","","","","117","","56","","163"],["Net investment income","","","","","","5,679","","4,908","","3,888"],["Advisory fee and other income*","","","","","","454","","426","","451"],["Total adjusted revenues","","","","","","7,067","","6,255","","5,315"],["Benefits and expenses:"],["Policyholder benefits","","","","","","126","","204","","285"],["Interest credited to policyholder account balances","","","","","","2,861","","2,269","","1,916"],["Amortization of deferred policy acquisition costs","","","","","","618","","572","","523"],["Non-deferrable insurance commissions","","","","","","388","","355","","351"],["Advisory fee expenses","","","","","","150","","141","","141"],["General operating expenses","","","","","","446","","402","","426"],["Total benefits and expenses","","","","","","4,589","","3,943","","3,642"],["Adjusted pre-tax operating income","","","","","","$","2,478","","$","2,312","","$","1,673"]]
[[/GREPCENT_TABLE]]

*    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:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Spread income(a)","","","","","","$","2,868","","$","2,694","","$","2,027"],["Fee income","","","","","","1,251","","1,134","","1,192"],["Policyholder benefits, net of premiums","","","","","","11","","9","","","(50)"],["Non-deferrable insurance commissions","","","","","","(388)","","(355)","","","(351)"],["Amortization of DAC and DSI","","","","","","(668)","","(627)","","","(578)"],["General operating expenses","","","","","","(446)","","(402)","","","(426)"],["Other(b)","","","","","","(150)","","(141)","","","(141)"],["Adjusted pre-tax operating income","","","","","","$","2,478","","$","2,312","","$","1,673"]]
[[/GREPCENT_TABLE]]

(a)Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $50 million, $55 million and $55 million for the years ended December 31, 2024, 2023 and 2022 respectively.

(b)Other represents advisory fee expenses.

Financial Highlights

2024 to 2023 APTOI Comparison

APTOI increased $166 million, primarily due to:

•higher spread income of $174 million primarily driven by higher base spread income of $113 million due to improved base yields and growth in invested assets driven by higher sales and higher variable investment income of $61 million; and

•higher policy fee income of $117 million, primarily due to higher average variable annuity separate account assets driven by increases in the equity markets and higher GMWB fees from fixed and fixed index annuity growth.

Partially offset by:

•higher amortization of DAC and DSI of $41 million due to growth in fixed and fixed index annuity business; and

•higher non-deferrable insurance commissions of $33 million primarily due to continued growth in the fixed index annuity business and higher variable annuity separate account assets.

Corebridge | 2024 Form 10-K 91

TABLE OF CONTENTS

ITEM 7 | Business Segment Operations

AUMA

The following table presents Individual Retirement AUMA by account type:

[[GREPCENT_TABLE]]
[["","","","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Assets under management and administration:"],["General account","","","","","","$","111,308","","","$","101,798","","","$","91,518"],["Separate accounts","","","","","","48,818","","","47,893","","","45,178"],["Total assets under management and administration","","","","","","$","160,126","","","$","149,691","","","$","136,696"]]
[[/GREPCENT_TABLE]]

2024 to 2023 AUMA Comparison

AUMA increased $10.4 billion driven by an increase of $9.5 billion in the general account and higher separate accounts asset values of $0.9 billion. The general account increased primarily due to positive general account net flows. 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:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Spread income:"],["Base portfolio income","","","","","","$","5,562","","","$","4,852","","","$","3,725"],["Interest credited to policyholder account balances","","","","","","(2,811)","","","(2,214)","","","(1,861)"],["Base spread income","","","","","","2,751","","","2,638","","","1,864"],["Variable investment income","","","","","","117","","","56","","","163"],["Total spread income*","","","","","","$","2,868","","","$","2,694","","","$","2,027"],["Fee income:"],["Policy fees","","","","","","$","797","","","$","708","","","$","741"],["Advisory fees and other income","","","","","","454","","","426","","","451"],["Total fee income","","","","","","$","1,251","","","$","1,134","","","$","1,192"]]
[[/GREPCENT_TABLE]]

*Excludes amortization of DSI assets of $50 million, $55 million and $55 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The following table presents Individual Retirement net investment spread:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["","","","","","","2024","","2023","","2022"],["Individual Retirement base net investment spread:"],["Base yield*","","","","","","5.13","","","4.89","","","3.98"],["Cost of funds","","","","","","(2.88)","","","(2.47)","","","(2.18)"],["Individual Retirement base net investment spread","","","","","","2.25","%","","2.42","%","","1.80","%"]]
[[/GREPCENT_TABLE]]

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

2024 to 2023 Comparison

See “Financial Highlights.”

Corebridge | 2024 Form 10-K 92

TABLE OF CONTENTS

ITEM 7 | Business Segment Operations

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.

[[GREPCENT_TABLE]]
[["Premiums and Deposits","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Fixed annuities","","","","","","$","11,380","","","$","7,880","","","$","5,695"],["Fixed index annuities and Registered index linked annuities","","","","","","9,103","","","8,505","","","6,316"],["Variable annuities","","","","","","1,691","","","1,786","","","3,109"],["Total","","","","","","$","22,174","","","$","18,171","","","$","15,120"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["Net Flows","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Fixed annuities","","","","","","$","2,510","","","$","(1,870)","","","$","(441)"],["Fixed index annuities and Registered index linked annuities","","","","","","4,731","","","5,632","","","4,521"],["Variable annuities","","","","","","(5,220)","","","(3,429)","","","(1,672)"],["Total","","","","","","$","2,021","","","$","333","","","$","2,408"]]
[[/GREPCENT_TABLE]]

2024 to 2023 Comparison

Fixed Annuities Net inflows increased by $4.4 billion over the prior year, primarily due to higher premiums and deposits of $3.5 billion due to higher sales and strong customer demand, lower death benefits of $334 million and lower surrenders and withdrawals of $546 million.

Fixed Index Annuities and Registered Index Linked Annuities Net inflows decreased by $901 million primarily due to higher surrenders and withdrawals of $1.4 billion and higher death benefits of $80 million, partially offset by higher premiums and deposits of $598 million.

Variable Annuities Net outflows increased $1.8 billion primarily due to lower premium and deposits of $95 million, higher surrenders and withdrawals of $1.6 billion and higher death benefits of $102 million.

Surrenders

The following table presents Individual Retirement surrender rates:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["","","","","","","2024","","2023","","2022"],["Fixed annuities","","","","","","14.5","%","","16.3","%","","9.2","%"],["Fixed index annuities and Registered index linked annuities","","","","","","8.8","","","6.7","","","4.8"],["Variable annuities","","","","","","10.3","","","7.8","","","6.5"]]
[[/GREPCENT_TABLE]]

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

[[GREPCENT_TABLE]]
[["","","Years Ended December 31,"],["","2024","","2023","2022"],["(in millions)","","Fixed Annuities","","Fixed IndexAnnuities and Registered index Linked Annuities","","Variable Annuities","","Fixed Annuities","","Fixed IndexAnnuities and Registered Index Linked Annuities","","Variable Annuities","","Fixed Annuities","","Fixed IndexAnnuities and Registered Index Linked Annuities","","Variable Annuities"],["No surrender charge","","$","18,450","","","$","2,297","","","$","30,795","","","$","21,793","","","$","1,727","","","$","29,819","","","$","24,889","","","$","2,270","","","$","27,037"],["Greater than 0% - 2%","","1,102","","","4,271","","","6,927","","","1,023","","","3,326","","","6,717","","","1,783","","","1,353","","","6,962"],["Greater than 2% - 4%","","2,580","","","6,958","","","6,139","","","2,844","","","6,413","","","5,799","","","2,256","","","4,532","","","5,081"],["Greater than 4%","","29,700","","","32,808","","","9,923","","","21,766","","","28,128","","","11,014","","","18,905","","","25,196","","","12,082"],["Non-surrenderable(a)","","2,437","","","\u2014","","","1,155","","","2,474","","","\u2014","","","1,156","","","2,453","","","\u2014","","","1,155"],["Total account value(b)","","$","54,269","","","$","46,334","","","$","54,939","","","$","49,900","","","$","39,594","","","$","54,505","","","$","50,286","","","$","33,351","","","$","52,317"]]
[[/GREPCENT_TABLE]]

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

(b)    Includes payout Immediate Annuities and funding agreements.

Corebridge | 2024 Form 10-K 93

TABLE OF CONTENTS

ITEM 7 | Business Segment Operations

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 December 31, 2024 increased compared to December 31, 2023 primarily due to growth in the business. For fixed index annuities and registered index linked annuities, the proportion of account value subject to surrender charge at December 31, 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 December 31, 2024 compared to December 31, 2023 was principally due to normal aging of the business.

Group Retirement

Group Retirement Results

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Adjusted Revenues:"],["Premiums","","","","","","$","12","","$","20","","$","19"],["Policy fees","","","","","","442","","406","","415"],["Net investment income:"],["Base portfolio income","","","","","","1,864","","1,946","","1,882"],["Variable investment income","","","","","","56","","50","","118"],["Net investment income","","","","","","1,920","","1,996","","2,000"],["Advisory fee and other income*","","","","","","343","","309","","305"],["Total adjusted revenues","","","","","","2,717","","2,731","","2,739"],["Benefits and expenses:"],["Policyholder benefits","","","","","","13","","31","","35"],["Interest credited to policyholder account balances","","","","","","1,206","","1,182","","1,147"],["Amortization of deferred policy acquisition costs","","","","","","85","","82","","80"],["Non-deferrable insurance commissions","","","","","","120","","124","","123"],["Advisory fee expenses","","","","","","134","","118","","124"],["General operating expenses","","","","","","415","","440","","447"],["Total benefits and expenses","","","","","","1,973","","1,977","","1,956"],["Adjusted pre-tax operating income","","","","","","$","744","","$","754","","$","783"]]
[[/GREPCENT_TABLE]]

*    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:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Spread income(a)","","","","","","$","727","","","$","828","","","$","867"],["Fee income(b)","","","","","","785","","","715","","","720"],["Policyholder benefits, net of premiums","","","","","","(1)","","","(11)","","","(16)"],["Non-deferrable insurance commissions","","","","","","(120)","","","(124)","","","(123)"],["Amortization of DAC and DSI","","","","","","(98)","","","(96)","","","(94)"],["General operating expenses","","","","","","(415)","","","(440)","","","(447)"],["Other(c)","","","","","","(134)","","","(118)","","","(124)"],["Adjusted pre-tax operating income","","","","","","$","744","","","$","754","","","$","783"]]
[[/GREPCENT_TABLE]]

(a)Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $13 million, $14 million and $14 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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

(c)Other consists of advisory fee expenses.

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TABLE OF CONTENTS

ITEM 7 | Business Segment Operations

Financial Highlights

2024 to 2023 APTOI Comparison

APTOI decreased $10 million, primarily due to:

•lower spread income of $101 million due to lower base spread income of $107 million reflecting lower base portfolio income and higher crediting rates partially offset by an increase in variable investment income of $6 million primarily due to higher alternative investment income.

Partially offset by:

•higher fee income, net of advisory fee expenses of $54 million due to higher average separate account, advisory, and mutual fund assets driven by improved equity market performance; and

•lower general operating expenses of $25 million.

AUMA

The following table presents Group Retirement AUMA by product:

[[GREPCENT_TABLE]]
[["","","Years Ended December 31,"],["(in millions)","","2024","","2023","","2022"],["AUMA by asset type:"],["In-plan spread based","","$","22,330","","","$","25,160","","","$","27,473"],["In-plan fee based","","57,961","","","54,807","","","47,838"],["Total in-plan AUMA(a)","","80,291","","","79,967","","","75,311"],["Out-of-plan proprietary - General Account","","16,765","","","16,664","","","16,769"],["Out-of-plan proprietary - Separate Accounts","","11,116","","","11,075","","","10,429"],["Total out-of-plan proprietary annuities","","27,881","","","27,739","","","27,198"],["Advisory and brokerage assets","","16,127","","","14,475","","","12,423"],["Total out-of-plan AUMA(b)","","44,008","","","42,214","","","39,621"],["Total AUMA","","$","124,299","","","$","122,181","","","$","114,932"]]
[[/GREPCENT_TABLE]]

(a)Includes $13.1 billion of AUMA at December 31, 2024, $12.7 billion of AUMA at December 31, 2023 and $12.5 billion of AUMA at December 31, 2022 that is associated with our in-plan investment advisory service that we offer to participants at an additional fee.

(b)    Includes $13.4 billion of AUMA at December 31, 2024, $12.0 billion of AUMA at December 31, 2023 and $10.7 billion of AUMA at December 31, 2022 that is associated with our out-of-plan investment advisory service that we offer to participants at an additional fee.

2024 to 2023 AUMA Comparison

In-plan assets increased by $324 million driven by a $3.2 billion increase in fee based assets, primarily due to higher equity markets, partially offset by $2.8 billion decrease in spread based assets, primarily due to negative net flows. Out-of-plan proprietary annuity assets increased by $142 million, primarily due to positive net flows. The increase of advisory and brokerage assets of $1.7 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:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Spread income:"],["Base portfolio income","","","","","","$","1,864","","","$","1,946","","","$","1,882"],["Interest credited to policyholder account balances","","","","","","(1,193)","","","(1,168)","","","(1,133)"],["Base spread income","","","","","","671","","","778","","","749"],["Variable investment income","","","","","","56","","","50","","","118"],["Total spread income*","","","","","","$","727","","","$","828","","","$","867"],["Fee income:"],["Policy fees","","","","","","$","442","","","$","406","","","$","415"],["Advisory fees and other income","","","","","","343","","","309","","","305"],["Total fee income","","","","","","$","785","","","$","715","","","$","720"]]
[[/GREPCENT_TABLE]]

*Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $13 million, $14 million and $14 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Corebridge | 2024 Form 10-K 95

TABLE OF CONTENTS

ITEM 7 | Business Segment Operations

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["","","","","","","2024","","2023","","2022"],["Base net investment spread:"],["Base yield*","","","","","","4.25","%","","4.27","%","","4.04","%"],["Cost of funds","","","","","","(2.96)","","","(2.76)","","","(2.60)"],["Base net investment spread","","","","","","1.29","%","","1.51","%","","1.44","%"]]
[[/GREPCENT_TABLE]]

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

2024 to 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.

[[GREPCENT_TABLE]]
[["Premiums and Deposits and Net Flows","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["In-plan(a)(b)","","","","","","$","4,901","","","$","5,165","","","$","5,818"],["Out-of-plan proprietary variable annuity","","","","","","741","","","712","","","975"],["Out-of-plan proprietary fixed and index annuities","","","","","","1,989","","","2,206","","","1,149"],["Premiums and deposits(c)","","","","","","$","7,631","","","$","8,083","","","$","7,942"],["Net Flows","","","","","","$","(9,086)","","","$","(6,302)","","","$","(3,111)"]]
[[/GREPCENT_TABLE]]

(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 $3.1 billion, $3.2 billion and $3.5 billion for the years ended December 31, 2024, 2023 and 2022, respectively.    

(c)Excludes client deposits into advisory and brokerage accounts of $3.1 billion, $2.4 billion and $2.1 billion for the years ended December 31, 2024, 2023 and 2022, respectively.

2024 to 2023 Comparison

Net flows remained negative and declined by $2.8 billion primarily due to an increase in surrenders and withdrawals of $2.2 billion, a decrease in deposits of $452 million and an increase in death and payout benefit annuity benefits of $138 million. Large plan acquisitions and surrenders resulted in lower net flows of $806 million compared to the prior year.

Surrenders

The following table presents Group Retirement surrender rates:

[[GREPCENT_TABLE]]
[["","","","Years Ended December 31,"],["","","","","","2024","","2023","2022"],["Surrender rates","","","","","14.3","%","","12.9","%","9.5","%"]]
[[/GREPCENT_TABLE]]

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

[[GREPCENT_TABLE]]
[["","","Years Ended December 31,"],["(in millions)","","2024","","2023","","2022"],["No surrender charge(a)","","$","69,208","","","$","70,500","","","$","69,885"],["Greater than 0% - 2%","","1,421","","","1,251","","","454"],["Greater than 2% - 4%","","1,472","","","1,698","","","435"],["Greater than 4%","","6,748","","","5,757","","","6,281"],["Non-surrenderable","","263","","","490","","","945"],["Total account value(b)(c)","","$","79,112","","","$","79,696","","","$","78,000"]]
[[/GREPCENT_TABLE]]

(a)Group Retirement amounts in this category include account values in the general account of approximately $3.7 billion, $4.1 billion and $4.5 billion for the years ended December 31, 2024, 2023 and 2022, respectively, which are subject to 20% percent annual withdrawal limitations at the participant level and account values in the general account of $4.9 billion, $5.3 billion and $5.8 billion for the years ended December 31, 2024, 2023 and 2022, respectively, which are subject to 20 percent annual withdrawal limitations at the plan level.

(b)Excludes mutual fund assets under administration of $29.5 billion, $27.8 billion and $24.0 billion at December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

(c)Includes payout Immediate Annuities and funding agreements.

Corebridge | 2024 Form 10-K 96

TABLE OF CONTENTS

ITEM 7 | Business Segment Operations

2024 to 2023 Comparison

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. Group Retirement annuity account values with no surrender charge decreased compared to December 31, 2023 primarily due to increased surrender activity caused by increased credited rates within the market.

Life Insurance

Life Insurance Results

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Adjusted Revenues:"],["Premiums","","","","","","$","1,483","","","$","1,776","","","$","1,864"],["Policy fees","","","","","","1,465","","","1,488","","","1,564"],["Net investment income:"],["Base portfolio income","","","","","","1,302","","","1,275","","","1,282"],["Variable investment income","","","","","","19","","","7","","","107"],["Net investment income","","","","","","1,321","","","1,282","","","1,389"],["Other income","","","","","","82","","","93","","","121"],["Total adjusted revenues","","","","","","4,351","","","4,639","","","4,938"],["Benefits and expenses:"],["Policyholder benefits","","","","","","2,681","","","2,838","","","3,010"],["Interest credited to policyholder account balances","","","","","","336","","","340","","","342"],["Amortization of deferred policy acquisition costs","","","","","","344","","","379","","","410"],["Non-deferrable insurance commissions","","","","","","58","","","88","","","72"],["Advisory fee expenses","","","","","","2","","","2","","","1"],["General operating expenses","","","","","","469","","","619","","","656"],["Total benefits and expenses","","","","","","3,890","","","4,266","","","4,491"],["Adjusted pre-tax operating income","","","","","","$","461","","","$","373","","","$","447"]]
[[/GREPCENT_TABLE]]

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:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Underwriting margin(a) (b)","","","","","","$","1,368","","","$","1,442","","","$","1,561"],["General operating expenses","","","","","","(469)","","","(619)","","","(656)"],["Non-deferrable insurance commissions(c)","","","","","","(58)","","","(88)","","","(72)"],["Amortization of DAC","","","","","","(344)","","","(379)","","","(410)"],["Impact of annual actuarial assumption update excluded from Underwriting margin","","","","","","(34)","","","19","","","25"],["Other(d)","","","","","","(2)","","","(2)","","","(1)"],["Adjusted pre-tax operating income","","","","","","$","461","","","$","373","","","$","447"]]
[[/GREPCENT_TABLE]]

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

(b) Includes International life underwriting margin of $33 million, $226 million and $245 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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

(d)Other primarily represents advisory fee expenses.

Financial Highlights

2024 to 2023 APTOI Comparison

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

APTOI increased $88 million, primarily due to:

•favorable domestic underwriting margin of $119 million, driven by favorable mortality, reinsurance recapture impacts, and investment performance; and

Corebridge | 2024 Form 10-K 97

TABLE OF CONTENTS

ITEM 7 | Business Segment Operations

•lower domestic general operating expenses of $22 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:

[[GREPCENT_TABLE]]
[["","","December 31,"],["(in millions)","","2024","","2023","","2022"],["Total AUMA*","","$","26,466","","","$","26,691","","","$","27,760"]]
[[/GREPCENT_TABLE]]

*The December 31, 2023 AUMA excludes $181 million, of assets that were reclassified to Assets held-for-sale in the Consolidated Balance Sheets.

December 31, 2024 to December 31, 2023 AUMA Comparison

AUMA decreased $225 million in the year ended December 31, 2024 compared to the prior year-end due to interest rate movements.

Underwriting Margin

The following table presents Life Insurance underwriting margin:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Premiums","","","","","","$","1,483","","","$","1,776","","","$","1,864"],["Policy fees","","","","","","1,465","","","1,488","","","1,564"],["Net investment income","","","","","","1,321","","","1,282","","","1,389"],["Other income","","","","","","82","","","93","","","121"],["Policyholder benefits","","","","","","(2,681)","","","(2,838)","","","(3,010)"],["Interest credited to policyholder account balances","","","","","","(336)","","","(340)","","","(342)"],["Less: Impact of annual actuarial assumption update","","","","","","34","","","(19)","","","(25)"],["Underwriting margin*","","","","","","$","1,368","","","$","1,442","","","$","1,561"]]
[[/GREPCENT_TABLE]]

*     Includes International life underwriting margin of $33 million, $226 million and $245 million for the years ended December 31, 2024, 2023 and 2022, respectively.

2024 to 2023 Comparison

See “Financial Highlights.”

Premiums and Deposits

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

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Traditional Life","","","","","","$","1,856","","","$","1,811","","","$","1,820"],["Universal Life","","","","","","1,579","","","1,583","","","1,600"],["Total U.S.","","","","","","3,435","","","3,394","","","3,420"],["International","","","","","","240","","","906","","","816"],["Premiums and deposits","","","","","","$","3,675","","","$","4,300","","","$","4,236"]]
[[/GREPCENT_TABLE]]

2024 to 2023 Comparison

Premiums and deposits decreased $625 million for the year ended December 31, 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 Term Life premiums.

Corebridge | 2024 Form 10-K 98

TABLE OF CONTENTS

ITEM 7 | Business Segment Operations

Institutional Markets

Institutional Markets Results

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Adjusted Revenues:"],["Premiums","","","","","","$","2,894","","","$","5,607","","","$","2,913"],["Policy fees","","","","","","197","","","195","","","194"],["Net investment income:"],["Base portfolio income","","","","","","2,041","","","1,534","","","995"],["Variable investment income","","","","","","86","","","52","","","54"],["Net investment income","","","","","","2,127","","","1,586","","","1,049"],["Other income","","","","","","8","","","2","","","2"],["Total adjusted revenues","","","","","","5,226","","","7,390","","","4,158"],["Benefits and expenses:"],["Policyholder benefits","","","","","","3,821","","","6,298","","","3,404"],["Interest credited to policyholder account balances","","","","","","799","","","600","","","320"],["Amortization of deferred policy acquisition costs","","","","","","13","","","9","","","7"],["Non-deferrable insurance commissions","","","","","","20","","","19","","","20"],["General operating expenses","","","","","","78","","","85","","","73"],["Total benefits and expenses","","","","","","4,731","","","7,011","","","3,824"],["Adjusted pre-tax operating income","","","","","","$","495","","","$","379","","","$","334"]]
[[/GREPCENT_TABLE]]

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:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Spread income(a)","","","","","","$","454","","","$","355","","","$","285"],["Fee income(b)","","","","","","62","","","64","","","63"],["Underwriting margin(c)","","","","","","81","","","71","","","77"],["Non-deferrable insurance commissions","","","","","","(20)","","","(19)","","","(20)"],["General operating expenses","","","","","","(78)","","","(85)","","","(73)"],["Other(d)","","","","","","(4)","","","(7)","","","2"],["Adjusted pre-tax operating income","","","","","","$","495","","","$","379","","","$","334"]]
[[/GREPCENT_TABLE]]

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

(b)Represents fee income on SVW products.

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

(d)Includes net investment income on SVW products of $5 million for the year ended December 31, 2022.

Financial Highlights

2024 to 2023 APTOI Comparison

APTOI increased $116 million, primarily due to:

•higher spread income of $99 million primarily driven by $71 million higher base portfolio spread income and $33 million higher variable investment income from private equity investments; and

•higher underwriting margin of $10 million driven by $8 million higher base portfolio income.

Corebridge | 2024 Form 10-K 99

TABLE OF CONTENTS

ITEM 7 | Business Segment Operations

AUMA

The following table presents Institutional Markets AUMA:

[[GREPCENT_TABLE]]
[["","","Years Ended December 31,"],["(in millions)","","2024","","2023","","2022"],["SVW (AUA)","","$","45,000","","$","44,607","","$","47,078"],["GIC, PRT and Structured settlements (AUM)","","40,722","","33,579","","23,096"],["All other (AUM)","","7,390","","","7,099","","","7,590"],["Total AUMA","","$","93,112","","","$","85,285","","","$","77,764"]]
[[/GREPCENT_TABLE]]

2024 to 2023 AUMA Comparison

AUMA increased $7.8 billion, primarily due to premiums and deposits of PRT and GIC products of $8.3 billion, primarily PRT and GIC products and investment performance and other activity of $3.7 billion, partially offset by benefit payments on the GIC, PRT and structured settlement products of $3.2 billion and net outflows of $914 million from SVW products.

Spread Income, Fee Income and Underwriting Margin

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

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Premiums","","","","","","$","2,929","","","$","5,642","","","$","2,950"],["Net investment income","","","","","","1,978","","","1,446","","","901"],["Policyholder benefits","","","","","","(3,754)","","","(6,243)","","","(3,352)"],["Interest credited to policyholder account balances","","","","","","(689)","","","(490)","","","(213)"],["Less: impact of annual actuarial assumption update","","","","","","(10)","","","\u2014","","","(1)"],["Total spread income(a)","","","","","","$","454","","","$","355","","","$","285"],["SVW fees","","","","","","$","62","","","$","64","","","$","63"],["Total fee income","","","","","","$","62","","","$","64","","","$","63"],["Premiums","","","","","","$","(35)","","","$","(35)","","","$","(37)"],["Policy fees (excluding SVW)","","","","","","135","","","131","","","131"],["Net investment income","","","","","","149","","","140","","","143"],["Other income","","","","","","8","","","2","","","2"],["Policyholder benefits","","","","","","(67)","","","(55)","","","(52)"],["Interest credited to policyholder account balances","","","","","","(110)","","","(110)","","","(107)"],["Less: impact of annual actuarial assumption update","","","","","","1","","","(2)","","","(3)"],["Total underwriting margin(b)","","","","","","$","81","","","$","71","","","$","77"]]
[[/GREPCENT_TABLE]]

(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.

2024 to 2023 Comparison

See “Financial Highlights.”

Premiums and Deposits

The following table presents the Institutional Markets premiums and deposits:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["PRT","","","","","","$","2,765","","","$","5,401","","","$","2,749"],["GICs","","","","","","4,958","","","3,344","","","1,000"],["Other*","","","","","","539","","","588","","","576"],["Premiums and deposits","","","","","","$","8,262","","","$","9,333","","","$","4,325"]]
[[/GREPCENT_TABLE]]

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

2024 to 2023 Comparison

Premiums and deposits decreased compared to the prior year period by $1.1 billion, primarily due to lower premiums on new PRT business of $2.6 billion, partially offset by higher deposits on new GICs of $1.6 billion.

Corebridge | 2024 Form 10-K 100

TABLE OF CONTENTS

ITEM 7 | 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

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Adjusted Revenues:"],["Premiums(a)","","","","","","$","74","","","$","78","","","$","82"],["Net investment income","","","","","","33","","","92","","","473"],["Net realized gains (losses) on real estate investments","","","","","","85","","","(2)","","","170"],["Other income","","","","","","47","","","54","","","121"],["Total adjusted revenues","","","","","","239","","","222","","","846"],["Benefits and expenses:"],["Policyholder benefits","","","","","","\u2014","","","(3)","","","\u2014"],["Non-deferrable insurance commissions","","","","","","2","","","2","","","2"],["General operating expenses:"],["Corporate and other","","","","","","235","","","270","","","241"],["Asset management(b)","","","","","","67","","","69","","","143"],["Total general operating expenses","","","","","","302","","","339","","","384"],["Interest expense:"],["Corporate","","","","","","443","","","431","","","299"],["Asset management and other","","","","","","100","","","138","","","236"],["Total interest expense","","","","","","543","","","569","","","535"],["Total benefits and expenses","","","","","","847","","","907","","","921"],["Noncontrolling interest(c)","","","","","","34","","","68","","","(320)"],["Adjusted pre-tax operating (loss) before consolidation and eliminations","","","","","","(574)","","","(617)","","","(395)"],["Consolidations and eliminations","","","","","","1","","","(8)","","","12"],["Adjusted pre-tax operating (loss)","","","","","","$","(573)","","","$","(625)","","","$","(383)"]]
[[/GREPCENT_TABLE]]

(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.

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:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","","","2024","","2023","","2022"],["Corporate expenses","","","","","","$","(137)","","","$","(175)","","","$","(160)"],["Interest expense on financial debt","","","","","","(443)","","","(431)","","","(299)"],["Asset management","","","","","","60","","","16","","","38"],["Consolidated investment entities","","","","","","(4)","","","2","","","24"],["Other(a)(b)","","","","","","(49)","","","(37)","","","14"],["Adjusted pre-tax operating loss","","","","","","$","(573)","","","$","(625)","","","$","(383)"]]
[[/GREPCENT_TABLE]]

(a)Includes $56 million for the year ended December 31, 2022 related to Corebridge’s ownership interest in Fortitude Re Bermuda, which is recorded using the measurement alternative for equity securities.

(b)Includes $(32) million for the year ended December 31, 2022 related to non-recurring losses associated with the unwind of internal securitizations with AIG as part of separation.

Corebridge | 2024 Form 10-K 101

TABLE OF CONTENTS

ITEM 7 | Business Segment Operations

Financial Highlights

2024 to 2023 APTOI Comparison

Adjusted pre-tax operating loss decreased $52 million primarily due to:

•higher asset management income of $44 million driven by higher income from legacy investments; and

•lower corporate expenses of $38 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 $12 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 December 31, 2024, for $216.4 billion of invested assets supporting our insurance operating companies, approximately 45% were in corporate debt securities. Mortgage-backed securities (“MBS”), ABS and CLOs represent 34% of our fixed income securities, and 99% were investment grade. At December 31, 2023, for $202.8 billion of invested assets supporting our insurance operating companies, approximately 47% were in corporate debt securities. MBS, ABS and CLOs represent 31% of our fixed income securities and 99% were investment grade.

See “Business - Investment Management” for further information, including current and future management of our investment portfolio.

Key Investment Strategies

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

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

The investments underlying the original $50 billion mandate with Blackstone IM began to run-off in 2022 and 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, is 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 December 31, 2024, Blackstone managed $68.8 billion in book value of assets in our investment portfolio.

Under the investment management agreements with BlackRock and its investment advisory affiliates, as of December 31, 2024, BlackRock managed approximately $86.8 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.

Corebridge | 2024 Form 10-K 102

TABLE OF CONTENTS

ITEM 7 | Investments

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 and residential 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; and

•we also utilize derivatives to manage our asset and liability duration as well as currency exposures.

Asset-Liability Management

Our investment strategy is to invest in assets that generate net investment income to back policyholder benefit and deposit liabilities that result in stable distributable earnings and enhance portfolio value, subject to asset-liability management, capital, liquidity and regulatory constraints.

We use asset-liability management as a primary tool to monitor and manage interest rate and duration risk in our businesses. We maintain a diversified, high quality portfolio of fixed maturity securities issued by corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential and commercial real estate; and commercial mortgage loans that, to the extent practicable, match the duration characteristics of the liabilities. We seek to diversify the portfolio across asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks. The investment portfolio of each product line is tailored to the specific characteristics of its insurance liabilities, and as a result, duration varies between distinct portfolios. The interest rate environment has a direct impact on the asset liability management profile of the businesses, and changes in the interest rate environment may result in the need to lengthen or shorten the duration of the portfolio. In a rising rate environment, we may shorten the duration of the investment portfolio.

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 | 2024 Form 10-K 103

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ITEM 7 | Investments

Investment Portfolio

The following table presents carrying amounts of our total investments:

[[GREPCENT_TABLE]]
[["(in millions)","","Excluding Fortitude Re Funds Withheld Assets","","Fortitude Re Funds Withheld Assets","","Total"],["December 31, 2024"],["Bonds available-for-sale:"],["U.S. government and government-sponsored entities","","$","1,127","","$","241","","$","1,368"],["Obligations of states, municipalities and political subdivisions","","4,085","","576","","4,661"],["Non-U.S. governments","","3,670","","234","","3,904"],["Corporate debt","","95,943","","10,535","","106,478"],["Mortgage-backed, asset-backed and collateralized:"],["RMBS","","15,274","","510","","15,784"],["CMBS","","9,127","","450","","9,577"],["CLO","","9,985","","133","","10,118"],["ABS","","18,375","","575","","18,950"],["Total mortgage-backed, asset-backed and collateralized","","52,761","","1,668","","54,429"],["Total bonds available-for-sale","","157,586","","13,254","","170,840"],["Other bond securities","","348","","","4,914","","5,262"],["Total fixed maturities","","157,934","","18,168","","176,102"],["Equity securities","","56","","\u2014","","56"],["Mortgage and other loans receivable:"],["Residential mortgages","","12,671","","\u2014","","12,671"],["Commercial mortgages","","32,094","","3,075","","35,169"],["Life insurance policy loans","","1,411","","315","","1,726"],["Commercial loans, other loans and notes receivable","","3,053","","149","","3,202"],["Total mortgage and other loans receivable(a)","","49,229","","3,539","","52,768"],["Other invested assets(b)","","7,800","","2,051","","9,851"],["Short-term investments","","4,707","","274","","4,981"],["Total(c)","","$","219,726","","$","24,032","","$","243,758"],["December 31, 2023"],["Bonds available-for-sale:"],["U.S. government and government-sponsored entities","","$","946","","","$","274","","","$","1,220"],["Obligations of states, municipalities and political subdivisions","","5,178","","","653","","","5,831"],["Non-U.S. governments","","3,782","","","275","","","4,057"],["Corporate debt","","94,118","","","11,964","","","106,082"],["Mortgage-backed, asset-backed and collateralized:"],["RMBS","","13,531","","","746","","","14,277"],["CMBS","","9,493","","","488","","","9,981"],["CLO","","10,938","","","206","","","11,144"],["ABS","","13,337","","","598","","","13,935"],["Total mortgage-backed, asset-backed and collateralized","","47,299","","","2,038","","","49,337"],["Total bonds available-for-sale","","151,323","","","15,204","","","166,527"],["Other bond securities","","366","","","4,212","","","4,578"],["Total fixed maturities","","151,689","","","19,416","","","171,105"],["Equity securities","","63","","","\u2014","","","63"],["Mortgage and other loans receivable:"],["Residential mortgages","","8,428","","","\u2014","","","8,428"],["Commercial mortgages","","30,354","","","3,204","","","33,558"],["Life insurance policy loans","","1,416","","","330","","","1,746"],["Commercial loans, other loans and notes receivable","","2,961","","","174","","","3,135"],["Total mortgage and other loans receivable(a)","","43,159","","","3,708","","","46,867"],["Other invested assets(b)","","8,163","","","2,094","","","10,257"],["Short-term investments","","4,207","","","129","","","4,336"],["Total(c)","","$","207,281","","","$","25,347","","","$","232,628"]]
[[/GREPCENT_TABLE]]

(a)Net of total allowance for credit losses for $771 million and $698 million at December 31, 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 December 31, 2024 and December 31, 2023, respectively, which are generally reported on a one-quarter lag.

(c)Includes the consolidation of approximately $4.9 billion and $5.9 billion of consolidated investment entities at December 31, 2024 and December 31, 2023, respectively.

Corebridge | 2024 Form 10-K 104

TABLE OF CONTENTS

ITEM 7 | Investments

The following table presents carrying amounts of our total investments for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

[[GREPCENT_TABLE]]
[["(in millions)","","December 31, 2024","","December 31, 2023"],["Bonds available-for-sale:"],["U.S. government and government-sponsored entities","","$","1,127","","$","945"],["Obligations of states, municipalities and political subdivisions","","4,085","","5,178"],["Non-U.S. governments","","3,669","","3,782"],["Corporate debt"],["Public credit","","75,491","","73,014"],["Private credit","","20,802","","21,388"],["Total corporate debt","","96,293","","94,402"],["Mortgage-backed, asset-backed and collateralized:"],["RMBS","","15,754","","13,941"],["CMBS","","9,127","","9,493"],["CLO","","9,933","","10,893"],["ABS","","18,374","","13,337"],["Total mortgage-backed, asset-backed and collateralized","","53,188","","47,664"],["Total bonds available-for-sale","","158,362","","151,971"],["Other bond securities","","312","","329"],["Total fixed maturities","","158,674","","152,300"],["Equity securities","","53","","55"],["Mortgage and other loans receivable:"],["Residential mortgages","","11,128","","6,869"],["Commercial mortgages","","32,660","","30,892"],["Commercial loans, other loans and notes receivable","","3,133","","3,040"],["Total mortgage and other loans receivable(a)(b)","","46,921","","40,801"],["Other invested assets"],["Hedge funds","","132","","222"],["Private equity(c)","","5,540","","5,012"],["Real estate investments","","313","","270"],["Other invested assets - All other","","308","","290"],["Total other invested assets","","6,293","","5,794"],["Short-term investments","","4,428","","3,881"],["Total(d)","","$","216,369","","$","202,831"]]
[[/GREPCENT_TABLE]]

(a)Does not reflect allowance for credit loss on mortgage loans of $710 million and $623 million at December 31, 2024 and December 31, 2023, respectively.

(b)Does not reflect policy loans of $1.4 billion and $1.4 billion at December 31, 2024 and December 31, 2023, respectively.

(c)Private equity funds are generally reported on a one-quarter lag.

(d)Excludes approximately $4.9 billion and $5.9 billion of consolidated investment entities as well as $2.3 billion and $2.3 billion of eliminations primarily between the consolidated investment entities and the insurance operating companies at December 31, 2024 and December 31, 2023, respectively.

Credit Ratings

At December 31, 2024, nearly all our fixed maturity securities were held by our U.S. entities and 93% of these securities were rated investment grade by one or more of the principal rating agencies.

Moody’s, Standard & Poor’s Financial Services LLC (“S&P”), Fitch or similar foreign rating services rate a significant portion of our foreign entities’ fixed maturity securities portfolio. Rating services are not available for some foreign-issued securities. Our Investments team, with oversight from credit risk management, closely reviews the credit quality of the foreign portfolio’s non-rated fixed maturity securities.

Corebridge | 2024 Form 10-K 105

TABLE OF CONTENTS

ITEM 7 | Investments

NAIC Designations of Fixed Maturity Securities    

The Securities Valuation Office (“SVO”) of the NAIC evaluates the investments of U.S. insurers for statutory reporting purposes and assigns fixed maturity securities to one of six categories called ‘NAIC Designations.’ In general, NAIC Designations of ‘1,’ highest quality, or ‘2,’ high quality, include fixed maturity securities considered investment grade, while NAIC Designations of ‘3’ through ‘6’ generally include fixed maturity securities referred to as below investment grade. NAIC Designations for non-agency RMBS and CMBS are calculated using third-party modeling results provided through the NAIC. These methodologies result in an improved NAIC Designation for such securities compared to the rating typically assigned by the three major rating agencies. The following tables summarize the ratings distribution of our subsidiaries’ fixed maturity security portfolio by NAIC Designation, and the distribution by composite our credit rating, which is generally based on ratings of the three major rating agencies. As of December 31, 2024 and December 31, 2023, 95% and 95%, respectively, of our fixed maturity security portfolio, excluding Fortitude Re funds withheld assets, were investment grade. The fixed maturity security portfolio of our insurance operating subsidiaries, excluding the Fortitude Re funds withheld assets, was 95% and 95% investment grade as of December 31, 2024 and December 31, 2023, respectively. The remaining below investment grade securities that are not included in consolidated investment entities relate to middle market and high yield bank loans securities.

The following tables present the fixed maturity security portfolio categorized by NAIC Designation, at fair value:

[[GREPCENT_TABLE]]
[["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"],["December 31, 2024"],["Other fixed maturity securities","","$","46,274","$","51,348","$","97,622","","$","4,151","$","2,499","$","524","$","73","$","7,247","","$","104,869"],["Mortgage-backed, asset-backed and collateralized","","44,725","7,617","52,342","","371","172","69","","17","629","","52,971"],["Total(b)","","$","90,999","$","58,965","$","149,964","","$","4,522","$","2,671","$","593","$","90","$","7,876","","$","157,840"],["Fortitude Re funds withheld assets","","","","","","","","","","","","$","18,168"],["Total fixed maturities","","","","","","","","","","","","$","176,008"],["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"]]
[[/GREPCENT_TABLE]]

(a)Includes $2 million and $1 million of consolidated CLOs that are rated NAIC 4 and 5, respectively, as of December 31, 2024 and $63 million and $6 million of NAIC 4 and 5 securities, respectively, as of December 31, 2023. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(b)Excludes $94 million and $79 million of fixed maturity securities for which no NAIC Designation is available at December 31, 2024 and December 31, 2023, respectively.

The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value, for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

[[GREPCENT_TABLE]]
[["(in millions)","","December 31, 2024","","December 31, 2023"],["NAIC 1","","$","91,475","","$","91,207"],["NAIC 2","","59,320","","53,029"],["NAIC 3","","4,525","","4,408"],["NAIC 4","","2,671","","3,147"],["NAIC 5 and 6","","683","","496"],["Total(a)(b)","","$","158,674","","$","152,287"]]
[[/GREPCENT_TABLE]]

(a)Excludes approximately $61 million and $121 million of consolidated investment entities and $800 million and $732 million of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at December 31, 2024 and December 31, 2023, respectively.

(b)Excludes $0 million and $13 million of fixed maturity securities for which no NAIC Designation is available at December 31, 2024 and December 31, 2023, respectively.

Corebridge | 2024 Form 10-K 106

TABLE OF CONTENTS

ITEM 7 | 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:

[[GREPCENT_TABLE]]
[["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"],["December 31, 2024"],["Other fixed maturity securities","","$","46,770","","$","50,941","","$","97,711","","$","4,058","","$","2,538","","$","562","","$","7,158","","$","104,869"],["Mortgage-backed, asset-backed and collateralized","","41,521","","8,358","","49,879","","427","","371","","2,294","","3,092","","52,971"],["Total(c)","","$","88,291","","$","59,299","","$","147,590","","$","4,485","","$","2,909","","$","2,856","","$","10,250","","$","157,840"],["Fortitude Re funds withheld assets","","","","","","","","","","","","","","","","$","18,168"],["Total fixed maturities","","","","","","","","","","","","","","","","$","176,008"],["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"]]
[[/GREPCENT_TABLE]]

(a)Includes $1.5 billion and $2.7 billion at December 31, 2024 and December 31, 2023, respectively, of certain RMBS that had experienced deterioration in credit quality since its origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

(b)Includes $3 million of consolidated CLOs as of December 31, 2024 and $76 million as of December 31, 2023. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(c)Excludes $94 million and $79 million of fixed maturity securities for which no NAIC Designation is available at December 31, 2024 and December 31, 2023, respectively.

The following table presents the fixed maturity security portfolio categorized by composite Corebridge credit rating (as described below), at fair value for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

[[GREPCENT_TABLE]]
[["(in millions)","","AAA/AA/A","","BBB","","Total Investment Grade","","BB","","B","","CCC and Lower","","Total Below Investment Grade","","Total"],["December 31, 2024"],["Other fixed maturity securities","","$","46,770","","$","51,291","","$","98,061","","$","4,055","","$","2,537","","$","561","","$","7,153","","$","105,214"],["Mortgage-backed, asset-backed and collateralized","","41,985","","8,375","","50,360","","433","","373","","2,294","","3,100","","53,460"],["Total fixed maturities(a)(b)","","$","88,755","","$","59,666","","$","148,421","","$","4,488","","$","2,910","","$","2,855","","$","10,253","","$","158,674"],["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"]]
[[/GREPCENT_TABLE]]

(a)Excludes approximately $61 million and $121 million of consolidated investment entities and $800 million and $732 million of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at December 31, 2024 and December 31, 2023, respectively.

(b)Excludes $0 million and $13 million of fixed maturity securities for which no NAIC Designation is available at December 31, 2024 and December 31, 2023, respectively.

For a discussion of credit risks associated with investments, see “Business—Investment Management—Credit Risk.”

Corebridge | 2024 Form 10-K 107

TABLE OF CONTENTS

ITEM 7 | Investments

The following tables present the composite Corebridge credit ratings of our fixed maturity securities calculated based on their fair value:

[[GREPCENT_TABLE]]
[["","","Available-for-Sale","","Other Fixed Maturity Securities, at Fair Value","","Total"],["Excluding Fortitude FundsWithheld Assets(in millions)","","December 31, 2024","","December 31, 2023","","December 31, 2024","","December 31, 2023","","December 31, 2024","","December 31, 2023"],["Rating:"],["Other fixed maturity securities*"],["AAA","","$","1,472","","$","1,656","","$","\u2014","","$","\u2014","","$","1,472","","$","1,656"],["AA","","21,297","","21,970","","16","","14","","21,313","","21,984"],["A","","23,985","","26,193","","\u2014","","\u2014","","23,985","","26,193"],["BBB","","50,924","","46,688","","17","","18","","50,941","","46,706"],["Below investment grade","","7,143","","7,506","","9","","10","","7,152","","7,516"],["Non-rated","","4","","11","","2","","\u2014","","6","","11"],["Total","","$","104,825","","$","104,024","","$","44","","$","42","","$","104,869","","$","104,066"],["Mortgage-backed, asset-"],["backed and collateralized"],["AAA","","$","10,679","","$","9,720","","$","12","","$","19","","$","10,691","","$","9,739"],["AA","","23,053","","20,577","","74","","83","","23,127","","20,660"],["A","","7,599","","7,293","","104","","103","","7,703","","7,396"],["BBB","","8,306","","6,383","","52","","56","","8,358","","6,439"],["Below investment grade","","3,070","","3,297","","21","","19","","3,091","","3,316"],["Non-rated","","54","","29","","41","","44","","95","","73"],["Total","","$","52,761","","$","47,299","","$","304","","$","324","","$","53,065","","$","47,623"],["Total"],["AAA","","$","12,151","","$","11,376","","$","12","","$","19","","$","12,163","","$","11,395"],["AA","","44,350","","42,547","","90","","97","","44,440","","42,644"],["A","","31,584","","33,486","","104","","103","","31,688","","33,589"],["BBB","","59,230","","53,071","","69","","74","","59,299","","53,145"],["Below investment grade","","10,213","","10,803","","30","","29","","10,243","","10,832"],["Non-rated","","58","","40","","43","","44","","101","","84"],["Total","","$","157,586","","$","151,323","","$","348","","$","366","","$","157,934","","$","151,689"]]
[[/GREPCENT_TABLE]]

Corebridge | 2024 Form 10-K 108

TABLE OF CONTENTS

ITEM 7 | Investments

[[GREPCENT_TABLE]]
[["","","Available-for-Sale","","Other Fixed Maturity Securities, at Fair Value","","Total"],["Fortitude Re Funds Withheld Assets (in millions)","","December 31, 2024","","December 31, 2023","","December 31, 2024","","December 31, 2023","","December 31, 2024","","December 31, 2023"],["Rating:"],["Other fixed maturity securities*"],["AAA","","$","342","","$","387","","$","21","","","$","23","","","$","363","","$","410"],["AA","","3,128","","3,603","","1,092","","795","","4,220","","4,398"],["A","","3,217","","3,559","","142","","158","","3,359","","3,717"],["BBB","","4,513","","5,084","","1,461","","1,225","","5,974","","6,309"],["Below investment grade","","386","","533","","421","","457","","807","","990"],["Non-rated","","\u2014","","\u2014","","4","","6","","4","","6"],["Total","","$","11,586","","$","13,166","","$","3,141","","$","2,664","","$","14,727","","$","15,830"],["Mortgage-backed, asset- backed and collateralized"],["AAA","","$","117","","$","141","","$","80","","$","117","","$","197","","$","258"],["AA","","740","","770","","691","","555","","1,431","","1,325"],["A","","171","","238","","217","","225","","388","","463"],["BBB","","326","","361","","718","","591","","1,044","","952"],["Below investment grade","","314","","526","","66","","59","","380","","585"],["Non-rated","","\u2014","","2","","1","","1","","1","","3"],["Total","","$","1,668","","$","2,038","","$","1,773","","$","1,548","","$","3,441","","$","3,586"],["Total"],["AAA","","$","459","","$","528","","$","101","","$","140","","$","560","","$","668"],["AA","","3,868","","4,373","","1,783","","1,350","","5,651","","5,723"],["A","","3,388","","3,797","","359","","383","","3,747","","4,180"],["BBB","","4,839","","5,445","","2,179","","1,816","","7,018","","7,261"],["Below investment grade","","700","","1,059","","487","","516","","1,187","","1,575"],["Non-rated","","\u2014","","2","","5","","7","","5","","9"],["Total","","$","13,254","","$","15,204","","$","4,914","","$","4,212","","$","18,168","","$","19,416"]]
[[/GREPCENT_TABLE]]

Corebridge | 2024 Form 10-K 109

TABLE OF CONTENTS

ITEM 7 | Investments

[[GREPCENT_TABLE]]
[["","","Available-for-Sale","","Other Fixed Maturity Securities, at Fair Value","","Total"],["Total(in millions)","","December 31, 2024","","December 31, 2023","","December 31, 2024","","December 31, 2023","","December 31, 2024","","December 31, 2023"],["Rating:"],["Other fixed maturity securities*"],["AAA","","$","1,814","","$","2,043","","$","21","","$","23","","","$","1,835","","$","2,066"],["AA","","24,425","","25,573","","1,108","","809","","25,533","","26,382"],["A","","27,202","","29,752","","142","","158","","27,344","","29,910"],["BBB","","55,437","","51,772","","1,478","","1,243","","56,915","","53,015"],["Below investment grade","","7,529","","8,039","","430","","467","","7,959","","8,506"],["Non-rated","","4","","11","","6","","6","","10","","17"],["Total","","$","116,411","","$","117,190","","$","3,185","","$","2,706","","$","119,596","","$","119,896"],["Mortgage-backed, asset-backed and collateralized"],["AAA","","$","10,796","","$","9,861","","$","92","","$","136","","$","10,888","","$","9,997"],["AA","","23,793","","21,347","","765","","638","","24,558","","21,985"],["A","","7,770","","7,531","","321","","328","","8,091","","7,859"],["BBB","","8,632","","6,744","","770","","647","","9,402","","7,391"],["Below investment grade","","3,384","","3,823","","87","","78","","3,471","","3,901"],["Non-rated","","54","","31","","42","","45","","96","","76"],["Total","","$","54,429","","$","49,337","","$","2,077","","$","1,872","","$","56,506","","$","51,209"],["Total"],["AAA","","$","12,610","","$","11,904","","$","113","","$","159","","$","12,723","","$","12,063"],["AA","","48,218","","46,920","","1,873","","1,447","","50,091","","48,367"],["A","","34,972","","37,283","","463","","486","","35,435","","37,769"],["BBB","","64,069","","58,516","","2,248","","1,890","","66,317","","60,406"],["Below investment grade","","10,913","","11,862","","517","","545","","11,430","","12,407"],["Non-rated","","58","","42","","48","","51","","106","","93"],["Total","","$","170,840","","$","166,527","","$","5,262","","$","4,578","","$","176,102","","$","171,105"]]
[[/GREPCENT_TABLE]]

*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:

[[GREPCENT_TABLE]]
[["","","December 31, 2024","","December 31, 2023"],["(in millions)","","Excluding Fortitude Re Funds Withheld Assets","","Fortitude Re Funds Withheld Assets","","Total","","Excluding Fortitude Re Funds Withheld Assets","","Fortitude Re Funds Withheld Assets","","Total"],["Chile","","$","425","","$","13","","$","438","","$","357","","$","13","","$","370"],["Indonesia","","322","","30","","352","","344","","23","","367"],["Mexico","","268","","17","","285","","257","","13","","270"],["France","","262","","18","","280","","229","","18","","247"],["United Arab Emirates","","205","","1","","206","","221","","4","","225"],["Qatar","","191","","41","","232","","204","","61","","265"],["Saudi Arabia","","189","","18","","207","","185","","20","","205"],["Colombia","","148","","25","","173","","155","","26","","181"],["Norway","","144","","\u2014","","144","","160","","\u2014","","160"],["Peru","","140","","4","","144","","140","","8","","148"],["Other","","1,377","","93","","1,470","","1,530","","102","","1,632"],["Total*","","$","3,671","","$","260","","$","3,931","","$","3,782","","$","288","","$","4,070"]]
[[/GREPCENT_TABLE]]

*Includes bonds available-for-sale and other bond securities.

Corebridge | 2024 Form 10-K 110

TABLE OF CONTENTS

ITEM 7 | Investments

Investments in Corporate Debt Securities

The following table presents the industry categories of our available-for-sale corporate debt securities:

[[GREPCENT_TABLE]]
[["","","December 31, 2024","","December 31, 2023"],["","","Fair Value","","Fair Value"],["(in millions)","","Excluding Fortitude Re Funds Withheld Assets","","Fortitude Re Funds Withheld Assets","","Total","","Excluding Fortitude Re Funds Withheld Assets","","Fortitude Re Funds Withheld Assets","","Total"],["Industry Category:"],["Financial institutions","","$","27,043","","$","2,199","","$","29,242","","$","25,875","","$","2,429","","$","28,304"],["Utilities","","14,815","","2,327","","17,142","","14,108","","2,545","","16,653"],["Communications","","5,757","","593","","6,350","","5,957","","730","","6,687"],["Consumer noncyclical","","11,553","","1,247","","12,800","","12,093","","1,444","","13,537"],["Capital goods","","3,767","","360","","4,127","","4,230","","412","","4,642"],["Energy","","9,238","","929","","10,167","","8,323","","1,096","","9,419"],["Consumer cyclical","","5,464","","440","","5,904","","5,114","","520","","5,634"],["Basic materials","","3,568","","279","","3,847","","3,141","","350","","3,491"],["Other","","14,738","","2,161","","16,899","","15,277","","2,438","","17,715"],["Total*","","$","95,943","","$","10,535","","$","106,478","","$","94,118","","$","11,964","","$","106,082"]]
[[/GREPCENT_TABLE]]

*    93% and 93% of investments were rated investment grade at December 31, 2024 and December 31, 2023, respectively.

Corebridge | 2024 Form 10-K 111

TABLE OF CONTENTS

ITEM 7 | Investments

Investments in RMBS

The following table presents our RMBS available-for-sale securities:

[[GREPCENT_TABLE]]
[["","","December 31, 2024","","December 31, 2023"],["(in millions)","","Fair Value","","Percent of Total","","Fair Value","","Percent of Total"],["Agency RMBS","","$","3,683","","25%","","$","4,218","","31%"],["AAA","","5","","","","20"],["AA","","3,678","","","","4,198"],["A","","\u2014","","","","\u2014"],["BBB","","\u2014","","","","\u2014"],["Below investment grade","","\u2014","","","","\u2014"],["Non-rated","","\u2014","","","","\u2014"],["Alt-A RMBS","","3,349","","22%","","3,147","","23%"],["AAA","","975","","","","692"],["AA","","707","","","","685"],["A","","72","","","","38"],["BBB","","59","","","","54"],["Below investment grade","","1,536","","","","1,678"],["Non-rated","","\u2014","","","","\u2014"],["Sub-prime RMBS","","1,042","","7%","","1,124","","8%"],["AAA","","7","","","","\u2014"],["AA","","74","","","","78"],["A","","87","","","","60"],["BBB","","28","","","","50"],["Below investment grade","","846","","","","936"],["Non-rated","","\u2014","","","","\u2014"],["Prime non-agency","","3,272","","21%","","2,399","","18%"],["AAA","","1,784","","","","1,163"],["AA","","823","","","","847"],["A","","299","","","","198"],["BBB","","258","","","","76"],["Below investment grade","","107","","","","113"],["Non-rated","","1","","","","2"],["Other housing related","","3,928","","25%","","2,643","","20%"],["AAA","","2,694","","","","1,822"],["AA","","628","","","","465"],["A","","397","","","","246"],["BBB","","197","","","","93"],["Below investment grade","","12","","","","13"],["Non-rated","","\u2014","","","","4"],["Total RMBS excluding Fortitude Re funds withheld assets","","15,274","","100","%","","13,531","","100%"],["Total RMBS Fortitude Re funds withheld assets","","510","","","","746"],["Total RMBS*","","$","15,784","","","","$","14,277"]]
[[/GREPCENT_TABLE]]

*    Includes $1.5 billion and $2.7 billion at December 31, 2024 and December 31, 2023, respectively, of certain RMBS that had experienced deterioration in credit quality since their origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

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 | 2024 Form 10-K 112

TABLE OF CONTENTS

ITEM 7 | Investments

Investments in CMBS

The following table presents our CMBS available-for-sale securities:

[[GREPCENT_TABLE]]
[["","","December 31, 2024","","December 31, 2023"],["(in millions)","","Fair Value","","Percent of Total","","Fair Value","","Percent of Total"],["CMBS (traditional)","","$","8,098","","88","%","","$","8,265","","87","%"],["AAA","","3,143","","","","3,691"],["AA","","3,087","","","","2,855"],["A","","774","","","","753"],["BBB","","740","","","","621"],["Below investment grade","","354","","","","345"],["Non-rated","","\u2014","","","","\u2014"],["Agency","","871","","10","%","","815","","9","%"],["AAA","","3","","","","3"],["AA","","868","","","","812"],["A","","\u2014","","","","\u2014"],["BBB","","\u2014","","","","\u2014"],["Below investment grade","","\u2014","","","","\u2014"],["Non-rated","","\u2014","","","","\u2014"],["Other","","158","","2","%","","413","","4","%"],["AAA","","42","","","","91"],["AA","","4","","","","130"],["A","","15","","","","100"],["BBB","","97","","","","92"],["Below investment grade","","\u2014","","","","\u2014"],["Non-rated","","\u2014","","","","\u2014"],["Total excluding Fortitude Re funds withheld assets","","9,127","","100","%","","9,493","","100","%"],["Total Fortitude Re funds withheld assets","","450","","","","488"],["Total","","$","9,577","","","","$","9,981"]]
[[/GREPCENT_TABLE]]

The fair value of CMBS holdings increased slightly during the year ended December 31, 2024. The majority of our investments in CMBS are in tranches that contain substantial protection features through collateral subordination.

Corebridge | 2024 Form 10-K 113

TABLE OF CONTENTS

ITEM 7 | Investments

Investments in ABS/CLOs

The following table presents our ABS/CLO available-for-sale securities by collateral type:

[[GREPCENT_TABLE]]
[["","","December 31, 2024","","December 31, 2023"],["(dollars in millions)","","Fair Value","","Percent of Total","","Fair Value","","Percent of Total"],["CDO - bank loan (CLO)","","$","9,983","","35","%","","$","10,808","","44","%"],["AAA","","1,435","","","","1,741"],["AA","","4,929","","","","5,246"],["A","","2,548","","","","3,058"],["BBB","","1,008","","","","727"],["Below investment grade","","10","","","","13"],["Non-rated","","53","","","","23"],["CDO - other","","2","","\u2014","%","","130","","1","%"],["AAA","","\u2014","","","","1"],["AA","","\u2014","","","","125"],["A","","\u2014","","","","","\u2014"],["BBB","","\u2014","","","","","1"],["Below investment grade","","2","","","","","3"],["Non-rated","","\u2014","","","","\u2014"],["ABS","","18,375","","65","%","","13,337","","55","%"],["AAA","","593","","","","496"],["AA","","8,252","","","","5,136"],["A","","3,407","","","","2,840"],["BBB","","5,919","","","","4,669"],["Below investment grade","","204","","","","196"],["Non-rated","","\u2014","","","","\u2014"],["Total excluding Fortitude Re funds withheld assets","","28,360","","100","%","","24,275","","100","%"],["Total Fortitude Re funds withheld assets","","708","","","","804"],["Total","","$","29,068","","","","$","25,079"]]
[[/GREPCENT_TABLE]]

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:

[[GREPCENT_TABLE]]
[["December 31, 2024","","Less Than or Equal to20% of Cost(b)","","Greater Than 20% to50% of Cost(b)","","Greater Than50% 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","","$","27,114","","$","916","","2,457","","","$","1,829","","$","590","","130","","","$","\u2014","","$","\u2014","","\u2014","","","$","28,943","","$","1,506","","2,587"],["7-11 months","","4,479","","361","","329","","","1,718","","557","","143","","","1","","\u2014","","\u2014","","","6,198","","918","","472"],["12 months or more","","55,089","","5,370","","6,141","","","32,251","","10,002","","2,838","","","522","","286","","29","","","87,862","","15,658","","9,008"],["Total","","86,682","","6,647","","8,927","","","35,798","","11,149","","3,111","","","523","","286","","29","","","123,003","","18,082","","12,067"],["Below investment grade bonds"],["0-6 months","","2,204","","71","","398","","","89","","27","","19","","","3","","3","","3","","","2,296","","101","","420"],["7-11 months","","321","","21","","53","","","1","","\u2014","","1","","","\u2014","","\u2014","","2","","","322","","21","","56"],["12 months or more","","3,038","","210","","691","","","581","","173","","103","","","18","","13","","8","","","3,637","","396","","802"],["Total","","5,563","","302","","1,142","","","671","","200","","123","","","21","","16","","13","","","6,255","","518","","1,278"],["Total bonds"],["0-6 months","","29,318","","987","","2,855","","","1,918","","617","","149","","","3","","3","","3","","","31,239","","1,607","","3,007"],["7-11 months","","4,800","","382","","382","","","1,719","","557","","144","","","1","","\u2014","","2","","","6,520","","939","","528"],["12 months or more","","58,127","","5,580","","6,832","","","32,832","","10,175","","2,941","","","540","","299","","37","","","91,499","","16,054","","9,810"],["Total excluding Fortitude Re funds withheld assets","","$","92,245","","$","6,949","","10,069","","","$","36,469","","$","11,349","","3,234","","","$","544","","$","302","","42","","","$","129,258","","$","18,600","","13,345"],["Total Fortitude Re funds withheld assets","","","","","","","","","","","","","","$","15,499","","$","3,416","","702"],["Total","","","","","","","","","","","","","","$","144,757","","$","22,016","","14,047"]]
[[/GREPCENT_TABLE]]

Corebridge | 2024 Form 10-K 114

TABLE OF CONTENTS

ITEM 7 | Investments

[[GREPCENT_TABLE]]
[["December 31, 2023","","Less Than or Equal to20% of Cost(b)","","Greater than 20% to50% of Cost(b)","","Greater than50% 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","","\u2014","","","$","10,765","","$","1,140","","1,173"],["7-11 months","","9,583","","490","","880","","","2,176","","628","","178","","","4","","2","","\u2014","","","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"]]
[[/GREPCENT_TABLE]]

(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 December 31, 2024 and December 31, 2023.

(c)For bonds, represents amortized cost net of allowance.

(d)Item count is by CUSIP by subsidiary.

(e)Includes MTM movement relating to embedded derivatives.

The allowance for credit losses was $5 million and $7 million for investment grade bonds, and $114 million and $121 million for below investment grade bonds as of December 31, 2024 and December 31, 2023, respectively.

Change in Unrealized Gains and Losses on Investments

The change in net unrealized gains and losses on investments for the year ended December 31, 2024, was primarily attributable to a change in the fair value of fixed maturity securities. For the year ended December 31, 2024, net unrealized losses related to fixed maturity securities were $1.7 billion due to an increase in interest rates.

The change in net unrealized gains and losses on investments for the year ended December 31, 2023 was primarily attributable to increase in the fair value of fixed maturity securities. For the year ended December 31, 2023, net unrealized gains were $6.1 billion primarily due to narrowing of credit spreads.

For further discussion of our investment portfolio, see Notes 4 and 5 to the Consolidated Financial Statements.    

Corebridge | 2024 Form 10-K 115

TABLE OF CONTENTS

ITEM 7 | Investments

Commercial Mortgage Loans

At December 31, 2024 and December 31, 2023, we had direct commercial mortgage loan exposure of $35.8 billion and $34.2 billion, respectively. At December 31, 2024 and December 31, 2023, we had an allowance for credit losses of $626 million and $614 million, respectively.

The following tables present the commercial mortgage loan exposure by location and class of loan based on amortized cost:

[[GREPCENT_TABLE]]
[["","Number of Loans","Class","Total","","Percent of Total"],["Excluding Fortitude Re Funds Withheld Assets (dollars in millions)","","Apartments","","Offices","","Retail","","Industrial","","Hotel","","Others"],["December 31, 2024"],["State:"],["New York","70","","$","1,417","","$","3,467","","$","280","","$","512","","$","67","","$","\u2014","","","$","5,743","","18","%"],["California","57","","740","","823","","96","","1,118","","570","","12","","3,359","","10","%"],["New Jersey","71","","1,770","","5","","267","","1,128","","\u2014","","21","","3,191","","10","%"],["Texas","40","","806","","461","","454","","227","","17","","156","","2,121","","6","%"],["Massachusetts","20","","544","","888","","527","","14","","\u2014","","\u2014","","1,973","","6","%"],["Florida","46","","738","","105","","356","","298","","454","","\u2014","","1,951","","6","%"],["Illinois","21","","427","","351","","2","","117","","\u2014","","19","","916","","3","%"],["Colorado","16","","369","","42","","87","","242","","155","","\u2014","","895","","3","%"],["Pennsylvania","20","","145","","136","","189","","233","","21","","\u2014","","724","","2","%"],["Ohio","15","","60","","\u2014","","75","","363","","\u2014","","\u2014","","498","","2","%"],["Other States","107","","2,597","","179","","468","","938","","324","","27","","4,533","","13","%"],["Foreign","64","","3,450","","965","","792","","1,059","","272","","218","","6,756","","21","%"],["Total*","547","","$","13,063","","$","7,422","","$","3,593","","$","6,249","","$","1,880","","$","453","","$","32,660","","100","%"],["Fortitude Re funds withheld assets","","","","","","","","","","","","","","","$","3,135"],["Total Commercial Mortgages","","","","","","","","","","","","","","","$","35,795"],["December 31, 2023"],["State:"],["New York","69","","$","1,301","","$","3,577","","$","276","","$","392","","$","70","","$","1","","","$","5,617","","18","%"],["California","57","","665","","837","","102","","1,153","","579","","12","","3,348","","11","%"],["New Jersey","73","","2,012","","73","","256","","650","","\u2014","","21","","3,012","","10","%"],["Texas","38","","760","","609","","131","","221","","18","","\u2014","","1,739","","6","%"],["Florida","44","","632","","107","","361","","97","","455","","\u2014","","1,652","","5","%"],["Massachusetts","19","","550","","567","","492","","15","","\u2014","","\u2014","","1,624","","5","%"],["Illinois","20","","503","","353","","3","","39","","\u2014","","20","","918","","3","%"],["Colorado","15","","285","","61","","87","","70","","157","","\u2014","","660","","2","%"],["Pennsylvania","19","","128","","94","","206","","188","","23","","\u2014","","639","","2","%"],["Ohio","19","","78","","6","","80","","407","","\u2014","","\u2014","","571","","2","%"],["Other States","105","","2,273","","221","","505","","699","","144","","47","","3,889","","13","%"],["Foreign","72","","3,479","","1,069","","728","","1,432","","291","","224","","7,223","","23","%"],["Total*","550","","$","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"]]
[[/GREPCENT_TABLE]]

*Does not reflect allowance for credit losses.

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ITEM 7 | Investments

The following tables present debt service coverage ratios and loan-to-value ratios for commercial mortgages:

[[GREPCENT_TABLE]]
[["","","Debt Service Coverage Ratios(a)"],["(in millions)","","1.20X","","1.00X - 1.20X","","1.00X","","Total"],["December 31, 2024"],["Loan-to-value ratios(b)"],["Less than 65%","","$","20,375","","$","2,049","","$","209","","$","22,633"],["65% to 75%","","6,539","","593","","32","","7,164"],["76% to 80%","","552","","158","","\u2014","","710"],["Greater than 80%","","1,036","","311","","806","","2,153"],["Total commercial mortgages excluding Fortitude Re(c)","","$","28,502","","$","3,111","","$","1,047","","$","32,660"],["Total commercial mortgages including Fortitude Re","","","","","","","","$","3,135"],["Total commercial mortgages","","","","","","","","$","35,795"],["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"]]
[[/GREPCENT_TABLE]]

(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 December 31, 2024 and December 31, 2023. The debt service coverage ratios are updated when additional relevant information becomes available.

(b)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 60% at December 31, 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 December 31, 2024 and December 31, 2023, we had direct residential mortgage loan exposure of $12.7 billion and $8.4 billion, respectively.

The following tables present credit quality performance indicators for residential mortgages by year of vintage:

[[GREPCENT_TABLE]]
[["December 31, 2024"],["(in millions)","","2024","","2023","","2022","","2021","","2020","","Prior","","Total"],["FICO:(a)"],["780 and greater","","$","1,075","","$","667","","$","690","","$","2,258","","$","617","","$","863","","$","6,170"],["720 - 779","","1,647","","1,095","","579","","582","","149","","440","","4,492"],["660 - 719","","609","","355","","235","","150","","38","","336","","1,723"],["600 - 659","","15","","12","","34","","25","","10","","146","","242"],["Less than 600","","3","","2","","19","","12","","5","","67","","108"],["Total residential mortgages(b)(c)","","$","3,349","","$","2,131","","$","1,557","","$","3,027","","$","819","","$","1,852","","$","12,735"]]
[[/GREPCENT_TABLE]]

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ITEM 7 | Investments

[[GREPCENT_TABLE]]
[["December 31, 2023"],["(in millions)","","2023","","2022","","2021","","2020","","2019","","Prior","","Total"],["FICO:(a)"],["780 and greater","","$","514","","$","528","","$","2,280","","$","619","","$","239","","$","497","","$","4,677"],["720 - 779","","1,121","","608","","558","","168","","99","","209","","2,763"],["660 - 719","","313","","256","","113","","40","","37","","120","","879"],["600 - 659","","2","","20","","11","","8","","9","","51","","101"],["Less than 600","","\u2014","","\u2014","","2","","2","","4","","17","","25"],["Total residential mortgages(b)(c)","","$","1,950","","$","1,412","","$","2,964","","$","837","","$","388","","$","894","","$","8,445"]]
[[/GREPCENT_TABLE]]

(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 December 31, 2024 and December 31, 2023 residential loans direct to consumers totaled $8.4 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 Consolidated Financial Statements.

[[GREPCENT_TABLE]]
[["Years Ended December 31,","","2024","","2023","","2022"],["(in millions)","","Excluding Fortitude Re Funds Withheld Assets","","Fortitude Re Funds Withheld Assets","","Total","","Excluding Fortitude Re Funds Withheld Assets","","Fortitude Re Funds Withheld Assets","","Total","","Excluding Fortitude Re Funds Withheld Assets","","Fortitude Re Funds Withheld Assets","","Total"],["Sales of fixed maturity securities","","$","(1,141)","","","$","(53)","","","$","(1,194)","","","$","(278)","","","$","(73)","","","$","(351)","","","$","(325)","","","$","(232)","","","$","(557)"],["Intent to Sell","","(15)","","","(32)","","","(47)","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","\u2014"],["Change in allowance for credit losses on fixed maturity securities","","(237)","","","(7)","","","(244)","","","(162)","","","(9)","","","(171)","","","(115)","","","(31)","","","(146)"],["Change in allowance for credit losses on loans","","(66)","","","18","","","(48)","","","(138)","","","(66)","","","(204)","","","(76)","","","(44)","","","(120)"],["Foreign exchange transactions, net of related hedges","","134","","","7","","","141","","","(195)","","","(10)","","","(205)","","","695","","","61","","","756"],["Index-linked interest credited embedded derivatives, net of related hedges","","(19)","","","\u2014","","","(19)","","","(776)","","","\u2014","","","(776)","","","(117)","","","\u2014","","","(117)"],["All other derivatives and hedge accounting*","","128","","","(202)","","","(74)","","","(53)","","","(66)","","","(119)","","","(43)","","","(181)","","","(224)"],["Sales of alternative investments and real estate investments","","159","","","21","","","180","","","50","","","(2)","","","48","","","179","","","43","","","222"],["Other","","(60)","","","\u2014","","","(60)","","","(62)","","","2","","","(60)","","","(57)","","","(13)","","","(70)"],["Net realized gains (losses) \u2013 excluding Fortitude Re funds withheld embedded derivative","","(1,117)","","","(248)","","","(1,365)","","","(1,614)","","","(224)","","","(1,838)","","","141","","","(397)","","","(256)"],["Net realized gains (losses) on Fortitude Re funds withheld embedded derivative","","\u2014","","","(518)","","","(518)","","","\u2014","","","(1,734)","","","(1,734)","","","\u2014","","","6,347","","","6,347"],["Net realized gains (losses)","","$","(1,117)","","","$","(766)","","","$","(1,883)","","","$","(1,614)","","","$","(1,958)","","","$","(3,572)","","","$","141","","","$","5,950","","","$","6,091"]]
[[/GREPCENT_TABLE]]

*    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 Consolidated Financial Statements.

Lower net realized losses excluding Fortitude Re funds withheld assets in the year ended December 31, 2024 compared to the year ended December 31, 2023 were due primarily to lower losses on index-linked interest credited embedded derivatives, net of related hedges partially offset by higher losses on sales of fixed maturity securities. Net realized losses excluding Fortitude Re funds withheld assets in the year ended December 31, 2023 compared to the gains in the year ended December 31, 2022 were primarily due to higher losses on index-linked interest credited embedded derivatives, net of related hedges and losses on foreign exchange transactions compared to gains on foreign exchange transactions in the same period in 2022.

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 the 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 caused the embedded derivatives to be less sensitive to changes in market rates than hedge portfolio.

Net realized gains (losses) on Fortitude Re funds withheld assets primarily reflect changes in the valuation of the modified coinsurance and funds withheld assets. Increases in the valuation of these assets result in losses to Corebridge as the appreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. Decreases in valuation of the assets result in gains to Corebridge as the depreciation on the assets under those reinsurance agreements must be transferred to Fortitude Re.

For further discussion of our investment portfolio, see Note 5 to the Consolidated Financial Statements.

Corebridge | 2024 Form 10-K 118

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ITEM 7 | Investments

Other Invested Assets

We seek to enhance returns through investment in a diversified portfolio of alternative asset classes, including private equity, real estate equity and hedge funds.

The following table presents the carrying value of our other invested assets by type:

[[GREPCENT_TABLE]]
[["","","December 31, 2024","","December 31, 2023"],["(in millions)","","Excluding Fortitude Re Funds Withheld Assets","Fortitude Re Funds Withheld Assets","Total","","Excluding Fortitude Re Funds Withheld Assets","Fortitude Re Funds Withheld Assets","Total"],["Alternative investments(a)","","$","5,936","$","1,893","$","7,829","","$","5,780","$","1,910","$","7,690"],["Investment real estate(b)","","1,268","158","1,426","","1,748","184","1,932"],["All other investments(c)","","596","\u2014","596","","635","\u2014","635"],["Total","","$","7,800","$","2,051","$","9,851","","$","8,163","$","2,094","$","10,257"]]
[[/GREPCENT_TABLE]]

(a)At December 31, 2024, included hedge funds of $210 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 $528 million and $680 million as of December 31, 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 December 31, 2024 and December 31, 2023, respectively.

Derivatives and Hedge Accounting

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

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

Credit risk associated with derivative counterparties exists for a derivative contract when that contract has a positive fair value to us. The maximum potential exposure may increase or decrease during the life of the derivative commitments as a function of maturity and market conditions. All derivative transactions must be transacted within counterparty limits.

We utilize various credit enhancements, including guarantees, collateral, credit triggers and margin agreements, to reduce the credit risk related to outstanding financial derivative transactions. We require credit enhancements in connection with specific transactions based on, among other things, the creditworthiness of the counterparties and the transaction size and maturity. Furthermore, we enter into certain agreements that have the benefit of set-off and close-out netting provisions, such as ISDA Master Agreements. These provisions provide that, in the case of an early termination of a transaction, we can set off receivables from a counterparty against payables to the same counterparty arising out of all covered transactions. As a result, where a legally enforceable netting agreement exists, the fair value of the transaction with the counterparty represents the net sum of estimated fair values.

For additional information on embedded derivatives, see Notes 4 and 9 to the Consolidated Financial Statements.

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ITEM 7 | Investments

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

[[GREPCENT_TABLE]]
[["","","December 31, 2024","","December 31, 2023"],["","","Gross Derivative Assets","","Gross Derivative Liabilities","","Gross Derivative Assets","","Gross Derivative Liabilities"],["(in millions)","","Notional Amount","Fair Value","","Notional Amount","Fair Value","","Notional Amount","Fair Value","","Notional Amount","Fair Value"],["Derivatives designated as hedging instruments(a)"],["Interest rate contracts","","$","2,378","$","217","","$","11,853","$","414","","$","2,213","$","238","","$","833","$","18"],["Foreign exchange contracts","","7,062","558","","978","46","","2,765","336","","4,670","159"],["Derivatives not designated as hedging instruments(a)"],["Interest rate contracts","","46,448","2,703","","36,575","3,038","","41,056","2,709","","41,225","3,260"],["Foreign exchange contracts","","10,360","713","","2,857","222","","6,229","584","","7,523","379"],["Equity contracts","","41,040","3,046","","24,117","1,546","","76,561","2,017","","14,144","745"],["Credit contracts","","\u2014","\u2014","","5","\u2014","","305","8","","5","\u2014"],["Other contracts(b)","","45,016","13","","45","2","","44,640","13","","47","2"],["Total derivatives, excluding Fortitude Re funds withheld","","$","152,304","","$","7,250","","","$","76,430","","$","5,268","","","$","173,769","","$","5,905","","","$","68,447","","$","4,563"],["Total derivatives, Fortitude Re funds withheld","","$","\u2014","$","\u2014","","$","\u2014","$","\u2014","","$","184","$","20","","$","514","$","25"],["Total derivatives, gross","","$","152,304","$","7,250","","$","76,430","$","5,268","","$","173,953","$","5,925","","$","68,961","$","4,588"],["Counterparty netting(c)","","","(4,494)","","","","(4,494)","","","","(3,646)","","","","(3,646)"],["Cash collateral(d)","","","(2,563)","","","","(664)","","","","(1,886)","","","","(801)"],["Total derivatives on Consolidated Balance Sheets(e)","","","$","193","","","$","110","","","$","393","","","$","141"]]
[[/GREPCENT_TABLE]]

(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 December 31, 2024 and December 31, 2023. Fair value of liabilities related to bifurcated embedded derivatives was $11.8 billion and $10.2 billion, respectively, at December 31, 2024 and December 31, 2023. A bifurcated embedded derivative is generally presented with the host contract in the Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities and index universal life contracts, which include equity and interest rate components, bonds available-for-sale and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7 to the Consolidated Financial Statements.

For additional information, see Note 9 to the Consolidated Financial Statements.

Corebridge | 2024 Form 10-K 120

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ITEM 7 | 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

SIGNIFICANT REINSURANCE AGREEMENTS, VARIABLE ANNUITY GUARANTEED BENEFITS AND HEDGING RESULTS AND ACTUARIAL UPDATES

The following section provides discussion of our significant reinsurance agreements, variable annuity guaranteed benefits and hedging results and actuarial updates regarding our business segments.

Significant Reinsurance Agreements

As of December 31, 2024 and December 31, 2023, approximately $24.9 billion and $26.8 billion, respectively, of liabilities from our run-off lines (i.e., certain annuities written prior to April 2013, along with exposures to whole life, long-term care (“LTC”) and exited accident and health product lines) had been ceded to Fortitude Re under modco reinsurance agreements.

Refer to “Significant Factors Impacting our Results” for additional information on the Fortitude Re reinsurance agreements.

Effective July 1, 2016, AGL entered into an agreement to cede approximately $5 billion of statutory reserves for certain whole life policies to an unaffiliated reinsurer. Effective December 31, 2016, AGL recaptured term and universal life reserves of $16 billion from AGC, subject to the NAIC’s Model Regulation “Valuation of Life Insurance Policies” (“Regulation XXX”) and NAIC Actuarial Guideline 38 (“Guideline AXXX”) and ceded approximately $14 billion of such statutory reserves to the same unaffiliated reinsurer under an amendment to the July 1, 2016 agreement. Effective March 31, 2023, AGL recaptured term life reserves of $1 billion issued from 2017 to 2019 from AGC subject to Regulation XXX and ceded approximately $2 billion of such statutory reserves to the same unaffiliated reinsurer under an amendment to the July 1, 2016 agreement. Effective September 30, 2023, AGL recaptured universal life reserves of $1 billion issued from 2017 to 2019 from AGC subject to Guideline AXXX and ceded approximately $2 billion of such statutory reserves to the same unaffiliated reinsurer under an amendment to the July 1, 2016 agreement.

For a summary of significant reinsurers, see “Accounting Policies and Pronouncements—Critical Accounting Estimates—Reinsurance Recoverable.”

For a summary of statutory permitted practices, see Note 19 to the Consolidated Financial Statements.

Variable Annuity Guaranteed Benefits and Hedging Results

For information regarding Corebridge’s Variable Annuity Guaranteed Benefits and Hedging Results for the years ended December 31, 2023 and 2022, see the 2023 Form 10-K.

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;

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ITEM 7 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

•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 4 to the Consolidated Financial Statements.

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

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

•realized volatility versus implied volatility;

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

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

The following table presents a reconciliation between the fair value of the GAAP MRBs and the value of our economic hedge target:

[[GREPCENT_TABLE]]
[["","","December 31,","","December 31,"],["(in millions)","","2024","","2023"],["Reconciliation of market risk benefits and economic hedge target:"],["Market risk benefits liability, net","","$","153","","","$","1,340"],["Exclude NPA","","(618)","","","(826)"],["Market risk benefits liability, excluding NPA","","(465)","","","514"],["Adjustments for risk margins and differences in valuation","","544","","","522"],["Economic hedge target liability","","$","79","","","$","1,036"]]
[[/GREPCENT_TABLE]]

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 year ended December 31, 2024, was primarily driven by higher equity markets, higher interest rates and the update of actuarial assumptions.

Corebridge | 2024 Form 10-K 122

TABLE OF CONTENTS

ITEM 7 | 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:

[[GREPCENT_TABLE]]
[["","","","","","","","","","","Year Ended December 31, 2024","","Year Ended December 31, 2023","","Year Ended December 31, 2022"],["(in millions)","","","","","","","","","","","","","","MRB Liability(*)","","Hedge Assets","","Net","","MRB Liability(*)","","Hedge Assets","","Net","","MRB Liability(*)","","Hedge Assets","","Net"],["Issuances","","","","","","","","","","","","","","$","(1)","","","$","\u2014","","","$","(1)","","","$","(1)","","","$","\u2014","","","$","(1)","","","$","(11)","","","$","\u2014","","","$","(11)"],["Interest accrual","","","","","","","","","","","","","","(3)","","","(241)","","","(244)","","","(43)","","","(243)","","","(286)","","","(79)","","","(283)","","","(362)"],["Attributed fees","","","","","","","","","","","","","","(737)","","","\u2014","","","(737)","","","(866)","","","\u2014","","","(866)","","","(934)","","","\u2014","","","(934)"],["Expected claims","","","","","","","","","","","","","","66","","","\u2014","","","66","","","93","","","\u2014","","","93","","","84","","","\u2014","","","84"],["Effect of changes in interest rates","","","","","","","","","","","","","","513","","","(524)","","","(11)","","","121","","","5","","","126","","","3,328","","","(2,746)","","","582"],["Effect of changes in interest rate volatility","","","","","","","","","","","","","","(12)","","","(20)","","","(32)","","","76","","","(46)","","","30","","","(288)","","","140","","","(148)"],["Effect of changes in equity markets","","","","","","","","","","","","","","1,113","","","(680)","","","433","","","1,329","","","(832)","","","497","","","(1,499)","","","1,030","","","(469)"],["Effect of changes in equity index volatility","","","","","","","","","","","","","","2","","","64","","","66","","","19","","","25","","","44","","","76","","","(32)","","","44"],["Actual outcome different from model expected outcome","","","","","","","","","","","","","","(63)","","","\u2014","","","(63)","","","(181)","","","\u2014","","","(181)","","","(203)","","","\u2014","","","(203)"],["Effect of changes in future expected policyholder behavior","","","","","","","","","","","","","","(5)","","","\u2014","","","(5)","","","\u2014","","","\u2014","","","\u2014","","","87","","","\u2014","","","87"],["Effect of changes in other future expected assumptions","","","","","","","","","","","","","","103","","","\u2014","","","103","","","115","","","\u2014","","","115","","","16","","","\u2014","","","16"],["Foreign exchange impact","","","","","","","","","","","","","","3","","","\u2014","","","3","","","1","","","\u2014","","","1","","","7","","","\u2014","","","7"],["Total impact on balance before other and changes in our own credit risk","","","","","","","","","","","","","","979","","","(1,401)","","","(422)","","","663","","","(1,091)","","","(428)","","","584","","","(1,891)","","","(1,307)"],["Other","","","","","","","","","","","","","","(3)","","","9","","","6","","","(2)","","","(43)","","","(45)","","","\u2014","","","66","","","66"],["Effect of changes in our own credit risk","","","","","","","","","","","","","","208","","","(16)","","","192","","","(347)","","","49","","","(298)","","","1,206","","","(56)","","","1,150"],["Total income (loss) impact on market risk benefits","","","","","","","","","","","","","","1,184","","","(1,408)","","","(224)","","","314","","","(1,085)","","","(771)","","","1,790","","","(1,881)","","","(91)"],["Less: impact on OCI","","","","","","","","","","","","","","208","","","(100)","","","108","","","(347)","","","59","","","(288)","","","1,206","","","(527)","","","679"],["Add: fees net of claims and ceded premiums and benefits","","","","","","","","","","","","","","679","","","\u2014","","","679","","","761","","","\u2014","","","761","","","847","","","\u2014","","","847"],["Net impact on pre-tax income (loss)","","","","","","","","","","","","","","$","1,655","","","$","(1,308)","","","$","347","","","$","1,422","","","$","(1,144)","","","$","278","","","$","1,431","","","$","(1,354)","","","$","77"],["Net change in value of economic hedge target and related hedges"],["Net impact on economic gains (losses)","","","","","","","","","","","","","","","","","","$","82","","","","","","","$","(512)","","","","","","","$","714"]]
[[/GREPCENT_TABLE]]

*MRB Liability is partially offset by MRB Assets.

Year Ended December 31, 2024

•Net impact on pre-tax income of $347 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 years ended December 31, 2024, we had a net mark-to-market gain of approximately $82 million from our hedging activities related to our economic hedge target principally driven by higher equity markets and the update to actuarial assumptions.

Update of Actuarial Assumptions and Models

For information regarding Corebridge’s Update of Actuarial Assumptions and Models for the years ended December 31, 2023 and 2022, see the 2023 Form 10-K.

We 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 product with secondary guarantees 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.

Corebridge | 2024 Form 10-K 123

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ITEM 7 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

Traditional long-duration products

For traditional long-duration products discussed below, which includes whole life insurance, term life insurance, accident and health insurance, PRT, and 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.

The net impacts to pre-tax income and APTOI because of the update of actuarial assumptions for the years ended December 31, 2024, 2023 and 2022 are shown in the following tables.

The following table presents the increase in pre-tax income resulting from the annual update of actuarial assumptions, by line item as reported in Results of Operations:

[[GREPCENT_TABLE]]
[["","","Years Ended December 31,"],["(in millions)","","2024","","","","","","2023","","2022"],["Premiums","","$","13","","","","","","","$","\u2014","","","$","\u2014"],["Policyholder benefits","","(21)","","","","","","","22","","","29"],["Non-deferrable insurance commissions","","5","","","","","","","\u2014","","","\u2014"],["Increase (decrease) in adjusted pre-tax operating income","","(3)","","","","","","","22","","","29"],["Change in the fair value of market risk benefits, net","","(84)","","","","","","","7","","","105"],["Net realized losses","","8","","","","","","","(7)","","","(2)"],["Increase (decrease) in pre-tax income","","$","(79)","","","","","","","$","22","","","$","132"]]
[[/GREPCENT_TABLE]]

The following table presents the increase in adjusted pre-tax operating income resulting from the annual update of actuarial assumptions, by segment and product line:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["(in millions)","","","","2024","","2023","","2022"],["Individual Retirement","","","","$","18","","","$","1","","","$","\u2014"],["Group Retirement","","","","(1)","","","\u2014","","","\u2014"],["Life Insurance","","","","(29)","","","19","","","25"],["Institutional Markets","","","","9","","","2","","","4"],["Total increase in adjusted pre-tax operating income from the update of assumptions*","","","","$","(3)","","","$","22","","","$","29"]]
[[/GREPCENT_TABLE]]

*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 an unfavorable impact to pre-tax income of $79 million for the year ended December 31, 2024, 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.

Update of Actuarial Assumptions Impact to Consolidated APTOI

Corebridge recognized an unfavorable impact to adjusted pre-tax operating income of $3 million for the year ended December 31, 2024, 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.

Corebridge | 2024 Form 10-K 124

TABLE OF CONTENTS

ITEM 7 | 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.”

LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE PARENT AND INTERMEDIATE HOLDING COMPANIES

As of December 31, 2024 and December 31, 2023, Corebridge Parent and its non-regulated intermediate holding companies (“Corebridge Hold Cos.”) had $4.7 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 December 31, 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 at least 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 December 31, 2024, Corebridge Parent and certain of our subsidiaries were parties to several letter of credit agreements with various financial institutions which issue letters of credit from time to time in support of our insurance companies. Letters of credit issued in support of our subsidiaries (primarily, insurance companies) totaled $226 million and $151 million at December 31, 2024 and December 31, 2023, respectively.

The following table presents Corebridge Hold Cos.’ liquidity sources:

[[GREPCENT_TABLE]]
[["","","Years Ended December 31,"],["(in millions)","","2024","","2023","","2022"],["Cash and short-term investments","","$","2,218","","","$","1,591","","","$","1,495"],["Total Corebridge Hold Cos. liquidity","","2,218","","","1,591","","","1,495"],["Available capacity under committed, revolving credit facility","","2,500","","","2,500","","","2,500"],["Total Corebridge Hold Cos. liquidity sources","","$","4,718","","","$","4,091","","","$","3,995"]]
[[/GREPCENT_TABLE]]

COREBRIDGE HOLD COS. LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS

SOURCES

Liquidity to Corebridge Parent from Subsidiaries

During the year ended December 31, 2024, Corebridge Hold Cos. received $2.2 billion in dividends from subsidiaries.

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 | 2024 Form 10-K 125

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ITEM 7 | Liquidity and Capital Resources

Debt Issuance

On November 22, 2024, Corebridge Parent issued $600 million of 6.375% fixed rate junior subordinated note due 2064 (“2064 Notes”).

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 $424 million, during the year ended December 31, 2024.

Debt Repayment

On September 12, 2024, Corebridge Parent repaid all of the $250 million aggregate principal amount outstanding under the Three-Year Delayed Draw Term Loan Agreement (the “Three-Year DDTL Facility”). This facility was terminated on September 12, 2024 after the final loan repayment.

Dividends

During the year ended December 31, 2024, Corebridge Parent paid cash dividends totaling $544 million, consisting of four quarterly dividend of $0.23 per share of its common stock.

Repurchase of Common Stock

During the year ended December 31, 2024, Corebridge Parent repurchased approximately 63.5 million of shares of Corebridge Parent common stock, for an aggregate purchase price of approximately $1.8 billion.

For additional information, see Note 17 to the Consolidated Financial Statements.

Contributions

During the year ended December 31, 2024, Corebridge Hold Cos. made a capital contribution of $200 million to CRBG Bermuda.

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 December 31, 2024, under funding agreements which were reported in policyholder contract deposits. These investment contracts do not have mortality or morbidity risk. Proceeds from funding agreements are generally invested in investments intended to generate spread income. In addition, our U.S. insurance companies had no outstanding borrowings in the form of cash advances from FHLBs at December 31, 2024.

Certain of our U.S. insurance companies have securities lending programs that lend securities from their investment portfolios to supplement liquidity or for other uses deemed appropriate by management. Under these programs, these U.S. insurance companies lend securities to financial institutions and receive cash as collateral equal to 102% of the fair value of the loaned securities. Cash collateral received is kept in cash or invested in short-term investments or used for short-term liquidity purposes.

The aggregate amount of securities that a U.S. insurance company can lend under its program at any time is limited to 5% of its general account statutory-basis admitted assets. Our U.S. insurance companies had $2.4 billion of securities subject to these agreements at December 31, 2024 and $2.2 billion liabilities to borrowers for collateral received at December 31, 2024.

Corebridge | 2024 Form 10-K 126

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ITEM 7 | Liquidity and Capital Resources

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. Although not yet filed, our Life Fleet RBC ratio is expected to be above our target Life Fleet RBC ratio of 400% as of December 31, 2024.

The following table presents normalized distributions:

[[GREPCENT_TABLE]]
[["","","Years Ended December 31,"],["(in millions)","","2024","","2023","","2022"],["Subsidiary dividends paid","","$","2,200","","","$","2,027","","","$","1,821"],["Tax sharing payments related to utilization of tax attributes","","\u2014","","","\u2014","","","401"],["Normalized distributions","","$","2,200","","","$","2,027","","","$","2,222"]]
[[/GREPCENT_TABLE]]

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.” 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:

[[GREPCENT_TABLE]]
[["","","Years Ended December 31,"],["(in millions)","","2024","","2023","","2022"],["Sources:"],["Operating activities, net","","$","2,151","","$","3,357","","$","2,621"],["Net changes in policyholder account balances","","11,416","","5,058","","5,860"],["Issuance of long-term debt","","1,329","","1,240","","7,451"],["Issuance of debt of consolidated investment entities","","231","","221","","946"],["Contributions from noncontrolling interests","","70","","96","","146"],["Financing other, net","","\u2014","","139","","299"],["Issuance of common stock","","1","","\u2014","","\u2014"],["Issuance of short-term debt","","\u2014","","\u2014","","1,512"],["Net change in securities lending and repurchase agreements","","567","","\u2014","","\u2014"],["Effect of exchange rate changes on cash and restricted cash","","1","","3","","\u2014"],["Total Sources","","15,766","","10,114","","18,835"],["Uses:"],["Investing activities, net","","(11,536)","","(5,476)","","(7,253)"],["Repayments of debt of consolidated investment entities","","(982)","","(535)","","(1,228)"],["Repayments of short-term debt","","(250)","","(1,250)","","(8,312)"],["Distributions to noncontrolling interests","","(199)","","(91)","","(477)"],["Dividends paid on common stock","","(544)","","(1,722)","","(876)"],["Net change in securities lending and repurchase agreements","","\u2014","","(544)","","(647)"],["Repurchase of common stock","","(1,792)","","(498)","","\u2014"],["Financing other, net","","(267)","","\u2014","","\u2014"],["Effect of exchange rate changes on cash and restricted cash","","\u2014","","\u2014","","(10)"],["Total Uses","","(15,570)","","(10,116)","","(18,803)"],["Net increase (decrease) in cash and cash equivalents","","$","196","","$","(2)","","$","32"]]
[[/GREPCENT_TABLE]]

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.

Corebridge | 2024 Form 10-K 127

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ITEM 7 | Liquidity and Capital Resources

Investing Activities

Cash inflows from investing activities primarily include sales and maturities of underlying assets, mainly fixed maturities available-for-sale and principal payments on mortgage and other loans. The primary cash outflows for investing activities relate to the purchases of new securities, mainly fixed maturities available-for-sale.

Financing Activities

Cash inflows from financing activities primarily include policyholder deposits on investment-type contracts, issuances of debt and inflows from the settlement of securities lending and repurchase agreements. Cash outflows primarily relate to policyholder withdrawal activity on investment-type contracts, repayments of debt of consolidated investment entities, repayments of short and long-term debt, repurchases of common stock, shareholder dividends, distributions to noncontrolling interests and outflows for the settlement of securities lending and repurchase agreements.

CONTRACTUAL OBLIGATIONS

The following tables summarize contractual obligations in total, and by remaining maturity:

[[GREPCENT_TABLE]]
[["December 31, 2024","","","","Payments due by Period"],["(in millions)","","Total Payments","","2025","","2026 - 2027","","Thereafter"],["Short-term and Long-term debt","","$","10,527","","","$","1,101","","*","$","1,250","","","$","8,176"],["Interest payments on Short-term and Long-term debt","","8,584","","","501","","","923","","","7,160"],["Insurance and investment contract liabilities","","336,324","","","26,724","","","56,593","","","253,007"],["Total","","$","355,435","","","$","28,326","","","$","58,766","","","$","268,343"]]
[[/GREPCENT_TABLE]]

*    Represents $1.0 billion of 3.50% senior notes due April 4, 2025 and $101 million of 7.50% CRBGLH notes due July 15, 2025.

Insurance and Investment Contract Liabilities

We expect liquidity needs related to insurance and investment contract liabilities to be funded through cash flows generated from maturities and sales of invested assets, including various investment-type products with contractually scheduled maturities, including periodic payments. These liabilities also include benefit and claim liabilities, of which a significant portion represents policies and contracts that do not have stated contractual maturity dates and may not result in any future payment obligations. For these policies and contracts (i) we are not currently making payments until the occurrence of an insurable event, such as death or disability, (ii) payments are conditional on survivorship or (iii) payment may occur due to a surrender or other non-scheduled event beyond our control.

We have made significant assumptions to determine the estimated undiscounted cash flows of these contractual policy benefits. These assumptions include mortality, morbidity, future lapse rates, expenses, investment returns and interest crediting rates, offset by expected future deposits and premiums on in-force policies. Due to the significance of the assumptions, the periodic amounts presented could be materially different from actual required payments. The amounts presented in the table above are undiscounted and exceed the future policy benefits and policyholder contract deposits included in the Consolidated Financial Statements.

We believe that our insurance companies have adequate financial resources to meet the payments required under these obligations. These subsidiaries have substantial liquidity in the form of cash and short-term investments. In addition, our insurance companies maintain significant levels of investment grade-rated fixed maturity securities, including substantial holdings in government and corporate bonds, and could seek to monetize those holdings in the event operating cash flows are insufficient.

Indemnification Arrangements

We are subject to indemnity arrangements which may be triggered by declines in asset values; specified business contingencies; the realization of contingent liabilities; litigation developments; or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to time limitations, defined by contract or by operation of law, such as by prevailing statutes of limitations. Depending on the specific terms of the arrangements, the maximum potential obligation may or may not be subject to contractual limitations. We have recorded liabilities for certain of these arrangements where it is possible to estimate them. These liabilities are not material in the aggregate. We are unable to develop a reasonable estimate of the maximum potential payout under some of these arrangements. Overall, we believe the likelihood that we will have to make any material payments under these arrangements is remote.

Corebridge | 2024 Form 10-K 128

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ITEM 7 | Liquidity and Capital Resources

SHORT-TERM AND LONG-TERM DEBT

We expect to repay the short-term and long-term debt maturities and interest accrued on these borrowings through cash flows generated from invested assets, future cash flows from operations, and future debt and other financing arrangements.

The following tables provide the rollforward of our total debt outstanding:

[[GREPCENT_TABLE]]
[["(in millions)","","Maturity Date(s)","","Balance at December 31, 2023","","Issuances","","Maturities and Repayments","","Other Changes","","Balance at December 31, 2024"],["Short-term debt issued by Corebridge:"],["Three-Year DDTL Facility","","2024","","$","250","","","$","\u2014","","","$","(250)","","","$","\u2014","","","$","\u2014"],["Current portion of long-term debt:"],["Senior unsecured notes","","2025","","\u2014","","","\u2014","","","\u2014","","","1,000","","","1,000"],["CRBGLH notes","","2025","","\u2014","","","\u2014","","","\u2014","","","101","","","101"],["Total short-term debt","","","","250","","","\u2014","","","(250)","","","1,101","","","1,101"],["Long-term debt issued by Corebridge:"],["Senior unsecured notes","","2027 - 2052","","7,750","","","\u2014","","","\u2014","","","(1,000)","","","6,750"],["Hybrid junior subordinated notes","","2052 - 2064","","1,000","","","1,350","","","\u2014","","","\u2014","","","2,350"],["Long-term debt issued by Corebridge subsidiaries:"],["CRBGLH notes","","2029","","200","","","\u2014","","","\u2014","","","(101)","","","99"],["CRBGLH junior subordinated debentures","","2030 - 2046","","227","","","\u2014","","","\u2014","","","\u2014","","","227"],["Total long-term debt","","","","9,177","","","1,350","","","\u2014","","","(1,101)","","","9,426"],["Debt issuance costs","","","","(59)","","","\u2014","","","\u2014","","","(14)","","","(73)"],["Total long-term debt, net of debt issuance costs","","","","9,118","","","1,350","","","\u2014","","","(1,115)","","","9,353"],["Total debt, net of issuance costs","","","","$","9,368","","","$","1,350","","","$","(250)","","","$","(14)","","","$","10,454"]]
[[/GREPCENT_TABLE]]

HYBRID JUNIOR SUBORDINATED NOTES

On September 12, 2024, Corebridge Parent issued $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%.

On November 22, 2024, Corebridge Parent issued $600 million aggregate principal amount of its 6.375% 2064 Notes. Subject to certain redemption provisions and other terms of the 2064 Notes, the interest is fixed for life and payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on March 15, 2025.

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 15 to the Consolidated Financial Statements.

Corebridge | 2024 Form 10-K 129

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ITEM 7 | 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.

[[GREPCENT_TABLE]]
[["(in millions)","Balance at December 31, 2023","Issuances","Maturities and Repayments","Effect of Foreign Exchange","Other Changes","Balance at December 31, 2024"],["Debt of consolidated investment entities \u2013not guaranteed by Corebridge(a)(b)","$","2,504","","$","231","","$","(982)","","$","5","","$","180","","$","1,938"]]
[[/GREPCENT_TABLE]]

(a)At December 31, 2024, includes debt of consolidated investment entities related to real estate investments of $658 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:

[[GREPCENT_TABLE]]
[["","Senior Unsecured Long-Term Debt","Hybrid Junior Subordinated Long-Term Debt"],["","Moody\u2019s(a)","S&P(b)","Fitch(c)","Moody\u2019s(a)","S&P(b)","Fitch(c)"],["","Baa2 (Stable)","BBB+ (Stable)","BBB+ (Stable)","Baa3 (Stable)","BBB- (Stable)","BBB- (Stable)"]]
[[/GREPCENT_TABLE]]

(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:

[[GREPCENT_TABLE]]
[["","A.M. Best","S&P","Fitch","Moody\u2019s"],["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"]]
[[/GREPCENT_TABLE]]

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.

Corebridge | 2024 Form 10-K 130

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ITEM 7 | Liquidity and Capital Resources

OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS

The following tables summarize Off-Balance Sheet Arrangements and Commercial Commitments in total, and by remaining maturity:

[[GREPCENT_TABLE]]
[["December 31, 2024","","","","Amount of Commitment Expiring"],["(in millions)","","Total AmountsCommitted","","2025","","2026-2027","","Thereafter"],["Commitments:"],["Investment commitments*","","$","4,137","","","$","2,111","","","$","1,405","","","$","621"],["Commitments to extend credit","","2,944","","","1,612","","","862","","","470"],["Total","","$","7,081","","","$","3,723","","","$","2,267","","","$","1,091"]]
[[/GREPCENT_TABLE]]

*    Includes commitments to invest in private equity funds, hedge funds and other funds and commitments to purchase and develop real estate in the United States and abroad. The commitments to invest in private equity funds, hedge funds and other funds are called at the discretion of each fund, as needed for funding new investments or expenses of the fund. The expiration of these commitments is estimated in the table above based on the expected life cycle of the related fund, consistent with past trends of requirements for funding. Investors under these commitments are primarily insurance and real estate subsidiaries.

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ITEM 7 | 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.

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, registered index linked 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;

•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.

FAIR VALUE MEASUREMENTS OF CERTAIN FINANCIAL ASSETS AND FINANCIAL LIABILITIES

Assets and liabilities recorded at fair value in the Consolidated Balance Sheets are measured and classified in a hierarchy for disclosure purposes consisting of three levels based on the observability of inputs available in the marketplace used to measure the fair value. We classify fair value measurements for certain assets and liabilities as Level 3 when they require significant unobservable inputs in their valuation. We consider unobservable inputs to be those for which market data is not available. Our assessment of the significance of a particular input to the fair value measurement of an asset or liability requires judgment.

For a discussion of the valuation methodologies for assets and liabilities measured at fair value, and a discussion of transfers of Level 3 assets and liabilities, see Note 4 to the Consolidated Financial Statements.

MARKET RISK BENEFITS

Annuity products offered by our Individual Retirement and Group Retirement segments offer GMxBs. These guaranteed features include GMDBs that are payable in the event of death and GMWBs that guarantee lifetime withdrawals regardless of fixed account and separate account value performance.

For additional information on these features, see Note 14 to the Consolidated Financial Statements.

GMxBs are recognized as MRBs and can be assets or liabilities and represent the expected value of benefits in excess of the projected account value, with changes in fair value of MRBs recognized in the Consolidated Statements of Income (Loss) and the portion of the fair value change attributable to our own credit risk recognized in OCI.

The Company’s exposure to the guaranteed amounts is equal to the amount by which the contract holder’s account balance is below the amount provided by the guaranteed feature. A deferred annuity contract may include more than one type of GMxB; for example, it may have both a GMDB and a GMWB. However, a policyholder can generally only receive payout from one guaranteed feature on a contract containing a death benefit and a living benefit, i.e., the features are generally mutually exclusive (except a surviving spouse who has a rider to potentially collect both a GMDB upon their spouse’s death and a GMWB during his or her lifetime). A policyholder cannot purchase more than one living benefit on one contract. Declines in the equity markets, increased volatility and a low interest rate environment generally increase the Company’s exposure to potential benefits under the guaranteed features, leading to an increase in the liabilities for those benefits.

For sensitivity analysis which includes the sensitivity of liabilities for guaranteed benefit features to changes in the assumptions for interest rates, equity returns, volatility, and mortality, see “Guaranteed Benefit Features of Variable Annuity, Fixed Annuity and Fixed Index Annuity Products.”

For additional discussion of market risk management related to these product features, see “Quantitative and Qualitative Disclosures about Market Risk” included herein.

Corebridge | 2024 Form 10-K 132

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ITEM 7 | Accounting Policies and Pronouncements

The valuation methodology and assumptions used to measure our GMxBs is presented in the following table:

[[GREPCENT_TABLE]]
[["Fair Value Methodology","Guaranteed minimum benefits on annuity products are MRBs that are required to be measured at fair value with changes in the fair value of the liabilities recorded in change in the fair value of market risk benefits, net, except for changes related to the Company\u2019s own credit risk which are recorded in OCI. The fair value of these benefits is based on assumptions that a market participant would use in valuing these MRBs. The Company applies a non-option-based approach for variable products, and an option-based approach for fixed index and fixed products. Under the non-option-based approach, a portion of actual fees (i.e., attributed fees) is determined such that the present value of expected benefits less attributed fees is zero at issue. This calculated ratio is locked in and utilized in each policy valuation going forward and results in an MRB value of zero at policy issue. Under the option-based approach, the MRB value at issue represents the present value of expected benefits after account value exhaustion. There is no calculated attributed fee ratio under this approach; as such, the calculated MRB liability at inception requires an equal and offsetting adjustment to the underlying host contract. Consistent with the non-option-based approach, this results in no gains or losses recognized upon policy issuance. The fair value of the MRBs, which are Level 3 assets and liabilities, is based on a risk-neutral framework and incorporates actuarial and capital market assumptions related to projected cash flows over the expected lives of the contracts.For additional information on how we value for MRBs, see Note 14 to the Consolidated Financial Statements, and for information on fair value measurement of these MRBs, including how we incorporate our own non-performance risk, see Note 4 to the Consolidated Financial Statements."],["Key Assumptions","Key assumptions include:\u2022 interest rates;\u2022 equity market returns;\u2022 market volatility;\u2022 credit spreads;\u2022 equity / interest rate correlation;\u2022 policyholder behavior, including mortality, lapses, withdrawals and benefit utilization. Estimates of future policyholder behavior are subject to judgment and based primarily on our historical experience; and\u2022 in applying asset growth assumptions for the valuation of MRBs, we use market-consistent assumptions calibrated to observable interest rate and equity option pricesFor the fixed index annuity GMxB liability, policyholder funds are projected assuming growth equal to current option values for the current crediting period followed by option budgets for all subsequent crediting periods. Policyholder fund growth projected assuming credited rates are expected to be maintained at a target pricing spread, subject to guaranteed minimums."]]
[[/GREPCENT_TABLE]]

VALUATION OF EMBEDDED DERIVATIVES FOR FIXED INDEX ANNUITY, REGISTERED INDEX LINKED ANNUITY AND INDEX UNIVERSAL LIFE PRODUCTS

Fixed index annuity, registered index linked annuity contracts and life products provide growth potential based in part on the performance of market indices. Certain fixed index annuity products offer optional guaranteed benefit features similar to those offered on variable annuity products. Policyholders may elect to rebalance among the various 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.

For additional discussion of market risk management related to these product features, see “Quantitative and Qualitative Disclosures about Market Risk” included herein.

GUARANTEED BENEFIT FEATURES OF VARIABLE ANNUITY, FIXED ANNUITY AND FIXED INDEX ANNUITY PRODUCTS

Variable annuity products offered by our Individual Retirement and Group Retirement segments offer guaranteed benefit features. These guaranteed features include GMDB that are payable in the event of death and living benefits that guarantee lifetime withdrawals regardless of fixed account and separate account value performance. Living benefit features primarily include GMWB.

For additional information on these features, see Note 12 to the Consolidated Financial Statements.

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ITEM 7 | Accounting Policies and Pronouncements

The liability for GMDB, which is recorded in future policy benefits, represents the expected value of benefits in excess of the projected account value, with the excess recognized ratably through policyholder benefits over the accumulation period based on total expected assessments. The liabilities for variable annuity GMWB, which are recorded in Policyholder contract deposits, are accounted for as embedded derivatives measured at fair value, with changes in the fair value of the liabilities recorded in Net realized gains (losses).

Certain of our fixed annuity and fixed index annuity contracts, which are not offered through separate accounts, contain optional GMWB benefits. Different versions of these GMWB riders contain different guarantee provisions. The liability for GMWB benefits in fixed annuity and fixed index annuity contracts for which the rider guarantee is considered to be clearly and closely related to the host contract are recorded in future policy benefits. This GMWB liability represents the expected value of benefits in excess of the projected account value, with the excess recognized ratably over the accumulation period based on total expected assessments, through policyholder benefits. For rider guarantees in certain fixed index annuity contracts that are linked to equity indices that are considered to be embedded derivatives that are not clearly and closely related to the host contract, the GMWB liability is recorded in Policyholder contract deposits and measured at fair value, with changes in the fair value of the liabilities recorded in Net realized gains (losses).

Our exposure to the guaranteed amounts is equal to the amount by which the contract holder’s account balance is below the amount provided by the guaranteed feature. A deferred annuity contract may include more than one type of guaranteed benefit feature; for example, it may have both a GMDB and a GMWB. However, a policyholder can generally only receive payout from one guaranteed feature on a contract containing a death benefit and a living benefit, i.e., the features are generally mutually exclusive (except a surviving spouse who has a rider to potentially collect both a GMDB upon their spouse’s death and a GMWB during his or her lifetime). A policyholder cannot purchase more than one living benefit on one contract. Declines in the equity markets, increased volatility and a low interest rate environment increase our exposure to potential benefits under the guaranteed features, leading to an increase in the liabilities for those benefits.

For sensitivity analysis which includes the sensitivity of reserves for guaranteed benefit features to changes in the assumptions for interest rates, equity returns, volatility, and mortality, see below.

For additional discussion of market risk management related to these product features, see “Quantitative and Qualitative Disclosures about Market Risk” included herein.

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ITEM 7 | Accounting Policies and Pronouncements

The reserving methodology and assumptions used to measure the liabilities of our two largest guaranteed benefit features are presented in the following table:

[[GREPCENT_TABLE]]
[["Guaranteed Benefit Feature","Reserving Methodology and Key Assumptions"],["GMDB and Fixed Annuity and Certain Fixed Index Annuity GMWB","We determine the GMDB liability at each balance sheet date by estimating the expected value of death benefits in excess of the projected account balance and recognizing the excess ratably over the accumulation period based on total expected assessments. For certain fixed and fixed index annuity products, we determine the GMWB liability at each balance sheet date by estimating the expected withdrawal benefits once the projected account balance has been exhausted ratably over the accumulation period based on total expected assessments. These GMWB features are deemed to not be embedded derivatives as the GMWB feature is determined to be clearly and closely related to the host contract.The present value of the total expected excess payments (e.g., payments in excess of account value) over the life of contract divided by the present value of total expected assessments is referred to as the benefit ratio. The magnitude and direction of the change in reserves may vary over time based on the emergence of the benefit ratio and the level of assessments.For additional information on how we reserve for variable and fixed index annuity products with guaranteed benefit features, see Note 14 to the Consolidated Financial Statements."],["Key assumptions and projections include:\u2022interest credited that varies by year of issuance and products;\u2022actuarial determined assumptions for mortality rates that are based upon industry and our historical experience modified to allow for variations in policy features and experience anomalies;\u2022actuarially determined assumptions for lapse rates that are based upon industry and our historical experience modified to allow for variations in policy features and experience anomalies;\u2022investment returns, based on stochastically generated scenarios; and\u2022asset returns that include a reversion to the mean methodology.In applying separate account asset growth assumptions for the variable annuity GMDB liability, we use a reversion to the mean methodology that reflects our expectation that market fluctuations tend to stabilize over time. Pursuant to this methodology, actual deviations from expected market performance (favorable or unfavorable) are assumed to reverse in subsequent years in support of our long-term asset growth assumptions. For the fixed index annuity GMWB liability, policyholder funds are projected assuming growth equal to current option values for the current crediting period followed by the expected long-term cost of options used to hedge exposures associated with equity indices (\u201cOption Budgets\u201d) for all subsequent crediting periods. For the fixed annuity GMWB liability, policyholder fund growth projected assuming credited rates are expected to be maintained at a target pricing spread, subject to guaranteed minimums.For a description of this methodology, see \u201cUpdate of Actuarial Assumptions and Models \u2014Investment-oriented products.\u201d"],["Variable Annuity and Certain Fixed Index Annuity GMWB","GMWB living benefits on variable annuities and GMWB living benefits linked to equity indices on fixed index annuities are embedded derivatives that are required to be bifurcated from the host contract and carried at fair value with changes in the fair value of the liabilities recorded in realized gains (losses). The fair value of these embedded derivatives is based on assumptions that a market participant would use in valuing these embedded derivatives.For additional information on how we reserve for variable and fixed index annuity products with guaranteed benefit features, see Note 14 to the Consolidated Financial Statements, and for information on fair value measurement of these embedded derivatives, including how we incorporate our own non-performance risk, see Note 4 to the Consolidated Financial Statements.The fair value of the embedded derivatives, which are Level 3 liabilities, is based on a risk-neutral framework and incorporates actuarial and capital market assumptions related to projected cash flows over the expected lives of the contracts. Key assumptions include:\u2022interest rates;\u2022equity market returns;\u2022market volatility;\u2022credit spreads;\u2022equity / interest rate correlation;\u2022policyholder behavior, including mortality, lapses, withdrawals and benefit utilization. Estimates of future policyholder behavior are subjective and based primarily on our historical experience;\u2022in applying asset growth assumptions for the valuation of GMWBs, we use market-consistent assumptions calibrated to observable interest rate and equity option prices; and\u2022allocation of fees between the embedded derivative and host contract."]]
[[/GREPCENT_TABLE]]

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ITEM 7 | Accounting Policies and Pronouncements

The following table summarizes the sensitivity of changes in certain assumptions for MRBs, Liability for future policyholder benefits, net of reinsurance and embedded derivatives related to index-linked interest credited features, measured as the related hypothetical impact for the December 31, 2024 balances and the resulting hypothetical impact on pre-tax income and OCI, before hedging:

[[GREPCENT_TABLE]]
[["","","","","","","","","Increase (Decrease) due to changes in MRBs, Liability for future policyholder benefits, and Embedded derivatives related to index-linked interest credited features"],["December 31, 2024","","","","","","","","Pre-Tax Income","","OCI"],["(in millions)"],["Assumptions:"],["Equity Return(a)"],["Effect of an increase by 20%","","","","","","","","$","(318)","","","$","155"],["Effect of a decrease by 20%","","","","","","","","$","345","","","$","(123)"],["Interest Rate(b)"],["Effect of an increase by 1%","","","","","","","","$","2,188","","","$","2,952"],["Effect of a decrease by 1%","","","","","","","","$","(2,971)","","","$","(3,488)"]]
[[/GREPCENT_TABLE]]

(a)Represents the net impact of a 20% increase or decrease in the S&P 500 index.

(b)Represents the net impact of a 1% parallel shift in the yield curve.

The sensitivities of 20% and 1% are included for illustrative purposes only and do not reflect the changes in net investment spreads, equity return, volatility, interest rate, mortality or lapse used by us in our fair value analyses to value other applicable liabilities. Changes different from those illustrated may occur in any period and by different products.

The change in pre-tax income due to variances in equity returns or interest rates reflects the impact to MRBs using the at-issue NPA and the change in embedded derivatives related to index-linked interest credit features. The change in OCI due to equity returns solely reflects the impact on MRBs due to changes in the NPA, while the change in OCI due to interest rates also reflects the impact to the Liability for future policyholder benefits, net of reinsurance.

The analysis of MRBs and embedded derivatives is a dynamic process that considers all relevant factors and assumptions described above. We estimate each of the above factors individually, without the effect of any correlation among the key assumptions. An assessment of sensitivity associated with changes in any single assumption would not necessarily be an indicator of future results. The effects on pre-tax income in the sensitivity analysis table above do not reflect the related effects from our economic hedging program, which utilizes derivative and other financial instruments and is designed so that changes in value of those instruments move in the opposite direction of changes in the guaranteed benefit MRBs and embedded derivative liabilities.

For a further discussion on guaranteed benefit product features and the related hedging program, see “Quantitative and Qualitative Disclosures about Market Risk” included herein and Notes 4, 9, 13 and 14 to the Consolidated Financial Statements.

FUTURE POLICY BENEFITS FOR LIFE, ACCIDENT AND HEALTH INSURANCE CONTRACTS

Long-duration traditional products: primarily include whole life insurance, term life insurance, and certain payout annuities for which the payment period is life-contingent, which include certain of our single premium immediate annuities, including PRT business and structured settlements. In addition, these products also include accident and health, and long-term care (“LTC”) insurance. The LTC block is in run-off and has been fully reinsured with Fortitude Re.

Updating Net Premium Ratio (“NPR”) - Remeasurement gains and losses: Generally, future policy benefits are payable over an extended period of time and related liabilities are calculated as the present value of future benefits less the present value of future net premiums (portion of the gross premium required to provide for all benefits and expenses). The assumptions used to calculate the benefit liabilities are initially set when a policy is issued and an NPR is established. Benefit liabilities are subsequently remeasured periodically to reflect changes in policy assumptions and actual versus expected experience and are recognized as remeasurement gains and losses, a component of policyholder benefits. The assumptions include mortality, morbidity and persistency. These assumptions are typically consistent with pricing inputs at policy issuance. Liabilities are accreted using an upper-medium grade (low credit risk) fixed income instrument yield that is locked-in at policy issuance. The liabilities are remeasured at the balance sheet date using a current upper-medium grade yield with changes in the liabilities reported in OCI.

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ITEM 7 | Accounting Policies and Pronouncements

For universal life policies with secondary guarantees: We recognize certain liabilities in addition to policyholder account balances. For universal life policies with secondary guarantees, as well as other universal life policies for which profits followed by losses are expected at contract inception, a liability is recognized based on a benefit ratio of (a) the present value of total expected payments, in excess of the account value, over the life of the contract, divided by (b) the present value of total expected assessments over the life of the contract. Universal life account balances are reported in Policyholder contract deposits, while these additional liabilities related to universal life products are reported within Future policy benefits in the Consolidated Balance Sheets. These additional liabilities are also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available-for-sale on accumulated assessments, with related changes recognized through OCI. The policyholder behavior assumptions for these liabilities include mortality, lapses and premium persistency. The capital market assumptions used for the liability for universal life secondary guarantees include discount rates and net earned rates.

REINSURANCE RECOVERABLE

The estimation of reinsurance recoverable 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 significant judgments and uncertainties.

We assess the collectability of reinsurance recoverable balances on a regular basis, 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 uncollectable reinsurance that reduces the carrying amount of reinsurance. 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 determined by the Obligor Risk Ratings (“ORRs”) we assign to each reinsurer based upon our financial reviews; reinsurers 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 are expected to generate significant allowance; and

•whether collateral and collateral arrangements exist.

An estimate of the reinsurance recoverables’ lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR rating. 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.

At December 31, 2024 and December 31, 2023, the allowance for credit losses and disputes on reinsurance recoverable was $12 million and $30 million, respectively, or less than 1% of the reinsurance recoverable.

Fortitude Re

In February 2018, AGL, VALIC and USL entered into modco reinsurance agreements with Fortitude Re a registered Class 4 and Class E reinsurer in Bermuda. In modco reinsurance agreements, the investments supporting the reinsurance agreements and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AGL, VALIC, USL) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as we maintain ownership of these investments, we intend to maintain our existing accounting for these assets (e.g., the changes in fair value of available-for-sale securities will be recognized within OCI). 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 the embedded derivative related to the funds withheld payable are recognized in earnings through Net 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.

For additional information on reinsurance, see Note 7 to the Consolidated Financial Statements.

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ITEM 7 | Accounting Policies and Pronouncements

ALLOWANCE FOR CREDIT LOSSES

Allowance for Credit Losses

Available-for-sale securities

If we intend to sell a fixed maturity security, or it is more likely than not that we will be required to sell a fixed maturity security, before recovery of its amortized cost basis and the fair value of the security is below amortized cost, an impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to realized losses. No allowance is established in these situations and any previously recorded allowance is reversed. When assessing our intent to sell a fixed maturity security, or whether it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis, management evaluates relevant facts and circumstances including, but not limited to, decisions to reposition our investment portfolio, sales of securities to meet cash flow needs and sales of securities to take advantage of favorable pricing.

For fixed maturity securities for which a decline in the fair value below the amortized cost is due to credit related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to realized losses. The allowance for credit losses is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit related factors is presented in unrealized appreciation (depreciation) of fixed maturity securities on which an allowance for credit losses was previously recognized (a separate component of AOCI). Accrued interest is excluded from the measurement of the allowance for credit losses.

Commercial and residential mortgage loans

At the time of origination or purchase, an allowance for credit losses is established for mortgage and other loan receivables and is updated each reporting period. Changes in the allowance for credit losses are recorded in realized gains (losses).

This allowance reflects the risk of loss, even when that risk is remote, and reflects losses expected over the remaining contractual life of the loan. The allowance for credit losses considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions. We revert to historical information when we determine that we can no longer reliably forecast future economic assumptions.

The allowances for the commercial mortgage loans and residential mortgage loans in our portfolio are estimated utilizing a probability of default and loss given default outputs from portfolio modeling. Loss rate factors are determined based on historical data, current loan and property performance and forecasted information. The loss rates are applied based on individual loan attributes and considering such data points as loan-to-value ratios, FICO scores, and debt service coverage.

The estimate of credit losses also reflects management’s assumptions on certain macro real estate factors that include, but are not limited to, real estate values and expected rental values plus certain macroeconomic forecasts such as employment, inflation and interest rates.

For additional information on the methodology and significant inputs, by investment type, that we use to determine the amount of impairment and allowances for loan losses, see Notes 5 and 6 to the Consolidated Financial Statements.

INCOME TAXES

Deferred income taxes represent the tax effect of differences between the amounts recorded in our Consolidated Financial Statements and the tax basis of assets and liabilities. Our assessment of net deferred income taxes represents management’s best estimate of the tax consequences of various events and transactions, which can themselves be based on other accounting estimates, resulting in incremental uncertainty in the estimation process.

Recoverability of Net Deferred Tax Asset

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.

We consider a number of factors to reliably estimate future taxable income so we can determine the extent of our ability to realize net operating losses, foreign tax credits, realized capital loss and other carryforwards. These factors include forecasts of future income for each of our businesses, which incorporate forecasts of future statutory income for our insurance companies, and actual and planned business and operational changes, both of which include assumptions about future macroeconomic and our specific conditions and events.

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ITEM 7 | Accounting Policies and Pronouncements

Recent events, including multiple changes in target interest rates by the Board of Governors of the Federal Reserve System and significant market volatility, continued to impact 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 macro-economic and our specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies.

For a discussion of our framework for assessing the recoverability of our deferred tax asset, see Note 22 to the Consolidated Financial Statements.

Uncertain Tax Positions

Our accounting for income taxes, including uncertain tax positions, represents management’s best estimate of various events and transactions, and requires judgment. Accounting Standards Codification, 740, “Income Taxes” prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of an income tax position taken or expected to be taken in a tax return. The standard also provides guidance on derecognition, classification, interest and penalties and additional disclosures. We determine whether it is more likely than not that a tax position will be sustained, based on technical merits, upon examination by the relevant taxing authorities before any part of the benefit can be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50% likely to be realized upon settlement.

We classify interest expense and penalties recognized on income taxes as a component of income taxes.

For an additional discussion, see Note 22 to the Consolidated Financial Statements.

ADOPTION OF ACCOUNTING PRONOUNCEMENTS

See Note 2 to the Consolidated Financial Statements for a complete discussion of adoption of accounting pronouncements.

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ITEM 7 | Glossary

Glossary

AIG Consolidated Tax Group — the U.S. federal income tax group of which AIG is the common parent.

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 — unpaid principal balance of loan divided by the estimated fair 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.

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ITEM 7 | 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.

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ITEM 7 | 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;

“AIG” means AIG, Inc. and its subsidiaries;

“AIG Life U.K.” means AIG Life Limited, a U.K. insurance company, and its subsidiary;

“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;

“Corebridge”, “we”, “us”, “our” or the “Company” means Corebridge and its subsidiaries, unless the context refers to Corebridge Parent;

“Corebridge Direct” means Corebridge Direct Insurance Services, Inc. (formerly known as AIG Direct);

“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;

“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; and

“VALIC” means The Variable Annuity Life Insurance Company, a Texas insurance company.

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ITEM 7 | Acronyms

Acronyms

•“AATOI” — adjusted after-tax operating income attributable to our common stockholders;

•“ABS” — asset-backed securities;

•“APTOI” — adjusted pre-tax operating income;

•“AOCI” — accumulated other comprehensive income (loss);

•“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;

•“OCI” — other comprehensive income;

•“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.

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