Glossary and Acronyms of Selected Insurance Terms and References Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), we use certain terms and abbreviations, which are summarized in the Glossary and Acronyms in the 2025 Form 10-K. Corebridge has incorporated into this discussion a number of cross-references to additional information included throughout this Quarterly Report to assist readers seeking additional information related to a particular subject. In this Quarterly Report, unless otherwise mentioned or unless the context indicates otherwise, we use the terms “Corebridge,” “we,” “us” and “our” to refer to Corebridge Financial, Inc., a Delaware corporation, and its consolidated subsidiaries. We use the term “Corebridge Parent” to refer solely to Corebridge Financial, Inc., and not to any of its consolidated subsidiaries. This MD&A addresses the consolidated financial condition of Corebridge as of June 30, 2026, compared with December 31, 2025, and its consolidated results of operations for the three and six months ended June 30, 2026 and 2025. 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 (unaudited)Condensed Consolidated Financial Statements and the statements under “Cautionary Statements Regarding Forward-Looking Information,” included elsewhere in this Quarterly Report and the “Management’s Discussion and Analysis of Results of Operations and Financial Condition,” and the “Risk Factors” section in the 2025 Form 10-K. Corebridge | Second Quarter 2026 Form 10-Q 78 TABLE OF CONTENTS Index to Item 2 Page Executive Summary 79 Overview 79 Revenues 79 Benefits and Expenses 79 Significant Factors Impacting our Results 80 Corebridge’s Outlook - Macroeconomic, Industry and Regulatory Trends 82 Use of Non-GAAP Measures 85 Key Operating Metrics 91 Consolidated Results of Operations 94 Business Segment Operations 97 Individual Retirement 98 Group Retirement 101 Life Insurance 105 Institutional Markets 107 Corporate and Other 109 Investments 111 Overview 111 Key Investment Strategies 111 Credit Ratings 115 Liquidity and Capital Resources 130 Overview 130 Liquidity and Capital Resources of Corebridge Parent and Intermediate Holding Companies 130 Liquidity and Capital Resources of Corebridge Insurance Subsidiaries 131 Short-Term and Long-Term Debt 133 Credit Ratings 134 Off-Balance Sheet Arrangements and Commercial Commitments 134 Accounting Policies and Pronouncements 135 Critical Accounting Estimates 135 Adoption of Accounting Pronouncements 135 Glossary 135 Certain Important Terms 135 Acronyms 135 Corebridge | Second Quarter 2026 Form 10-Q 79 TABLE OF CONTENTS ITEM 2 | Executive Summary Executive Summary OVERVIEW We are one of the largest providers of retirement solutions and insurance products in the United States, committed to helping individuals plan, save for and achieve secure financial futures. We offer a broad set of products and services through our market leading Individual Retirement, Group Retirement, Life Insurance and Institutional Markets businesses, each of which features capabilities and industry experience we believe are difficult to replicate. These four businesses collectively seek to enhance stockholder returns while maintaining our attractive risk profile, which has historically resulted in consistent and strong cash flow generation. COREBRIDGE FINANCIAL AND EQUITABLE HOLDINGS MERGER On March 26, 2026, we and Equitable Holdings, Inc. (“Equitable”) announced the entering into of a definitive agreement to combine in an all-stock merger. Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of both companies, we and Equitable will form a new parent company and each outstanding share of our common stock will be exchanged for the right to receive 1.0000 share of the new parent company’s common stock, and each outstanding share of Equitable common stock will be exchanged for the right to receive 1.55516 shares of the new parent company’s common stock. Following the closing of the transaction, Corebridge shareholders will own approximately 51% of the combined company and Equitable shareholders will own approximately 49% of the combined company. On July 30, 2026, shareholders of both Corebridge and Equitable voted to approve all shareholder proposals necessary to complete the merger transaction at their respective special shareholder meetings. The transaction is expected to close by year-end 2026, subject to customary closing conditions, including the receipt of required regulatory approvals. 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 universal life insurance, group retirement, individual retirement, Corporate Markets and SVW products. Our policy fees typically vary directly with the underlying assets under administration, 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; Corebridge | Second Quarter 2026 Form 10-Q 80 TABLE OF CONTENTS ITEM 2 | Executive Summary •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 applicable 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 •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 Variable Annuity Reinsurance Transaction On August 1, 2025 and January 2, 2026, respectively, AGL and USL entered into a coinsurance and modco reinsurance agreement with CSLR to reinsure 100% of their individual variable annuity contracts. Under these agreements, AGL and USL transferred to the reinsurer $2.1 billion of assets primarily consisting of fixed maturity securities supporting the general account liabilities net of a ceding commission. Additionally, $48.7 billion of separate account liabilities were ceded under the modco portion of the agreement. In addition, the closing of the sale to Venerable of all outstanding membership interests of SAAMCo held by AGL occurred on January 1, 2026. Impact of Fortitude Re In February 2018, AGL, VALIC and USL entered into modco agreements with Fortitude Re, a wholly-owned subsidiary of Fortitude Group Holdings, LLC (“Fortitude Holdings”), a registered Class 4 and Class E reinsurer in Bermuda. In the modco arrangement, the investments supporting the reinsurance agreements are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AGL and USL) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. 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. Our net income experiences ongoing volatility as a result of the reinsurance agreements and gives 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. VALIC’s modco agreement with Fortitude Re was recaptured effective January 1, 2025, resulting in a $45 million charge to pre-tax earnings. As of June 30, 2026, $23.6 billion of reserves had been ceded to Fortitude Re. For additional information on our reinsurance agreements with Fortitude Re, see Note 7 to the Condensed Consolidated Financial Statements. Corebridge | Second Quarter 2026 Form 10-Q 81 TABLE OF CONTENTS ITEM 2 | 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-linked interest credited features 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 rates and caps on index-linked interest credited features. The following table summarizes the fair values of the embedded derivatives for fixed index annuity, registered index-linked annuity and index universal life products: (in millions) June 30, 2026 December 31, 2025 Fixed index annuities $10,676 $9,996 Registered index-linked annuities $1,271 $765 Index universal life $1,477 $1,261 Our Strategic Partnership with Blackstone In 2021, we entered into a long-term asset management relationship with Blackstone. As of June 30, 2026, Blackstone managed approximately $70.3 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 June 30, 2026, BlackRock managed approximately $91.8 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” in the 2025 Form10-K. Fair Value Option Bond Securities We elect the fair value option on certain bond securities. When the fair value option is elected, the realized and unrealized gains and losses on these securities are reported in net investment income. The following table shows the net investment income reported on fair value option bond securities: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Net investment income - excluding Fortitude Re funds withheld assets $11 $21 $2 $40 Net investment income - Fortitude Re funds withheld assets 66 80 86 200 Total $77 $101 $88 $240 Corebridge | Second Quarter 2026 Form 10-Q 82 TABLE OF CONTENTS ITEM 2 | Executive Summary COREBRIDGE’S MACROECONOMIC, INDUSTRY AND REGULATORY TRENDS Our business is affected by industry and economic factors such as changes in interest rates and credit spreads; geopolitical tensions; credit and equity market conditions; currency exchange rates; regulation; tax policy; competition; trade disputes with other countries, including the effect of sanctions and trade restrictions, such as tariffs and trade barriers imposed by the U.S. government and any countermeasures by other governments in response to such tariffs; and general economic, market and political conditions. We continued to operate under market conditions in 2026 and 2025 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 Group Retirement 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. For additional information see “Risk Factors—Risks Relating to Market Conditions—We are exposed to risk from equity market declines or volatility.” in the 2025 Form 10-K. Market and other economic factors may result in increased credit impairments, downgrades and losses across single or numerous asset classes due to lower collateral values or deteriorating cash flow and profitability by borrowers could lead to higher defaults on our investment portfolio, especially in geographic, industry or investment sectors where we have higher concentrations of exposure, such as real estate related borrowings. These factors can also cause widening of credit spreads which could reduce investment asset valuations, decrease fee income and increase statutory capital requirements, as well as reduce the availability of investments that are attractive from a risk-adjusted perspective. For additional information see “Risk Factors—Risks Relating to Market Conditions—Our business is highly dependent on economic and capital market conditions.” in the 2025 Form 10-K. Alternative investments include private equity funds which are generally reported on a one-quarter lag. Accordingly, changes in valuations driven by equity market conditions during the second quarter of 2026 may impact the private equity investments in the alternative investments portfolio in the third quarter of 2026. 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 June 30, 2026, 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 asset adequacy 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. Corebridge | Second Quarter 2026 Form 10-Q 83 TABLE OF CONTENTS ITEM 2 | Executive Summary 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 historically 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, 38% and 40% were crediting at the contractual minimum guaranteed interest rate at June 30, 2026 and December 31, 2025, respectively. In the universal life insurance products in our Life Insurance business, 58% and 59% of the account values were crediting at the contractual minimum guaranteed interest rate at June 30, 2026 and December 31, 2025, respectively. These businesses continue to focus on pricing discipline and strategies to manage the minimum guaranteed interest crediting rates offered on new sales in the context of regulatory requirements and competitive positioning. For additional information on our investment and asset-liability management strategies, see “Investments” below. Regulatory Environment The insurance and financial services industries are generally subject to close regulatory scrutiny and supervision. Our operations are subject to regulation by a number of different types of domestic and international regulatory authorities, including securities, derivatives, and investment advisory regulators. Our insurance subsidiaries are subject to regulation and supervision by the states and jurisdictions in which they do business. We expect that the domestic and international regulations applicable to us and our regulated entities will continue to evolve for the foreseeable future. Corebridge | Second Quarter 2026 Form 10-Q 84 TABLE OF CONTENTS ITEM 2 | Executive Summary For example, the Risk-Based Capital (“RBC”) framework and RBC charges and treatment applicable to our U.S. life insurance subsidiaries have been a subject of focus for regulators in recent years. In February 2025, the NAIC announced the creation of a new Risk-Based Capital Model Governance (EX) Task Force (“Task Force”) as part of its efforts to update and strengthen the governance framework around RBC requirements. The Task Force adopted governing principles in December 2025 and soon after began a comprehensive gap analysis and consistency assessment of the existing RBC framework to identify potential issues. The work of the Task Force is ongoing and could result in changes to RBC requirements and calculations in the future, which could affect our capital planning, investment strategies, reporting obligations and permitted disclosures. Relatedly, the inaugural meeting of the Invested Assets (E) Task Force took place in March 2026. It was established for the purpose of better understanding investment products with characteristics that pose unique risks to insurers and developing investment-related solvency policy changes. For example, in July 2026, the Financial Condition (E) Committee of the NAIC approved new Life RBC factors, to be effective December 31, 2026, for CLOs, collateralized bond obligations (“CBOs”) and collateralized debt obligations (“CDOs”). This framework includes (i) lower RBC factors for senior investment-grade tranches (NAIC Designation Category 1.A through 1.G) and higher RBC factors for lower rated tranches (NAIC Designation Category 2.A or below) and (ii) an 11.77% pretax surcharge that will apply to below-investment-grade tranches (NAIC Designation Category 2.C or below) of only broadly syndicated loan CLOs (not middle market CLOs) with a thickness of 4% or less. The NAIC and its related working groups continue to consider the treatment of other investment products which would result in changes to accounting policies and RBC requirements. We are actively monitoring these developments associated with these RBC-related NAIC initiatives and their potential impacts on our life insurance subsidiaries. As another example, during 2025, the Life Actuarial Task Force adopted updates to actuarial guidelines intended to enhance asset adequacy analysis for asset-intensive, life insurance and annuity reinsurance treaties above certain thresholds. The updated guidelines, referred to as Actuarial Guideline LV (“AG 55”), are designed as a testing and disclosure regime, and the first AG 55 reports were filed in April 2026. The NAIC plans to review the disclosures to identify any concerns with insurers’ approaches to asset adequacy testing, with the possibility of making additional changes that could lead to higher reserves for certain reinsurance agreements. We are actively monitoring developments associated with this NAIC initiative, which are applicable to certain transactions that involve our life insurance subsidiaries acting as cedants. VM-22 principles-based reserving applicable to non-variable annuity contracts is effective on January 1, 2026, and Companies have three years to implement VM-22 requirements with mandatory adoption January 1, 2029. The NAIC’s Life Actuarial Task Force VM-22 (A) Subgroup is considering allowing optional election of VM-22 for non-variable annuity business issued on or after January 1, 2017. Relatedly, the Generator of Economic Scenarios statutory reserve and capital calculations applicable to new non-variable annuity business is effective January 1, 2026. Corebridge has considered, and will be considering, appropriate implementation of these frameworks, and continues to closely monitor these developments. Finally, the NAIC Life Insurance and Annuities (A) Committee has created a working group to contemplate updating NAIC guidance for life insurance and annuity illustrations and disclosures. Suggested revisions could include changes to illustration requirements for fixed index annuities pertaining to back-casting performance results. We are monitoring these developments and any model guidance that may flow from the Life Insurance and Annuities Committee’s work on this subject. In addition to regulatory developments at the NAIC, we are also subject to accounting practices and standards prescribed and/or permitted by our domiciliary insurance regulators. In December 2025, the NAIC approved agenda item 2024-06: Risk Transfer Analysis of Combination Reinsurance Contracts in respect of SSAP No. 61 and Appendix A-791 (the “Adoption”), clarifying the treatment of combination treaties with interdependent features under statutory accounting for new and newly amended contracts effective immediately and for in-force contracts effective for the year ending December 31, 2026. In response, we received a statutory permitted accounting practice from the Texas Department of Insurance related to an existing reinsurance treaty that fell within the scope of the Adoption. The permitted accounting practice is effective December 31, 2026. 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 in the 2025 Form 10-K. Corebridge | Second Quarter 2026 Form 10-Q 85 TABLE OF CONTENTS ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics Use of Non-GAAP Financial Measures and Key Operating Metrics NON-GAAP FINANCIAL MEASURES Throughout this MD&A, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are “non-GAAP financial measures” under SEC rules and regulations. We believe presentation of these non-GAAP financial measures allows for a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. These measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with GAAP and should not be viewed as a substitute for GAAP measures. The non-GAAP financial measures we present may not be comparable to similarly named measures reported by other companies. Reconciliations of non-GAAP financial measures for future periods are not provided as we do not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliations. Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments, revenues from businesses exited through reinsurance, and income from non-operating litigation settlements (included in Other income for GAAP purposes). The following table presents a reconciliation of Total revenues to Adjusted revenues: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Total revenues $3,914 $2,726 $7,878 $6,298 Fortitude Re related items: Net investment (income) on Fortitude Re funds withheld assets (233) (343) (493) (674) Net realized losses on Fortitude Re funds withheld assets 25 30 46 26 Net realized losses on Fortitude Re funds withheld embedded derivatives 316 251 302 847 Subtotal - Fortitude Re related items 108 (62) (145) 199 Businesses exited through reinsurance items: Premiums (1) (13) (1) (23) Policy fees (12) (123) (28) (254) Net investment income - excluding Fortitude Re funds withheld assets (8) (80) (17) (161) Advisory fee and other income — (104) — (214) Subtotal - Businesses exited through reinsurance items (21) (320) (46) (652) Other reconciling items: Other (income) - net (7) (8) (14) (16) Net realized losses* 302 1,760 708 2,667 Subtotal - Other reconciling items 295 1,752 694 2,651 Total adjustments 382 1,370 503 2,198 Adjusted revenues $4,296 $4,096 $8,381 $8,496 *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 | Second Quarter 2026 Form 10-Q 86 TABLE OF CONTENTS ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics INVESTMENT RELATED ADJUSTMENTS: APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods. In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results, including those used to economically hedge insurance liabilities, or 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 are excluded from APTOI. MRBs related to the variable annuity business subject to the reinsurance agreements with CSLR are reported in the “Businesses exited through reinsurance” line item. BUSINESSES EXITED THROUGH REINSURANCE: Represents the results of businesses that have been or will be economically exited through reinsurance. This includes MRBs, along with changes in the fair value of derivatives used to hedge MRBs which are recorded through “Change in the fair value of MRBs, net.” The results of operations from these businesses have been excluded from APTOI as they are not indicative of our ongoing business operations. 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 Available to Corebridge Common Shareholders (“Adjusted After-tax Operating Income” or “AATOI”) is derived by excluding the tax effected APTOI adjustments described above and preferred stock dividends, 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 | Second Quarter 2026 Form 10-Q 87 TABLE OF CONTENTS ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics The following tables present a reconciliation of pre-tax income (loss)/net income (loss) available to Corebridge common shareholders to adjusted pre-tax operating income (loss)/adjusted after-tax operating income (loss) available to Corebridge common shareholders: Three Months Ended June 30, 2026 2025 (in millions) Pre-tax Total Tax(Benefit)Charge Non-controllingInterests/Preferred stock dividends After Tax Pre-tax Total Tax(Benefit)Charge Non-controllingInterests/Preferred stock dividends After Tax Pre-tax income (loss)/net income (loss) including noncontrolling interests $52 $50 $— $2 $(608) $60 $— $(668) Noncontrolling interests — — — — — — 8 8 Preferred stock dividends — — (18) (18) — — — — Pre-tax income (loss)/net (loss) available to Corebridge common shareholders 52 50 (18) (16) (608) 60 8 (660) Fortitude Re related items Net investment (income) on Fortitude Re funds withheld assets (233) (51) — (182) (343) (73) — (270) Net realized losses on Fortitude Re funds withheld assets 25 6 — 19 30 7 — 23 Net realized losses on Fortitude Re funds withheld embedded derivative 316 68 — 248 251 53 — 198 Subtotal Fortitude Re related items 108 23 — 85 (62) (13) — (49) Other reconciling Items: Reclassification of disproportionate tax effects from AOCI and other tax adjustments — 15 — (15) — (6) — 6 Deferred income tax valuation allowance (releases) charges — (60) — 60 — (186) — 186 Change in the fair value of market risk benefits, net 24 5 — 19 (44) (9) — (35) Changes in benefit reserves related to net realized gains (losses) (1) — — (1) (4) (1) — (3) Net realized (gains) losses* 301 63 — 238 1,758 369 — 1,389 Restructuring and other costs 62 13 — 49 129 28 — 101 Non-recurring costs related to regulatory or accounting changes — — — — 1 — — 1 Businesses exited through reinsurance 118 25 — 93 (336) (72) — (264) Noncontrolling interests — — — — 8 — (8) — Subtotal Other Non-Fortitude Re reconciling items 504 61 — 443 1,512 123 (8) 1,381 Total adjustments 612 84 — 528 1,450 110 (8) 1,332 Adjusted pre-tax operating income/Adjusted after-tax operating income attributable to Corebridge common shareholders $664 $134 $(18) $512 $842 $170 $— $672 Corebridge | Second Quarter 2026 Form 10-Q 88 TABLE OF CONTENTS ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics Six Months Ended June 30, 2026 2025 (in millions) Pre-tax Total Tax(Benefit)Charge Non-controllingInterests/Preferred stock dividends After Tax Pre-tax Total Tax(Benefit)Charge Non-controllingInterests/Preferred stock dividends After Tax Pre-tax income (loss)/net (loss) including noncontrolling interests $149 $208 $— $(59) $(1,470) $(145) $— $(1,325) Noncontrolling interests — — 8 8 — — 1 1 Preferred stock dividends — — (18) (18) — — — — Pre-tax income (loss)/net (loss) available to Corebridge common shareholders 149 208 (10) (69) (1,470) (145) 1 (1,324) Fortitude Re related items Net investment (income) on Fortitude Re funds withheld assets (493) (106) — (387) (674) (144) — (530) Net realized losses on Fortitude Re funds withheld assets 46 10 — 36 26 6 — 20 Net realized losses on Fortitude Re funds withheld embedded derivative 302 65 — 237 847 180 — 667 Subtotal Fortitude Re related items (145) (31) — (114) 199 42 — 157 Other Reconciling Items: Changes in uncertain tax positions and other tax adjustments — 30 — (30) — 15 — (15) Deferred income tax valuation allowance (releases) charges — (215) — 215 — (194) — 194 Change in fair value of market risk benefits, net 337 71 — 266 291 61 — 230 Changes in benefit reserves related to net realized (gains) losses (1) — — (1) 27 6 — 21 Net realized (gains) losses* 706 148 — 558 2,663 559 — 2,104 Restructuring and other costs 117 25 — 92 226 48 — 178 Non-recurring costs related to regulatory or accounting changes 1 — — 1 2 — — 2 Net (gain) loss on divestiture (2) — — (2) — — — — Pension expense - non operating — — — — — — — — Businesses exited through reinsurance 123 26 — 97 (387) (82) — (305) Noncontrolling interests 8 — (8) — 1 — (1) — Subtotal Other Non-Fortitude Re reconciling items 1,289 85 (8) 1,196 2,823 413 (1) 2,409 Total adjustments 1,144 54 (8) 1,082 3,022 455 (1) 2,566 Adjusted pre-tax operating income/Adjusted after-tax operating income attributable to Corebridge common shareholders $1,293 $262 $(18) $1,013 $1,552 $310 $— $1,242 *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 | Second Quarter 2026 Form 10-Q 89 TABLE OF CONTENTS ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics Adjusted Book Value Available to Corebridge Common Shareholders is derived by excluding preferred stock as well as AOCI, adjusted for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re. The following table presents the reconciliation of Book value per common share to Adjusted book value per common share: At June 30, At December 31, (in millions, except per common share data) 2026 2025 Total Corebridge shareholders' equity $10,651 $13,201 Less: Preferred stock and additional paid-in capital 493 493 Total Corebridge shareholders' equity available to common shareholders (a) 10,158 12,708 Less: Accumulated other comprehensive income (loss) (10,167) (9,452) Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (2,526) (2,391) Adjusted Book Value (b) $17,799 $19,769 Total common shares outstanding (c) 445.8 496.4 Book value per common share (a/c) $22.79 $25.60 Adjusted book value per common share (b/c) $39.93 $39.83 Adjusted Return on Average Equity Available to Common Shareholders (“Adjusted ROAE”) is derived by dividing AATOI by average Adjusted Book Value available to Common Shareholders 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 available to common shareholders: Three Months Ended June 30, Six Months Ended June 30, (in millions, unless otherwise noted) 2026 2025 2026 2025 Actual or annualized net income (loss) available to Corebridge common shareholders (a) $(64) $(2,640) $(138) $(2,648) Actual or annualized adjusted after-tax operating income available to Corebridge common shareholders (b) 2,048 2,688 2,026 2,484 Average Corebridge shareholders’ equity 10,728 12,141 11,552 11,915 Less: Average preferred stock 493 — 493 — Total Average equity available to Corebridge common shareholders (c) 10,235 12,141 11,059 11,915 Less: Average AOCI (10,298) (11,341) (10,016) (12,121) Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (2,568) (2,570) (2,509) (2,646) Average Adjusted Book Value available to Corebridge Common Shareholders (d) $17,965 $20,912 $18,566 $21,390 Return on Average Equity available to Corebridge common shareholders (a/c) (0.6)% (21.7)% (1.2)% (22.2)% Adjusted ROAE available to Corebridge common shareholders (b/d) 11.4% 12.9% 10.9% 11.6% Corebridge | Second Quarter 2026 Form 10-Q 90 TABLE OF CONTENTS ITEM 2 | 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: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Individual Retirement Premiums $26 $31 $42 $48 Deposits 3,799 6,457 8,130 10,740 Other(a) (3) (1) (4) (3) Premiums and deposits 3,822 6,487 8,168 10,785 Group Retirement Premiums 4 — 5 4 Deposits 1,765 1,976 3,515 3,796 Premiums and deposits(b)(c) 1,769 1,976 3,520 3,800 Life Insurance Premiums 382 377 743 717 Deposits 391 393 777 790 Other(a) 97 98 200 217 Premiums and deposits 870 868 1,720 1,724 Institutional Markets Premiums 129 25 138 525 Deposits 2,455 1,102 3,498 2,535 Other(a) 21 8 35 17 Premiums and deposits 2,605 1,135 3,671 3,077 Total Premiums 541 433 928 1,294 Deposits 8,410 9,928 15,920 17,861 Other(a) 115 105 231 231 Premiums and deposits $9,066 $10,466 $17,079 $19,386 (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 $935 million and $744 million for the three months ended June 30, 2026 and 2025, respectively, and $1.9 billion and $1.5 billion for the six months ended June 30, 2026 and 2025, respectively. (c)Includes inflows related to in-plan mutual funds of $781 million and $842 million for the three months ended June 30, 2026 and 2025, respectively, and $1.5 billion and $1.6 billion for the six months ended June 30, 2026 and 2025, respectively. 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): Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Net investment income (net income basis) $3,190 $3,338 $6,387 $6,527 Net investment (income) on Fortitude Re funds withheld assets (233) (343) (493) (674) Net investment (income) related to businesses exited through reinsurance (8) (80) (17) (161) Other adjustments (7) (8) (14) (16) Derivative income recorded in net realized gains (losses) 89 77 157 149 Total adjustments (159) (354) (367) (702) Net investment income (APTOI basis) $3,031 $2,984 $6,020 $5,825 Corebridge | Second Quarter 2026 Form 10-Q 91 TABLE OF CONTENTS ITEM 2 | 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: (in millions) June 30, 2026 December 31, 2025 Individual Retirement AUM $121,607 $120,419 AUA — — Total Individual Retirement AUMA 121,607 120,419 Group Retirement AUM 81,060 80,220 AUA 50,650 50,063 Total Group Retirement AUMA 131,710 130,283 Life Insurance AUM 27,737 27,752 AUA — — Total Life Insurance AUMA 27,737 27,752 Institutional Markets AUM 60,675 59,390 AUA 49,194 48,507 Total Institutional Markets AUMA 109,869 107,897 Total AUMA $390,923 $386,351 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, excluding the 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 and 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 on bonds, 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 on certain partnership entities that are required to be consolidated. Alternative investments include private equity and real estate 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 | Second Quarter 2026 Form 10-Q 92 TABLE OF CONTENTS ITEM 2 | 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: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Individual Retirement Spread income $665 $704 $1,289 $1,358 Fee income 89 76 166 143 Total Individual Retirement 754 780 1,455 1,501 Group Retirement Spread income 140 171 277 363 Fee income 219 190 426 385 Total Group Retirement 359 361 703 748 Life Insurance Underwriting margin 331 344 647 669 Total Life Insurance 331 344 647 669 Institutional Markets Spread income 122 173 267 305 Fee income 17 16 34 31 Underwriting margin 13 13 27 34 Total Institutional Markets 152 202 328 370 Total Spread income 927 1,048 1,833 2,026 Fee income 325 282 626 559 Underwriting margin 344 357 674 703 Total $1,596 $1,687 $3,133 $3,288 Net Investment Income (APTOI Basis) The following table presents a summary of our four insurance operating businesses’ net investment income on an APTOI basis: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Individual Retirement Base portfolio income $1,584 $1,445 $3,130 $2,841 Variable investment income 20 74 9 97 Net investment income 1,604 1,519 3,139 2,938 Group Retirement Base portfolio income 434 445 866 906 Variable investment income 4 24 5 48 Net investment income 438 469 871 954 Life Insurance Base portfolio income 325 329 650 661 Variable investment income (1) 6 (2) 10 Net investment income 324 335 648 671 Institutional Markets Base portfolio income 674 565 1,339 1,117 Variable investment income 5 89 38 126 Net investment income 679 654 1,377 1,243 Total Base portfolio income 3,017 2,784 5,985 5,525 Variable investment income 28 193 50 281 Net investment income (APTOI basis) - Insurance operations $3,045 $2,977 $6,035 $5,806 Corebridge | Second Quarter 2026 Form 10-Q 93 TABLE OF CONTENTS ITEM 2 | 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: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Individual Retirement Fixed Annuities $(444) $1,181 $(1,035) $1,299 Fixed Index Annuities (84) 1,584 372 2,446 Registered Index-Linked Annuities 595 492 1,194 755 Total Individual Retirement 67 3,257 531 4,500 Group Retirement (5,552) (1,833) (7,419) (3,669) Total Net Flows $(5,485) $1,424 $(6,888) $831 Corebridge | Second Quarter 2026 Form 10-Q 94 TABLE OF CONTENTS ITEM 2 Consolidated Results of Operations Consolidated Results of Operations The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three and six months ended June 30, 2026 and 2025. For factors that relate primarily to a specific business, see “— Business Segment Operations.” Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Revenues: Premiums $542 $446 $929 $1,317 Policy fees 624 721 1,234 1,441 Net investment income 3,190 3,338 6,387 6,527 Net realized (losses) (554) (1,975) (890) (3,389) Advisory fee and other income 112 196 218 402 Total revenues 3,914 2,726 7,878 6,298 Benefits and expenses: Policyholder benefits 1,120 982 2,094 2,439 Change in the fair value of market risk benefits, net 180 (279) 558 106 Interest credited to policyholder account balances 1,570 1,486 3,095 2,903 Amortization of deferred policy acquisition costs and value of business acquired 248 275 493 550 Non-deferrable insurance commissions 102 152 206 308 Advisory fee expenses 45 64 89 134 General operating expenses 466 517 934 1,043 Interest expense 131 137 262 285 Net (gain) on divestitures — — (2) — Total benefits and expenses 3,862 3,334 7,729 7,768 Income (loss) before income tax expense (benefit) 52 (608) 149 (1,470) Income tax expense (benefit) 50 60 208 (145) Net income (loss) 2 (668) (59) (1,325) Less: Net (loss) attributable to noncontrolling interests — (8) (8) (1) Net income (loss) attributable to Corebridge 2 (660) (51) (1,324) Less: Preferred stock dividends 18 — 18 — Net (loss) available to Corebridge common shareholders $(16) $(660) $(69) $(1,324) The following table presents certain balance sheet data: (in millions, except per common share data) June 30, 2026 December 31, 2025 Balance sheet data: Total assets $415,793 $413,547 Short-term and long-term debt $9,362 $9,359 Debt of consolidated investment entities $1,508 $1,547 Total Corebridge shareholders’ equity $10,651 $13,201 Book value per common share $22.79 $25.60 Adjusted book value per common share $39.93 $39.83 Financial Highlights Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Net Income Comparison We recorded pre-tax income of $52 million in the three months ended June 30, 2026 compared to pre-tax loss of $608 million in the three months ended June 30, 2025. The change in pre-tax loss was primarily due to: •lower net realized losses of $1.4 billion primarily driven by lower losses on sales of fixed maturity securities and lower losses from changes in foreign exchange rates. Corebridge | Second Quarter 2026 Form 10-Q 95 TABLE OF CONTENTS ITEM 2 Consolidated Results of Operations Partially offset by: •unfavorable change in the fair value of market risk benefits, net of $180 million in the second quarter of 2026 compared to a favorable change in the fair value of market risk benefits, net of $279 million in the second quarter of 2025 primarily driven by the impact of the reinsurance agreement with CSLR partially offset by higher equity markets compared to the prior year. •higher interest credited to policyholder account balances of $84 million primarily due to higher interest rates and higher sales activity in fixed and fixed index annuities and growing GIC business; and •lower advisory fee income of $84 million driven by the reinsurance agreement with CSLR. Income tax expense (benefit) For the three months ended June 30, 2026, there was an income tax expense of $50 million, resulting in an effective tax rate of 96.2% primarily due to an increase in valuation allowance and expense on pre-tax income from operations. Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 Net Income Comparison We recorded pre-tax income of $149 million in the six months ended June 30, 2026 compared to pre-tax loss of $1.5 billion in the six months ended June 30, 2025. The change in pre-tax income was primarily due to: •lower net realized losses of $2.5 billion primarily driven by lower losses from changes in foreign exchange rates, lower losses on sales of fixed maturity securities, lower losses from Fortitude Re related balances and lower losses from certain derivatives and hedge accounting; •lower policyholder benefits of $345 million primarily on new pension risk transfer business. Partially offset by: •higher unfavorable change in the fair value of market risk benefits, net of $452 million primarily driven by impact of the reinsurance agreement with CSLR, partially offset by impacts of higher equity markets and interest rates compared to the prior year; •lower premiums of $388 million primarily on new pension risk transfer business; •higher interest credited to policyholder account balances of $192 million primarily due to higher crediting rates and higher sales activity in fixed, fixed index and registered index-linked annuities and growing GIC business; and •lower net investment income of $140 million primarily driven by lower variable investment income and lower income on Fortitude Re funds withheld assets partially offset by higher base portfolio income . Income tax expense (benefit) For the six months ended June 30, 2026, there was an income tax expense of $208 million, resulting in an effective tax rate of 139.6% primarily due to an increase in valuation allowance and expense on pre-tax income from operations. Adjusted pre-tax operating income The following table presents total Corebridge’s adjusted pre-tax operating income: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Premiums $541 $433 $928 $1,294 Policy fees 612 598 1,206 1,187 Net investment income 3,031 2,984 6,020 5,825 Net realized gains (losses)* — (11) 9 2 Advisory fee and other income 112 92 218 188 Total adjusted revenues 4,296 4,096 8,381 8,496 Policyholder benefits 1,123 974 2,105 2,391 Interest credited to policyholder account balances 1,601 1,452 3,169 2,833 Amortization of deferred policy acquisition costs 248 221 493 444 Non-deferrable insurance commissions 101 91 202 183 Advisory fee expenses 45 34 89 73 General operating expenses 390 361 790 752 Interest expense 124 129 248 269 Total benefits and expenses 3,632 3,262 7,096 6,945 Noncontrolling interests — 8 8 1 Adjusted pre-tax operating income $664 $842 $1,293 $1,552 *Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments. Corebridge | Second Quarter 2026 Form 10-Q 96 TABLE OF CONTENTS ITEM 2 Consolidated Results of Operations Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 APTOI Comparison APTOI decreased $178 million, primarily due to: •higher policyholder benefits of $149 million primarily due to higher new pension risk transfer business; and •higher interest credited to policyholder account balances of $149 million primarily due to growth in fixed, fixed index and registered index-linked annuities and growing GIC business. Partially offset by: •higher premiums of $108 million primarily due to higher new pension risk transfer business; and •higher net investment income of $47 million primarily driven by higher base portfolio income partially offset by lower variable investment income. Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 APTOI Comparison APTOI decreased $259 million, primarily due to: •lower premiums of $366 million primarily due to lower new pension risk transfer business; •higher interest credited to policyholder account balances of $336 million primarily due to growth in fixed, fixed index and registered index-linked annuities and growing GIC business. Partially offset by: •lower policyholder benefits of $286 million primarily due to lower new pension risk transfer business; and •higher net investment income of $195 million primarily driven by higher base portfolio income partially offset by lower variable investment income. Corebridge | Second Quarter 2026 Form 10-Q 97 TABLE OF CONTENTS ITEM 2 | Business Segment Operations Business Segment Operations Our business operations consist of five reportable segments: •Individual Retirement – consists of fixed annuities, fixed index annuities and registered index-linked 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 traditional and universal life insurance products in the United States. •Institutional Markets – consists of SVW products, structured settlement and PRT annuities, GICs and Corporate Markets products that include corporate- and bank-owned life insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuities products. •Corporate and Other – consists primarily of: –corporate expenses not attributable to our other segments; –interest expense on financial debt; –results of our consolidated investment entities; –institutional asset management business, which includes managing assets for non-consolidated affiliates; –results of our legacy insurance lines ceded to Fortitude Re; and –results of our individual variable annuity business that is reinsured to CSLR. The closing with respect to the AGL Reinsurance Agreement occurred on August 1, 2025. Accordingly, retrospectively, effective in the third quarter of 2025, our individual variable annuity business previously reported in the Individual Retirement segment, is now included within Corporate and Other, consistent with how the CODM assesses its performance and allocates its resources. Prior periods presented herein have been recast to conform to the new segment presentation. Additionally, the results of operations from the variable annuity business have been excluded from APTOI as they are not indicative of our ongoing business operations. The following tables summarize adjusted pre-tax operating income (loss) from our segments: See Note 3 to the Condensed Consolidated Financial Statements. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Individual Retirement $467 $523 $882 $977 Group Retirement 151 182 291 377 Life Insurance 112 133 208 241 Institutional Markets 119 173 262 310 Corporate and Other (185) (169) (350) (353) Adjusted pre-tax operating income $664 $842 $1,293 $1,552 Corebridge | Second Quarter 2026 Form 10-Q 98 TABLE OF CONTENTS ITEM 2 | Business Segment Operations DISCUSSION OF SEGMENT RESULTS Individual Retirement Individual Retirement Results Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Adjusted Revenues: Premiums $26 $31 $42 $48 Policy fees 89 76 166 143 Net investment income: Base portfolio income 1,584 1,445 3,130 2,841 Variable investment income 20 74 9 97 Net investment income 1,604 1,519 3,139 2,938 Total adjusted revenues 1,719 1,626 3,347 3,129 Benefits and expenses: Policyholder benefits 32 36 49 59 Interest credited to policyholder account balances 946 824 1,866 1,599 Amortization of deferred policy acquisition costs 131 112 261 224 Non-deferrable insurance commissions 50 41 102 83 Advisory fee expenses 6 3 12 9 General operating expenses 87 87 175 178 Total benefits and expenses 1,252 1,103 2,465 2,152 Adjusted pre-tax operating income $467 $523 $882 $977 Individual Retirement Sources of Earnings The following table presents the sources of earnings of the Individual Retirement segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Spread income(a) $665 $704 $1,289 $1,358 Fee income 89 76 166 143 Policyholder benefits, net of premiums (6) (5) (7) (11) Non-deferrable insurance commissions (50) (41) (102) (83) Amortization of DAC and DSI (138) (121) (277) (243) General operating expenses (87) (87) (175) (178) Other(b) (6) (3) (12) (9) Adjusted pre-tax operating income $467 $523 $882 $977 (a)Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of deferred sales inducements (“DSI”) of $7 million and $9 million for the three months ended June 30,2026 and 2025, respectively, and $16 million and $19 million for the six months ended June 30, 2026 and 2025 respectively. (b)Other represents advisory fee expenses. Financial Highlights Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 APTOI Comparison APTOI decreased $56 million, primarily due to: •lower spread income of $39 million driven by a decrease in variable investment income of $54 million mostly due to lower alternative investment income, partially offset by higher base spread income of $15 million primarily due to general account growth and asset optimization initiatives; and •higher amortization of DAC and DSI of $17 million primarily due to growth in the business. Partially offset by: •higher policy fee income of $13 million, primarily due to higher GMWB fees from fixed and fixed index annuity growth. Corebridge | Second Quarter 2026 Form 10-Q 99 TABLE OF CONTENTS ITEM 2 | Business Segment Operations Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 APTOI Comparison APTOI decreased $95 million, primarily due to: •lower spread income of $69 million driven by a decrease in variable investment income of $88 million due to lower alternative investment and yield enhancement income, partially offset by higher base spread income of $19 million, primarily due to general account growth and asset optimization initiatives; and •higher amortization of DAC and DSI of $34 million primarily due to growth in the business. Partially offset by: •higher policy fee income of $23 million, primarily due to higher GMWB fees from fixed and fixed index annuity growth. AUMA The following table presents Individual Retirement AUMA: (in millions) June 30, 2026 December 31, 2025 Total AUMA $121,607 $120,419 June 30, 2026 to December 31, 2025 AUMA Comparison AUMA increased $1.2 billion primarily due to positive general account net flows and interest credited to policyholders’ account balance. Spread and Fee Income The following table presents Individual Retirement spread and fee income: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Spread income: Base portfolio income $1,584 $1,445 $3,130 $2,841 Interest credited to policyholder account balances (939) (815) (1,850) (1,580) Base spread income 645 630 1,280 1,261 Variable investment income 20 74 9 97 Total spread income* $665 $704 $1,289 $1,358 Fee income: Policy fees $89 $76 $166 $143 Total fee income $89 $76 $166 $143 *Excludes amortization of DSI assets of $7 million and $9 million for the three months ended June 30, 2026 and 2025, respectively, and $16 million and $19 million for the six months ended June 30, 2026 and 2025, respectively. The following table presents Individual Retirement net investment spread: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Individual Retirement base net investment spread: Base yield* 5.19% 5.19% 5.14% 5.18% Cost of funds (3.37) (3.21) (3.37) (3.18) Individual Retirement base net investment spread 1.82% 1.98% 1.77% 2.00% *Includes returns from base portfolio including accretion and income (loss) from certain other invested assets. Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Comparison and Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 Comparison See “Financial Highlights.” Corebridge | Second Quarter 2026 Form 10-Q 100 TABLE OF CONTENTS ITEM 2 | 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. Premiums and Deposits Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Fixed annuities $1,523 $3,216 $3,120 $5,215 Fixed index annuities 1,697 2,779 3,844 4,815 Registered index-linked annuities 602 492 1,204 755 Total $3,822 $6,487 $8,168 $10,785 Net Flows Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Fixed annuities $(444) $1,181 $(1,035) $1,299 Fixed index annuities (84) 1,584 372 2,446 Registered index-linked annuities 595 492 1,194 755 Total $67 $3,257 $531 $4,500 Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Comparison Fixed Annuities Net flows decreased by $1.6 billion over the prior year, primarily due to lower premiums and deposits of $1.7 billion, partially offset by lower death benefits of $41 million and lower surrenders and withdrawals of $27 million. Fixed Index Annuities Net flows decreased by $1.7 billion primarily due to lower premiums and deposits of $1.1 billion and higher surrenders and withdrawals of $595 million. Registered Index-Linked Annuities Net inflows increased by $103 million primarily due to higher premiums and deposits of $110 million. Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 Comparison Fixed Annuities Net flows decreased by $2.3 billion over the prior year, primarily due to lower premiums and deposits of $2.1 billion, higher surrenders and withdrawals of $317 million, partially offset by lower death benefits of $77 million. Fixed Index Annuities Net inflows decreased by $2.1 billion primarily due to higher surrenders and withdrawals of $1.1 billion and lower premiums and deposits of $971 million. Registered Index-Linked Annuities Net inflows increased by $439 million primarily due to higher premiums and deposits of $449 million. Surrenders The following table presents Individual Retirement surrender rates: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Fixed annuities 10.8% 11.3% 11.6% 10.9% Fixed index annuities 11.8 8.5 11.5 8.7 Registered index-linked annuities 0.6 0.2 0.5 0.2 Corebridge | Second Quarter 2026 Form 10-Q 101 TABLE OF CONTENTS ITEM 2 | Business Segment Operations The following table presents account values for fixed annuities, fixed index annuities and registered index-linked annuities by surrender charge category: June 30, 2026 December 31, 2025 (in millions) FixedAnnuities Fixed IndexAnnuities Registered Index-Linked Annuities FixedAnnuities Fixed IndexAnnuities Registered Index-Linked Annuities No surrender charge $16,210 $3,714 $— $16,798 $3,570 $— Greater than 0% - 2% 1,299 4,065 — 1,509 4,299 — Greater than 2% - 4% 3,507 7,676 — 2,163 8,033 — Greater than 4% 33,792 39,300 3,647 34,266 37,002 2,144 Non-surrenderable 2,947 — — 3,002 — — Total account value* $57,755 $54,755 $3,647 $57,738 $52,904 $2,144 *Includes payout Immediate Annuities and funding agreements. Individual Retirement annuities are typically subject to a three- to ten-year surrender charge period, depending on the product. For fixed annuities, the proportion of account value subject to surrender charge at June 30, 2026 increased compared to December 31, 2025 primarily due to prior year’s growth in the business. For fixed index annuities, the proportion of account value subject to surrender charge at June 30, 2026 was flat compared to December 31, 2025. Group Retirement Group Retirement Results Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Adjusted Revenues: Premiums $4 $— $5 $4 Policy fees 116 105 225 213 Net investment income: Base portfolio income 434 445 866 906 Variable investment income 4 24 5 48 Net investment income 438 469 871 954 Advisory fee and other income* 103 85 201 172 Total adjusted revenues 661 659 1,302 1,343 Benefits and expenses: Policyholder benefits 7 2 10 7 Interest credited to policyholder account balances 302 301 601 597 Amortization of deferred policy acquisition costs 28 21 55 43 Non-deferrable insurance commissions 31 30 62 60 Advisory fee expenses 39 30 76 63 General operating expenses 103 93 207 196 Total benefits and expenses 510 477 1,011 966 Adjusted pre-tax operating income $151 $182 $291 $377 *Includes advisory fee income from registered investment services, 12b-1 fees (i.e., marketing and distribution fee income), other asset management fee income, and commission-based broker-dealer services. Corebridge | Second Quarter 2026 Form 10-Q 102 TABLE OF CONTENTS ITEM 2 | Business Segment Operations Group Retirement Sources of Earnings The following table presents the sources of earnings of the Group Retirement segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Spread income(a) $140 $171 $277 $363 Fee income(b) 219 190 426 385 Policyholder benefits, net of premiums (3) (2) (5) (3) Non-deferrable insurance commissions (31) (30) (62) (60) Amortization of DAC and DSI (32) (24) (62) (49) General operating expenses (103) (93) (207) (196) Other(c) (39) (30) (76) (63) Adjusted pre-tax operating income $151 $182 $291 $377 (a)Excludes amortization of DSI assets of $4 million and $3 million for the three months ended June 30, 2026 and 2025, respectively, and $7 million and $6 million for the six months ended June 30, 2026 and 2025, respectively. (b)Fee income represents policy fee and advisory fee and other income. (c)Other consists of advisory fee expenses. Financial Highlights Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 APTOI Comparison APTOI decreased $31 million, primarily due to: •lower spread income of $31 million driven by a decrease in variable investment income of $20 million due to lower alternative investment and yield enhancement income, and lower base spread income of $11 million primarily due to the impact of lower federal funds rate; •higher general operating expenses of $10 million; and •higher amortization of DAC and DSI of $8 million mostly due to prior year actuarial assumption updates. Partially offset by: •higher fee income, net of advisory fee expenses of $20 million, mostly due to higher average separate account and mutual fund assets driven by improved equity market performance. Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 APTOI Comparison APTOI decreased $86 million, primarily due to: •lower spread income of $86 million driven by a decrease in variable investment income of $43 million due to lower alternative investment and yield enhancement income, and lower base spread income of $43 million primarily due to the impact of lower federal funds rate and negative general account flows; •higher general operating expenses of $11 million; and •higher amortization of DAC and DSI of $13 million mostly due to prior year actuarial assumption updates. Partially offset by: •higher fee income, net of advisory fee expenses of $28 million, mostly due to higher average separate account and mutual fund assets driven by improved equity market performance. Corebridge | Second Quarter 2026 Form 10-Q 103 TABLE OF CONTENTS ITEM 2 | Business Segment Operations AUMA The following table presents Group Retirement AUMA by product: (in millions) June 30, 2026 December 31, 2025 AUMA by asset type: In-plan spread based $21,081 $21,947 In-plan fee based 62,227 61,505 Total in-plan AUMA(a) 83,308 83,452 Out-of-plan proprietary - General Account 17,188 17,666 Out-of-plan proprietary - Separate Accounts 11,355 11,030 Total out-of-plan proprietary annuities 28,543 28,696 Advisory and brokerage assets 19,859 18,135 Total out-of-plan AUMA(b) 48,402 46,831 Total AUMA $131,710 $130,283 (a)Includes $14.2 billion of AUMA at June 30, 2026 and $14.1 billion of AUMA at December 31, 2025 that is associated with our in-plan investment advisory service that we offer to participants at an additional fee. (b)Includes $16.7 billion of AUMA at June 30, 2026 and $15.1 billion of AUMA at December 31, 2025 that is associated with our out-of-plan investment advisory service that we offer to participants at an additional fee. June 30, 2026 to December 31, 2025 AUMA Comparison Total assets increased by $1.4 billion, primarily driven by an increase in advisory and brokerage assets of $1.7 billion due to improved equity market performance. Both In-plan and Out- of-plan assets remained relatively flat from year end where negative net flows were offset by improved equity market performance. Spread and Fee Income The following table presents Group Retirement spread and fee income: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Spread income: Base portfolio income $434 $445 $866 $906 Interest credited to policyholder account balances (298) (298) (594) (591) Base spread income 136 147 272 315 Variable investment income 4 24 5 48 Total spread income* $140 $171 $277 $363 Fee income: Policy fees $116 $105 $225 $213 Advisory fees and other income 103 85 201 172 Total fee income $219 $190 $426 $385 *Excludes amortization of DSI assets of $4 million and $3 million for the three months ended June 30, 2026 and 2025, respectively, and $7 million and $6 million for the six months ended June 30, 2026 and 2025, respectively Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Base net investment spread: Base yield* 4.23% 4.26% 4.21% 4.32% Cost of funds (3.15) (3.09) (3.15) (3.07) Base net investment spread 1.08% 1.17% 1.06% 1.25% *Includes returns from base portfolio, including accretion and income (loss) from certain other invested assets. Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Comparison and Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 Comparison See “Financial Highlights.” Corebridge | Second Quarter 2026 Form 10-Q 104 TABLE OF CONTENTS ITEM 2 | Business Segment Operations Premiums and Deposits and Net Flows For Group Retirement, premiums primarily represent amounts received on life-contingent payout annuities while deposits represent sales on investment-oriented products. Net flows for annuity products included in Group Retirement represent premiums and deposits less death, surrender and other withdrawal benefits. Net flows for mutual funds represent deposits less withdrawals. For Group Retirement, client deposits into advisory and brokerage accounts less total client withdrawals from advisory and brokerage accounts are not included in net flows. Net new assets into these products contribute to growth in AUA rather than AUM. Premiums and Deposits and Net Flows Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 In-plan(a)(b) $1,179 $1,272 $2,324 $2,521 Out-of-plan proprietary variable annuity 140 150 292 328 Out-of-plan proprietary fixed, index annuities and registered index-linked annuities 450 554 904 951 Premiums and deposits(c) $1,769 $1,976 $3,520 $3,800 Net Flows $(5,552) $(1,833) $(7,419) $(3,669) (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 $781 million and $842 million for the three months ended June 30, 2026 and 2025, respectively, and $1.5 billion and $1.6 billion for the six months ended June 30, 2026 and 2025, respectively. (c)Excludes client deposits into advisory and brokerage accounts of $935 million and $744 million for the three months ended June 30, 2026 and 2025, respectively, and $1.9 billion and $1.5 billion for the six months ended June 30, 2026 and 2025, respectively. Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Comparison Net flows remained negative and increased by $3.7 billion primarily due to $3.1 billion higher large plan surrenders, $377 million higher other surrender and withdrawals and $207 million lower deposits. Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 Comparison Net flows remained negative and increased by $3.8 billion primarily due to $2.8 billion higher large plan surrenders, $604 million higher other surrender and withdrawals and $280 million lower deposits. Surrenders The following table presents Group Retirement surrender rates: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Surrender rates* 25.7% 13.2% 19.0% 12.9% *Increase in surrender rates for three and six months ended June 30, 2026 is primarily driven by higher large plan surrenders. The following table presents account value for Group Retirement annuities by surrender charge category: (in millions) June 30, 2026 December 31, 2025 No surrender charge(a) $70,874 $69,257 Greater than 0% - 2% 1,511 1,532 Greater than 2% - 4% 1,272 1,238 Greater than 4% 7,249 7,030 Non-surrenderable 349 364 Total account value(b)(c) $81,255 $79,421 (a)Group Retirement amounts in this category include account values in the general account of approximately $3.5 billion and $3.6 billion at June 30, 2026 and December 31, 2025, respectively, which are subject to 20% annual withdrawal limitations at the participant level and account values in the general account of $4.4 billion and $4.6 billion at June 30, 2026 and December 31, 2025, respectively, which are subject to 20 percent annual withdrawal limitations at the plan level. (b)Excludes mutual fund assets under administration of $30.8 billion and $31.9 billion at June 30, 2026 and December 31, 2025, respectively. (c)Includes payout Immediate Annuities and funding agreements. June 30, 2026 to December 31, 2025 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. At June 30, 2026, Group Retirement annuity account values with no surrender charge increased compared to December 31, 2025 primarily due to an increase in assets under management driven by higher equity markets, partially offset by negative net flows. Corebridge | Second Quarter 2026 Form 10-Q 105 TABLE OF CONTENTS ITEM 2 | Business Segment Operations Life Insurance Life Insurance Results Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Adjusted Revenues: Premiums $382 $377 $743 $717 Policy fees 356 366 712 730 Net investment income: Base portfolio income 325 329 650 661 Variable investment income (loss) (1) 6 (2) 10 Net investment income 324 335 648 671 Other income — — 1 1 Total adjusted revenues 1,062 1,078 2,104 2,119 Benefits and expenses: Policyholder benefits 652 650 1,300 1,286 Interest credited to policyholder account balances 79 84 157 164 Amortization of deferred policy acquisition costs 83 84 166 169 Non-deferrable insurance commissions 14 15 27 29 Advisory fee expenses — 1 1 1 General operating expenses 122 111 245 229 Total benefits and expenses 950 945 1,896 1,878 Adjusted pre-tax operating income $112 $133 $208 $241 Life Insurance Sources of Earnings The following table presents the sources of earnings of the Life Insurance segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Underwriting margin(a) $331 $344 $647 $669 General operating expenses (122) (111) (245) (229) Non-deferrable insurance commissions (14) (15) (27) (29) Amortization of DAC (83) (84) (166) (169) Other(b) — (1) (1) (1) Adjusted pre-tax operating income $112 $133 $208 $241 (a)Underwriting margin represents premiums, policy fees, net investment income and other income, less policyholder benefits and interest credited to policyholder account balances. (b)Other primarily represents advisory fee expenses. Financial Highlights Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 APTOI Comparison APTOI decreased $21 million, primarily due to: •unfavorable underwriting margin of $13 million, driven by lower variable investment income and less favorable mortality results; and •higher general operating expenses of $11 million consistent with business growth and trends. Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 APTOI Comparison APTOI decreased $33 million, primarily due to: •unfavorable underwriting margin of $22 million, driven by lower variable investment income and less favorable mortality results; and •higher general operating expenses of $16 million consistent with business growth and trends. Corebridge | Second Quarter 2026 Form 10-Q 106 TABLE OF CONTENTS ITEM 2 | Business Segment Operations AUMA The following table presents Life Insurance AUMA: (in millions) June 30, 2026 December 31, 2025 Total AUMA $27,737 $27,752 June 30, 2026 to December 31, 2025 AUMA Comparison AUMA decreased $15 million in the six months ended June 30, 2026 remaining relatively flat compared to the prior year-end. Underwriting Margin The following table presents Life Insurance underwriting margin: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Premiums $382 $377 $743 $717 Policy fees 356 366 712 730 Net investment income 324 335 648 671 Other income — — 1 1 Policyholder benefits (652) (650) (1,300) (1,286) Interest credited to policyholder account balances (79) (84) (157) (164) Underwriting margin $331 $344 $647 $669 Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Comparison and Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 Comparison See “Financial Highlights.” Premiums and Deposits Premiums and Deposits for Life Insurance represent amounts received on life and health policies. Premiums generally represent amounts received on traditional life products, while deposits represent amounts received on universal life products. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Traditional Life $479 $475 $943 $934 Universal Life 391 393 777 790 Premiums and deposits $870 $868 $1,720 $1,724 Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Comparison and Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 Comparison Premiums and deposits increased $2 million for the three months ended June 30, 2026, and decreased $4 million for the six months ended June 30, 2026, remaining relatively flat for both traditional and universal life products when compared to prior year periods. Corebridge | Second Quarter 2026 Form 10-Q 107 TABLE OF CONTENTS ITEM 2 | Business Segment Operations Institutional Markets Institutional Markets Results Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Adjusted Revenues: Premiums $129 $25 $138 $525 Policy fees 51 51 103 101 Net investment income: Base portfolio income 674 565 1,339 1,117 Variable investment income 5 89 38 126 Net investment income 679 654 1,377 1,243 Other income — 1 1 2 Total adjusted revenues 859 731 1,619 1,871 Benefits and expenses: Policyholder benefits 432 286 746 1,028 Interest credited to policyholder account balances 275 243 545 473 Amortization of deferred policy acquisition costs 6 4 11 8 Non-deferrable insurance commissions 5 5 10 10 General operating expenses 22 20 45 42 Total benefits and expenses 740 558 1,357 1,561 Adjusted pre-tax operating income $119 $173 $262 $310 Institutional Markets Sources of Earnings The following table presents the sources of earnings of the Institutional Markets segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Spread income(a) $122 $173 $267 $305 Fee income(b) 17 16 34 31 Underwriting margin(c) 13 13 27 34 Non-deferrable insurance commissions (5) (5) (10) (10) General operating expenses (22) (20) (45) (42) Other (6) (4) (11) (8) Adjusted pre-tax operating income $119 $173 $262 $310 (a)Represents spread income on GIC, PRT and structured settlement products. (b)Represents fee income on SVW products. (c)Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products. Financial Highlights Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 APTOI Comparison APTOI decreased $54 million, primarily due to: •lower spread income of $51 million driven by $83 million lower variable investment income from private equity investments, partially offset by higher base spread income, reflecting growth in the business. Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 APTOI Comparison APTOI decreased $48 million, primarily due to: •lower spread income of $38 million driven by $86 million lower variable investment income from private equity investments, partially offset by higher base spread income, reflecting growth in the business; and •lower underwriting margin of $7 million driven by lower net investment income. Corebridge | Second Quarter 2026 Form 10-Q 108 TABLE OF CONTENTS ITEM 2 | Business Segment Operations AUMA The following table presents Institutional Markets AUMA: (in millions) June 30, 2026 December 31, 2025 SVW (AUA) $49,194 $48,507 GIC, PRT/assumed reinsurance and Structured settlements (AUM) 52,238 51,511 All other (AUM) 8,437 7,879 Total AUMA $109,869 $107,897 June 30, 2026 to December 31, 2025 AUMA Comparison AUMA increased $2.0 billion, primarily due to premiums and deposits of GIC and Corporate Market products of $3.7 billion and investment performance and other activity of $1.0 billion, partially offset by benefit payments on the GIC, PRT and structured settlement products of $2.5 billion and net outflows of $253 million from SVW products. Spread Income, Fee Income and Underwriting Margin The following table presents Institutional Markets spread income, fee income and underwriting margin: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Premiums $138 $34 $154 $542 Net investment income 644 617 1,308 1,168 Policyholder benefits (413) (262) (706) (987) Interest credited to policyholder account balances (247) (216) (489) (418) Total spread income(a) $122 $173 $267 $305 SVW fees $17 $16 $34 $31 Total fee income $17 $16 $34 $31 Premiums $(9) $(9) $(16) $(17) Policy fees (excluding SVW) 34 35 69 70 Net investment income 35 37 69 75 Other income — 1 1 2 Policyholder benefits (19) (24) (40) (41) Interest credited to policyholder account balances (28) (27) (56) (55) Total underwriting margin(b) $13 $13 $27 $34 (a)Represents spread income from GIC, PRT and structured settlement products. (b)Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products. Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Comparison and Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 Comparison See “Financial Highlights.” Premiums and Deposits The following table presents the Institutional Markets premiums and deposits: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 PRT/assumed reinsurance $105 $— $111 $469 GICs 1,848 1,024 2,859 2,349 Other* 652 111 701 259 Premiums and deposits $2,605 $1,135 $3,671 $3,077 *Other principally consists of structured settlements and Corporate Markets products. Corebridge | Second Quarter 2026 Form 10-Q 109 TABLE OF CONTENTS ITEM 2 | Business Segment Operations Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Comparison Premiums and deposits increased compared to the prior year period by $1.5 billion, primarily due to higher deposits on new GICs of $824 million, higher deposits on new Corporate Markets business of $573 million and higher premiums on new PRT business of $105 million. Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 Comparison Premiums and deposits increased compared to the prior year period by $594 million, primarily due to higher deposits on new GICs of $510 million and higher deposits on new Corporate Markets business of $558 million, partially offset by lower premiums on new PRT business of $358 million. Corporate and Other Corporate and Other primarily consists of interest expense on financial debt, parent expenses not attributable to other segments, institutional asset management business, which includes managing assets for non-consolidated affiliates, results of our consolidated investment entities, results of our legacy insurance lines ceded to Fortitude Re and intercompany eliminations. Corporate and Other Results Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Adjusted Revenues: Net investment income (loss) $(14) $7 $(15) $19 Net realized gains (losses) on real estate investments — (11) 9 2 Other income 9 6 15 13 Total adjusted revenues (5) 2 9 34 Benefits and expenses: Policyholder benefits — — — 11 Interest credited to policyholder account balances (1) — — — Non-deferrable insurance commissions 1 — 1 1 General operating expenses: Corporate and other 45 37 93 80 Asset management(a) 11 13 25 27 Total general operating expenses 56 50 118 107 Interest expense: Corporate 114 114 227 239 Asset management and other 10 15 21 30 Total interest expense 124 129 248 269 Total benefits and expenses 180 179 367 388 Noncontrolling interest(b) — 8 8 1 Adjusted pre-tax operating (loss) $(185) $(169) $(350) $(353) (a)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. (b)Noncontrolling interests represent the third-party or Corebridge affiliated interest in internally managed consolidated investment vehicles and are almost entirely offset within net investment income, net realized gains (losses) and interest expense. Corporate and Other Sources of Earnings The following table presents the sources of earnings of the Corporate and Other segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Corporate expenses $(38) $(32) $(76) $(67) Interest expense on financial debt (114) (114) (227) (239) Asset management — — 2 (3) Consolidated investment entities — — — 3 Other (33) (23) (49) (47) Adjusted pre-tax operating (loss) $(185) $(169) $(350) $(353) Corebridge | Second Quarter 2026 Form 10-Q 110 TABLE OF CONTENTS ITEM 2 | Business Segment Operations Financial Highlights Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 APTOI Comparison Adjusted pre-tax operating loss increased $16 million primarily due to lower net investment income and higher corporate expenses. Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025 APTOI Comparison Adjusted pre-tax operating loss decreased $3 million primarily due to: •lower interest expense on financial debt of $12 million primarily driven by debt issuances in the third and fourth quarter of 2024 in anticipation of debt maturities in April and July 2025. Partially offset by: •higher corporate expenses of $9 million. Corebridge | Second Quarter 2026 Form 10-Q 111 TABLE OF CONTENTS ITEM 2 | Investments Investments OVERVIEW We regularly run strategic asset allocations (“SAA”) both at the specific business level portfolio as well as the overall portfolio. This SAA informs our investment strategies for each business operating unit. The SAA provides an asset mix that supports estimated cash flows of our outstanding liabilities and provides diversification from asset class, sector issuer and geographic perspectives. The primary objectives of our portfolio optimization 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 June 30, 2026, of $239.6 billion of invested assets supporting our insurance operating companies, approximately 47% were in corporate debt securities. Mortgage-backed securities (“MBS”), ABS and CLOs represent 32% of our fixed income securities, of which 99% were investment grade. At December 31, 2025, of $239.3 billion of invested assets supporting our insurance operating companies, approximately 47% were in corporate debt securities. MBS, ABS and CLOs represent 32% of our fixed income securities and 99% were investment grade. See “Business - Investment Management” in the 2025 Form 10-K for further information, including current and future management of our investment portfolio. Key Investment Strategies Investment strategies are assessed at the segment level and the insurance subsidiary 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. Some of our key investment strategies are as follows: •we adhere to a strong asset-liability management discipline; •we perform portfolio optimizations to determine strategic asset allocations. This informs portfolio construction that seeks investments with similar characteristics to the associated 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 and borrower transparency; •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 have a highly functioning, hybrid-origination model. We are able to originate attractive assets from both our deeply experienced internal teams as well as from our two major partners, Blackstone and BlackRock. This supports the growth of our business segments; •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; •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 interest rate, credit and currency derivatives to manage our asset and liability duration as well as credit and currency exposure. Corebridge | Second Quarter 2026 Form 10-Q 112 TABLE OF CONTENTS ITEM 2 | Investments Asset-Liability Management Our investment strategy is to invest in assets that generate net investment income to back policyholder benefit and deposit liabilities that result in stable distributable earnings and enhance portfolio value, subject to asset-liability management, capital, liquidity and regulatory constraints. We use asset-liability management as a primary tool to monitor and manage interest rate and duration risk in our businesses. We maintain a diversified, high quality portfolio of fixed maturity securities issued by corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential and commercial real estate; and commercial mortgage loans that, to the extent practicable, match the duration characteristics of the liabilities. We seek to diversify the portfolio across asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks. The investment portfolio of each product line is tailored to the specific characteristics of its insurance liabilities, and as a result, duration varies between distinct portfolios. The interest rate environment has a direct impact on the asset liability management profile of the businesses, and changes in the interest rate environment may result in the need to lengthen or shorten the duration of the portfolio. In a rising rate environment, we may shorten the duration of the investment portfolio. 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. Investment Portfolio The following table presents carrying amounts of our total investments: (in millions) Excluding Fortitude Re Funds Withheld Assets Fortitude Re Funds Withheld Assets Total June 30, 2026 Bonds available-for-sale: U.S. government and government-sponsored entities $1,096 $249 $1,345 Obligations of states, municipalities and political subdivisions 3,428 561 3,989 Non-U.S. governments 3,719 209 3,928 Corporate debt 112,184 10,029 122,213 Mortgage-backed, asset-backed and collateralized: RMBS 17,005 439 17,444 CMBS 8,786 273 9,059 CLO 8,705 41 8,746 ABS 22,210 505 22,715 Total mortgage-backed, asset-backed and collateralized 56,706 1,258 57,964 Total bonds available-for-sale 177,133 12,306 189,439 Other bond securities 387 4,915 5,302 Total fixed maturities 177,520 17,221 194,741 Equity securities 50 — 50 Mortgage and other loans receivable: Residential mortgages 13,450 — 13,450 Commercial mortgages 33,739 2,562 36,301 Life insurance policy loans 1,365 295 1,660 Commercial loans, other loans and notes receivable 2,397 53 2,450 Total mortgage and other loans receivable(a) 50,951 2,910 53,861 Other invested assets(b) 9,512 1,802 11,314 Short-term investments 4,347 240 4,587 Total(c) $242,380 $22,173 $264,553 Corebridge | Second Quarter 2026 Form 10-Q 113 TABLE OF CONTENTS ITEM 2 | Investments (in millions) Excluding Fortitude Re Funds Withheld Assets Fortitude Re Funds Withheld Assets Total December 31, 2025 Bonds available-for-sale: U.S. government and government-sponsored entities $1,090 $247 $1,337 Obligations of states, municipalities and political subdivisions 3,915 571 4,486 Non-U.S. governments 4,270 217 4,487 Corporate debt 111,739 10,332 122,071 Mortgage-backed, asset-backed and collateralized: RMBS 15,891 459 16,350 CMBS 8,959 348 9,307 CLO 9,038 54 9,092 ABS 21,740 511 22,251 Total mortgage-backed, asset-backed and collateralized 55,628 1,372 57,000 Total bonds available-for-sale 176,642 12,739 189,381 Other bond securities 425 4,982 5,407 Total fixed maturities 177,067 17,721 194,788 Equity securities 79 — 79 Mortgage and other loans receivable: Residential mortgages 13,767 — 13,767 Commercial mortgages 33,733 2,682 36,415 Life insurance policy loans 1,392 302 1,694 Commercial loans, other loans and notes receivable 2,542 63 2,605 Total mortgage and other loans receivable(a) 51,434 3,047 54,481 Other invested assets(b) 8,317 1,918 10,235 Short-term investments 5,276 399 5,675 Total(c) $242,173 $23,085 $265,258 (a)Net of total allowance for credit losses for $783 million and $727 million at June 30, 2026 and December 31, 2025, respectively. (b)Other invested assets, excluding Fortitude Re funds withheld assets, include $6.4 billion and $6.3 billion of private equity funds as of June 30, 2026 and December 31, 2025, respectively, which are generally reported on a one-quarter lag. (c)Includes the consolidation of approximately $4.7 billion and $5.1 billion of consolidated investment entities at June 30, 2026 and December 31, 2025, respectively. Corebridge | Second Quarter 2026 Form 10-Q 114 TABLE OF CONTENTS ITEM 2 | Investments The following table presents carrying amounts of our total investments for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets: (in millions) June 30, 2026 December 31, 2025 Bonds available-for-sale: U.S. government and government-sponsored entities $1,096 $1,089 Obligations of states, municipalities and political subdivisions 3,429 3,915 Non-U.S. governments 3,719 4,270 Corporate debt 112,984 112,537 Mortgage-backed, asset-backed and collateralized: RMBS 17,515 16,406 CMBS 8,786 8,959 CLO 8,674 8,995 ABS 22,210 21,740 Total mortgage-backed, asset-backed and collateralized 57,185 56,100 Total bonds available-for-sale 178,413 177,911 Other bond securities 368 394 Total fixed maturities 178,781 178,305 Equity securities 49 78 Mortgage and other loans receivable: Residential mortgages 12,084 12,305 Commercial mortgages 34,317 34,295 Commercial loans, other loans and notes receivable 2,522 2,600 Total mortgage and other loans receivable(a)(b) 48,923 49,200 Other invested assets Hedge funds 55 68 Private equity(c) 5,832 5,725 Real estate investments 38 11 Other invested assets - All other 1,872 848 Total other invested assets 7,797 6,652 Short-term investments 4,012 5,043 Total(d) $239,562 $239,278 (a)Does not reflect allowance for credit loss on mortgage loans of $729 million and $692 million at June 30, 2026 and December 31, 2025, respectively. (b)Does not reflect policy loans of $1.4 billion and $1.4 billion at June 30, 2026 and December 31, 2025, respectively. (c)Private equity funds are generally reported on a one-quarter lag. (d)Excludes approximately $4.7 billion and $5.1 billion of consolidated investment entities as well as $2.5 billion and $2.9 billion of eliminations primarily between the consolidated investment entities and the insurance operating companies at June 30, 2026 and December 31, 2025, respectively. Corebridge | Second Quarter 2026 Form 10-Q 115 TABLE OF CONTENTS ITEM 2 | Investments Credit Ratings At June 30, 2026, nearly all our fixed maturity securities were held by our U.S. entities and 95% 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. 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 June 30, 2026 and December 31, 2025, 96% 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 96% and 96% investment grade as of June 30, 2026 and December 31, 2025, respectively. The remaining below investment grade securities that are not included in consolidated investment entities relate to middle market and high yield bank loans securities. The following tables present the fixed maturity security portfolio categorized by NAIC Designation, at fair value: NAIC Designation Excluding Fortitude Re Funds Withheld Assets(in millions) 1 2 Total InvestmentGrade 3 4(a) 5(a) 6 Total Below Investment Grade Total June 30, 2026 Other fixed maturity securities $51,128 $62,174 $113,302 $4,517 $2,170 $354 $158 $7,199 $120,501 Mortgage-backed, asset-backedand collateralized 46,920 9,506 56,426 288 160 66 23 537 56,963 Total(b) $98,048 $71,680 $169,728 $4,805 $2,330 $420 $181 $7,736 $177,464 Fortitude Re funds withheld assets $17,221 Total fixed maturities $194,685 December 31, 2025 Other fixed maturity securities $52,407 $60,804 $113,211 $5,107 $2,279 $428 $81 $7,895 $121,106 Mortgage-backed, asset-backedand collateralized 45,535 9,734 55,269 270 203 76 63 612 55,881 Total(b) $97,942 $70,538 $168,480 $5,377 $2,482 $504 $144 $8,507 $176,987 Fortitude Re funds withheld assets $17,721 Total fixed maturities $194,708 (a)Includes $0 million and $1 million of consolidated CLOs that are rated NAIC 4 and 5, respectively, as of June 30, 2026 and $0 million and $1 million of NAIC 4 and 5 securities, respectively, as of December 31, 2025. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries. (b)Excludes $56 million and $80 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2026 and December 31, 2025, respectively. The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value, for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets: (in millions) June 30, 2026 December 31, 2025 NAIC 1 $98,557 $98,454 NAIC 2 72,483 71,341 NAIC 3 4,809 5,380 NAIC 4 2,332 2,484 NAIC 5 and 6 598 646 Total(a)(b) $178,779 $178,305 a)Excludes approximately $39 million and $53 million of consolidated investment entities and $1.3 billion and $1.3 billion of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at June 30, 2026 and December 31, 2025, respectively. b)Excludes $2 million and $0 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2026 and December 31, 2025, respectively. Corebridge | Second Quarter 2026 Form 10-Q 116 TABLE OF CONTENTS ITEM 2 | Investments Composite Corebridge Credit Ratings With respect to our fixed maturity securities, the credit ratings in the table below and in subsequent tables reflect: (i) a composite of the ratings of the three major rating agencies, or when agency ratings are not available, the rating assigned by the NAIC SVO (100% of total fixed maturity securities), or (ii) our equivalent internal ratings when these investments have not been rated by any of the major rating agencies or the NAIC. The “Non-rated” category in those tables consists of fixed maturity securities that have not been rated by any of the major rating agencies, the NAIC or us. The following tables present the fixed maturity security portfolio categorized by composite Corebridge credit rating (as described below), at fair value: Composite Corebridge Credit Rating Excluding Fortitude Re Funds Withheld Assets (in millions) AAA/AA/A BBB Total Investment Grade BB B CCC and Lower Total Below Investment Grade (a)(b) Total June 30, 2026 Other fixed maturity securities $52,410 $61,130 $113,540 $4,117 $2,212 $632 $6,961 $120,501 Mortgage-backed, asset-backedand collateralized 44,158 10,016 54,174 536 251 2,002 2,789 56,963 Total(c) $96,568 $71,146 $167,714 $4,653 $2,463 $2,634 $9,750 $177,464 Fortitude Re funds withheld assets $17,221 Total fixed maturities $194,685 December 31, 2025 Other fixed maturity securities $53,742 $59,819 $113,561 $4,758 $2,292 $495 $7,545 $121,106 Mortgage-backed, asset-backedand collateralized 42,517 10,330 52,847 524 280 2,230 3,034 55,881 Total(c) $96,259 $70,149 $166,408 $5,282 $2,572 $2,725 $10,579 $176,987 Fortitude Re funds withheld assets $17,721 Total fixed maturities $194,708 (a)Includes $2.0 billion and $2.2 billion at June 30, 2026 and December 31, 2025, 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 $4 million of consolidated CLOs as of June 30, 2026 and $1 million as of December 31, 2025. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries. (c)Excludes $56 million and $80 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2026 and December 31, 2025, 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: (in millions) AAA/AA/A BBB Total Investment Grade BB B CCC and Lower Total Below Investment Grade Total June 30, 2026 Other fixed maturity securities $52,409 $61,930 $114,339 $4,117 $2,213 $629 $6,959 $121,298 Mortgage-backed, asset-backedand collateralized 44,659 10,026 54,685 540 252 2,004 2,796 57,481 Total fixed maturities(a)(b) $97,068 $71,956 $169,024 $4,657 $2,465 $2,633 $9,755 $178,779 December 31, 2025 Other fixed maturity securities $53,740 $60,617 $114,357 $4,758 $2,291 $495 $7,544 $121,901 Mortgage-backed, asset-backedand collateralized 43,026 10,340 53,366 527 281 2,230 3,038 56,404 Total fixed maturities(a)(b) $96,766 $70,957 $167,723 $5,285 $2,572 $2,725 $10,582 $178,305 (a)Excludes approximately $39 million and $53 million of consolidated investment entities and $1.3 billion and $1.3 billion of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at June 30, 2026 and December 31, 2025, respectively. (b) Excludes $2 million and $0 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2026 and December 31, 2025, respectively For a discussion of credit risks associated with investments, see “Business—Investment Management—Credit Risk” in the 2025 Form 10-K. Corebridge | Second Quarter 2026 Form 10-Q 117 TABLE OF CONTENTS ITEM 2 | Investments The following tables present the composite Corebridge credit ratings of our fixed maturity securities calculated based on their fair value: Available-for-Sale Other Fixed Maturity Securities, at Fair Value Total Excluding Fortitude FundsWithheld Assets(in millions) June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Rating: Other fixed maturity securities* AAA $1,249 $1,288 $— $— $1,249 $1,288 AA 11,444 22,019 — 31 11,444 22,050 A 39,699 30,403 18 1 39,717 30,404 BBB 61,084 59,768 46 51 61,130 59,819 Below investment grade 6,769 7,532 9 9 6,778 7,541 Non-rated 182 4 1 — 183 4 Total $120,427 $121,014 $74 $92 $120,501 $121,106 Mortgage-backed, asset-backed and collateralized AAA $15,909 $10,723 $50 $10 $15,959 $10,733 AA 13,547 22,963 17 67 13,564 23,030 A 14,521 8,642 114 112 14,635 8,754 BBB 9,954 10,268 62 62 10,016 10,330 Below investment grade 2,742 2,982 45 46 2,787 3,028 Non-rated 33 50 25 36 58 86 Total $56,706 $55,628 $313 $333 $57,019 $55,961 Total AAA $17,158 $12,011 $50 $10 $17,208 $12,021 AA 24,991 44,982 17 98 25,008 45,080 A 54,220 39,045 132 113 54,352 39,158 BBB 71,038 70,036 108 113 71,146 70,149 Below investment grade 9,511 10,514 54 55 9,565 10,569 Non-rated 215 54 26 36 241 90 Total $177,133 $176,642 $387 $425 $177,520 $177,067 Available-for-Sale Other Fixed Maturity Securities, at Fair Value Total Fortitude Re Funds Withheld Assets (in millions) June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Rating: Other fixed maturity securities* AAA $332 $337 $20 $20 $352 $357 AA 2,120 2,799 602 1,038 2,722 3,837 A 4,196 3,660 572 232 4,768 3,892 BBB 4,120 4,269 1,664 1,524 5,784 5,793 Below investment grade 278 302 288 300 566 602 Non-rated 2 — 19 9 21 9 Total $11,048 $11,367 $3,165 $3,123 $14,213 $14,490 Mortgage-backed, asset-backed and collateralized AAA $231 $89 $120 $86 $351 $175 AA 249 583 147 571 396 1,154 A 258 122 678 375 936 497 BBB 271 268 772 769 1,043 1,037 Below investment grade 249 309 32 57 281 366 Non-rated — 1 1 1 1 2 Total $1,258 $1,372 $1,750 $1,859 $3,008 $3,231 Corebridge | Second Quarter 2026 Form 10-Q 118 TABLE OF CONTENTS ITEM 2 | Investments Available-for-Sale Other Fixed Maturity Securities, at Fair Value Total Fortitude Re Funds Withheld Assets (in millions) June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Rating: Total AAA $563 $426 $140 $106 $703 $532 AA 2,369 3,382 749 1,609 3,118 4,991 A 4,454 3,782 1,250 607 5,704 4,389 BBB 4,391 4,537 2,436 2,293 6,827 6,830 Below investment grade 527 611 320 357 847 968 Non-rated 2 1 20 10 22 11 Total $12,306 $12,739 $4,915 $4,982 $17,221 $17,721 Available-for-Sale Other Fixed Maturity Securities, at Fair Value Total Total(in millions) June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Rating: Other fixed maturity securities* AAA $1,581 $1,625 $20 $20 $1,601 $1,645 AA 13,564 24,818 602 1,069 14,166 25,887 A 43,895 34,063 590 233 44,485 34,296 BBB 65,204 64,037 1,710 1,575 66,914 65,612 Below investment grade 7,047 7,834 297 309 7,344 8,143 Non-rated 184 4 20 9 204 13 Total $131,475 $132,381 $3,239 $3,215 $134,714 $135,596 Mortgage-backed, asset-backed and collateralized AAA $16,140 $10,812 $170 $96 $16,310 $10,908 AA 13,796 23,546 164 638 13,960 24,184 A 14,779 8,764 792 487 15,571 9,251 BBB 10,225 10,536 834 831 11,059 11,367 Below investment grade 2,991 3,291 77 103 3,068 3,394 Non-rated 33 51 26 37 59 88 Total $57,964 $57,000 $2,063 $2,192 $60,027 $59,192 Total AAA $17,721 $12,437 $190 $116 $17,911 $12,553 AA 27,360 48,364 766 1,707 28,126 50,071 A 58,674 42,827 1,382 720 60,056 43,547 BBB 75,429 74,573 2,544 2,406 77,973 76,979 Below investment grade 10,038 11,125 374 412 10,412 11,537 Non-rated 217 55 46 46 263 101 Total $189,439 $189,381 $5,302 $5,407 $194,741 $194,788 *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. Corebridge | Second Quarter 2026 Form 10-Q 119 TABLE OF CONTENTS ITEM 2 | Investments The following table presents the fair value of our aggregate credit exposures to non-U.S. governments for our fixed maturity securities: June 30, 2026 December 31, 2025 (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 France $480 $19 $499 $471 $19 $490 Chile 407 22 429 481 23 504 Mexico 351 27 378 369 28 397 Indonesia 272 31 303 295 32 327 Saudi Arabia 179 19 198 195 19 214 Colombia 169 28 197 173 27 200 United Arab Emirates 160 1 161 199 1 200 Qatar 158 21 179 179 28 207 Panama 129 20 149 150 20 170 Norway 112 — 112 117 — 117 Other 1,302 95 1,397 1,641 95 1,736 Total* $3,719 $283 $4,002 $4,270 $292 $4,562 *Includes bonds available-for-sale and other bond securities. Investments in Corporate Debt Securities The following table presents the industry categories of our available-for-sale corporate debt securities: June 30, 2026 December 31, 2025 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 $32,609 $1,918 $34,527 $33,605 $2,151 $35,756 Utilities 18,911 2,243 21,154 18,556 2,248 20,804 Communications 6,120 570 6,690 5,987 591 6,578 Consumer noncyclical 11,328 1,179 12,507 11,723 1,233 12,956 Capital goods 3,898 337 4,235 3,969 364 4,333 Energy 10,968 893 11,861 10,056 913 10,969 Consumer cyclical 6,455 417 6,872 6,404 410 6,814 Basic materials 4,221 251 4,472 4,170 250 4,420 Other 17,674 2,221 19,895 17,269 2,172 19,441 Total* $112,184 $10,029 $122,213 $111,739 $10,332 $122,071 *94% and 94% of investments were rated investment grade at June 30, 2026 and December 31, 2025, respectively. Corebridge | Second Quarter 2026 Form 10-Q 120 TABLE OF CONTENTS ITEM 2 | Investments Investments in RMBS The following table presents our RMBS available-for-sale securities: June 30, 2026 December 31, 2025 (in millions) Fair Value Percent of Total Fair Value Percent of Total Agency RMBS $5,579 33% $4,097 25% AAA 206 — AA 5,373 4,097 A — — BBB — — Below investment grade — — Non-rated — — Alt-A RMBS 2,896 17% 3,113 20% AAA 1,425 976 AA 89 652 A 67 51 BBB 37 34 Below investment grade 1,278 1,400 Non-rated — — Sub-prime RMBS 928 5% 981 6% AAA 68 32 AA 56 87 A 56 60 BBB 71 24 Below investment grade 677 778 Non-rated — — Prime non-agency 3,433 20% 3,621 23% AAA 2,409 2,249 AA 693 856 A 142 327 BBB 104 86 Below investment grade 85 100 Non-rated — 3 Other housing related 4,169 25% 4,079 26% AAA 2,640 2,614 AA 868 886 A 608 461 BBB 50 106 Below investment grade 3 12 Non-rated — — Total RMBS excluding Fortitude Re funds withheld assets 17,005 100% 15,891 100% Total RMBS Fortitude Re funds withheld assets 439 459 Total RMBS* $17,444 $16,350 *Includes $2.0 billion and $2.2 billion at June 30, 2026 and December 31, 2025, 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 | Second Quarter 2026 Form 10-Q 121 TABLE OF CONTENTS ITEM 2 | Investments Investments in CMBS The following table presents our CMBS available-for-sale securities: June 30, 2026 December 31, 2025 (in millions) Fair Value Percent of Total Fair Value Percent of Total CMBS (traditional) $7,804 89% $7,923 88% AAA 4,154 2,993 AA 1,045 2,634 A 1,147 939 BBB 939 914 Below investment grade 519 443 Non-rated — — Agency 852 10% 878 10% AAA 64 — AA 788 878 A — — BBB — — Below investment grade — — Non-rated — — Other 130 1% 158 2% AAA 27 35 AA — 4 A 11 18 BBB 92 101 Below investment grade — — Non-rated — — Total excluding Fortitude Re funds withheld assets 8,786 100% 8,959 100% Total Fortitude Re funds withheld assets 273 348 Total $9,059 $9,307 The fair value of CMBS holdings increased slightly during the six months ended June 30, 2026. The majority of our investments in CMBS are in tranches that contain substantial protection features through collateral subordination. Corebridge | Second Quarter 2026 Form 10-Q 122 TABLE OF CONTENTS ITEM 2 | Investments Investments in ABS/CLOs The following table presents our ABS/CLO available-for-sale securities by collateral type: June 30, 2026 December 31, 2025 (dollars in millions) Fair Value Percent of Total Fair Value Percent of Total CDO - bank loan (CLO) $8,636 28% $8,967 29% AAA 2,585 992 AA 2,146 3,820 A 2,440 2,512 BBB 1,434 1,598 Below investment grade — — Non-rated 31 45 CDO - other 69 —% 71 —% AAA 20 20 AA 47 49 A — — BBB — — Below investment grade — — Non-rated 2 2 ABS 22,210 72% 21,740 71% AAA 2,312 812 AA 2,441 9,000 A 10,049 4,274 BBB 7,228 7,405 Below investment grade 180 249 Non-rated — — Total excluding Fortitude Re funds withheld assets 30,915 100% 30,778 100% Total Fortitude Re funds withheld assets 546 565 Total $31,461 $31,343 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: June 30, 2026 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 $39,669 $676 3,411 $874 $266 70 $38 $21 1 $40,581 $963 3,482 7-11 months 4,994 262 482 1,911 608 105 26 24 2 6,931 894 589 12 months or more 46,199 4,163 4,547 26,970 8,526 2,408 393 212 22 73,562 12,901 6,977 Total 90,862 5,101 8,440 29,755 9,400 2,583 457 257 25 121,074 14,758 11,048 Below investment grade bonds 0-6 months 1,756 34 479 85 25 14 19 15 4 1,860 74 497 7-11 months 352 12 70 18 6 3 5 5 2 375 23 75 12 months or more 2,223 160 508 394 127 73 37 23 15 2,654 310 596 Total 4,331 206 1,057 497 158 90 61 43 21 4,889 407 1,168 Total bonds 0-6 months 41,425 710 3,890 959 291 84 57 36 5 42,441 1,037 3,979 7-11 months 5,346 274 552 1,929 614 108 31 29 4 7,306 917 664 12 months or more 48,422 4,323 5,055 27,364 8,653 2,481 430 235 37 76,216 13,211 7,573 Total excluding Fortitude Re funds withheld assets $95,193 $5,307 9,497 $30,252 $9,558 2,673 $518 $300 46 $125,963 $15,165 12,216 Total Fortitude Re funds withheld assets $14,292 $3,098 611 Total $140,255 $18,263 12,827 Corebridge | Second Quarter 2026 Form 10-Q 123 TABLE OF CONTENTS ITEM 2 | Investments December 31, 2025 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 $15,680 $340 1,413 $2,066 $645 125 $32 $30 2 $17,778 $1,015 1,540 7-11 months 7,442 360 566 765 220 73 16 8 — 8,223 588 639 12 months or more 49,278 4,129 5,240 26,792 8,428 2,352 248 133 16 76,318 12,690 7,608 Total 72,400 4,829 7,219 29,623 9,293 2,550 296 171 18 102,319 14,293 9,787 Below investment grade bonds 0-6 months 934 19 207 60 19 15 1 1 3 995 39 225 7-11 months 386 13 76 1 — 2 — — 2 387 13 80 12 months or more 2,673 174 550 364 118 66 9 6 7 3,046 298 623 Total 3,993 206 833 425 137 83 10 7 12 4,428 350 928 Total bonds 0-6 months 16,614 359 1,620 2,126 664 140 33 31 5 18,773 1,054 1,765 7-11 months 7,828 373 642 766 220 75 16 8 2 8,610 601 719 12 months or more 51,951 4,303 5,790 27,156 8,546 2,418 257 139 23 79,364 12,988 8,231 Total excluding Fortitude Re funds withheld assets $76,393 $5,035 8,052 $30,048 $9,430 2,633 $306 $178 30 $106,747 $14,643 10,715 Total Fortitude Re funds withheld assets $14,498 $3,016 524 Total $121,245 $17,659 11,239 (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 June 30, 2026 and December 31, 2025. (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 and fair value hedge basis adjustment. The allowance for credit losses was $8 million and $3 million for investment grade bonds, and $152 million and $127 million for below investment grade bonds as of June 30, 2026 and December 31, 2025, respectively. Private Debt Investments We invest in an array of private debt strategies, private debt consists of debt investments that are privately originated or privately negotiated rather than broadly syndicated or traded in active public markets. At June 30, 2026, Corebridge had private debt investments with a combined aggregate carrying value of $50.4 billion. As of June 30, 2026, 91% of our private debt portfolio had an investment grade rating. Our below investment grade exposure is primarily concentrated in middle market loans, which represented 6.5% of the private debt portfolio as of June 30, 2026. For all other asset classes noted below, we generally invest in investment grade assets and in senior tranches of structured securities. The following table shows the composition of our private debt portfolio on an NAIC statutory accounting basis as of June 30, 2026. (dollars in millions) June 30, 2026 Corporate private placements(a) $26,997 Infrastructure debt(b) 12,498 Private ABS(c) 7,671 Direct middle market lending(d) 3,280 Total $50,446 (a)Corporate Private Placements – includes, the origination of direct or privately negotiated forms of debt to a corporation or entity and the origination of debt which has a guarantee from a corporation or entity. The substantial majority of these investments are investment-grade. (b)Infrastructure – direct or privately negotiated debt issued to facilitate investments in categories including, but not limited to, essential social, economic, physical and digital assets. Some examples include investments in oil and gas pipelines, water pipelines, airports, roads, parking lots and data centers. Infrastructure investments are generally senior secured project finance investments and senior unsecured corporate debt obligations. (c)Private ABS – direct or privately negotiated debt that is securitized by underlying cash flows from specific pools of collateral. Some examples include aircraft leases, music royalties, data center leases and oil and gas properties. The substantial majority of these investments are in the most senior tranches and investment-grade. (d)Middle Market Lending – direct or privately negotiated debt issued to mid-sized companies (as measured by revenue or EBITDA) that are either unable to, or choose not to, access the public debt or broadly syndicated loan market. These loans usually have a below investment grade rating. Corebridge | Second Quarter 2026 Form 10-Q 124 TABLE OF CONTENTS ITEM 2 | Investments Change in Unrealized Gains and Losses on Investments The change in net unrealized gains and losses on investments for the three and six months ended June 30, 2026, was primarily attributable to a change in the fair value of fixed maturity securities. For the three months ended June 30, 2026, net unrealized gains related to fixed maturity securities were $1.1 billion due to narrowing of credit spreads. For the six months ended June 30, 2026, net unrealized losses were $1.5 billion due to higher interest rates, partially offset by narrowing of credit spreads. The change in net unrealized gains and losses on investments for the three and six months ended June 30, 2025 was primarily attributable to decreases in the fair value of fixed maturity securities. For the three months ended June 30, 2025, net unrealized gains related to fixed maturity securities increased by $1.6 billion due primarily to narrowing of credit spreads. For the six months ended June 30, 2025, net unrealized gains related to fixed maturity securities increased by $3.6 billion due primarily to narrowing of credit spreads. For further discussion of our investment portfolio, see Notes 4 and 5 to the Condensed Consolidated Financial Statements. Commercial Mortgage Loans At June 30, 2026 and December 31, 2025, we had direct commercial mortgage loan exposure of $36.9 billion and $37.0 billion, respectively. At June 30, 2026 and December 31, 2025, we had an allowance for credit losses of $629 million and $594 million, respectively. The following tables present the commercial mortgage loan exposure by location and class of loan based on amortized cost: Number of Loans Class Total Percent of Total Excluding Fortitude Re Funds Withheld Assets (dollars in millions) Apartments Offices Retail Industrial Hotel Others June 30, 2026 State: New York 73 $1,939 $3,090 $251 $557 $63 $— $5,900 17% California 57 624 857 109 1,164 524 51 3,329 10% New Jersey 47 1,514 4 266 954 — 20 2,758 8% Florida 51 784 102 432 671 490 58 2,537 7% Texas 41 820 444 341 200 17 177 1,999 6% Massachusetts 18 350 799 511 29 — — 1,689 5% Colorado 18 512 41 200 234 110 — 1,097 3% Illinois 20 324 311 2 350 — 57 1,044 3% Pennsylvania 20 187 161 161 378 — — 887 3% Ohio 14 57 — 50 538 — — 645 2% Other States 113 2,637 104 507 1,882 246 87 5,463 16% Foreign 57 3,014 1,008 880 1,317 422 328 6,969 20% Total* 529 $12,762 $6,921 $3,710 $8,274 $1,872 $778 $34,317 100% Fortitude Re funds withheld assets $2,613 Total Commercial Mortgages $36,930 Corebridge | Second Quarter 2026 Form 10-Q 125 TABLE OF CONTENTS ITEM 2 | Investments 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, 2025 State: New York 74 $1,797 $3,163 $283 $561 $63 $— $5,867 17% California 59 628 851 138 1,170 560 52 3,399 10% New Jersey 55 1,590 5 268 737 — 20 2,620 8% Florida 51 827 104 447 602 490 58 2,528 7% Texas 42 807 394 453 195 17 178 2,044 6% Massachusetts 19 351 1,021 517 30 — — 1,919 6% Colorado 15 418 41 87 251 111 — 908 2% Illinois 20 325 321 2 184 — 57 889 2% Pennsylvania 20 179 157 163 380 — — 879 3% Ohio 14 58 — 52 539 — — 649 2% Other States 118 2,698 122 568 1,726 320 81 5,515 16% Foreign 61 2,985 1,052 983 1,297 429 332 7,078 21% Total* 548 $12,663 $7,231 $3,961 $7,672 $1,990 $778 $34,295 100% Fortitude Re funds withheld assets $2,714 Total Commercial Mortgages $37,009 *Does not reflect allowance for credit losses. The following tables present debt service coverage ratios and loan-to-value ratios for commercial mortgages: Debt Service Coverage Ratios(a) (in millions) >1.20X 1.00X - 1.20X <1.00X Total June 30, 2026 Loan-to-value ratios(b) Less than 65% $22,539 $1,456 $108 $24,103 65% to 75% 6,851 873 43 7,767 76% to 80% 224 475 — 699 Greater than 80% 891 154 703 1,748 Total commercial mortgages excluding Fortitude Re(c) $30,505 $2,958 $854 $34,317 Total commercial mortgages including Fortitude Re $2,613 Total commercial mortgages $36,930 December 31, 2025 Loan-to-value ratios(b) Less than 65% $22,122 $1,509 $126 $23,757 65% to 75% 7,202 953 — 8,155 76% to 80% 104 481 — 585 Greater than 80% 886 165 747 1,798 Total commercial mortgages excluding Fortitude Re(c) $30,314 $3,108 $873 $34,295 Total commercial mortgages including Fortitude Re $2,714 Total commercial mortgages $37,009 (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 June 30, 2026 and December 31, 2025, respectively. 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 61% and 60% at both periods ended June 30, 2026 and December 31, 2025, respectively. 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. Corebridge | Second Quarter 2026 Form 10-Q 126 TABLE OF CONTENTS ITEM 2 | Investments Residential Mortgage Loans At June 30, 2026 and December 31, 2025, we had direct residential mortgage loan exposure of $13.5 billion and $13.8 billion, respectively. The following tables present credit quality performance indicators for residential mortgages by year of vintage: June 30, 2026 (in millions) 2026 2025 2024 2023 2022 Prior Total FICO:(a) 780 and greater $31 $732 $968 $524 $600 $3,361 $6,216 720 - 779 68 1,155 1,638 859 498 1,021 5,239 660 - 719 16 311 553 261 159 482 1,782 600 - 659 — — — 9 24 166 199 Less than 600 — — — 8 19 76 103 Total residential mortgages(b)(c) $115 $2,198 $3,159 $1,661 $1,300 $5,106 $13,539 December 31, 2025 (in millions) 2025 2024 2023 2022 2021 Prior Total FICO:(a) 780 and greater $595 $974 $570 $616 $2,129 $1,384 $6,268 720 - 779 1,044 1,740 926 529 509 543 5,291 660 - 719 287 578 292 180 125 349 1,811 600 - 659 107 54 17 28 15 158 379 Less than 600 — — 5 12 7 66 90 Total residential mortgages(b)(c) $2,033 $3,346 $1,810 $1,365 $2,785 $2,500 $13,839 (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 June 30, 2026 and December 31, 2025 residential loans direct to consumers totaled $7.4 billion and $7.8 billion, respectively. (b)There are no residential mortgage loans under Fortitude Re funds withheld assets. (c)Does not include allowance for credit losses. For additional discussion on credit losses, see Note 5 and for additional discussion on commercial mortgage loans, see Note 6 to the Condensed Consolidated Financial Statements. Net Realized Gains and Losses 2026 2025 (in millions) Excluding Fortitude Re Funds Withheld Assets Fortitude Re Funds Withheld Assets Total Excluding Fortitude Re Funds Withheld Assets Fortitude Re Funds Withheld Assets Total Three Months Ended June 30, Sales of fixed maturity securities $(59) $— $(59) $(513) $(5) $(518) Intent to Sell(a) — — — (250) — (250) Change in allowance for credit losses on fixed maturity securities (80) (1) (81) (41) (4) (45) Change in allowance for credit losses on loans (30) (7) (37) 14 5 19 Foreign exchange transactions, net of related hedges (80) (1) (81) (445) (3) (448) Index-linked interest credited embedded derivatives, net of related hedges (154) — (154) (248) — (248) All other derivatives and hedge accounting(b) 204 (16) 188 (172) (21) (193) Sales of alternative investments and real estate (3) (1) (4) (9) (2) (11) Other (11) 1 (10) (30) — (30) Net realized losses – excluding Fortitude Re funds withheld embedded derivative (213) (25) (238) (1,694) (30) (1,724) Net realized losses on Fortitude Re funds withheld embedded derivative — (316) (316) — (251) (251) Net realized losses $(213) $(341) $(554) $(1,694) $(281) $(1,975) Corebridge | Second Quarter 2026 Form 10-Q 127 TABLE OF CONTENTS ITEM 2 | Investments 2026 2025 (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 Six Months Ended June 30, Sales of fixed maturity securities $(245) $(13) $(258) $(654) $(20) $(674) Intent to Sell (60) — (60) (250) — (250) Change in allowance for credit losses on fixed maturity securities (136) (1) (137) (61) (12) (73) Change in allowance for credit losses on loans (52) (18) (70) (2) 3 1 Foreign exchange transactions, net of related hedges 120 6 126 (566) 10 (556) Index-linked interest credited embedded derivatives, net of related hedges (195) — (195) (536) — (536) All other derivatives and hedge accounting* 26 (4) 22 (416) 16 (400) Sales of alternative investments and real estate 4 (8) (4) 3 (4) (1) Other (4) (8) (12) (34) (19) (53) Net realized losses – excluding Fortitude Re funds withheld embedded derivative (542) (46) (588) (2,516) (26) (2,542) Net realized losses on Fortitude Re funds withheld embedded derivative — (302) (302) — (847) (847) Net realized losses $(542) $(348) $(890) $(2,516) $(873) $(3,389) *Derivative activity related to hedging certain MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 14 to the Condensed Consolidated Financial Statements. Lower net realized losses, excluding Fortitude Re funds withheld assets, in the three and six months ended June 30, 2026, compared to same period in the prior year, were primarily due to gain on derivatives and foreign exchange transactions in the current period compared to losses on derivatives and foreign exchange transactions in the same period in the prior year. Index-linked interest credited embedded derivatives, net of related hedges, reflected lower losses in the three and six months ended June 30, 2026 compared to the same period in the prior year. Fair value gains or losses in the hedging portfolio are typically not fully offset by increases or decreases in liabilities due to the non-performance or “own credit” risk adjustment used in the valuation of index-linked interest credited embedded derivatives, which are not hedged as part of our economic hedging program, and other risk margins used for valuation that cause the embedded derivatives to be less sensitive to changes in market rates than the hedge portfolio. Net realized gains (losses) on Fortitude Re funds withheld assets primarily reflect changes in the valuation of the modified coinsurance and funds withheld assets. Increases in the valuation of these assets result in losses to Corebridge as the appreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. Decreases in valuation of the assets result in gains to Corebridge as the depreciation on the assets under those reinsurance agreements must be transferred to Fortitude Re. For further discussion of our investment portfolio, see Note 5 to the Condensed Consolidated Financial Statements. Other Invested Assets We seek to enhance returns through investment in a diversified portfolio of alternative asset classes, including private equity, real estate equity and hedge funds. The following table presents the carrying value of our other invested assets by type: June 30, 2026 December 31, 2025 (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) $6,463 $1,716 $8,179 $6,323 $1,800 $8,123 Investment real estate(b) 918 86 1,004 867 118 985 All other investments(c) 2,131 — 2,131 1,127 — 1,127 Total $9,512 $1,802 $11,314 $8,317 $1,918 $10,235 (a)At June 30, 2026, included hedge funds of $96 million and private equity funds of $8.1 billion. At December 31, 2025, included hedge funds of $121 million and private equity funds of $8.0 billion. (b)Net of accumulated depreciation of $443 million and $406 million as of June 30, 2026 and December 31, 2025, 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 June 30, 2026 and December 31, 2025, respectively. Corebridge | Second Quarter 2026 Form 10-Q 128 TABLE OF CONTENTS ITEM 2 | Investments Derivatives and Hedge Accounting We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate swaps and bond forwards) 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 (such as equity futures, swaps and options) are used to mitigate financial risk embedded in certain insurance liabilities. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative instruments with respect to investment operations, which may include, among other things, credit default swaps (“CDS”) and purchases of investments with embedded derivatives, such as equity linked notes and convertible bonds. We designated certain derivatives entered into with related parties as fair value hedges of available-for-sale investment securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross-currency swaps designated as hedges of the change in fair value of foreign currency denominated available-for-sale securities attributable to changes in foreign exchange rates. We also designated certain interest rate swaps entered into with both third parties and related parties as fair value hedges of fixed rate GICs and commercial mortgage loans attributable to changes in benchmark interest rates. Credit risk associated with derivative counterparties exists for a derivative contract when that contract has a positive fair value to us. The maximum potential exposure may increase or decrease during the life of the derivative commitments as a function of maturity and market conditions. All derivative transactions must be transacted within counterparty limits. We utilize various credit enhancements, including guarantees, collateral, credit triggers and margin agreements, to reduce the credit risk related to outstanding financial derivative transactions. We require credit enhancements in connection with specific transactions based on, among other things, the creditworthiness of the counterparties and the transaction size and maturity. Furthermore, we enter into certain agreements that have the benefit of set-off and close-out netting provisions, such as ISDA Master Agreements. These provisions provide that, in the case of an early termination of a transaction, we can set off receivables from a counterparty against payables to the same counterparty arising out of all covered transactions. As a result, where a legally enforceable netting agreement exists, the fair value of the transaction with the counterparty represents the net sum of estimated fair values. For additional information on embedded derivatives, see Notes 4 and 9 to the Condensed Consolidated Financial Statements. The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets: June 30, 2026 December 31, 2025 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 $7,990 $292 $14,297 $443 $11,987 $364 $9,734 $234 Foreign exchange contracts 6,768 369 2,936 166 3,855 252 8,128 236 Derivatives not designated as hedging instruments(a) Interest rate contracts 24,663 642 21,920 1,485 19,672 552 25,397 1,399 Foreign exchange contracts 9,786 543 5,763 298 6,139 459 6,847 318 Equity contracts 75,268 10,042 75,833 6,197 66,780 8,388 64,855 4,900 Credit contracts(b) 20,775 418 21,950 17 — — — — Other contracts(c) 49,978 15 44 1 49,020 14 212 4 Total derivatives, excluding Fortitude Re funds withheld $195,228 $12,321 $142,743 $8,607 $157,453 $10,029 $115,173 $7,091 Total derivatives, Fortitude Re funds withheld $— $— $— $— $— $— $— $— Total derivatives, gross(d) $195,228 $12,321 $142,743 $8,607 $157,453 $10,029 $115,173 $7,091 Counterparty netting(e) (7,501) (7,501) (6,106) (6,106) Cash collateral(f) (3,844) (828) (3,482) (686) Total derivatives on Condensed Consolidated Balance Sheets(g) $976 $278 $441 $299 (a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral. (b)Includes written credit default swaps linked to certain actively traded indices. In the case of a credit event, the maximum future payment is limited to the constituent’s representation within the index. Corebridge | Second Quarter 2026 Form 10-Q 129 TABLE OF CONTENTS ITEM 2 | Investments (c)Consists primarily of SVWs and contracts with multiple underlying exposures. (d)Includes $13.9 billion and $20.5 billion of notional amounts associated with reinsurance agreements at June 30, 2026 and December 31, 2025. (e)Represents netting of derivative exposures covered by a qualifying master netting agreement. (f)Represents cash collateral posted and received that is eligible for netting. (g)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. All derivative transactions are with third parties. Fair value of assets related to bifurcated embedded derivatives was zero at both June 30, 2026 and December 31, 2025. Fair value of liabilities related to bifurcated embedded derivatives was $17.6 billion and $16.0 billion, respectively, at June 30, 2026 and December 31, 2025. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities and index universal life contracts, which include equity and interest rate components, bonds available-for-sale and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7 to the Condensed Consolidated Financial Statements. For additional information, see Note 9 to the Condensed Consolidated Financial Statements. Corebridge | Second Quarter 2026 Form 10-Q 130 TABLE OF CONTENTS ITEM 2 | Liquidity and Capital Resources Liquidity and Capital Resources OVERVIEW Liquidity is defined as cash and unencumbered assets that can be monetized in a short period of time at a reasonable cost. In addition to the on-balance-sheet liquid assets, liquidity resources include availability under committed bank credit facilities. Capital refers to the long-term financial resources available to support the operation of our businesses, fund business growth, and cover financial and operational needs that arise from adverse circumstances. We aim to manage our liquidity and capital resources prudently through a well-defined risk management framework that involves various target operating thresholds, as well as minimum requirements during periods of stress. We believe that we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations to policyholders, customers, creditors and debt-holders, including those arising from reasonably foreseeable contingencies or events. For a discussion regarding risks associated with liquidity and capital, see “Risk Factors—Risks Relating to Our Investment Portfolio, Liquidity, Capital and Credit” in the 2025 Form 10-K. LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE PARENT AND INTERMEDIATE HOLDING COMPANIES As of June 30, 2026 and December 31, 2025, Corebridge Parent and its non-regulated intermediate holding companies (“Corebridge Hold Cos.”) had $4.4 billion and $5.3 billion, respectively, in liquidity sources. These liquidity sources were primarily held in the form of cash and short-term investments and included a $3.0 billion and $3.0 billion committed revolving credit facility as of June 30, 2026 and December 31, 2025, respectively. Corebridge Hold Cos.’ primary sources of liquidity are dividends, loans and other payments from subsidiaries, sales of businesses and credit facilities. Corebridge Hold Cos.’ primary uses of liquidity are for debt service, capital and liability management, and operating expenses. Corebridge Parent expects to maintain liquidity that is sufficient to at least cover one year of its expenses. We expect that 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 June 30, 2026, 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 subsidiaries (primarily, insurance companies) which totaled $276 million and $276 million at June 30, 2026 and December 31, 2025, respectively. The following table presents Corebridge Hold Cos.’ liquidity sources: June 30, December 31, (in millions) 2026 2025 Cash and short-term investments $1,439 $2,319 Total Corebridge Hold Cos. liquidity 1,439 2,319 Available capacity under committed, revolving credit facility 3,000 3,000 Total Corebridge Hold Cos. liquidity sources $4,439 $5,319 COREBRIDGE HOLD COS. LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS SOURCES Liquidity to Corebridge Parent from Subsidiaries During the three and six months ended June 30, 2026, Corebridge Hold Cos. received $475 million and $1.4 billion in dividends from subsidiaries, the six months ended June 30, 2026 includes dividends sourced from a portion of the proceeds received from the reinsurance agreement with CSLR. Corebridge | Second Quarter 2026 Form 10-Q 131 TABLE OF CONTENTS ITEM 2 | Liquidity and Capital Resources USES Interest Payments We made interest payments on our debt instruments totaling $155 million and $237 million, respectively, during the three and six months ended June 30, 2026. Dividends During the three and six months ended June 30, 2026, we paid cash dividends totaling $112 million and $226 million, respectively, consisting of a quarterly dividend of $0.25 per share of Corebridge Parent common stock. During the three and six months ended June 30, 2026, we paid cash dividends totaling $18 million, consisting of a semi-annual dividend of $36.86 per share of Corebridge Parent preferred stock. Repurchase of Common Stock During the three and six months ended June 30, 2026, we repurchased approximately 11 million and 52 million of shares of Corebridge Parent common stock, for an aggregate purchase price of approximately $300 million and $1.6 billion. For additional information, see Note 16 to the Condensed Consolidated Financial Statements. Contributions During the three and six months ended June 30, 2026, Corebridge Hold Cos. made capital contributions totaling $75 million and $150 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 $6.1 billion which were due to FHLBs in their respective districts at June 30, 2026, 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 June 30, 2026. 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 $2.3 billion and $3.4 billion of securities subject to these agreements at June 30, 2026 and December 31, 2025 and $2.4 billion and $3.3 billion liabilities to borrowers for collateral received at June 30, 2026 and December 31, 2025. We manage the capital of our Life Fleet RBC ratio targeting above 400%. AGC serves as an affiliate reinsurance company. The surplus of AGC is comprised predominantly of the statutory surplus of the Life Fleet. Given that AGC has no primary operations outside of this internal reinsurance, we believe that excluding AGC from the Life Fleet RBC ratio calculation presents a more accurate view of the overall capital position of our U.S. operating entities. Our Life Fleet RBC ratio was above our minimum target Life Fleet RBC ratio of 400% as of December 31, 2025. Corebridge | Second Quarter 2026 Form 10-Q 132 TABLE OF CONTENTS ITEM 2 | Liquidity and Capital Resources Dividend Restrictions Payments of dividends to Corebridge Hold Cos. by our U.S. insurance subsidiaries are subject to certain restrictions imposed by laws and regulations of their respective states of domicile. With respect to our domestic insurance subsidiaries, the payment of a dividend may require formal notice to the insurance department of the state in which the particular insurance subsidiary is domiciled, and prior approval of such insurance regulator is required when the amount of the dividend is above certain regulatory thresholds. See “Business — Regulation — U.S. Regulation — State Insurance Regulation” in the 2025 Form 10-K. Bermuda law also restricts the ability of CRBG Bermuda to pay dividends. To our knowledge, no Corebridge insurance company is currently on any regulatory or similar “watch list” with regard to solvency. ANALYSIS OF SOURCES AND USES OF CASH Our primary sources and uses of liquidity are summarized as follows: Six Months Ended June 30, (in millions) 2026 2025 Sources: Operating activities, net $— $116 Net changes in policyholder account balances 3,648 7,780 Issuance of debt of consolidated investment entities 79 52 Contributions from noncontrolling interests 8 38 Financing other, net 64 70 Net change in securities lending and repurchase agreements — — Total Sources 3,799 8,056 Uses: Operating activities, net (53) — Investing activities, net (968) (6,545) Repayments of debt of consolidated investment entities (113) (105) Repayments of short-term debt — (1,000) Distributions to noncontrolling interests (32) (32) Dividends paid on common stock (226) (264) Dividends paid on preferred stock (18) — Net change in securities lending and repurchase agreements (934) (5) Repurchase of common stock (1,550) (632) Effect of exchange rate changes on cash and restricted cash — (1) Total Uses (3,894) (8,584) Net increase (decrease) in cash and cash equivalents $(95) $(528) Operating Activities Cash inflows from operating activities primarily include insurance premiums, fees and investment income. Cash outflows from operating activities primarily include benefit payments, general operating expenses and servicing of debt. Operating cash flow will fluctuate based on the timing of premiums received and benefit payments to policyholders, as well as other core business activities. Investing Activities Cash inflows from investing activities primarily include sales and maturities of underlying assets, mainly fixed maturities available-for- sale and principal payments on mortgage and other loans. The primary cash outflows for investing activities relate to the purchases of new securities, mainly fixed maturities available-for-sale. Financing Activities Cash inflows from financing activities primarily include policyholder deposits on investment-type contracts, issuances of debt and inflows from the settlement of securities lending and repurchase agreements. Cash outflows primarily relate to policyholder withdrawal activity on investment-type contracts, repayments of debt of consolidated investment entities, repayments of short and long-term debt, repurchases of common stock, issuance of preferred stock, shareholder dividends, distributions to noncontrolling interests and outflows for the settlement of securities lending and repurchase agreements. CONTRACTUAL OBLIGATIONS As of June 30, 2026, there have been no material changes in our contractual obligations from December 31, 2025, a description of which may be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operation —Liquidity and Capital Resources — Contractual Obligations” in the 2025 Form 10-K. Corebridge | Second Quarter 2026 Form 10-Q 133 TABLE OF CONTENTS ITEM 2 | Liquidity and Capital Resources SHORT-TERM AND LONG-TERM DEBT We expect to repay the short-term and long-term debt maturities and interest accrued on these borrowings through cash flows generated from invested assets, future cash flows from operations, and future debt and other financing arrangements. The following tables provide the rollforward of our total debt outstanding: (in millions) MaturityDate(s) Balance at December 31, 2025 Issuances Maturities and Repayments Other Changes Balance at June 30, 2026 Current portion of long-term debt: Senior unsecured notes* 2027 $— $— $— $1,250 $1,250 Total short-term debt — — — 1,250 1,250 Long-term debt issued by Corebridge: Senior unsecured notes 2029 - 2052 $6,750 $— $— $(1,250) $5,500 Hybrid junior subordinated notes 2052 - 2064 2,350 — — — 2,350 Long-term debt issued by Corebridge subsidiaries: CRBGLH notes 2029 99 — — — 99 CRBGLH junior subordinated debentures 2030 - 2046 227 — — — 227 Total long-term debt 9,426 — — (1,250) 8,176 Debt issuance costs (67) — — 3 (64) Total long-term debt, net of debt issuance costs 9,359 — — (1,247) 8,112 Total debt, net of issuance costs $9,359 $— $— $3 $9,362 *Represents $1.25 billion of 3.65% senior notes that will mature on April 5, 2027. REVOLVING CREDIT AGREEMENT On March 26, 2025, Corebridge Parent entered into the Revolving Credit Agreement (the “2025 Revolving Credit Agreement”). The 2025 Revolving Credit Agreement replaces the 2022 Revolving Credit Agreement which was scheduled to mature in 2027. The 2025 Revolving Credit Agreement provides for a five-year total commitment of $3.0 billion revolving credit facility (the “2025 Credit Facility”). Under circumstances described in the 2025 Revolving Credit Agreement, the aggregate commitments may be increased by up to $500 million, for a total commitment under the 2025 Revolving Credit Agreement of $3.5 billion. Loans under the 2025 Revolving Credit Agreement will mature on March 26, 2030. Under the 2025 Revolving Credit Agreement, the applicable rate, commitment fee and letter of credit fee were 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) with respect to loans in US Dollars, an alternative base rate plus an applicable margin or the adjusted Term SOFR Rate plus an applicable margin, (ii) with respect to loans in Euros, the adjusted European Union interbank Offer Rate (“EURIBOR”) plus an applicable margin, (iii) with respect to loans in Pounds Sterling, the adjusted Daily Simple Sterling Overnight Index Average (“SONIA”) Rate plus an applicable margin and (iv) with respect to loans in Japanese Yen, the adjusted Tokyo Interbank Offered Rate (“TIBOR”) plus an applicable margin. There are no borrowings outstanding under the 2025 Credit Facility. For additional information on debt outstanding and revolving credit facilities, see Note 15 to the Consolidated Financial Statements in the 2025 Form 10-K. DEBT OF CONSOLIDATED INVESTMENT ENTITIES Our non-financial debt includes debt of consolidated investment entities and such debt does not represent our contractual obligation and is non-recourse to Corebridge. This non-financial debt includes notes and bonds payables supported by cash and investments held by us and certain of our non-insurance subsidiaries for the repayment of those obligations. (in millions) Balance at December 31, 2025 Issuances Maturities and Repayments Effect of Foreign Exchange Other Changes Balance at June 30, 2026 Debt of consolidated investment entities –not guaranteed by Corebridge(a)(b) $1,547 $79 $(113) $(5) $— $1,508 (a)At June 30, 2026, includes debt of consolidated investment entities related to real estate investments of $415 million and other securitization vehicles of $842 million. (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. Corebridge | Second Quarter 2026 Form 10-Q 134 TABLE OF CONTENTS ITEM 2 | Liquidity and Capital Resources CREDIT RATINGS Credit ratings estimate a company’s ability to meet its obligations and may directly affect the cost and availability of financing to that company. The following table presents the credit ratings of Corebridge Parent as of the date of this filing: Senior Unsecured Long-Term Debt Hybrid Junior Subordinated Long-Term Debt Moody’s(a) S&P(b) Fitch(c) Moody’s(a) S&P(b) Fitch(c) Baa2 BBB+ BBB+ Baa3 BBB- BBB- (a)Moody’s appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories. Moody’s has a stable ratings outlook. (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. S&P has placed the ratings on CreditWatch with negative implications due to the pending merger with Equitable. (c)Fitch ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories. Fitch has a positive rating outlook due to the pending merger with Equitable. 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: Moody’s(a) S&P(b) Fitch(c) A.M. Best(d) American General Life Insurance Company A2 A+ A+ A The Variable Annuity Life Insurance Company A2 A+ A+ A The United States Life Insurance Company in the City of New York A2 A+ A+ A (a)Moody’s appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories. Moody’s has a stable ratings outlook. (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. S&P has placed the ratings on CreditWatch with negative implications due to the pending merger with Equitable. (c)Fitch ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories. Fitch has a positive rating outlook due to the pending merger with Equitable. (d)AM Best ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories. AM Best has placed the ratings Under Review with Developing Implications due to the pending merger with Equitable. These IFS ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances. OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS During the second quarter of 2026, AGL entered into two committed repurchase agreement facilities totaling $1 billion. There were no outstanding borrowings under the facilities as of June 30, 2026. As of June 30, 2026, other than the repo facilities disclosed above, there have been no material changes in our off-balance-sheet arrangements and commercial commitments from December 31, 2025, a description of which may be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Liquidity and Capital Resources—Off-Balance Sheet Arrangements and Commercial Commitments” in the 2025 Form 10-K. Corebridge | Second Quarter 2026 Form 10-Q 135 TABLE OF CONTENTS ITEM 2 | Accounting Policies and Pronouncements Accounting Policies and Pronouncements CRITICAL ACCOUNTING ESTIMATES The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. On a regular basis, we review estimates and assumptions used in the preparation of financial statements. Actual results may differ from these estimates under different assumptions or conditions. For a detailed discussion of our significant accounting policies and accounting pronouncements, see Note 2 in the 2025 Form 10-K. The accounting policies that we believe are most dependent on the application of estimates and assumptions, which are critical accounting estimates, are related to the determination of: •fair value measurements of certain financial assets and liabilities; •valuation of MRBs, including ceded MRBs, related to guaranteed benefit features (collectively known as “GMxBs”), 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. ADOPTION OF ACCOUNTING PRONOUNCEMENTS See Note 2 to the Condensed Consolidated Financial Statements for a complete discussion of adoption of accounting pronouncements. Glossary For a list of defined terms see the “Management’s Discussion and Analysis of Financial Condition and Results of Operation— Glossary” in our 2025 Form 10-K. Certain Important Terms For a list of certain important terms see “Management’s Discussion and Analysis of Financial Condition and Results of Operation— Certain Important Terms” in our 2025 Form 10-K. Acronyms For list of acronyms see “Management’s Discussion and Analysis of Financial Condition and Results of Operation— Acronyms” in our 2025 Form 10-K. Corebridge | Second Quarter 2026 Form 10-Q 136 TABLE OF CONTENTS ITEM 3 | Quantitative and Qualitative Disclosures about Market Risk