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Corebridge Financial, Inc.

Corebridge Financial, Inc.CRBG财报

NYSE · financial services

Corebridge Financial, Inc. is an American financial services company. It provides annuities, life insurance, retirement plans, wealth management, and other financial services through its four core businesses—individual retirement, life insurance, retirement services, and institutional markets.

What changed in Corebridge Financial, Inc.'s 10-K — 2024 vs 2025

Top changes in Corebridge Financial, Inc.'s 2025 10-K

1362 paragraphs added · 1478 removed · 1127 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

235 edited+51 added−54 removed227 unchanged
Our subsidiary broker-dealer, VALIC Financial Advisors, engages directly with individual employees, ensuring their readiness for retirement through plan guidance, assistance with enrollment, expert advice and comprehensive financial planning that prioritizes holistic financial wellness. Our financial advisors, augmented by digital self-service tools, enable us to reach the full range of employees, making retirement planning accessible to all.
Our subsidiary broker-dealer, VALIC Financial Advisors, engages directly with individual employees, ensuring their readiness for retirement through plan guidance, assistance with enrollment, expert advice and comprehensive financial planning that prioritizes holistic financial wellness. Our financial advisors, augmented by digital self-service tools, enable us to reach the full range of employees, making retirement planning and readiness accessible to all.
We primarily offer group annuity contracts and are among the leading providers of stable value wrap products to defined contribution employee benefit plans. Our product design does not provide non-zero guarantees, mitigates credit default risk and allows for portfolio immunization at the discretion of the wrap provider.
We primarily offer group annuity contracts and are among the leading providers of stable value wrap products to defined contribution employee benefit plans. Our product design mitigates credit default risk and allows for portfolio immunization at the discretion of the wrap provider, and does not provide non-zero guarantees.
See “Risk Factors—Risks Relating to Regulation—New domestic or international laws and regulations, or new interpretations of current laws and regulations, may affect our ability to operate efficiently or compete effectively.” Further, insurance and other regulatory authorities and law enforcement agencies, attorneys general and other governmental authorities from time to time make inquiries and conduct examinations or investigations regarding our compliance, as well as compliance by other companies in our industry, with applicable laws.
See “Risk Factors—Risks Relating to Regulation—New domestic or international laws and regulations, or new interpretations of current laws and regulations, may affect our ability to operate efficiently or compete effectively.” Further, insurance and other regulatory authorities, law enforcement agencies, attorneys general, and other governmental authorities from time to time make inquiries and conduct examinations or investigations regarding our compliance, as well as compliance by other companies in our industry, with applicable laws.
The SEC, FINRA and other regulatory bodies also have the authority to examine regulated entities, such as our broker-dealer and investment adviser subsidiaries, and to institute administrative or judicial proceedings that may result in censure, fines, prohibitions or restrictions on activities, or other administrative sanctions.
The SEC, FINRA and other regulatory bodies also have the authority to examine regulated entities, such as our broker-dealer and investment adviser subsidiaries, and to institute administrative or judicial proceedings that may result in censure, fines, prohibitions, restrictions on activities, or other administrative sanctions.
We provide two main IUL products, Max Accumulator+ and Value+ Protector, to meet the accumulation and protection needs of our policyholders in a wide range of target ages from younger to middle-aged. These products allow the statutory policyholder to participate in a portion of the performance of an index price movement while also protecting them from negative return risk.
We provide two main IUL products, Max Accumulator+ and Value+ Protector, to meet the accumulation and protection needs of our policyholders in a wide range of target ages from younger to middle-aged. These products allow the policyholder to participate in a portion of the performance of an index price movement while also protecting them from negative return risk.
A key contributing factor to our expanding fee-based income exposure has been the growth of our out-of-plan offerings, which are well-positioned to capitalize on the growing consumer demand for advisory services and the strong growth in the IRA market. These products supplement our in-plan offerings and provide strong risk-adjusted returns and attractive cash flow generation.
A key contributing factor to our expanding fee-based income has been the growth of our out-of-plan offerings, which are well-positioned to capitalize on the growing consumer demand for advisory services and the strong growth in the IRA market. These products supplement our in-plan offerings and provide strong risk-adjusted returns and attractive cash flow generation.
Group Retirement has been actively investing in technology and contemporary digital solutions to improve the client experience and optimize our platform. These investments have led to broad-based improvements, efficiencies and client satisfaction. Markets We see significant growth opportunities in two of the fastest growing segments of the U.S. retirement market.
Group Retirement has been actively investing in technology and contemporary digital solutions to improve the client experience and optimize our platform. These investments have led to broad-based improvements, efficiencies and strengthening client satisfaction. Markets We see significant growth opportunities in two of the fastest growing segments of the U.S. retirement market.
Relevant regulatory requirements include (i) margin and collateral requirements, (ii) regulatory reporting and (iii) mandated clearing through central counterparties and execution through regulated swap execution facilities for certain swaps (other than security-based swaps, which are not currently subject to mandatory execution or clearing requirements but could be in the future).
Relevant regulatory requirements include (i) margin and collateral requirements, (ii) transaction and regulatory reporting, and (iii) mandated clearing through central counterparties and execution through regulated swap execution facilities for certain swaps (other than security-based swaps, which are not currently subject to mandatory execution or clearing requirements but could be in the future).
We treat these guarantees, reinsurance recoverables, and letters of credit as credit exposure and include them in our risk concentration exposure data. We also monitor the quality of any trust collateral accounts. OUR STRATEGIC PARTNERSHIP WITH BLACKSTONE In 2021, we entered into a long-term asset management relationship with Blackstone IM.
We treat these guarantees, reinsurance recoverables, and letters of credit as credit exposure and include them in our risk concentration exposure data. We also monitor the quality of any trust collateral accounts. OUR STRATEGIC PARTNERSHIP WITH BLACKSTONE In 2021, we entered into a long-term asset management relationship with Blackstone.
She also served as Head of HR for General Insurance and Life and Retirement, Head of Human Resources for the Asia-Pacific region and HR Head for the UK businesses. Prior to AIG, Ms. Cropper held senior human resources positions at Banco Santander and Sainsbury’s. She is a fellow and graduate of the Chartered Institute of Personnel and Development.
She also served as Head of Human Resources for General Insurance and Life and Retirement, Head of Human Resources for the Asia-Pacific region and Human Resources Head for the UK businesses. Prior to AIG, Ms. Cropper held senior human resources positions at Banco Santander and Sainsbury’s. She is a fellow and graduate of the Chartered Institute of Personnel and Development.
The investment assets supporting the reinsurance agreements with Fortitude Re mostly consist of available-for-sale securities. Because these assets continue to be held by us, they continue to be reflected on our balance sheet and in our GAAP results of operations.
The investment assets supporting the reinsurance agreements with Fortitude Re mostly consist of available-for-sale securities. Because these assets continue to be held by us, they are reflected on our balance sheet and in our GAAP results of operations.
Regulation BI and Form CRS continue to be identified as examination priorities for the SEC with the particular focus shifting from year to year. Given the breadth and open-ended nature of the duties under Regulation BI in particular, SEC expectations in this space may continue to evolve.
Regulation BI and Form CRS continue to be identified as examination priorities for the SEC and FINRA with the particular focus shifting from year to year. Given the breadth and open-ended nature of the duties under Regulation BI in particular, SEC and FINRA expectations in this space may continue to evolve.
We believe our employee financial advisors will continue to play an important role in growing the advisory platform by providing full-service investment and retirement planning advice to long-term clients and their families.
We believe our financial advisors will continue to play an important role in growing the advisory platform by providing full-service investment and retirement planning advice to long-term clients and their families.
Our advisory and brokerage assets are increasingly becoming a larger portion of our assets under management and administration (“AUMA”) and a source of fee-based revenue. Products and Services Our Group Retirement offerings are segmented into in-plan and out-of-plan products and services.
Our advisory and brokerage assets are increasingly becoming a larger portion of our assets under management and administration (“AUMA”) and a growing source of fee-based revenue. Products and Services Our Group Retirement offerings are segmented into in-plan and out-of-plan products and services.
Corebridge | 2024 Form 10-K 28 TABLE OF CONTENTS ITEM 1 | Business Risk-Based Capital, Statutory Accounting, Investments Regulation, and Reserves Every state has adopted, in substantial part, the Risk-Based Capital (“RBC”) Model Law promulgated by the NAIC that allows states to act upon the results of RBC ratio calculations and provides four incremental levels of regulatory action regarding insurers whose RBC ratio calculations fall below specific thresholds.
Corebridge | 2025 Form 10-K 28 TABLE OF CONTENTS ITEM 1 | Business Risk-Based Capital, Statutory Accounting, Investments Regulation, and Reserves Every state has adopted, in substantial part, the Risk-Based Capital (“RBC”) Model Law promulgated by the NAIC that allows states to act upon the results of RBC ratio calculations and provides four incremental levels of regulatory action regarding insurers whose RBC ratio calculations fall below specific thresholds.
Corebridge | 2024 Form 10-K 27 TABLE OF CONTENTS ITEM 1 | Business In particular, state insurance statutes typically place restrictions and limitations on the amount of dividends or other distributions payable by insurance company subsidiaries to their parent companies, as well as on transactions between an insurer and its affiliates, which transactions may be used to upstream funds.
Corebridge | 2025 Form 10-K 27 TABLE OF CONTENTS ITEM 1 | Business In particular, state insurance statutes typically place restrictions and limitations on the amount of dividends or other distributions payable by insurance company subsidiaries to their parent companies, as well as on transactions between an insurer and its affiliates, which transactions may be used to upstream funds.
In many cases, these duties are materially broader and more stringent than earlier “suitability” and disclosure requirements imposed by the Financial Industry Regulatory Authority (“FINRA”). As part of the rulemaking package, Form CRS also went into effect, requires enhanced disclosures by broker-dealers and investment advisers regarding retail client relationships and certain conflicts of interest.
In many cases, these duties are materially broader and more stringent than earlier “suitability” and disclosure requirements imposed by the Financial Industry Regulatory Authority (“FINRA”). As part of the rulemaking package, Form CRS also went into effect, requiring enhanced disclosures by broker-dealers and investment advisers regarding retail client relationships and certain conflicts of interest.
Our product diversification, as evidenced by balanced new business sales across all four annuity product categories, allows for further new business flexibility in meeting customer demand and changing macroeconomic conditions. Products Fixed annuities We offer a range of fixed annuity products that offer principal protection and a specified rate of return over a single year or multi-year time periods.
Our product diversification, as evidenced by balanced new business sales across all three annuity product categories, allows for further new business flexibility in meeting customer demand and changing macroeconomic conditions. Products Fixed annuities We offer a range of fixed annuity products that offer principal protection and a specified rate of return over a single year or multi-year time periods.
This streamlined structure is typically associated with simpler products and lower death benefit amounts to ensure the product offering is made available at an affordable price and meeting different client needs. Universal Life Index Universal Life Insurance: IUL provides permanent death benefit coverage and a tax-advantaged savings component that accumulates with performance tied to a chosen index.
This streamlined structure is typically associated with simpler products and lower death benefit amounts to ensure the product offering is made available at an affordable price and meeting different client needs. Universal Life Insurance (“Universal Life”) Index Universal Life Insurance: IUL provides permanent death benefit coverage and a tax-advantaged savings component that accumulates with performance tied to a chosen index.
Blackstone’s preferred credit and lending strategy is to seek to control all significant components of the underwriting and pricing processes with the goal of facilitating bespoke opportunities with historically strong credit protection and attractive risk-adjusted returns. Blackstone seeks to capture enhanced economics to those available in the traditional fixed income markets by going directly to the borrowers.
Blackstone’s preferred credit and lending strategy is to seek to control all significant components of the underwriting and pricing processes with the goal of facilitating bespoke opportunities with historically strong credit protection and attractive risk-adjusted returns. Blackstone seeks to capture enhanced economics to those available in the traditional fixed income markets by going directly to the borrower.
We have also been working to automate certain underwriting reviews so as to make decisions on applications in a similar manner as underwriters today, but with out human intervention. Accelerated Underwriting (“AU”), underwriting without a traditional medical exam and lab profile, is increasingly a strategic imperative to maintain our core market position.
We have also been working to automate certain underwriting reviews so as to make decisions on applications in a similar manner as underwriters today, but without human intervention. Accelerated Underwriting (“AU”), underwriting without a traditional medical exam and lab profile, is increasingly a strategic imperative to maintain our core market position.
Our commercial mortgage loans portfolio is focused on multi-family as its largest property type allocation. Our CMBS portfolio is focused on North America and includes high quality securities, with an average rating of ‘‘AA,’’ 94% of which are designated NAIC 1. Our RMBS portfolio is a mix of agency and non-agency securities of which 97% are designated NAIC 1.
Our commercial mortgage loans portfolio is focused on multi-family as its largest property type allocation. Our CMBS portfolio is focused on North America and includes high quality securities, with an average rating of ‘‘AA,’’ 94% of which are designated NAIC 1. Our RMBS portfolio is a mix of agency and non-agency securities of which 98% are designated NAIC 1.
Our core in-plan business targets tax-exempt and public sector institutions spanning K-12 schools, higher education institutions, healthcare providers, government employers and other tax-exempt institutions. Our out-of-plan business targets IRAs, which we believe, is expected to be the largest and fastest-growing segment of U.S. retirement assets.
Our core in-plan business targets tax-exempt and public sector institutions spanning K-12 schools, higher education institutions, healthcare providers, government employers and other tax-exempt institutions. Our out-of-plan business targets IRAs, which we believe, are expected to be the largest and fastest-growing segment of U.S. retirement assets.
INSTITUTIONAL MARKETS Overview Our Institutional Markets business provides sophisticated, bespoke risk management solutions to both financial and non-financial institutions. Institutional Markets complements our retail businesses by targeting large institutional clients. Institutional Markets allows us to opportunistically source long-term liabilities with attractive risk-adjusted return profiles that are consistent with our overall risk management philosophy.
INSTITUTIONAL MARKETS Overview Our Institutional Markets business provides sophisticated, bespoke risk management solutions to both financial and non-financial institutions. Institutional Markets complements our retail businesses by targeting large institutional clients. Institutional Markets allows us to opportunistically source liabilities with attractive risk-adjusted return profiles that are consistent with our overall risk management philosophy.
Corebridge | 2024 Form 10-K 26 TABLE OF CONTENTS ITEM 1 | Business Regulation Overview Our businesses and operations are subject to regulation and supervision by many different types of regulatory authorities, including insurance, securities, derivatives and investment advisory regulators in the United States and abroad.
Corebridge | 2025 Form 10-K 26 TABLE OF CONTENTS ITEM 1 | Business Regulation Overview Our businesses and operations are subject to regulation and supervision by many different types of regulatory authorities, including insurance, securities, derivatives and investment advisory regulators in the United States and abroad.
Our separate account investment products are also subject to applicable state insurance regulation. We have several subsidiaries that are registered as broker-dealers under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) and are members of FINRA and/or are registered as investment advisers under the Investment Advisers Act of 1940, as amended (the ‘‘Advisers Act’’).
Our separate account investment products are also subject to applicable state insurance regulation. We have subsidiaries that are registered as broker-dealers under the Securities and Exchange Act of 1934, as amended (the “Exchange Act’’), and are members of FINRA and/or are registered as investment advisers under the Investment Advisers Act of 1940, as amended (the ‘‘Advisers Act’’).
In addition to registration requirements, the Exchange Act, the Advisers Act and the regulations thereunder impose various compliance, disclosure, qualification, recordkeeping, reporting and other requirements on these subsidiaries and their operations. State securities laws also impose filing and other requirements on broker-dealers, investment advisers and/or their licensed representatives, except where exempt.
In addition to registration requirements, the Exchange Act, the Advisers Act, and the regulations thereunder impose various conduct, disclosure, qualification, recordkeeping, reporting, and other requirements on these subsidiaries and their operations. State securities laws also impose registration, filing, and other requirements on broker-dealers, investment advisers and/or their licensed representatives, except where exempt.
Certain of these broker-dealers and investment advisers are involved in our life and annuity product sales, including participating in their distribution and/or serving as an investment adviser to mutual funds that underlie variable products offered by us.
These broker-dealers and investment advisers are involved in our life and annuity product sales, including participating in their distribution and/or serving as an investment adviser to mutual funds that underlie variable products offered by us.
The Commodities Futures Trading Commission (“CFTC”), which oversees and regulates the U.S. swap, commodities and futures markets, and the SEC, which oversees and regulates the U.S. securities and security-based swap markets, have finalized the majority of the rules to carry out their mandates under Title VII of Dodd-Frank.
The Commodities Futures Trading Commission (“CFTC”), which oversees and regulates the U.S. swap, commodities and futures markets, and the SEC, which oversees and regulates the U.S. securities and security-based swap markets, have largely finalized the rules to carry out their mandates under Title VII of Dodd-Frank.
Increased regulation of, and restrictions on, derivatives markets and transactions, including regulations related to initial margin for swaps and securities-based swaps, could increase the cost of our trading and hedging activities, reduce liquidity and reduce the availability of customized hedging solutions and derivatives.
Increased regulation of, and restrictions on, derivatives markets and transactions, including regulations related to initial margin for swaps and securities-based swaps, has increased, and could further increase the cost of our trading and hedging activities, reduce liquidity and reduce the availability of customized hedging solutions and derivatives.
Many of the Regulatory Considerations have been referred to NAIC working groups and task forces, while others, such as new reporting on investment schedules relative to investment transactions with related parties and additional disclosures relative to private equity and complex assets, are already effective. As part of these efforts, the NAIC recently exposed a Framework for Regulation of Insurer Investments.
Many of the Regulatory Considerations have been referred to NAIC working groups and task forces, while others, such as new reporting on investment schedules relative to investment transactions with related parties and additional disclosures relative to private equity and complex assets, are already effective. As part of these efforts, the NAIC adopted a Framework for Regulation of Insurer Investments.
Additionally, we believe BlackRock's scale and fee structure make BlackRock an excellent outsourcing partner for certain asset classes and will allow us to further optimize our investment management operating model while improving overall performance. We believe we have a strong balance sheet that has resulted from disciplined growth and effective and prudent risk management practices.
Additionally, BlackRock’s scale and fee structure make BlackRock an excellent outsourcing partner for certain asset classes and allows us to further optimize our investment management operating model while improving overall performance. We believe we have a strong balance sheet that has resulted from disciplined growth and effective and prudent risk management practices.
We believe this strategy will also serve as a strong and attractive funding source as we continue to put Blackstone originated and managed assets to work. Improve PRT market position through new products and unique capabilities: In PRT, we plan to continue our focus on the larger end of the full plan termination market.
We believe this strategy will also serve as a strong and attractive funding source as we continue to put internally and externally originated and managed assets to work. Improve PRT market position through new products and unique capabilities: In PRT, we plan to continue our focus on the larger end of the full plan termination market.
We have a history of providing competitive products with a high-touch service model to employers; however, pressure on fees and need for high tech solutions can impact new business sales and ability to grow profitably. In the out-of-plan market, Group Retirement competes with other broker-dealers and registered investment advisors in serving individuals’ holistic retirement planning needs.
We have a history of providing competitive products with a high-touch service model to employers; however, pressure on fees, evolving regulations, interest rates and need for high tech solutions can impact new business sales and ability to grow profitably. In the out-of-plan market, Group Retirement competes with other broker-dealers and registered investment advisors in serving individuals’ holistic retirement planning needs.
Group Retirement is supported by institutional business development professionals that partner with the plan consultant community and maintain relationships with existing plan sponsors. The team is structured to engage effectively across our different employer markets to acquire, retain and meet the different needs of exclusive and multi-vendor relationships.
Group Retirement is supported by institutional business development professionals that partner with the plan consultant community and maintain relationships with existing plan sponsors. The team is structured to engage effectively across our different workplace markets to acquire, retain and meet the different needs of exclusive and multi-vendor employers.
Corebridge Direct primarily markets to middle market consumers through a variety of direct channels, including several types of digital channels such as search advertising, display advertising and email as well as direct mail. Brokerage: A variety of traditional intermediaries market our Term and IUL products to middle market, mass affluent, affluent and some high net worth markets.
Corebridge Direct primarily markets to middle market consumers through a variety of direct channels, including several types of digital channels such as search advertising, display advertising and email as well as direct mail. Traditional Life Channel: A variety of traditional intermediaries market our Term and IUL products to middle market, mass affluent, affluent and some high net worth markets.
In the plan sponsor market, Group Retirement competes to provide retirement plan products, primarily to serve tax-exempt and public sector employers, with other insurance companies and asset managers.
In the plan sponsor market, Group Retirement competes to provide retirement plan products, primarily to serve tax-exempt and public sector employers, with other insurance companies, record keepers and asset managers.
We receive fee income for our provision of recordkeeping services and generate spread income on the fixed interest account. • In-plan annuity: We offer a flexible group variable and fixed annuity that allows plan sponsors to select from a variety of fee structures, liquidity provisions and fund options.
We receive fee income for these recordkeeping services and generate spread income on the fixed interest account. • In-plan annuity: We offer a flexible group variable and fixed annuity that allows plan sponsors to select from a variety of fee structures, liquidity provisions and fund options.
The RBC ratio of each of our U.S. based insurance companies, determined in accordance with NAIC instructions, exceeded minimum required levels as of December 31, 2024.
The RBC ratio of each of our U.S. based insurance companies, determined in accordance with NAIC instructions, exceeded minimum required levels as of December 31, 2025.
Individual Retirement’s annuity products are offered through a longstanding, multichannel distribution network of approximately 490 third-party firms including banks, broker-dealers, general agencies, independent marketing organizations and independent insurance agents as of December 31, 2024. At Corebridge Financial Distributors, our distribution professionals work with these firms and their associated advisors to market and sell our products.
Individual Retirement’s annuity products are offered through a longstanding, multichannel distribution network of approximately 460 third-party firms including banks, broker-dealers, general agencies, independent marketing organizations and independent insurance agents as of December 31, 2025. At Corebridge Financial Distributors, our distribution professionals work with these firms and their associated advisors to market and sell our products.
We believe we are well-positioned to capture this growing market opportunity through our robust and balanced product line-up, our distribution platform and our partnership with Blackstone. Risk Management Our Individual Retirement risk management philosophy begins with the way we approach new business generation.
We believe we are well-positioned to capture this growing market opportunity through our robust and balanced product line-up, our distribution platform and our partnerships with Blackstone and BlackRock. Risk Management Our Individual Retirement risk management philosophy begins with the way we approach new business generation.
We make available free of charge, through the Investor Relations section of our corporate website, the following reports (and related amendments as filed with the SEC) as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC: • Annual Reports on Form 10-K • Quarterly Reports on Form 10-Q • Current Reports on Form 8-K • Proxy Statements on Schedule 14A, as well as other filings with the SEC Also available on our corporate website: • Amended and Restated Bylaws • Amended and Restated Certificate of Incorporation • Audit Committee Charter • Compensation and Management Development Committee Charter • Corporate Governance Guidelines • Director Communications Policy Corebridge | 2024 Form 10-K 36 TABLE OF CONTENTS ITEM 1 | Business • Director, Executive Officer and Senior Financial Officer Code of Business Conduct and Ethics (we will post on our website any amendment or waiver to this Code within the time period required by the SEC) • Employee Code of Conduct • Nominating and Corporate Governance Committee Charter • Third Party Code of Conduct Except for the documents specifically incorporated by reference into this Annual Report on Form 10-K, information contained on our website or that can be accessed through our website is not incorporated by reference into this Annual Report on Form 10-K.
We make available free of charge, through the Investor Relations section of our corporate website, the following reports (and related amendments as filed with the SEC) as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC: • Annual Reports on Form 10-K • Quarterly Reports on Form 10-Q • Current Reports on Form 8-K • Proxy Statements on Schedule 14A, as well as other filings with the SEC Also available on our corporate website: • Amended and Restated Bylaws • Second Amended and Restated Certificate of Incorporation • Audit Committee Charter • Compensation and Management Development Committee Charter • Corporate Governance Guidelines • Director Communications Policy • Director, Executive Officer and Senior Financial Officer Code of Business Conduct and Ethics (we will post on our website any amendment or waiver to this Code within the time period required by the SEC) • Code of Conduct • Nominating and Corporate Governance Committee Charter • Third Party Code of Conduct Except for the documents specifically incorporated by reference into this Annual Report on Form 10-K, information contained on our website or that can be accessed through our website is not incorporated by reference into this Annual Report on Form 10-K.
We believe our strategic partnership with Blackstone will allow us to leverage Blackstone’s ability to originate attractive and privately sourced fixed-income oriented assets that we believe are well suited for liability-driven investing within an insurance company framework.
We believe our strategic partnership with Blackstone allows us to leverage Blackstone’s ability to originate attractive and privately sourced fixed-income oriented assets that are well suited for liability-driven investing within an insurance company framework.
Further restrictions prevent Class E insurers from paying any dividends which would exceed 25% of its total statutory capital and surplus (as set out in its statutory balance sheet in relation to the previous financial year) unless prior to the payment of such dividends, it files an affidavit with the BMA which states that the declaration of the said dividends has not cause the insurer to fail to meet its solvency margins and minimum liquidity ratio.
Further restrictions prevent Class E insurers from paying any dividends which would exceed 25% of its total statutory capital and surplus (as set out in its statutory balance sheet in relation to the previous financial year) unless prior to the payment of such dividends, it files an affidavit with the BMA which states that the declaration of the said dividends has not caused the insurer to fail to meet its solvency margins.
For example, in November 2021 we entered into a strategic partnership with Blackstone as described below in “Our Strategic Partnership with Blackstone.” In addition, we have entered into investment management agreements with BlackRock, as described below in “Our Investment Management Agreements with BlackRock. ” Regardless of whether our investments are managed by an internal or external provider, our Chief Investment Officer will continue to be responsible for overseeing our overall portfolio, including decisions surrounding asset allocation, risk composition and investment strategy.
For example, in November 2021 we entered into a strategic partnership with Blackstone as described below in “Our Strategic Partnership with Blackstone.” In addition, we have entered into investment management agreements with BlackRock, as described below in “Our Investment Management Agreements with BlackRock. ” Regardless of whether our investments are managed by an internal or external provider, our Chief Investment Officer is responsible for overseeing our overall portfolio, including decisions surrounding asset allocation, risk composition and investment strategy.
Item 1. | Business Index to Business Page O ur Company 6 Our Segments 7 Investment Management 21 Human Capital Management 25 Intellectual Property 26 Regulation 27 Information about our Executive Officers 37 Corebridge | 2024 Form 10-K 5 TABLE OF CONTENTS ITEM 1 | Business Our Company 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.
Item 1. | Business Index to Business Page O ur Company 6 Our Segments 7 Investment Management 21 Human Capital Management 24 Intellectual Property 26 Regulation 27 Information about our Executive Officers 38 Corebridge | 2025 Form 10-K 5 TABLE OF CONTENTS ITEM 1 | Business Our Company 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.
Non-insurance business means any business other than insurance business and includes carrying on investment business, underwriting debt or securities or otherwise engaging in investment banking and carrying on the business of management, sales or leasing of real property.
Non-insurance business means any business other than insurance business and includes carrying on investment business, underwriting debt or securities or otherwise engaging in investment banking, engaging in commercial or industrial activities, and carrying on the business of management, sales, or leasing of real property.
Prior to joining Corebridge, Mr. Caldwell held senior risk roles with MetLife, Transamerica, NN Group and ING Insurance. He has worked in actuarial, finance and risk roles in the insurance industry for more than 30 years. Mr. Caldwell is a Fellow of the Society of Actuaries and a Chartered Enterprise Risk Analyst.
Caldwell held senior risk roles with MetLife, Transamerica, NN Group and ING Insurance. He has worked in actuarial, finance and risk roles in the insurance industry for more than 30 years. Mr. Caldwell is a Fellow of the Society of Actuaries and a Chartered Enterprise Risk Analyst.
CORPORATE AND OTHER Overview Our Corporate and Other segment consists primarily of corporate expenses not attributable to our other segments, our institutional asset management business, which includes managing assets for non-consolidated AIG affiliates, the results of our consolidated investment entities and the results of our legacy insurance lines ceded to Fortitude Re.
CORPORATE AND OTHER Overview Our Corporate and Other segment consists primarily of corporate expenses not attributable to our other segments, our institutional asset management business, which includes managing assets for non-consolidated AIG affiliates, the results of our consolidated investment entities and the results of our legacy insurance lines ceded to external reinsurers.
Additionally, Class E insurers must apply to the BMA for approval before reducing its total statutory capital (as set out in its previous year’s financial statements) by 15%.
Additionally, a Class E insurer must apply to the BMA for approval before reducing its total statutory capital (as set out in its previous year’s financial statements) by 15%.
Partners Group: We partner with independent managing general agents (“MGAs”) who tend to work with a smaller number of carriers to sell our Term and IUL products to middle market, mass affluent and affluent markets. Our independent MGA partners distribute products primarily face-to-face.
Relationship Marketing Channel: We partner with independent managing general agents (“MGAs”) who tend to work with a smaller number of carriers to sell our Term and IUL products to middle market, mass affluent and affluent markets. Our independent MGA partners distribute products primarily face-to-face.
In-plan products and services: We offer a variety of options for employer defined contribution plans, including products, plan administrative and compliance services, retirement education, financial planning and advisory solutions. • In-plan recordkeeping: We offer an open architecture recordkeeping platform that allows plan participants to allocate money to a variety of mutual fund options or a fixed interest account.
In-plan products and services: We offer a variety of options for employer defined contribution plans, including products, plan administrative and compliance services, retirement education, financial planning and advisory solutions. • In-plan recordkeeping: We offer an open architecture recordkeeping platform that allows plan participants to allocate money to a variety of mutual fund and other allowable investment options alongside a fixed interest account.
The applicable provisions of ERISA and the Code are subject to enforcement by the Department of Labor (“the DOL”), the Internal Revenue Service (“IRS”) and the Pension Benefit Guaranty Corporation.
The applicable provisions of ERISA and the Code are subject to enforcement by the Department of Labor (the “DOL”), the Internal Revenue Service (“IRS”), and the Pension Benefit Guaranty Corporation.
For example, the NAIC recently adopted proposed changes to the Purposes and Procedures Manual of the NAIC Investment Office, to be effective January 2026, authorizing procedures through which the Investment Analysis Office may challenge credit risk ratings that are assigned to securities based on the rating provided by an NAIC-recognized rating agency.
For example, the NAIC adopted proposed changes to the Purposes and Procedures Manual of the NAIC Investment Analysis Office, authorizing procedures through which the Investment Analysis Office may challenge credit risk ratings that are assigned to securities based on the rating provided by an NAIC-recognized rating agency.
Additionally, Nippon Life Insurance Company, a mutual company (sougogaisha) organized under the laws of Japan (“Nippon”), which holds an approximately 21.7% interest in our Common Stock, as of December 31, 2024 is regulated by the Insurance Business Act of Japan (Act No. 105 of 1995, as amended) (“the IBA”) and the Financial Services Agency of Japan (the “JFSA”).
Additionally, Nippon Life Insurance Company, a mutual company (sougogaisha) organized under the laws of Japan (“Nippon”), which holds an approximately 24.6% interest in our Common Stock, as of December 31, 2025 is regulated by the Insurance Business Act of Japan (Act No. 105 of 1995, as amended) (“the IBA”) and the Financial Services Agency of Japan (the “JFSA”).
We meet these needs through the financial planning process with a combination of proprietary and limited non-proprietary annuities, brokerage services and investment advisory services offering mutual fund and exchange traded fund (“ETF”) portfolio models.
We meet these needs through the financial planning process with a combination of proprietary and limited non-proprietary annuities, brokerage services and investment advisory services offering mutual fund and exchange traded fund (“ETF”) model portfolios.
Differentiated employee financial advisors network and long-term customer relationships: Our employee financial advisors allow us to develop strong, long-term relationships with our clients by engaging with them early in their careers and providing education, customized solutions and financial guidance through the entire savings and retirement financial journey.
Differentiated employee financial advisors build long-term customer relationships: Our employee financial advisors allow us to develop strong, long-term relationships with individual investors by engaging with them early in their careers and providing education, customized solutions and financial guidance through the entire savings and retirement financial journey.
Our clients have access to self-service tools and education on our participant digital service platform specific to our Group Retirement business. In addition, we offer an interactive financial planning tool, Retirement Pathfinder, a do-it-yourself option or the choice to build a financial plan with an advisor.
Our clients also have access to award-winning self-service tools and education on our participant digital service platform (web and mobile) specific to our Group Retirement business. In addition, we offer an interactive financial planning tool, Retirement Pathfinder, offering a do-it-yourself option or the choice to build a financial plan with an advisor.
John Byrne has served as President of Financial Distributors at Corebridge Financial since October 2023. Prior to his current role, John served as Senior Vice President, National Sales Manager, Annuity Direct Distribution. He has a Chartered Retirement Planning Counselor designation from the College for Financial Planning. Doug Caldwell has served as Chief Risk Officer of Corebridge Financial since July 2023.
Prior to his current role, John served as Senior Vice President, National Sales Manager, Annuity Direct Distribution. He has a Chartered Retirement Planning Counselor designation from the College for Financial Planning. Doug Caldwell has served as Chief Risk Officer of Corebridge Financial since July 2023. Prior to joining Corebridge, Mr.
Additionally, in the United States, where the majority of our businesses are based, while the federal government does not directly regulate insurance business, federal legislation and administrative policies in several areas, including pension regulation, age and sex discrimination, financial services regulation, securities regulation, derivatives regulation and federal taxation, can significantly affect the insurance industry and certain of our other operations.
Additionally, in the United States, while the federal government does not directly regulate the insurance industry, federal legislation and administrative policies in several areas, including pension regulation, age and sex discrimination, financial services regulation, securities regulation, derivatives regulation and federal taxation, can significantly affect the insurance industry and certain of our other operations.
As of December 31, 2024, we had over 5,200 employees, the majority of whom are based in the United States, with a smaller number in Ireland, the United Kingdom, and Bermuda. The following are examples of key programs and initiatives we have implemented to attract, develop, and retain our talent.
As of December 31, 2025, we had over 4,800 employees, the majority of whom are based in the United States, with a smaller number in Ireland, the United Kingdom, and Bermuda. The following are examples of key programs and initiatives we have implemented to attract, develop, and retain our talent.
For example, New York’s Insurance Regulation 210 establishes standards for the determination and readjustment of NGEs, and establishes guidelines for related disclosure. Such regulation of NGEs could adversely impact our ability to determine or readjust NGEs in the future. Climate Regulation Insurance regulators have also shown interest in climate change risk and disclosure.
For example, New York’s Insurance Regulation 210 establishes standards for the determination and readjustment of NGEs and establishes guidelines for related disclosure. Such regulation of NGEs could adversely impact our ability to determine or re-adjust NGEs in the future. Climate Regulation Certain states and state insurance regulators have also shown interest in climate change risk and disclosure.
We are well-diversified across our operating businesses with our Individual Retirement, Group Retirement, Life Insurance and Institutional Markets businesses representing 59%, 18%, 11% and 12% of associated Adjusted Pre-Tax Operating Income (“APTOI”), respectively, for the year ended December 31, 2024. Our diversified business model is enabled by our long-standing distribution relationships that are distinguished through both their breadth and depth.
We are well-diversified across our operating businesses with our Individual Retirement, Group Retirement, Life Insurance and Institutional Markets businesses representing 52%, 20%, 12% and 16% of associated Adjusted Pre-Tax Operating Income (“APTOI”), respectively, for the year ended December 31, 2025. Our diversified business model is enabled by our long-standing distribution relationships that are distinguished through both their breadth and depth.
HIGH QUALITY PORTFOLIO The fixed maturity security portfolio of our insurance operating subsidiaries, excluding the Fortitude Re funds withheld assets, was 95% investment grade as of December 31, 2024.
HIGH QUALITY PORTFOLIO The fixed maturity security portfolio of our insurance operating subsidiaries, excluding the Fortitude Re funds withheld assets, was 96% investment grade as of December 31, 2025.
Our credit risk management framework includes the following elements related to our credit risks: • developing and implementing our company-wide credit policies and procedures; • approving delegated credit authorities to our credit executives and qualified credit professionals; • developing methodologies for quantification and assessment of credit risks; • managing a system of credit and program limits, as well as the approval process for credit transactions, above limit exposures and concentrations of risk that may exist or be incurred; • evaluating, monitoring, reviewing and reporting of credit risks and concentrations regularly with senior management; and • approving appropriate credit reserves, credit-related other-than-temporary impairments and corresponding methodologies for all credit portfolios.
Our credit risk management framework includes the following elements related to our credit risks: • developing and implementing our company-wide credit policies and procedures; Corebridge | 2025 Form 10-K 23 TABLE OF CONTENTS ITEM 1 | Business • approving delegated credit authorities to our credit executives and qualified credit professionals; • developing methodologies for quantification and assessment of credit risks; • managing a system of credit and program limits, as well as the approval process for credit transactions, above limit exposures and concentrations of risk that may exist or be incurred; • evaluating, monitoring, reviewing and reporting of credit risks and concentrations regularly with senior management; and • approving appropriate credit reserves, credit-related other-than-temporary impairments and corresponding methodologies for all credit portfolios.
The NAIC’s work to update the Valuation Manual and address issues relating to the PBR framework, including VM-20, VM-21, and Subsection 22 of the Valuation Manual related to PBR for non-variable annuities, is ongoing, and we will continue to monitor such developments as they evolve.
The NAIC’s work to update and refine the Valuation Manual and address issues relating to the PBR framework, including VM-20, VM-21, and Subsection 22 of the Valuation Manual (“VM-22”) related to PBR for non-variable annuities, is ongoing, particularly with respect to non-variable annuities, and we will continue to monitor such developments as they evolve.
Monitoring and oversight of external providers will be performed by our Chief Investment Officer in conjunction with our Finance, Legal, Enterprise Risk Management and Compliance Departments. All externally managed assets are folded into our credit, market, capital, liquidity and foreign exchange risk monitoring frameworks.
Monitoring and oversight of external asset managers is performed by our Chief Investment Officer in conjunction with our Finance, Legal, Enterprise Risk Management and Compliance Departments. All externally managed assets are folded into our credit, market, capital, liquidity and foreign exchange risk monitoring frameworks.
The following table presents Life Insurance underwriting margin: Years Ended December 31, (in millions) 2024 2023 2022 Underwriting margin* $ 1,368 $ 1,442 $ 1,561 * Includes International life underwriting margin of $33 million, $226 million and $245 million for the years ended December 31, 2024, 2023 and 2022, respectively.
The following table presents Life Insurance underwriting margin: Years Ended December 31, (in millions) 2025 2024 2023 Underwriting margin* $ 1,364 $ 1,368 $ 1,442 * Includes International life underwriting margin of $33 million and $226 million for the years ended December 31, 2024 and 2023, respectively.
Institutional Markets Spread Income, Underwriting Margin and Fee Income The following table presents Institutional Markets spread income, underwriting margin and fee income: For the years ended December 31, (in millions) 2024 2023 2022 Spread income $ 454 76.0 % $ 355 72.4 % $ 285 67.1 % Fee income 62 10.4 % 64 13.1 % 63 14.8 % Underwriting margin 81 13.6 % 71 14.5 % 77 18.1 % Total $ 597 100.0 % $ 490 100.0 % $ 425 100.0 % Distribution Institutional Markets distributes products through the channels described below: PRT: We source PRT liabilities through our long-standing relationships with insurance and reinsurance brokers and consultants, and through our assumed reinsurance channel from primary insurance partners.
Institutional Markets Spread Income, Underwriting Margin and Fee Income The following table presents Institutional Markets spread income, underwriting margin and fee income: For the years ended December 31, (in millions) 2025 2024 2023 Spread income $ 587 81.8 % $ 454 76.0 % $ 355 72.4 % Fee income 65 9.1 % 62 10.4 % 64 13.1 % Underwriting margin 65 9.1 % 81 13.6 % 71 14.5 % Total $ 717 100.0 % $ 597 100.0 % $ 490 100.0 % Distribution Institutional Markets distributes products through the channels described below: PRT: We source PRT liabilities through our long-standing relationships with insurance and reinsurance brokers and consultants, and through our assumed reinsurance channel from primary insurance partners.
Regulation BI established duties of care, compliance, disclosure, and conflict mitigation that broker-dealers and their associated persons must meet when making a recommendation of a securities transaction or investment strategy involving securities to a retail customer.
Regulation BI, which is applicable to our broker-dealer subsidiaries, established duties of care, compliance, disclosure, and conflict mitigation that broker-dealers and their associated persons must meet when making a recommendation of a securities transaction or investment strategy involving securities to a retail customer.
He has held the Chartered Financial Analyst designation since 2003. Corebridge | 2024 Form 10-K 38 TABLE OF CONTENTS ITEM 1A | Risk Factors
He has held the Chartered Financial Analyst designation since 2003. Corebridge | 2025 Form 10-K 39 TABLE OF CONTENTS ITEM 1A | Risk Factors
The Insurance Act 1978, as amended, (the “Bermuda Insurance Act”) and its related regulations and other applicable Bermuda laws, impose a variety of requirements and restrictions including the filing of annual and quarterly statutory financial returns; compliance with minimum enhanced capital requirements; compliance with the BMA’s Insurance Code of Conduct; provisional restrictions on the payment of dividends and distributions; restrictions on certain changes in control of regulated (re)insurers and such other standards as the BMA may impose from time to time.
The Insurance Act 1978, as amended, (the “Bermuda Insurance Act”) and its related regulations and other applicable Bermuda laws, impose a variety of requirements and restrictions, including the filing of annual and quarterly statutory financial returns; compliance with minimum enhanced capital requirements; compliance with the BMA’s Insurance Code of Conduct; provisional restrictions on the payment of dividends and distributions; restrictions on certain changes in control of regulated (re)insurers, maintenance of a head office, certain officers, and principal representative in Bermuda; performance of certain periodic examinations of CRBG Bermuda and its financial condition; and such other standards as the BMA may impose from time to time.
We also set credit risk limits for exposure to single issuers and countries that vary based on ratings, as well as limits on aggregate investments in below investment grade assets. In addition, our asset portfolio is constructed to withstand both liquidity and capital stresses that may arise due to market dislocations.
We also set credit risk targets for exposure to single issuers and countries that vary based on ratings, as well as guidelines for aggregate investments in high risk assets. Our asset portfolio is constructed to withstand both liquidity and capital stresses that may arise due to market dislocations.
Fiedler was the Senior Director of National Account Management at Invesco U.S. from September 2007 to May 2012 and, prior to that, spent 12 years at AIM Distributors. She currently serves as a trustee for the Foundation for Financial Planning and Immediate Past Chair of the Insured Retirement Institute and a Board Director for the Foundation for Financial Planning.
Fiedler was the Senior Director of National Account Management at Invesco U.S. from September 2007 to May 2012 and, prior to that, spent 12 years at AIM Distributors. She currently serves as a Trustee and Vice Chair for the Foundation for Financial Planning. Ms.
As of December 31, 2024, $24.9 billion of our liabilities representing a mix of run-off life and annuity risks had been ceded to Fortitude Re under these reinsurance transactions. Through this series of transactions, Fortitude Re has become our largest reinsurance counterparty.
As of December 31, 2025, $24.1 billion of our liabilities representing a mix of run-off life and annuity risks had been ceded to Fortitude Re under these reinsurance transactions. Through this series of transactions, Fortitude Re has become one of our largest reinsurance counterparties.
The fixed maturity security portfolio of our insurance operating subsidiaries excludes $61 million of securities related to consolidated investment entities that do not represent direct investments of Corebridge’s insurance subsidiaries and $800 million of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries.
The fixed maturity security portfolio of our insurance operating subsidiaries excludes $53 million of securities related to consolidated investment entities that do not represent direct investments of Corebridge’s insurance subsidiaries and $1.3 billion of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries.
In addition, some states have had legislative or regulatory initiatives relating to the use of external data and artificial intelligence applicable to the insurance industry, including Colorado’s algorithmic and external data accountability law and Circular Letter 7 from NYDFS.
In addition, some states have had legislative or regulatory initiatives relating to the use of external data and artificial intelligence applicable to the insurance industry, including Colorado’s algorithmic and external data accountability law and Circular Letter 7 from the New York Department of Financial Services (“NYDFS”).
U.S. federal and state legislatures and government agencies and self-regulatory bodies continued to be active in 2024 and are expected to continue to consider additional laws, regulations and guidelines relating to privacy and other aspects of customer information and to protecting the ongoing confidentiality, availability and integrity of personal information, sensitive non-public information, information systems and business operations.
U.S. federal and state legislatures and government agencies and self-regulatory bodies continued to be active in 2025 and are expected to continue to focus on laws, regulations, and guidelines relating to privacy and other aspects of customer information, information security, resiliency, the use of AI, and protecting the ongoing confidentiality, availability, and integrity of personal information, sensitive non-public information, information systems, and business operations.
In addition, after a contractual holding period, policyholders generally have an option to annuitize their contract and receive annuity payments for a stated term or for the life of the annuitant, based upon their annuitization election.
In addition, after a contractual holding period, policyholders generally have an option to annuitize their contract and receive annual annuity payments for a stated term or for the life of the annuitant, based upon their annuitization election. We bear the risk of investment performance for fixed annuity products.
Strategy Continue to grow our sophisticated advisory platform We intend to continue to grow our high-margin, capital-efficient in-plan and out-of-plan advisory platform by providing comprehensive financial planning services through approximately 1,000 employee financial advisors as of December 31, 2024.
Strategy Continue to grow our sophisticated advisory platform We intend to continue to grow our high-margin, capital-efficient in-plan and out-of-plan advisory platform by providing comprehensive financial planning services through our employee financial advisors .

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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For a further discussion of our loss reserves for future policy benefits and market risk benefits, see Notes 12 and 14 to the Consolidated Financial Statements. Reinsurance may not be available or economical and may not be adequate to protect us against losses. We purchase third-party reinsurance and we use reinsurance as part of our overall risk management strategy.
For a further discussion of our loss reserves for future policy benefits and market risk benefits, see Notes 12 and 14 to the Consolidated Financial Statements. Reinsurance may not be available or economical and may not be adequate to protect us against losses. We purchase and use third-party reinsurance as part of our overall risk management strategy.
The completion of any business or asset acquisition or disposition is subject to certain risks, including those relating to the receipt of required regulatory approvals, the terms and conditions of regulatory approvals, including any financial accommodations required by regulators, our ability to satisfy such terms, conditions and accommodations, the occurrence of any event, change or other circumstances that could give rise to the termination of a transaction and the risk that parties may not be willing or able to satisfy the conditions to a transaction.
The completion of any business or asset acquisition or disposition is subject to certain risks, including those relating to the receipt of required regulatory or other approvals, the terms and conditions of regulatory approvals, including any financial accommodations required by regulators, our ability to satisfy such terms, conditions and accommodations, the occurrence of any event, change or other circumstances that could give rise to the termination of a transaction and the risk that parties may not be willing or able to satisfy the conditions to a transaction.
For example, our products are subject to a complex and extensive array of domestic and foreign tax, securities, insurance and employee benefit plan laws and regulations, which are administered and enforced by a number of different governmental and self-regulatory authorities, including state insurance regulators, federal banking authorities, securities administrators, the DOL and the IRS.
For example, our products are subject to a complex and extensive array of domestic and foreign tax, securities, insurance and employee benefit plan laws and regulations, which are administered and enforced by a number of different governmental and self-regulatory authorities, including state insurance and securities regulators, federal banking authorities, securities administrators, the DOL and the IRS.
As part of our arrangements with Blackstone, there are provisions that require minimum management fees to be paid by Corebridge Parent to Blackstone IM to the extent actual amounts charged to our insurance company subsidiaries are below specified minimum amounts and, if such agreements are terminated for reasons other than certain specified reasons, we could be required to continue paying investment advisory fees to Blackstone regardless of the termination.
As part of our arrangements with Blackstone, there are provisions that require minimum management fees to be paid by Corebridge Parent to Blackstone to the extent actual amounts charged to our insurance company subsidiaries are below specified minimum amounts and, if such agreements are terminated for reasons other than certain specified reasons, we could be required to continue paying investment advisory fees to Blackstone regardless of the termination.
Any requirement to pay such fees could adversely affect our business, results of operations, financial condition and liquidity. Further, Blackstone IM and BlackRock are generally compensated based solely on the value of our assets which they manage, rather than by investment return targets, and as a result, Blackstone IM and BlackRock are not directly incentivized to maximize investment returns.
Any requirement to pay such fees could adversely affect our business, results of operations, financial condition and liquidity. Further, Blackstone and BlackRock are generally compensated based solely on the value of our assets which they manage, rather than by investment return targets, and as a result, Blackstone and BlackRock are not directly incentivized to maximize investment returns.
The relevant authorities may not agree with our interpretation of these current laws and regulations, and any subsequent changes, including, for example, our implementation of new or revised requirements related to capital, accounting treatment or reserving such as those governing PBR, or with our policies and procedures adopted to address evolving industry practices or meet regulatory expectations.
The relevant authorities may not agree with our interpretation of these current laws, regulations and guidance, and any subsequent changes, including, for example, our implementation of new or revised requirements related to capital, accounting treatment or reserving such as those governing PBR, or with our policies and procedures adopted to address evolving industry practices or meet regulatory expectations.
Our risk management strategy seeks to mitigate the potential adverse effects of changes in capital markets, specifically changes in equity markets, foreign exchange rates and interest rates on guarantees related to variable annuities, fixed index annuities, registered index linked annuities and index universal life insurance, and liability guarantees associated with our GLBs for certain products such as variable annuities, fixed index annuities and fixed annuities.
Our risk management strategy seeks to mitigate the potential adverse effects of changes in capital markets, specifically changes in equity markets, foreign exchange rates and interest rates on guarantees related to fixed index annuities, registered index-linked annuities and index universal life insurance, and liability guarantees associated with our GLBs for certain products such as fixed index annuities and fixed annuities.
Such areas include, but are not limited to, the administration or servicing of certain policies and contracts, finance, actuarial, information technology and operational functions, and investment advisory and management services for certain funds, plans and retail advisory programs we offer, as well as our own investments.
Such areas include, but are not limited to, the administration or servicing of certain policies and contracts, finance, actuarial, information technology, information security and operational functions, and investment advisory and management services for certain funds, plans and retail advisory programs we offer, as well as our own investments.
In the case of the arrangements with Blackstone, the exclusivity provisions and termination provisions of such arrangements may prevent certain of our insurance company subsidiaries from retaining other external investment managers with respect to the relevant asset classes, who may produce better returns on investments than Blackstone IM.
In the case of the arrangements with Blackstone, the exclusivity provisions and termination provisions of such arrangements may prevent certain of our insurance company subsidiaries from retaining other external investment managers with respect to the relevant asset classes, who may produce better returns on investments than Blackstone.
Due to the concentration of assets in our portfolios that are managed by each of Blackstone and BlackRock, if Blackstone IM or BlackRock are unable to effectively manage our portfolio, such inability could adversely affect our business, results of operations, financial condition and liquidity.
Due to the concentration of assets in our portfolios that are managed by each of Blackstone and BlackRock, if Blackstone or BlackRock are unable to effectively manage our portfolio, such inability could adversely affect our business, results of operations, financial condition and liquidity.
This in turn has increased and could continue to increase the unrealized loss positions in our portfolio and adversely affect our ability to realize associated deferred tax assets, thereby materially and adversely affecting our business, results of operations, financial condition and liquidity.
This in turn has increased and could continue to increase the unrealized loss positions in our portfolio and adversely affect our ability to realize associated deferred tax assets, and materially and adversely affecting our business, results of operations, financial condition and liquidity.
There can be no guarantee that Blackstone IM, BlackRock or any other investment manager we engage will be able to achieve any particular returns or generate investment opportunities with attractive, risk-adjusted returns for our investment portfolio in the future.
There can be no guarantee that Blackstone, BlackRock or any other investment manager we engage will be able to achieve any particular returns or generate investment opportunities with attractive, risk-adjusted returns for our investment portfolio in the future.
Further, if our investment managers, including Blackstone IM and BlackRock, or any other asset managers we engage fail to react appropriately to difficult market or economic conditions, our investment portfolio could incur material losses.
Further, if our investment managers, including Blackstone and BlackRock, or any other asset managers we engage fail to react appropriately to difficult market or economic conditions, our investment portfolio could incur material losses.
In modco arrangements, the investments supporting the reinsurance agreements, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., Corebridge insurance company subsidiaries) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date.
In modco arrangements, the investments supporting the reinsurance agreements, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., Corebridge insurance company subsidiaries) thereby creating an obligation for the ceding company to pay the reinsurer at a later date.
If our third-party providers experience disruptions, fail to meet applicable licensure requirements, do not integrate with our procedures or adapt to the systems associated with our facilities when providing services from our premises, do not perform as anticipated or in compliance with applicable laws and regulations, terminate or fail to renew our relationships, or such third-party providers in turn rely on services from other third-party providers, who experience disruptions, fail to meet licensure requirements, do not perform in compliance with the primary contractor’s terms with us or in compliance with applicable laws or regulations, or terminate or do not renew their contractual relationships, we may experience operational difficulties, an inability to meet obligations (including, but not limited to, contractual, legal, regulatory or policyholder obligations), a loss of business, increased costs, decreased profits or reputational harm, compromises to the security of our information systems or data, or suffer other negative consequences, all of which may have a material adverse effect on our business, consolidated results of operations, liquidity and financial condition.
If our third-party providers experience disruptions, cybersecurity incidents or data breaches, fail to meet applicable licensure requirements, do not integrate with our procedures or adapt to the systems associated with our facilities when providing services from our premises, do not perform as anticipated or in compliance with applicable laws and regulations, terminate or fail to renew our relationships, or such third-party providers in turn rely on services from other third-party providers, who experience disruptions, cybersecurity events or data breaches, fail to meet licensure requirements, do not perform in compliance with the primary contractor’s terms with us or in compliance with applicable laws or regulations, or terminate or do not renew their contractual relationships, we may experience operational difficulties, an inability to meet obligations (including, but not limited to, contractual, legal, regulatory or policyholder obligations), a loss of business, increased costs, decreased profits or reputational harm, compromises to the security of our information systems or data, or suffer other negative consequences, all of which may have a material adverse effect on our business, consolidated results of operations, liquidity and financial condition.
Both widening or tightening credit spreads could potentially increase statutory reserve requirements and, in turn, reducing statutory surplus. Although these effects on bond valuation, investment yields and reserve impacts could run in offsetting directions for either credit spread widening or tightening, it is possible for one of them to outweigh the others under certain market conditions.
Both widening or tightening credit spreads could potentially increase statutory reserve requirements and, in turn, reduce statutory surplus. Although these effects on bond valuation, investment yields and reserve impacts could run in offsetting directions for either credit spread widening or tightening, it is possible for one of them to outweigh the others under certain market conditions.
We are exposed primarily to the following risks arising from, or exacerbated by, fluctuations in interest rates: • mismatch between the expected duration of our liabilities and our assets; • impairment to our ability to earn the returns or spreads assumed in the pricing and the reserving for our products; • changes in certain statutory reserve or capital requirements that are based on formulas or models that consider interest rates or prescribed interest rates, such as cash flow testing reserves; • changes in the costs of derivatives we use for hedging or increases in the volume of hedging we do; • loss related to customer withdrawals following a sharp and sustained increase in interest rates; • loss from reduced fee income, and changes in fair values of Market Risk Benefits (“MRBs”) and embedded derivatives net of associated hedges; • the reinvestment risk associated with more prepayments on mortgage-backed securities and other fixed income securities in decreasing interest rate environments and fewer prepayments in increasing interest rate environments; • an increase in policy loans, surrenders and withdrawals as interest rates rise; and • volatility in our GAAP results of operations driven by interest rate-related components of liabilities and equity market-related components of optional guaranteed benefits and the cost of associated hedges in low interest rate environments.
We are exposed primarily to the following risks arising from, or exacerbated by, fluctuations in interest rates: • mismatch between the expected duration of our liabilities and our assets; • impairment to our ability to earn the returns or spreads assumed in the pricing and the reserving for our products; • changes in 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 reserves; • changes in the costs of derivatives we use for hedging or increases in the volume of hedging we do; • loss related to customer withdrawals following a sharp and sustained increase in interest rates; • loss from reduced fee income, and changes in fair values of Market Risk Benefits (“MRBs”) and embedded derivatives net of associated hedges; • the reinvestment risk associated with more prepayments on mortgage-backed securities and other fixed income securities in decreasing interest rate environments and fewer prepayments in increasing interest rate environments; • an increase in policy loans, surrenders and withdrawals as interest rates rise; and • volatility in our GAAP results of operations driven by interest rate-related components of liabilities and equity market-related components of optional guaranteed benefits and the cost of associated hedges in low interest rate environments.
Although we attempt to keep such information confidential and secure, we have experienced unintentional and intentional unauthorized access to and transmissions of confidential information and may be unable to prevent future occurrences of unintentional or intentional unauthorized access to and transmissions of confidential information, especially with clients, vendors, service providers, counterparties and other third parties who do not or may not have or use appropriate controls to protect personal, confidential or proprietary information.
Although we attempt to keep such information confidential and secure, we have experienced unintentional and intentional unauthorized access to and transmissions of such information and may be unable to prevent future occurrences of unintentional or intentional unauthorized access to and transmissions of such information, especially with customers, vendors, service providers, counterparties and other third parties who do not or may not have or use appropriate controls to protect personal, confidential or proprietary information.
Regulation – State Insurance Regulation – Insurance Regulatory Examinations and Other Activities.” Corebridge | 2024 Form 10-K 54 TABLE OF CONTENTS ITEM 1A | Risk Factors Our processes for the development, testing, use, oversight and ongoing monitoring of our AI use may not be effective, and our use of AI could introduce various risks and biases into our processes.
Regulation – State Insurance Regulation – Insurance Regulatory Examinations and Other Activities.” Corebridge | 2025 Form 10-K 54 TABLE OF CONTENTS ITEM 1A | Risk Factors Our processes for the development, testing, use, oversight and ongoing monitoring of our AI use may not be effective, and our use of AI could introduce various risks and biases into our processes.
Weakness in economic conditions and capital market volatility have in the past led to, and may in the future lead to, among other consequences, a poor operating environment, erosion of consumer and investor confidence, reduced business volumes, deteriorating liquidity of assets, declines in asset valuations, increased levels of credit losses and impairments, and impacts on policyholder behavior that could influence reserve valuations.
Weakness in economic conditions and capital market volatility, in the United States and globally, have in the past led to, and may in the future lead to, among other consequences, a poor operating environment, erosion of consumer and investor confidence, reduced business volumes, deteriorating liquidity of assets, declines in asset valuations, increased levels of credit losses and impairments, and impacts on policyholder behavior that could influence reserve valuations.
Other risk management methods depend upon the evaluation of information regarding markets, clients, or other matters that is publicly available or otherwise accessible to us, which may not always be accurate, complete, up-to-date or properly evaluated.
Other risk management methods depend upon the evaluation of information regarding markets, clients or other matters that are publicly available or otherwise accessible to us, which may not always be accurate, complete, up-to-date or properly evaluated.
As our business changes, the markets in which we operate evolve and new risks emerge, including, for example, the risks posed by the rapidly developing technology associated with artificial intelligence and the implementation thereof, risks related to climate change or meeting stakeholder expectations relating to environmental, social or governance issues, our risk management framework may not evolve at the same pace as those changes.
As our business changes, the markets in which we operate evolve and new risks emerge, including, for example, the risks posed by the rapidly developing technology associated with AI and the implementation thereof, risks related to climate change or meeting stakeholder expectations relating to environmental, social or governance issues, and our risk management framework may not evolve at the same pace as those changes.
The laws and regulations that apply to our business and operations generally grant regulatory agencies and/or self-regulatory organizations broad rule-making and enforcement powers, including the power to regulate: (i) the issuance, sale and distribution of our products, (ii) the manner in which we underwrite our policies, (iii) the delivery of our services, (iv) the nature or extent of disclosures required to be given to our customers, (v) the compensation of our distribution partners, (vi) the manner and methods by which we handle claims on our policies and the administration of our policies and contracts, (vii) the activities related to our investments and management of our investment portfolios, and (viii) certain agreements and arrangements between our insurance company subsidiaries and other affiliates.
The laws and regulations that apply to our business and operations generally grant regulatory agencies and/or self-regulatory organizations broad rule-making and enforcement powers, including the power to regulate: (i) the issuance, sale and distribution of our products, (ii) the manner in which we underwrite our policies, (iii) our operations and the delivery of our services, including information security and privacy (iv) the nature or extent of disclosures required to be given to our customers, (v) the compensation of our distribution partners, (vi) the manner and methods by which we handle claims on our policies and the administration of our policies and contracts, (vii) the activities related to our investments and management of our investment portfolios, (viii) arrangements between our reinsurance partners and our insurance company subsidiaries, and (ix) certain agreements and arrangements between our insurance company subsidiaries and other affiliates.
These and other market, economic, regulatory and political factors, including the prolonged effects of elevated inflation and macroeconomic uncertainty could have a material adverse effect on our business, results of operations, financial condition, capital and liquidity in many ways, including: • lower levels of consumer demand for and ability to afford our products that decrease revenues and profitability; • 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 that could lead to higher defaults on the company’s investment portfolio, especially in geographic, industry or investment sectors where the company has higher concentrations of exposure, such as real estate related borrowings and widening of credit spreads that could reduce investment asset valuations, decrease fee income and increase statutory capital requirements; • increased market volatility and uncertainty that could decrease liquidity with respect to our assets and increase borrowing costs and limit access to capital markets; • the reduction of investment income generated by our investment portfolio; • the reduction in the availability of investments that are attractive from a risk-adjusted perspective; • increased likelihood of disruptions in one market or asset class spreading to other markets or asset classes; • the reduction in the availability and effectiveness of hedging instruments; • increased frequency of life insurance claims; • increased likelihood of customers choosing to defer paying premiums or stop paying premiums altogether and other impacts to policyholder behavior beyond what was contemplated in our historical pricing of our products; • increased policy withdrawals, surrenders and cancellations; • impediments to our ability to execute strategic transactions or fulfill contractual obligations, including those under ceded or assumed reinsurance contracts; • increased costs associated with third-party reinsurance, or in general, decreased ability to obtain reinsurance on acceptable terms or in a timely manner; • recaptures of liabilities covered by certain reinsurance contracts, including our reinsurance contracts with Fortitude Re; • increased costs related to our direct and third-party support services, labor and financing, increased credit risk and decreased sales as a result of inflationary pressures; and • limitations on business activities and increased compliance risks with respect to economic sanctions regulations relating to jurisdictions in which our businesses operate.
These and other market, economic, regulatory and political factors, including the prolonged effects of elevated inflation and macroeconomic uncertainty, in the United States and globally, could have a material adverse effect on our business, results of operations, financial condition, capital and liquidity in many ways, including: • lower levels of consumer demand for and ability to afford our products that decrease revenues and profitability; Corebridge | 2025 Form 10-K 42 TABLE OF CONTENTS ITEM 1A | Risk Factors • 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 that could lead to higher defaults on the company’s investment portfolio, especially in geographic, industry or investment sectors where the company has higher concentrations of exposure, such as real estate related borrowings and widening of credit spreads that could reduce investment asset valuations, decrease fee income and increase statutory capital requirements; • increased market volatility and uncertainty that could decrease liquidity with respect to our assets and increase borrowing costs and limit access to capital markets; • the reduction of investment income generated by our investment portfolio; • the reduction in the availability of investments that are attractive from a risk-adjusted perspective; • increased likelihood of disruptions in one market or asset class spreading to other markets or asset classes; • the reduction in the availability and effectiveness of hedging instruments; • increased frequency of life insurance claims; • increased likelihood of customers choosing to defer paying premiums or stop paying premiums altogether and other impacts to policyholder behavior beyond what was contemplated in our historical pricing of our products; • increased policy withdrawals, surrenders and cancellations; • impediments to our ability to execute strategic transactions or fulfill contractual obligations, including those under ceded or assumed reinsurance contracts; • increased costs associated with third-party reinsurance, or in general, decreased ability to obtain reinsurance on acceptable terms or in a timely manner; • recaptures of liabilities covered by certain reinsurance contracts, including our reinsurance contracts with Fortitude Re; • increased costs related to our direct and third-party support services, labor and financing, increased credit risk and decreased sales as a result of inflationary pressures; and • limitations on business activities and increased compliance risks with respect to economic sanctions regulations relating to jurisdictions in which our businesses operate.
In addition, our current business continuity and disaster recovery plans are based upon our use of historical market experiences and models, and customer, employee and bad actors’ behavior and statistics, and accordingly may not be sufficient to reduce the impact of cyber risks, including ransomware, natural catastrophic events or fraudulent attacks, such as account take-over, that are beyond the level that historical measures indicate and greater than our anticipated thresholds or risk tolerance levels.
In addition, our current business continuity and disaster recovery plans are based upon our use of historical market experiences and models, customer, employee and bad actors’ historic behavior and certain statistics and accordingly may not be sufficient to mitigate the impact of cyber risks, including ransomware, natural catastrophic events or fraudulent attacks, such as account take-over, that are beyond the level that historical measures indicate and greater than our anticipated thresholds or risk tolerance levels.
New and currently unforeseen laws and regulatory issues could also arise from the increased use of emerging technologies, data analytics and digital services, including the use of artificial intelligence. If we are found not to be in compliance with these laws and regulations, we could be subjected to significant civil and criminal liability and exposed to financial and reputational harm.
New and currently unforeseen laws and regulatory issues could also arise from the increased use of emerging technologies, data analytics and digital services, including the use of AI. If we are found not to be in compliance with these laws and regulations, we could be subjected to significant civil and criminal liability and exposed to financial and reputational harm.
A portion of our investment portfolio is at risk from falling real estate values including real estate equity, residential and commercial mortgage loans on real estate, structured securities with underlying real estate collateral, and real estate investment trusts.
In addition, a portion of our investment portfolio is at risk from falling real estate values including real estate equity, residential and commercial mortgage loans on real estate, structured securities with underlying real estate collateral, and real estate investment trusts.
Specific to our insurance company subsidiaries, the ability to pay dividends, distributions or make other payments to Corebridge Parent depends on their ability to meet applicable regulatory standards and receive regulatory approvals, which are based in part on an insurance company subsidiary’s statutory income, capital and surplus and unassigned funds for the prior year.
Furthermore, the ability of our insurance subsidiaries to pay dividends, distributions or make other payments to Corebridge Parent depends on their ability to meet applicable regulatory standards and receive regulatory approvals, which are based in part on an insurance company subsidiary’s statutory income, capital and surplus and unassigned funds for the prior year.
Key ways in which we have in the past been, and could in the future be, negatively affected by economic conditions include: • increases in policy withdrawals, lapses, surrenders and cancellations and other impacts from changes in policyholder behavior as compared to that assumed in pricing; • increases in costs associated with third-party reinsurance, or decreased ability to obtain reinsurance at acceptable terms; • increased likelihood of, or increased magnitude of, asset impairments caused by market fluctuations, deterioration in collateral values, or credit deterioration of borrowers; and • reduced premium and deposits.
Key ways in which we have in the past been, and could in the future be, negatively affected by economic conditions include: • increases in policy withdrawals, lapses, surrenders and cancellations and other impacts from changes in policyholder behavior as compared to that assumed in pricing; • increases in costs associated with third-party reinsurance, or decreased ability to obtain reinsurance at acceptable terms; • increased likelihood of, or increased magnitude of, asset impairments caused by market fluctuations, deterioration in collateral values, or credit deterioration of borrowers; • a downgrade in our IFS ratings or credit ratings; and • reduced premium and deposits.
For example, increases in interest rates have impacted our investment portfolio in the past by decreasing the estimated fair values of the fixed income securities that constitute a substantial portion of our investment portfolio.
Increases in interest rates have impacted our investment portfolio in the past by decreasing the estimated fair values of the fixed income securities that constitute a substantial portion of our investment portfolio.
Certain variables, such as policyholder behavior, are difficult to estimate and can have a significant impact on future policy benefits, MRBs and embedded derivatives. We review and update actuarial assumptions at least annually, typically in the third quarter for reserves, MRBs and embedded derivatives. Additionally, we regularly carry out cash flow testing for statutory reporting.
Certain variables, such as policyholder behavior, are difficult to estimate and can have a significant impact on future policy benefits, MRBs and embedded derivatives. We review and update actuarial assumptions at least annually, typically in the third quarter for reserves, MRBs and embedded derivatives. Additionally, we regularly carry out asset adequacy testing for statutory reporting.
Reinsurers may attempt to increase rates with respect to our existing reinsurance arrangements, and their ability to increase rates depends upon the terms of each reinsurance contract and the market environment when we negotiate reinsurance arrangements for our in-force and new business. An increase in reinsurance rates may affect the profitability of our insurance business.
Reinsurers may attempt to increase rates with respect to our existing reinsurance arrangements, and their ability to increase rates depends upon the terms of each reinsurance contract and the market environment when we negotiate reinsurance arrangements for our in-force and new business.
We may not be able to effectively mitigate the equity market volatility of our portfolio. To the extent that we employ hedging strategies, we may not be able to fully mitigate equity market volatility with such hedges. We may sometimes choose based on economic considerations and other factors not to hedge and not to fully mitigate equity market volatility risks.
To the extent that we employ hedging strategies, we may not be able to fully mitigate equity market volatility with such hedges. We may sometimes choose based on economic considerations and other factors not to hedge and not to fully mitigate equity market volatility risks.
Additionally, if such authorities’ new or existing interpretation of requirements related to capital, accounting treatment and/or valuation or reserving (such as PBR) materially differs from ours, we may incur higher operating costs and future sales of products subject to such requirement or treatment may be affected.
Additionally, if such authorities’ existing, new or modified interpretation of requirements related to capital, accounting treatment and/or valuation or reserving (such as PBR) materially differs from ours, we may incur higher operating costs, our capital and surplus may be adversely impacted, and future sales of products subject to such requirement or treatment may be affected.
Under the modco arrangement, our applicable insurance company subsidiaries have established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed.
Under the modco arrangement, our applicable insurance company subsidiaries have established a funds withheld payable to the reinsurers while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that the reinsurer has assumed.
Specifically, a downgrade of our or CRBGLH’s long-term debt ratings below specified levels may require us and CRBGLH to collateralize the principal amount outstanding under the CRBGLH notes and our junior subordinated debt at any given time, any related accrued and unpaid interest, and the net present value of future interest payments with respect to such debt.
Specifically, a downgrade of our or Corebridge Life Holdings, Inc.’s (“CRBGLH”) long-term debt ratings below specified levels may require us and CRBGLH to collateralize the principal amount outstanding under the CRBGLH notes and our junior subordinated debt at any given time, any related accrued and unpaid interest, and the net present value of future interest payments with respect to such debt.
For example, the Inflation Reduction Act of 2022 (H.R. 5376) (the “Inflation Reduction Act”), enacted on August 16, 2022, includes a 15% corporate alternative minimum tax (“CAMT”) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period and a 1% stock buyback tax. Although the U.S.
For example, the Inflation Reduction Act of 2022 (H.R. 5376) (the “Inflation Reduction Act”), enacted on August 16, 2022, included a 15% corporate alternative minimum tax (“CAMT”) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period and a 1% stock buyback tax. On September 12, 2024, the IRS and the U.S.
We use information technology systems, infrastructure and networks and other operational systems to store, retrieve, evaluate and use customer, employee, and company data and information. Our business is highly dependent on our ability to access these systems to perform necessary business functions.
We use information technology systems, infrastructure and networks, other operational systems and third-party systems and services to store, retrieve, transmit, evaluate, use and delete customer, employee, and company data and information. Our business is highly dependent on our ability to access these systems to perform necessary business functions.
We bear the risk that a reinsurer is, or may be, unable to pay amounts we have recorded as reinsurance receivables for any reason, including that: • the reinsurance transaction performs differently than we anticipated as compared to the original structure, terms or conditions; • the terms of the reinsurance contract do not reflect the intent of the parties to the contract or there is a disagreement between the parties as to their intent; • the terms of the contract are interpreted by a court or arbitration panel differently than expected; • a change in laws and regulations or accounting principles, or in the interpretation of the laws and regulations or accounting principles, materially impacts a reinsurance transaction; or • the terms of the contract cannot be legally enforced.
We bear the risk that a reinsurer is, or may be, unable to pay amounts we have recorded as reinsurance receivables for any reason, including that: • the reinsurance transaction performs differently than we anticipated as compared to the original structure, terms or conditions; • the terms of the reinsurance contract do not reflect the intent of the parties to the contract or there is a disagreement between the parties as to their intent; • the terms of the contract are interpreted by a court or arbitration panel differently than expected; • a change in laws and regulations or accounting principles, or in the interpretation of the laws and regulations or accounting principles, materially impacts a reinsurance transaction; or Corebridge | 2025 Form 10-K 44 TABLE OF CONTENTS ITEM 1A | Risk Factors • the terms of the contract cannot be legally enforced.
In addition, since April 2022 we have entered into several investment management agreements with BlackRock. As of December 31, 2024, BlackRock managed approximately $86.8 billion in book value of assets in our investment portfolio, consisting of liquid fixed income and certain private placement assets.
In addition, since April 2022 we have entered into several investment management agreements with BlackRock. As of December 31, 2025, BlackRock managed approximately $91.9 billion in book value of assets in our investment portfolio, consisting of liquid fixed income and certain private placement assets.
Certain state and federal lawmakers, non-governmental organizations, insurance regulators, including in Colorado and New York, and advisory groups are developing, or have developed, regulations or guidance applicable to insurance companies that use artificial intelligence, “big data” techniques, machine learning and predictive models in their operations.
Certain state and federal lawmakers, non-governmental organizations, insurance regulators, including in Colorado and New York, and advisory groups are developing, or have developed, regulations or guidance applicable to insurance companies that use AI, machine learning and predictive models in their operations.
Our profitability depends on multiple factors, including the impact of actual mortality, longevity, morbidity and policyholder behavior experience as compared to our assumptions; the adequacy of investment margins; our management of market and credit risks associated with investments, including the cost of hedging; costs associated with derivatives transactions; our ability to maintain premiums and contract charges at a level adequate to cover mortality, benefits and contract administration expenses; the adequacy of contract charges and availability of revenue from providers of investment options offered in variable contracts to cover the cost of product features and other expenses; and management of operating costs and expenses.
Corebridge | 2025 Form 10-K 49 TABLE OF CONTENTS ITEM 1A | Risk Factors Our profitability depends on multiple factors, including the impact of actual mortality, longevity, morbidity and policyholder behavior experience as compared to our assumptions; the adequacy of investment margins; our management of market and credit risks associated with investments, including the cost of hedging; costs associated with derivatives transactions; our ability to maintain premiums and contract charges at a level adequate to cover mortality, benefits and contract administration expenses; the adequacy of contract charges and availability of revenue from providers of investment options offered in variable contracts to cover the cost of product features and other expenses; and management of operating costs and expenses.
Additionally, if we expand the use of strategies requiring collateralization and considering potential impact of reinsurance and shifts in asset allocation in favor of private and structured assets, we may experience a shortage of eligible collateral, especially in periods of severe market stress. We are exposed to counterparty credit risk.
Additionally, if we expand the use of strategies requiring collateralization and considering potential impact of reinsurance and shifts in asset allocation in favor of private and structured assets, we may experience a shortage of eligible collateral, especially in periods of severe market stress.
System and network failures or outages have in the past compromised and in the future may compromise our ability to perform business functions in a timely manner, which could harm our ability to conduct business, hurt our relationships with our business partners and customers and expose us to legal claims as well as regulatory investigations and sanctions, any of which could have a material adverse effect on our business, results of operations, financial condition and liquidity.
System and network failures, outages, degraded performance and other disruptions have in the past compromised and in the future may compromise our ability to perform business functions in a timely manner, which could adversely impact our ability to conduct business and our relationships with our business partners and customers, and expose us to legal claims as well as regulatory investigations and sanctions, any of which could have a material adverse effect on our business, results of operations, financial condition and liquidity.
Differences between the change in fair value of the GAAP MRBs and embedded derivatives, as well as associated statutory and tax liabilities, and the value of the related hedging portfolio may occur and can be caused by movements in the level of equity, interest rate and credit markets, market volatility, policyholder behavior, and mortality/longevity rates that differ from our assumptions and our inability to purchase hedging instruments at prices consistent with the desired risk and return trade-off.
Differences between the change in fair value of the direct and ceded MRBs, which may not fully offset each other due to differences in measurement assumptions, and embedded derivatives, as well as associated statutory and tax liabilities, and the value of the related hedging portfolio may occur and can be caused by movements in the level of equity, interest rate and credit markets, market volatility, policyholder behavior, and mortality/longevity rates that differ from our assumptions and our inability to purchase hedging instruments at prices consistent with the desired risk and return trade-off.
Nippon is regulated by the Insurance Business Act of Japan (Act No. 105 of 1995, as amended, the “IBA”) as well as the Financial Services Agency of Japan (the “JFSA”), and holds an approximately 21.7% interest in our Common Stock as of December 31, 2024.
Nippon is regulated by the Insurance Business Act of Japan (Act No. 105 of 1995, as amended, the “IBA”) as well as the Financial Services Agency of Japan (the “JFSA”), and holds an approximately 24.6% interest in our Common Stock as of December 31, 2025.
We also run the risk of our competitors using these tools more efficiently and effectively, exposing us to competitive harm. Third party use of AI also exposes us to risk as we cannot predict how others in the market, including our vendors, will make use of these emerging technological developments and whether they will do so effectively.
Our competitors may also adopt these tools more efficiently and effectively, exposing us to competitive harm. Third party use of AI also exposes us to risk as we cannot predict how others in the market, including our vendors, will make use of these emerging technological developments and whether they will do so effectively and in compliance with applicable laws.
In addition, adverse publicity, regulator scrutiny and pending investigations by regulators or law enforcement agencies involving AIG, Nippon or Blackstone could negatively impact our reputation due to our relationship with AIG, Nippon or Blackstone, which could materially and adversely affect our business, results of operations, financial condition and liquidity. We and AIG have indemnification obligations to one another.
In addition, adverse publicity, regulatory scrutiny and pending investigations by regulators or law enforcement agencies involving AIG, Nippon or Blackstone could negatively impact our reputation due to our relationship with AIG, Nippon or Blackstone, which could materially and adversely affect our business, results of operations, financial condition and liquidity.
Additionally, since we rely heavily on information technology and systems and on the integrity and timeliness of data to run our businesses and service our customers, any such security event and resulting compromise of systems or data has in the past and may in the future impede or interrupt our business operations and our ability to offer products to and service our customers, and otherwise may materially and adversely affect our business, results of operations, financial condition and liquidity.
Additionally, since we rely heavily on information technology and systems and on the integrity and timeliness of data to run our businesses and service our customers, any cybersecurity event resulting in a compromise of systems or data has in the past and may in the future impede or interrupt our ability to conduct business operations, offer products to and service our customers, and comply with applicable laws and regulations and otherwise may materially and adversely affect our business, results of operations, financial condition and liquidity.
These risks are discussed more fully in “ Risk Factors .” These risks include the following: • changes in interest rates and changes to credit spreads; • the deterioration of economic conditions, an economic slowdown or recession, changes in market conditions, weakening in capital markets, volatility in equity markets, inflationary pressures, pressures on the commercial real estate market, and geopolitical tensions, including the ongoing armed conflicts between Ukraine and Russia and in the Middle East; • the unpredictability of the amount and timing of insurance liability claims; • unavailable, uneconomical or inadequate reinsurance or recaptures of reinsured liabilities; • uncertainty and unpredictability related to our reinsurance agreements with Fortitude Re and its performance of its obligations under these agreements; • our limited ability to access funds from our subsidiaries; • our ability to incur indebtedness, our potential inability to refinance all or a portion of our indebtedness or our ability to obtain additional financing on favorable terms or at all; • our ability to maintain sufficient eligible collateral to support business and funding strategies requiring collateralization; • our inability to generate cash to meet our needs due to the illiquidity of some of our investments; • the inaccuracy of the methodologies, estimations and assumptions underlying our valuation of investments and derivatives; • a downgrade in our IFS ratings or credit ratings; • exposure to credit risk due to non-performance or defaults by our counterparties or our use of derivative instruments to hedge market risks associated with our liabilities; • our ability to adequately assess risks and estimate losses related to the pricing of our products; • the failure of third parties that we rely upon to provide and adequately perform certain business, operations, investment advisory, functional support and administrative services on our behalf; • the impact of risks associated with our arrangement with Blackstone IM, BlackRock or any other asset manager we retain, including their historical performance not being indicative of the future results of our investment portfolio and the exclusivity of certain arrangements with Blackstone IM; • our inability to maintain the availability of critical technology systems and the confidentiality of our data, including challenges associated with a variety of privacy and information security laws; • the ineffectiveness of our risk management policies and procedures; • significant legal, governmental or regulatory proceedings; • the intense competition we face in each of our business lines and the technological changes, including the use of AI, that may present new and intensified challenges to our business; • catastrophes, including those associated with climate change and pandemics; • business or asset acquisitions and dispositions that may expose us to certain risks; • our ability to protect our intellectual property; • our ability to operate efficiently and compete effectively in a heavily regulated industry in light of new domestic or international laws and regulations or new interpretations of current laws and regulations; • impact on sales of our products and taxation of our operations due to changes in U.S. federal income or other tax laws or the interpretation of tax laws; • the ineffectiveness of our productivity improvement initiatives in yielding our expected expense reductions and improvements in operational and organizational efficiency; • differences between actual experience and the estimates used in the preparation of financial statements and modeled results used in various areas of our business; • our inability to attract and retain key employees and highly skilled people needed to support our business; • th e significant influence that AIG and Nippon have over us and conflicts of interests arising due to such relationships; • the indemnification obligations we have to AIG; Corebridge | 2024 Form 10-K 39 TABLE OF CONTENTS ITEM 1A | Risk Factors • potentially higher U.S. federal income taxes due to our inability to file a single U.S. consolidated federal income tax return for five years following our IPO and our separation from AIG causing an “ownership change” for U.S. federal income tax purposes caused by our separation from AIG; • risks associated with the Tax Matters Agreement with AIG and our potential liability for U.S. income taxes of the entire AIG Consolidated Tax Group for all taxable years or portions thereof in which we (or our subsidiaries) were members of such group; • the risk that anti-takeover provisions could discourage, delay, or prevent our change in control, even if the change in control would be beneficial to our shareholders; and • challenges related to compliance with applicable laws incident to being a public company, which is expensive and time-consuming.
These risks are discussed more fully in “ Risk Factors .” These risks include the following: • changes in interest rates and changes to credit spreads; • the deterioration of economic conditions, an economic slowdown or recession, changes in market conditions, weakening in capital markets, volatility in equity markets, inflationary pressures, pressures on the commercial real estate market, and geopolitical tensions; • the unpredictability of the amount and timing of insurance liability claims; • unavailable, uneconomical or inadequate reinsurance or recaptures of reinsured liabilities; • uncertainty and unpredictability related to our reinsurance agreements and the reinsurers’ performance of their obligations under these agreements; • our limited ability to access funds from our subsidiaries; • our ability to incur indebtedness, our potential inability to refinance all or a portion of our indebtedness or our ability to obtain additional financing on favorable terms or at all; • our ability to maintain sufficient eligible collateral to support business and funding strategies requiring collateralization; • our inability to generate cash to meet our needs due to the illiquidity of some of our investments; • the inaccuracy of the methodologies, estimations and assumptions underlying our valuation of investments and derivatives; • a downgrade in our IFS ratings or credit ratings; • exposure to credit risk due to non-performance or defaults by our counterparties or our use of derivative instruments to hedge market risks associated with our liabilities; • our ability to adequately assess risks and estimate losses related to the pricing of our products; • the failure of third parties that we rely upon to provide and adequately perform certain business, operations, investment advisory, functional support and administrative services on our behalf; • the impact of risks associated with our arrangement with Blackstone, BlackRock or any other asset manager we retain, including their historical performance not being indicative of the future results of our investment portfolio and the exclusivity of certain arrangements with Blackstone; • our inability to maintain the availability of critical technology systems and the confidentiality, integrity and availability of our data, including challenges associated with a variety of privacy and information security laws; • scrutiny and evolving expectations from investors, regulators, customers and other stakeholders regarding environmental, social and governance matters; • the ineffectiveness of our risk management policies and procedures; • significant legal, governmental or regulatory proceedings; • business or asset acquisitions and dispositions that may expose us to certain risks; • our ability to protect our intellectual property; • our ability to operate efficiently and compete effectively in a heavily regulated industry in light of new domestic or international laws and regulations or new interpretations of current laws and regulations; • impact on sales of our products and taxation of our operations due to changes in U.S. federal income or other tax laws or the interpretation of tax laws; • differences between actual experience and the estimates used in the preparation of financial statements and modeled results used in various areas of our business; • our inability to attract and retain key employees and highly skilled people needed to support our business; • our relationships with AIG, Nippon and Blackstone and conflicts of interests arising due to such relationships; • the indemnification obligations we have to AIG; • potentially higher U.S. federal income taxes due to our inability to file a single U.S. consolidated federal income tax return for five years following our IPO and our separation from AIG causing an “ownership change” for U.S. federal income tax purposes caused by our separation from AIG; Corebridge | 2025 Form 10-K 40 TABLE OF CONTENTS ITEM 1A | Risk Factors • risks associated with the Tax Matters Agreement with AIG and our potential liability for U.S. income taxes of the entire AIG Consolidated Tax Group for all taxable years or portions thereof in which we (or our subsidiaries) were members of such group; and • the risk that anti-takeover provisions could discourage, delay, or prevent our change in control, even if the change in control would be beneficial to our shareholders.
In addition, substantially all of our distributors are permitted to sell our competitors’ products. If our competitors offer products that are more attractive than ours or pay higher commission rates to the distribution partners than we do, these distribution partners could concentrate their efforts on selling our competitors’ products instead of ours.
If our competitors offer products that are more attractive than ours or pay higher commission rates to the distribution partners than we do, these distribution partners could concentrate their efforts on selling our competitors’ products instead of ours.
Also, market conditions on the maturity date could limit our ability to enter into new agreements. Our inability to enter into new securities lending or repurchase agreements would require us to return the cash collateral proceeds associated with such transactions on the maturity date.
Our inability to enter into new securities lending or repurchase agreements would require us to return the cash collateral proceeds associated with such transactions on the maturity date.
Corebridge | 2024 Form 10-K 53 TABLE OF CONTENTS ITEM 1A | Risk Factors In the case of a successful ransomware or extortion attack in which our data and information systems are compromised and applicable restore control processes to restore access are not effective, our information or systems could be held hostage until a ransom, which may be significant, is paid and payment of a ransom does not guarantee that the affected information and system will be able to be restored.
In the case of a successful ransomware or extortion attack in which our data and information systems are compromised and applicable restore control processes to restore access are not effective, our information or systems could be held hostage until a ransom, which may be significant, is paid and payment of a ransom does not guarantee that the affected information and system will be able to be restored.
In addition, a downgrade of our long-term debt ratings by one or more of the major rating agencies, including related to changes in rating agency methodologies, could increase our financing costs and collateral requirements and limit the availability of financing, making it more difficult to refinance maturing debt obligations, and support business and investment strategies.
Corebridge | 2025 Form 10-K 47 TABLE OF CONTENTS ITEM 1A | Risk Factors In addition, a downgrade of our long-term debt ratings by one or more of the major rating agencies, including related to changes in rating agency methodologies, could increase our financing costs and collateral requirements and limit the availability of financing, making it more difficult to refinance maturing debt obligations, and support business and investment strategies.
Although we use a broad range of measures to protect our intellectual property rights, third parties may infringe or misappropriate our intellectual property. We have, and may in the future, litigate to enforce and protect our intellectual property and to determine its scope, validity or enforceability, which could divert significant resources and may not prove successful.
Third parties may infringe or misappropriate our intellectual property. We have, and may in the future, litigate to enforce and protect our intellectual property and to determine its scope, validity or enforceability, which could divert significant resources and may not prove successful. Litigation to enforce our intellectual property rights may not be successful and cost a significant amount of money.
Corebridge | 2024 Form 10-K 43 TABLE OF CONTENTS ITEM 1A | Risk Factors The insolvency of one or more of our reinsurance counterparties, or the inability or unwillingness of such reinsurers to make timely payments under the terms of our contracts or payments in an amount equal to our expected reinsurance recoverables, could have a material adverse effect on our business, results of operations, financial condition and liquidity.
The insolvency of one or more of our reinsurance counterparties, or the inability or unwillingness of such reinsurers to make timely payments under the terms of our contracts or payments in an amount equal to our expected reinsurance recoverables, could have a material adverse effect on our business, results of operations, financial condition and liquidity.
As a result of changes in the fair value of the embedded derivative, we experience volatility in our GAAP net income. Corebridge | 2024 Form 10-K 44 TABLE OF CONTENTS ITEM 1A | Risk Factors Risks Relating to Our Investment Portfolio, Liquidity, Capital and Credit Gross unrealized losses on fixed maturity securities may be realized or result in future impairments.
As a result of changes in the fair value of the embedded derivative, we experience volatility in our GAAP net income. Risks Relating to Our Investment Portfolio, Liquidity, Capital and Credit Gross unrealized losses on fixed maturity securities may be realized or result in future impairments.
Corebridge | 2024 Form 10-K 59 TABLE OF CONTENTS ITEM 1A | Risk Factors Furthermore, as a company with certain operations outside of the U.S. and with certain vendors, service providers and customers in non-U.S. jurisdictions, we are subject to myriad regulations that govern items such as sanctions, bribery and anti-money laundering, for which failure to comply could expose us to significant penalties.
Furthermore, as a company with certain operations outside of the U.S. and with certain vendors, service providers and customers in non-U.S. jurisdictions, we are subject to myriad regulations that govern items such as sanctions, bribery, anti-money laundering and data transfers, for which failure to comply could expose us to significant penalties.
Additionally, if our ratings decline, we could incur higher costs to obtain reinsurance, each of which could adversely affect sales of our products and our financial condition or results of operations. We are exposed to risk from our agreements with Fortitude Re.
Additionally, if our ratings decline, we could incur higher costs to obtain reinsurance, each of which could adversely affect sales of our products and our financial condition or results of operations. Some of our reinsurance arrangements are structured as modco agreements, such as our arrangement with Fortitude Re.
In addition, the level of our indebtedness could put us at a competitive disadvantage compared to our competitors that are less leveraged than us. These competitors could have greater financial flexibility to pursue business strategies and secure financing for their operations.
Corebridge | 2025 Form 10-K 46 TABLE OF CONTENTS ITEM 1A | Risk Factors In addition, the level of our indebtedness could put us at a competitive disadvantage compared to our competitors that are less leveraged than us. These competitors could have greater financial flexibility to pursue business strategies and secure financing for their operations.
While we have succession plans and long-term compensation plans designed to retain our employees, our succession plans may not operate effectively and our compensation plans cannot guarantee that the services of these employees will continue to be available to us.
While we have succession plans and long-term compensation plans designed to retain our employees, our succession plans may not operate effectively and our compensation plans cannot guarantee that the services of these employees will continue to be available to us. Employee error and misconduct may be difficult to detect and prevent and may result in significant losses.
Corebridge | 2024 Form 10-K 40 TABLE OF CONTENTS ITEM 1A | Risk Factors In periods of rapidly increasing interest rates or sustained periods of elevated interest rates, we may not be able to purchase, in a timely manner, the higher yielding investments needed to fund the higher crediting rates necessary to keep interest rate-sensitive products that we offer competitive.
In periods of rapidly increasing interest rates or sustained periods of elevated interest rates, we may not be able to purchase, in a timely manner, the higher yielding investments needed to fund the higher crediting rates necessary to keep interest rate-sensitive products that we offer competitive.
In the event additional liquidity is required by one or more of our subsidiaries, it may be difficult for us to generate additional liquidity by selling, pledging or otherwise monetizing these or other of our investments at reasonable prices and time frames.
In the event additional liquidity is required by one or more of our subsidiaries, it may be difficult for us to generate additional liquidity by selling, pledging or otherwise monetizing these or other of our investments at reasonable prices and time frames. We have outstanding Series A Preferred Stock which may limit our ability to pay dividends.
For information regarding cybersecurity risk arising from third-party providers, see “Risks Relating to Business and Operations—We may be unable to maintain the availability of our critical technology systems and data and safeguard the confidentiality and integrity of our data” below. We are exposed to risks from our arrangements with Blackstone, BlackRock and any other asset manager we engage.
For information regarding cybersecurity risk arising from third-party providers, see “Risks Relating to Business and Operations—We may be unable to maintain the availability of our critical technology systems and data and safeguard the confidentiality and integrity of our data” below.
We and our distributors are also subject to laws and regulations governing the standard of conduct applicable to sales of our products, the provision of advice to our customers and the manner in which certain conflicts of interest arising from or related to such sales or giving of advice are to be addressed.
Corebridge | 2025 Form 10-K 57 TABLE OF CONTENTS ITEM 1A | Risk Factors We and our distributors are also subject to laws and regulations governing the standard of conduct applicable to sales of our products, the provision of advice to our customers and the manner in which certain conflicts of interest arising from or related to such sales or giving of advice are to be addressed.
Corebridge | 2024 Form 10-K 45 TABLE OF CONTENTS ITEM 1A | Risk Factors If our liquidity is insufficient to meet our needs, we may draw on our credit facilities or seek third-party financing, including through the capital markets, or other sources of liquidity, which may not be available or could be prohibitively expensive.
If our liquidity is insufficient to meet our needs, we may draw on our credit facilities or seek third-party financing, including through the capital markets, or other sources of liquidity, which may not be available or could be prohibitively expensive.
Pursuant to our amended and restated certificate of incorporation and the stock purchase agreement executed in connection with the Nippon Transaction (the “Purchase Agreement”), we waive any interest or expectancy in corporate opportunities presented to AIG, Blackstone or Nippon, as applicable.
Corebridge | 2025 Form 10-K 63 TABLE OF CONTENTS ITEM 1A | Risk Factors Pursuant to our amended and restated certificate of incorporation and the stock purchase agreement executed in connection with the Nippon Transaction (the “Purchase Agreement”), we waive any interest or expectancy in corporate opportunities presented to AIG, Blackstone or Nippon, as applicable.
Corebridge | 2024 Form 10-K 46 TABLE OF CONTENTS ITEM 1A | Risk Factors Our valuation of investments and derivatives involves the application of methodologies and assumptions to derive estimates that may differ from actual experience. It has been and may continue to be difficult to value certain of our investments or derivatives that are not actively traded.
Our valuation of investments and derivatives involves the application of methodologies and assumptions to derive estimates that may differ from actual experience. It has been and may continue to be difficult to value certain of our investments or derivatives that are not actively traded.
To the extent that any of our modeling practices do not accurately produce, or reproduce, data that we use to conduct any or all aspects of our business, such deviations may negatively impact our business, reputation, results of operations and financial condition. Our productivity improvement initiatives may not yield our expected expense reductions and improvements in operational and organizational efficiency.
To the extent that any of our modeling practices do not accurately produce, or reproduce, data that we use to conduct any or all aspects of our business, such deviations may negatively impact our business, reputation, results of operations and financial condition.
Like other companies, the systems and networks we maintain and third-party systems and networks we use have in the past been, and will likely in the future be, subject to or targets of unauthorized or fraudulent access, including physical or electronic break-ins or unauthorized tampering, and cyber security threats, such as “denial of service” attacks, phishing, untargeted but sophisticated and automated attacks, ransomware and other disruptive software.
Corebridge | 2025 Form 10-K 53 TABLE OF CONTENTS ITEM 1A | Risk Factors The systems and networks we maintain and third-party systems and networks we use have in the past been, and will likely in the future be, subject to or targets of unauthorized or fraudulent access, including physical or electronic break-ins or unauthorized tampering, and cybersecurity threats, such as “denial of service” attacks, phishing, untargeted but sophisticated and automated attacks, ransomware and other disruptive software.
Litigation to enforce our intellectual property rights may not be successful and cost a significant amount of money. The loss of intellectual property protection or the inability to secure or enforce the protection of our intellectual property assets could harm our reputation and have a material adverse effect on our business and our ability to compete.
The loss of intellectual property protection or the inability to secure or enforce the protection of our intellectual property assets could harm our reputation and have a material adverse effect on our business and our ability to compete.
In connection with our hedging program, we may decide to seek the approval of applicable regulatory authorities to permit us to increase our limits with respect to derivatives transactions used for hedging purposes consistent with those contemplated by the program.
Corebridge | 2025 Form 10-K 50 TABLE OF CONTENTS ITEM 1A | Risk Factors In connection with our hedging program, we may decide to seek the approval of applicable regulatory authorities to permit us to increase our limits with respect to derivatives transactions used for hedging purposes consistent with those contemplated by the program.
Corebridge | 2024 Form 10-K 58 TABLE OF CONTENTS ITEM 1A | Risk Factors Risks Relating to Regulation Our business is heavily regulated. Our operations generally, and certain of our subsidiaries in particular, are subject to extensive and potentially conflicting laws, regulations, and regulatory guidance in the jurisdictions in which we operate.
Risks Relating to Regulation Our business is heavily regulated. Our operations generally, and certain of our subsidiaries in particular, are subject to extensive and potentially conflicting laws, regulations, and regulatory guidance in the jurisdictions in which we operate.
In addition, equity market volatility could reduce demand for variable products relative to fixed products. Market volatility could result in changes to the fair value of our MRBs which include GLB and GMDB liabilities, which could increase the volatility of our earnings.
Corebridge | 2025 Form 10-K 43 TABLE OF CONTENTS ITEM 1A | Risk Factors In addition, equity market volatility could reduce demand for variable products relative to fixed products. Market volatility could result in changes to the fair value of our MRBs which include GLB and GMDB liabilities, which could increase the volatility of our earnings.
Corebridge | 2024 Form 10-K 55 TABLE OF CONTENTS ITEM 1A | Risk Factors Our risk management policies, standards and procedures may prove to be ineffective and leave us exposed to unidentified or unanticipated risk. We have developed and continue to enhance enterprise-wide risk management policies, standards and procedures to identify, monitor and mitigate risk to which we are exposed.
Our risk management policies, standards and procedures may prove to be ineffective and leave us exposed to unidentified or unanticipated risk. We have developed and continue to enhance enterprise-wide risk management policies, standards and procedures to identify, monitor and mitigate risk to which we are exposed.
These policies and procedures may not be fully effective. Accordingly, our risk management policies, standards and procedures may not adequately mitigate the risks to our business, results of operations, financial condition and liquidity. If our risk management policies, standards and procedures are ineffective, we may suffer unexpected losses and could be materially adversely affected.
Accordingly, our risk management policies, standards and procedures may not adequately mitigate the risks to our business, results of operations, financial condition and liquidity. Corebridge | 2025 Form 10-K 55 TABLE OF CONTENTS ITEM 1A | Risk Factors If our risk management policies, standards and procedures are ineffective, we may suffer unexpected losses and could be materially adversely affected.
Corebridge | 2024 Form 10-K 42 TABLE OF CONTENTS ITEM 1A | Risk Factors Equity market declines and volatility may also influence policyholder behavior, adversely impacting the levels of surrenders and withdrawals, as well as the amounts withdrawn from our annuity, variable life and advisory and brokerage contracts.
Equity market declines and volatility may also influence policyholder behavior, adversely impacting the levels of surrenders and withdrawals, as well as the amounts withdrawn from our annuity, variable life and advisory and brokerage contracts.
Corebridge | 2024 Form 10-K 61 TABLE OF CONTENTS ITEM 1A | Risk Factors In addition, we employ models to price products, calculate future policy benefits, value assets and execute hedging strategies, as well as to assess risk and determine statutory capital requirements, among other uses.
In addition, we employ models to price products, calculate future policy benefits, value assets and execute hedging strategies, as well as to assess risk and determine statutory capital requirements, among other uses.
Instances of fraud, illegal acts, errors, failure to document transactions properly or to obtain proper internal authorization, misuse of customer or proprietary information or failure to comply with regulatory requirements or our internal policies may result in losses and/or reputational damage. Risks Relating to Our Relationships with Key Stockholders We rely on exemptions from certain NYSE corporate governance requirements.
Instances of fraud, illegal acts, errors, failure to document transactions properly or to obtain proper internal authorization, misuse of customer or proprietary information or failure to comply with regulatory requirements or our internal policies may result in losses and/or reputational damage.
If credit spreads tighten significantly, it could result in reduced net investment income and in turn, reduced profitability associated with new purchases of fixed maturity securities. Credit spreads also affect our variable annuity business.
If credit spreads tighten significantly, it could result in reduced net investment income and in turn, reduced profitability associated with new purchases of fixed maturity securities. Credit spreads also affect our spread income. Tightening credit spreads would reduce the investment yields available on new asset purchases.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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We continue to monitor potential liabilities arising from this incident, including as related to a pending multi-district litigation ( IN RE: MOVEit Customer Data Security Breach Litigation , 1:23-md-03083-ADB) in which Corebridge Financial, Inc. and American General Life Insurance Co. have been named as defendants.
We continue to monitor potential liabilities arising from this incident, including as related to pending multi-district litigation ( IN RE: MOVEit Customer Data Security Breach Litigation , 1:23-md-03083-ADB) in which Corebridge Financial, Inc. and American General Life Insurance Co. have been named as defendants.
Corebridge’s cyber incident response plans and procedures establish escalation protocols in connection with a potential cybersecurity incident, pursuant to which incidents are responded to by multidisciplinary teams and are further escalated to the attention of senior management and our Board of Directors when applicable. Corebridge’s CISO reports to our CIO.
Corebridge’s cybersecurity and resiliency incident response plans and procedures establish response and escalation protocols in connection with a potential cybersecurity incident, pursuant to which incidents are responded to by multidisciplinary teams and are further escalated to the attention of senior management and our Board of Directors when applicable. Corebridge’s CISO reports to our CIO.
The Program is evaluated on an ongoing basis to address the evolving cyber threat landscape and to comply with applicable legal and regulatory obligations. See “Business—Regulation—U.S. Regulation—Privacy and Cybersecurity” and Business—Regulation—International Regulation—Privacy and Cybersecurity for further discussion.
The Program is evaluated on an ongoing basis to address the evolving cyber threat landscape and to comply with applicable legal and regulatory obligations. See “Business—Regulation—U.S. Regulation—Privacy and Cybersecurity” and “Business—Regulation—International Regulation—Privacy and Cybersecurity” for further discussion.
We do not currently believe this incident or pending litigation arising from this incident will have a material adverse effect on our business, operations, or financial results.
We do not currently believe this incident or pending litigation arising from this incident will have a material adverse impact on our business, operations, or financial results.
Item 1C. | Cybersecurity CYBERSECURITY RISK MANAGEMENT We have developed and implemented an Information Security Program for Corebridge (the “Program”) that includes, among other things, conducting periodic risk assessments designed to evaluate potential security threats, to detect potential vulnerabilities, and to mitigate identified security risks.
Item 1C. | Cybersecurity CYBERSECURITY RISK MANAGEMENT We maintain an Information Security Program for Corebridge (the “Program”) that includes, among other things, conducting periodic risk assessments designed to evaluate potential security threats, to detect potential vulnerabilities, and to mitigate identified security risks.
W here appropriate, we also engage third-parties to provide operational support for the Program and to evaluate our Program and our cybersecurity risk management.
Where appropriate, we also engage third parties to provide operational support for the Program and to evaluate our Program and our cybersecurity risk management.
The CIO, COO, CISO and business segment specific CIOs and CISOs also report to Corebridge’s subsidiary boards and the RCC as needed on material cyber risks and Corebridge’s security and resiliency posture and information security strategy.
The CIO, Chief Operations Officer, CISO and business segment specific CIOs and CISOs also report to Corebridge’s subsidiary boards and the CERC as needed on material cybersecurity risks and Corebridge’s security and resiliency posture and information security strategy.
This program incorporates vulnerability scanning, risk-based remediation and mitigation, penetration testing, and threat response capabilities to safeguard our information assets and ensure business continuity; • Cybersecurity Incident Monitoring and Response – Corebridge has established and maintains incident response plans that address Corebridge’s response to a cybersecurity incident, utilizing a cross-functional approach; • Third Party Assessment and Oversight – Corebridge maintains a third-party risk management program to identify and manage risks from third-party service providers, including initial due diligence, an assessment of the service provider’s control environment and periodic re-assessments; and • Security Training and Awareness – Corebridge provides ongoing education and training to employees regarding information security policies, procedures and best practices, including cyber threats, and their roles and responsibilities in identifying, reporting and responding to such threats.
The Program includes the following key elements: • Network, Systems, and Data Security – Corebridge deploys technical and organizational safeguards that are designed to protect Corebridge’s networks, systems, and data from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality, software security assessments, data leak protection, and access and identity management controls; • Threat and Vulnerability Management – Corebridge maintains a threat and vulnerability management program that leverages threat intelligence to proactively identify, assess, and address risks from cybersecurity threats and vulnerabilities in order to safeguard our information assets and ensure business continuity; • Cybersecurity Incident Monitoring and Response – Corebridge has established and maintains incident response plans that address Corebridge’s response to a cybersecurity incident, utilizing a cross-functional approach; • Third Party Assessment and Oversight – Corebridge maintains a third-party risk management program to identify and manage risks from third-party service providers, including initial due diligence, an assessment of the service provider’s control environment and periodic re-assessments; and • Security Training and Awareness – Corebridge provides ongoing education and training to employees regarding information security policies, procedures and best practices, including cyber threats, and their roles and responsibilities in identifying, reporting and responding to such threats.
Our Chief Information Security Officer (“CISO”) provides oversight and direction for the Program, including recommending adjustments in response to changes in technology, internal and external threats, business operations, and regulatory and statutory requirements, coordinates with other corporate functions and business segments to address various aspects of the Program managed by technology and operational personnel, an d communicates Corebridge’s information security risk posture to relevant personnel, senior management and governing bodies, including as further described below.
Our CISO also coordinates with other corporate functions and business segments to address various aspects of the Program managed by technology and operations personnel and communicates Corebridge’s information security risk posture to relevant personnel, senior management and governing bodies, including as further described below.
There have been no cybersecurity incidents that have had a material adverse effect on our business, operations, or financial results for the period covered by this annual report.
Examples of certifications held by Company’s cybersecurity personnel include CISSP (“Certified Information Systems Security Professional”) and CISM (“Certified Information Security Manager”). There have been no cybersecurity incidents that have had a material adverse impact on our business, operations, or financial results for the period covered by this annual report.
Corebridge | 2024 Form 10-K 66 TABLE OF CONTENTS ITEM 1B | Unresolved Staff Comments One of the main forums for reporting and escalating cybersecurity risks is the Corebridge Risk and Capital Committee (“RCC”), which is comprised of senior management personnel and led by our Chief Risk Officer (“CRO”), who is the head of our ERM function.
One of the main forums for reporting and escalating cybersecurity risks is the Corebridge Enterprise Risk Committee (“CERC”), which is comprised of senior management personnel and led by our Chief Risk Officer (“CRO”), who is the head of our ERM function. ERM supports the identification, measurement, management, monitoring and reporting of major risks, which include cybersecurity risks.
ERM supports the identification, measurement, management, monitoring and reporting of major risks, which include cybersecurity risks. The RCC is responsible for addressing significant risk issues reported by ERM, including those related to cybersecurity, to protect Corebridge’s financial strength, optimize Corebridge’s intrinsic value, and protect Corebridge’s reputation. Corebridge’s CRO reports to the Board Audit Committee on risk issues, including cybersecurity risks.
The CERC is responsible for addressing significant reported risks and issues, including those related to cybersecurity, to protect Corebridge’s financial strength, optimize Corebridge’s intrinsic value, and protect Corebridge’s reputation.
Our CIO also has over 25 years of experience and has served as CIO of Corebridge since 2020 and Executive Vice President since February 2022. Previously he served in various technology executive management roles at MetLife, Inc., including Senior Vice President and Chief Information Officer for its U.S. business and Senior Vice President of U.S. Application Development.
Our CIO also has over 25 years of experience and has served as CIO of Corebridge since 2020 and Executive Vice President since February 2022.
Corebridge’s cybersecurity personnel maintain current knowledge through training programs, professional certifications, and participation in industry and advisory groups (e.g., the Financial Services Information Sharing and Analysis Center and the Securities Industry and Financial Markets Association). Company cybersecurity personnel expand and test their knowledge of cyber threats and countermeasures through additional on-the-job training to practice their response to real-life threats.
Company cybersecurity personnel expand and test their knowledge of cyber threats and countermeasures through additional on-the-job training to practice their response to real-life threats. In addition, and as part of performance development, certain of our cybersecurity personnel obtain industry approved certifications as appropriate for their roles and responsibilities.
In addition to the foregoing, we have implemented a practice whereby Corebridge’s Chief Information Officer (“CIO”), Chief Operations Officer (“COO”) and/or CISO report Corebridge’s approach to technology, resiliency and cybersecurity risk management directly to the Board of Directors at least once a year.
Corebridge’s CRO reports to the Risk Committee on risk issues, including cybersecurity risks, during quarterly meetings of the Risk Committee. In addition, Corebridge’s Chief Information Officer (“CIO”) and CISO provide updates to the Risk Committee regarding Corebridge’s management of information, technology, enterprise resiliency and cybersecurity risks at least once a year.
Removed
The Program includes the following key elements: • Network, Systems, and Data Security – Corebridge deploys technical and organizational safeguards that are designed to protect Corebridge’s networks, systems, and data from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality, software security assessments, data leak protection, and access and identity management controls; • Threat and Vulnerability Management –Corebridge maintains a threat and vulnerability management program that leverages threat intelligence to proactively identify, assess, and address cybersecurity risks.
Added
Our Chief Information Security Officer (“CISO”) provides oversight and direction for the Program, including recommending adjustments in response to changes in technology, internal and external threats, business operations, and regulatory and statutory requirements.
Removed
In addition, and as part of performance development, certain of our cybersecurity personnel obtain industry approved certifications as appropriate for their roles and responsibilities. Examples of certifications held by Company’s cybersecurity personnel include CISSP (“Certified Information Systems Security Professional”) and CISM (“Certified Information Security Manager”).
Added
Corebridge | 2025 Form 10-K 65 TABLE OF CONTENTS ITEM 1B | Unresolved Staff Comments The Risk Committee of the Board of Directors (the “Risk Committee”) oversees Corebridge’s enterprise risk management framework and the policies and procedures established by management to identify, assess, measure and manage key risks facing Corebridge, including those related to cybersecurity, and the Risk Committee reports regularly to the Board.
Added
Prior to joining Corebridge he served in various technology executive management roles at a peer U.S. insurance company, including Senior Vice President and Chief Information Officer for its U.S. business and Senior Vice President of U.S. Application Development. Corebridge’s cybersecurity personnel maintain current knowledge through training programs, professional certifications, and participation in industry and advisory groups.

Item 2. Properties

Properties — owned and leased real estate

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Item 2. | Properties We currently own and occupy the buildings comprising our corporate headquarters campus and related properties in Houston, Texas. We also have the following significant office space leases: Jersey City, New Jersey; Brentwood, Tennessee; and Los Angeles, California.
Item 2. | Properties We currently own and occupy the buildings comprising our corporate headquarters campus and related properties in Houston, Texas. We also have the following significant office space leases: Jersey City, New Jersey; New York, New York; and Los Angeles, California.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time. Shares may be repurchased from time to time in the open market, through private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise.
The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time. Under the Program, shares may be repurchased from time to time in the open market, through private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise.
The graph and table below present the cumulative total shareholder return on Corebridge common stock relative to the performance of the S&P’s 500 Index, the S&P Insurance Index and the S&P Financials Index, respectively, between the closing market price at the end of September 15, 2022 (the date our common stock commenced regular way trading on the NYSE) and December 31, 2024.
The graph and table below present the cumulative total shareholder return on Corebridge common stock relative to the performance of the S&P’s 500 Index, the S&P Insurance Index and the S&P Financials Index, respectively, between the closing market price at the end of September 15, 2022 (the date our common stock commenced regular way trading on the NYSE) and December 31, 2025.
On February 11, 2025, our Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the share repurchase program. Under this program, Corebridge Parent may, from time to time, purchase shares of Corebridge Parent common stock but is not obligated to purchase any particular number of shares.
On June 23, 2025, our Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the Program. Under this Program, Corebridge Parent may, from time to time, purchase shares of Corebridge Parent common stock but is not obligated to purchase any particular number of shares.
On May 4, 2023, our Board of Directors authorized a $1.0 billion share repurchase program. On April 30, 2024, our Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the share repurchase program.
On May 4, 2023, our Board of Directors authorized a $1.0 billion Share Repurchase Program (“Program”). On April 30, 2024, our Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the Program. On February 11, 2025, our Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the Program.
As of February 11, 2025, there were four shareholders of record, which differs from the number of beneficial owners of our common stock.
As of February 6, 2026, there were four shareholders of record, which differs from the number of beneficial owners of our common stock.
Corebridge | 2024 Form 10-K 68 TABLE OF CONTENTS ITEM 5 | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Stock Performance Graph The following information is not deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C under the Exchange Act or the liabilities of Section 18 of the Exchange Act, and will not be deemed to be incorporated by reference into any filing of the Company under the Securities Act or the Exchange Act, except to the extent the Company specifically incorporates it by reference into such filing.
Equity Compensation Plan For information regarding our equity compensation plan, see “Security Ownership of Certain Beneficial Owners and Related Stockholder Matters.” Corebridge | 2025 Form 10-K 67 TABLE OF CONTENTS ITEM 5 | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Stock Performance Graph The following information is not deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C under the Exchange Act or the liabilities of Section 18 of the Exchange Act, and will not be deemed to be incorporated by reference into any filing of the Company under the Securities Act or the Exchange Act, except to the extent the Company specifically incorporates it by reference into such filing.
In addition, certain of our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans, including the share repurchase plan Corebridge Parent adopted on November 14, 2024, which, unless extended expires on February 14, 2025.
In addition, certain of our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans, including the share repurchase plan Corebridge Parent adopted on November 6, 2025, which expired on February 9, 2026.
During the three months ended December 31, 2024, Corebridge Parent repurchased approximately 12.9 million shares of Corebridge Common Stock, par value $0.01 per share, for an aggregate purchase price of $398 million, pursuant to the share repurchase program. As of February 11, 2025, approximately $2.5 billion remained under the share repurchase program authorizations.
During the three months ended December 31, 2025, Corebridge Parent repurchased approximately 35.7 million shares of Corebridge Common Stock, par value $0.01 per share, for an aggregate purchase price of $1.1 billion, pursuant to the share repurchase program. As of February 6, 2026, approximately $2.1 billion remained under the share repurchase program authorizations.
Purchases of Equity Securities by the Issuer The following table provides information about purchases made by or on behalf of Corebridge Parent or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934) of Corebridge Common Stock during the three months ended December 31, 2024: Period Total Number of Shares Repurchased Average Price Paid per Share* Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) 10/01/24 through 10/31/24 5,528,528 $ 30.60 5,528,528 $ 939 11/01/24 through 11/30/24 3,060,384 31.29 3,060,384 843 12/01/24 through 12/31/24 4,328,700 30.75 4,328,700 710 Total 12,917,612 $ 30.81 12,917,612 $ 710 * Excludes excise tax of $4.0 million due to the Inflation Reduction Act of 2022 for the three months ended December 31, 2024.
Purchases of Equity Securities by the Issuer The following table provides information about purchases made by or on behalf of Corebridge Parent or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934) of Corebridge Common Stock during the three months ended December 31, 2025: Period Total Number of Shares Repurchased Average Price Paid per Share* Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) 10/01/25 through 10/31/25 11,613,840 $ 32.10 11,613,840 $ 3,325 11/01/25 through 11/30/25 23,642,106 30.39 23,642,106 2,607 12/01/25 through 12/31/25 477,967 30.15 477,967 2,592 Total 35,733,913 $ 30.95 35,733,913 $ 2,592 * Excludes excise tax of $11.2 million due to the Inflation Reduction Act of 2022 for the three months ended December 31, 2025.
Sep 15, 2022 Dec 31, 2022 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Corebridge Financial, Inc. $ 100.00 $ 99.03 $ 123.50 $ 165.29 $ 168.90 $ 170.56 $ 176.40 S&P 500 $ 100.00 $ 98.90 $ 124.90 $ 138.09 $ 144.00 $ 152.48 $ 156.15 S&P 500 Financials $ 100.00 $ 103.70 $ 116.30 $ 130.79 $ 128.13 $ 141.79 $ 151.84 S&P 500 Insurance $ 100.00 $ 109.12 $ 119.23 $ 139.17 $ 135.85 $ 154.59 $ 151.20
Sep 15, 2022 Dec 31, 2022 Dec 31, 2023 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Corebridge Financial, Inc. $ 100.00 $ 99.03 $ 123.50 $ 176.40 $ 187.44 $ 212.34 $ 193.17 $ 183.27 S&P 500 $ 100.00 $ 98.90 $ 124.90 $ 156.15 $ 149.48 $ 165.84 $ 179.31 $ 184.08 S&P 500 Financials $ 100.00 $ 103.70 $ 116.30 $ 151.84 $ 157.19 $ 165.86 $ 171.20 $ 147.47 S&P 500 Insurance $ 100.00 $ 109.12 $ 119.23 $ 151.20 $ 169.16 $ 160.91 $ 159.56 $ 157.38
Removed
For instance, on August 7, 2024, we purchased an aggregate of approximately $200 million of shares from AIG in a privately negotiated transaction.
Added
For instance, on November 4, 2025, the Company, AIG, and J.P.
Added
Morgan Securities LLC (the “Underwriter”) entered into an underwriting agreement (the “Underwriting Agreement”) pursuant to which AIG agreed to sell to the Underwriter, and the Underwriter agreed to purchase from AIG, shares of Corebridge Parent’s common stock, at a price of $31.0300 per share and the Company also agreed and purchased approximately 16 million shares of Corebridge Parent Common Stock sold to the Underwriter at the same per share price paid by the Underwriter for an aggregate purchase price of approximately $500 million.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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Our premium income is driven by growth in new policies and contracts written and persistency of our in-force policies, both of which are influenced by a combination of factors including our efforts to attract and retain customers and market conditions that influence demand for our products; • Policy fees are principally derived from our individual retirement, group retirement, universal life insurance, Corporate Markets and SVW products.
Our 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.
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.
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.
It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re.
Corebridge Hold Cos.’ primary uses of liquidity are for debt service, capital and liability management, and operating expenses. Corebridge Parent expects to maintain liquidity that is sufficient to at least cover one year of its expenses. We expect the Corebridge Hold Cos. may access the debt and equity markets from time to time to meet funding requirements as needed.
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.
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.
Spread income is comprised of both base spread income and variable investment income. For our Institutional Markets segment, its structured settlements, PRT and GIC products generate spread income, which includes premiums, net investment income, less interest credited and policyholder benefits and excludes the annual assumption update.
Underwriting margin — for our Life Insurance segment includes premiums, policy fees, other income, net investment income, less interest credited to policyholder account balances and policyholder benefits and excludes the annual assumption update.
Underwriting margin — for our Life Insurance segment includes premiums, policy fees, other income, net investment income, less interest credited to policyholder account balances and policyholder benefits and excludes the annual assumption update.
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.
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.
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.
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.
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.
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.
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.
International revenues consisted of revenues from Laya and AIG Life U.K. On October 31, 2023 Corebridge completed the sale of Laya and on April 8, 2024 completed the sale of AIG Life U.K. 4. Fair Value Measurements FAIR VALUE MEASUREMENTS ON A RECURRING BASIS We carry certain of our financial instruments at fair value.
International revenues consisted of revenues from Laya and AIG Life U.K. On October 31, 2023 Corebridge completed the sale of Laya and on April 8, 2024, Corebridge completed the sale of AIG Life U.K. 4. Fair Value Measurements FAIR VALUE MEASUREMENTS ON A RECURRING BASIS We carry certain of our financial instruments at fair value.
Assets and liabilities recorded at fair value in the Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs: • Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities.
Fair Value Measurements Assets and liabilities recorded at fair value in the Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs: • Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities.
We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of non-performance such as cash collateral posted.
We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of non-performance such as cash collateral posted.
Investments NET INVESTMENT INCOME Net investment income represents income primarily from the following sources: • Interest income and related expenses, including amortization of premiums and accretion of discounts with changes in the timing and the amount of expected principal and interest cash flows reflected in yield, as applicable. • Dividend income from common and preferred stocks. • Realized and unrealized gains and losses from investments in other securities and investments for which we elected the fair value option. • Earnings from alternative investments. • Prepayment premiums.
NET INVESTMENT INCOME Net investment income represents income primarily from the following sources: • Interest income and related expenses, including amortization of premiums and accretion of discounts with changes in the timing and the amount of expected principal and interest cash flows reflected in yield, as applicable. • Dividend income from common and preferred stocks. • Realized and unrealized gains and losses from investments in other securities and investments for which we elected the fair value option. • Earnings from alternative investments. • Prepayment premiums.
When assessing our intent to sell a fixed maturity security, or whether it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis, management evaluates relevant facts and circumstances including, but not limited to, decisions to reposition our investment portfolio, sales of securities to meet cash flow needs and sales of securities to take advantage of favorable pricing.
When assessing our intent to sell a fixed maturity security, or whether it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis, management evaluates relevant facts and circumstances including, but not limited to, decisions to reposition our investment portfolio, sales of securities to meet cash flow needs and sales of securities to take advantage of favorable pricing.
Investments PLEDGED INVESTMENTS Secured Financing and Similar Arrangements We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities.
PLEDGED INVESTMENTS Secured Financing and Similar Arrangements We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities.
This allowance reflects the risk of loss, even when that risk is remote, and reflects losses expected over the remaining contractual life of the loan. The allowance for credit losses considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions.
This allowance reflects the risk of loss, even when that risk is remote, and reflects losses expected over the remaining contractual life of the loan. The allowance for credit losses considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions.
For example, certain of our insurance companies manage the capital impact of their statutory reserve requirements, including those resulting from the NAIC Model Regulation “Valuation of Life Insurance Policies” (“Regulation XXX”) and NAIC Actuarial Guideline 38 (“Guideline AXXX”), through reinsurance transactions which do not qualify for reinsurance accounting under U.S. GAAP.
For example, certain of our companies manage the capital impact of their statutory reserve requirements, including those resulting from the NAIC Model Regulation “Valuation of Life Insurance Policies” (“Regulation XXX”) and NAIC Actuarial Guideline 38 (“Guideline AXXX”), through reinsurance transactions which do not qualify for reinsurance accounting under U.S. GAAP.
For universal life policies with secondary guarantees, as well as other universal life policies for which profits followed by losses are expected at contract inception, a liability is recognized based on a benefit ratio of (a) the present value of total expected payments, in excess of the account value, over the life of the contract, divided by (b) the present value of total expected assessments over the life of the contract.
For universal life policies with secondary guarantees, as well as other universal life policies for which profits followed by losses are expected at contract inception, a liability is recognized based on a benefit ratio of (a) the present value of total expected payments, in excess of the account value, over the life of the contract, divided by (b) the present value of total expected assessments over the life of the contract.
For new business issued after December 31, 2024, the XOL limit will be increased each quarter based on a specified calculation. At the end of the calendar year, the new business retained will be included with the business from prior years in the determination of the XOL limit based on 90% of the CFT margin performed at year-end.
For new business issued after December 31, 2024, the XOL limit will be increased each quarter based on a specified calculation. At the end of the calendar year, the new business retained will be included with the business from prior years in the determination of the XOL limit based on 90% of the CFT margin performed at year-end.
The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed.
The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed.
See accompanying Notes to Condensed Financial Information of Registrant.
See accompanying Notes to Condensed Financial Information of Registrant.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
We have also entered into a collateral agreement with AIG Parent which provides that in the event of: (i) a ratings downgrade of Corebridge Parent or CRBGLH long-term unsecured indebtedness below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the External Debt when due, we must collateralize an amount equal to the sum of: (a) 100% of the principal amount outstanding, (b) accrued and unpaid interest and (c) 100% of the net present value of scheduled interest payments through the maturity dates of the CRBGLH External Debt. • For additional discussion on commitments and guarantees associated with VIEs, see Note 8. • For additional disclosures about derivatives, see Note 9. • For additional disclosures about related parties, see Note 23. 17.
We have also entered into a collateral agreement with AIG which provides that in the event of: (i) a ratings downgrade of Corebridge Parent or CRBGLH long-term unsecured indebtedness below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the External Debt when due, we must collateralize an amount equal to the sum of: (a) 100% of the principal amount outstanding, (b) accrued and unpaid interest and (c) 100% of the net present value of scheduled interest payments through the maturity dates of the CRBGLH External Debt. • For additional discussion on commitments and guarantees associated with VIEs, see Note 8. • For additional disclosures about derivatives, see Note 9. • For additional disclosures about related parties, see Note 23.
Many of the ISDA Master Agreements also include Credit Support Annex provisions, which provide for collateral postings that may vary based on criteria such as ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an up-front or contingent basis.
Many of the ISDA Master Agreements also include Credit Support Annex (“CSA”) provisions, which provide for collateral postings that may vary based on criteria such as ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an up-front or contingent basis.
Other policies such as accumulation fixed index annuity and life products do not use a correlation assumption. • Base lapse rate assumptions are determined by company experience and judgment and are adjusted at the contract level using a dynamic lapse function, which reduces the base lapse rate when the contract is in-the-money (when the contract holder’s guaranteed value, as estimated by the company, is worth more than their underlying account value).
Other policies such as accumulation fixed index annuity and index universal life products do not use a correlation assumption. • Base lapse rate assumptions are determined by company experience and judgment and are adjusted at the contract level using a dynamic lapse function, which reduces the base lapse rate when the contract is in-the-money (when the contract holder’s guaranteed value, as estimated by the company, is worth more than their underlying account value).
In modco reinsurance agreements, the investments supporting the reinsurance agreements and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AGL, VALIC, USL) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date.
In modco reinsurance agreements, the investments supporting the reinsurance agreements and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AGL, USL) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date.
Increases in assumed utilization rates will generally increase the fair value of the liability. • Non-performance or “own credit” risk adjustment used in the valuation of MRBs and embedded derivatives, which reflects a market participant’s view of our claims-paying ability by incorporating a different spread (the “NPA spread”) to the curve used to discount projected benefit cash flows.
Increases in assumed utilization rates will generally increase the fair value of the liability. • Non-performance or “own credit” risk adjustment used in the valuation of MRBs and embedded derivatives, which reflects a market participant’s view of our claims-paying ability by incorporating a different spread (the “NPA spread”) to the curve used to discount projected cash flows.
Additionally, as Corebridge maintains ownership of these investments, Corebridge will maintain its existing accounting for these assets (e.g., the changes in fair value of available-for-sale securities will be recognized within OCI). Corebridge has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing liabilities for the insurance coverage that Fortitude Re has assumed.
Additionally, as Corebridge maintains ownership of these investments, Corebridge maintains its existing accounting for these assets (e.g., the changes in fair value of available-for-sale securities will be recognized within OCI). Corebridge has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing liabilities for the insurance coverage that Fortitude Re has assumed.
STATUTORY PERMITTED ACCOUNTING PRACTICE At December 31, 2024 and 2023, AGL used the following permitted practice that resulted in reported statutory surplus or risk-based capital that is significantly different from the statutory surplus or risk based capital that would have been reported had National Association of Insurance Commissioners (“NAIC”) statutory accounting practices or the prescribed regulatory accounting practices of their respective state regulator been followed in all respects: • AGL, a life insurance subsidiary domiciled in Texas, recognized an admitted asset related to the notional value of coverage defined in an excess of loss (“XOL”) reinsurance agreement with a 20-year term that provides coverage to AGL for aggregate claims incurred during the agreement term associated with guaranteed living benefits on certain fixed index annuities generally issued prior to April 2019 (“Block 1”) exceeding an attachment point as defined in the agreement.
STATUTORY PERMITTED ACCOUNTING PRACTICE At December 31, 2025 and 2024, AGL used the following permitted practice that resulted in reported statutory surplus or risk-based capital that is significantly different from the statutory surplus or risk based capital that would have been reported had National Association of Insurance Commissioners (“NAIC”) statutory accounting practices or the prescribed regulatory accounting practices of their respective state regulator been followed in all respects: • AGL, a life insurance subsidiary domiciled in Texas, recognized an admitted asset related to the notional value of coverage defined in an excess of loss (“XOL”) reinsurance agreement with a 20-year term that provides coverage to AGL for aggregate claims incurred during the agreement term associated with guaranteed living benefits on certain fixed index annuities generally issued prior to April 2019 (“Block 1”) exceeding an attachment point as defined in the agreement.
We report our results of operations as five reportable segments: • Individual Retirement – consists of fixed annuities, fixed index annuities, registered index linked annuities and variable annuities. • Group Retirement – consists of recordkeeping, plan administrative and compliance services, financial planning and advisory solutions offered in-plan, along with proprietary and limited non-proprietary annuities, advisory and brokerage products offered out-of-plan. • Life Insurance – consists of term and universal life insurance products in the United States.
We report our results of operations as 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 term and universal life insurance products in the United States.
HYBRID JUNIOR SUBORDINATED NOTES On August 23, 2022, Corebridge Parent issued $1.0 billion of 6.875% fixed-to-fixed reset rate hybrid junior subordinated notes due 2052. Subject to certain redemption provisions and other terms of the hybrid junior subordinated notes, the interest rate and interest payment date reset every five years based on the average of the yields on five-year U.S.
Debt HYBRID JUNIOR SUBORDINATED NOTES On August 23, 2022, Corebridge Parent issued $1.0 billion of 6.875% fixed-to-fixed reset rate hybrid junior subordinated notes due 2052. Subject to certain redemption provisions and other terms of the hybrid junior subordinated notes, the interest rate and interest payment date reset every five years based on the average of the yields on five-year U.S.
Fair Value Measurements Valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of market-accepted valuation methodologies, which may utilize matrix pricing, financial models, accompanying model inputs and various assumptions, provide a single fair value measurement for individual securities.
Valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of market-accepted valuation methodologies, which may utilize matrix pricing, financial models, accompanying model inputs and various assumptions, provide a single fair value measurement for individual securities.
An allowance for credit losses is not established upon initial recognition of the asset (unless the security is determined to be a purchased credit deteriorated asset which is discussed in more detail below). Subsequently, differences between actual and expected cash flows and changes in expected cash flows are recognized as adjustments to the allowance for credit losses.
Investments An allowance for credit losses is not established upon initial recognition of the asset (unless the security is determined to be a purchased credit deteriorated asset which is discussed in more detail below). Subsequently, differences between actual and expected cash flows and changes in expected cash flows are recognized as adjustments to the allowance for credit losses.
Additionally, on June 9, 2024, AIG Parent waived its right under the Separation Agreement to include a majority of the director candidates on each slate of candidates recommended by the Corebridge Board of Directors. For further information on the Nippon Transaction, the Separation Agreement and the amendment and waiver thereto, see Note 1.
Additionally, on June 9, 2024, AIG waived its right under the Separation Agreement to include a majority of the director candidates on each slate of candidates recommended by the Corebridge Board of Directors. For further information on the Nippon Transaction, the Separation Agreement and the amendment and waiver thereto, see Note 1 .
The standard is effective for public companies for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The standard is allowed to be applied on either a prospective or retrospective basis. We are assessing the impact of this standard.
The standard is effective for public companies for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The standard is allowed to be applied on either a prospective or retrospective basis. We are assessing the impact of this standard. 3.
The non-performance risk adjustment (“NPA”) reflects a market participant’s view of our claims-paying ability by incorporating an additional spread to the swap curve used to discount projected benefit cash flows in the valuation of market risk benefits and embedded derivatives.
The non-performance risk adjustment (“NPA”) reflects a market participant’s view of our claims-paying ability by incorporating an additional spread to the swap curve used to discount projected cash flows in the valuation of market risk benefits and embedded derivatives.
The estimate of credit losses also reflects management’s assumptions on certain macro real estate factors that include, but are not limited to, real estate values and expected rental values plus certain macroeconomic forecasts such as, employment, inflation, and interest rates.
The estimate of credit losses also reflects management’s assumptions on certain real estate factors that include, but are not limited to, real estate values and expected rental values plus certain macroeconomic forecasts such as, employment, inflation, and interest rates.
Corebridge’s LTIP provides for an annual award to certain employees, including our senior executive officers and other highly compensated employees, that may comprise a combination of one or more of the following units: RSUs or stock options.
Corebridge’s LTIP provides for an annual award to certain employees, including our senior executive officers and other highly compensated employees, that may comprise a combination of one or more of the following units: PSUs, RSUs, or stock options.
Corebridge | 2024 Form 10-K 142 TABLE OF CONTENTS ITEM 7 | Acronyms Acronyms • “AATOI” — adjusted after-tax operating income attributable to our common stockholders; • “ABS” — asset-backed securities; • “APTOI” — adjusted pre-tax operating income; • “AOCI” — accumulated other comprehensive income (loss); • “AUA” — assets under administration; • “AUM” — assets under management; • “AUMA” — assets under management and administration; • “BMA” — Bermuda Monetary Authority; • “CDO” — collateralized debt obligations; • “CDS” — credit default swap; • “CLO” — collateralized loan obligations; • “CMBS” — commercial mortgage-backed securities; • “DAC” — deferred policy acquisition costs; • “DSI” — deferred sales inducement; • “FABN”— funding agreement-backed notes; • “FASB” — the Financial Accounting Standards Board; • “GAAP” — accounting principles generally accepted in the United States of America; • “GIC” — guaranteed investment contract; • “GMDB” — guaranteed minimum death benefits; • “GMWB” — guaranteed minimum withdrawal benefits; • “ISDA” — the International Swaps and Derivatives Association, Inc.; • “MBS” — mortgage-backed securities; • “MRB” — market risk benefits; • “NAIC” — National Association of Insurance Commissioners; • “NPA” — Non-performance risk adjustment; • “NPR” — Net premium ratio; • “OCI” — other comprehensive income; • “PRT” — pension risk transfer; • “RBC” — Risk-Based Capital; • “RMBS” — residential mortgage-backed securities; • “S&P” — Standard & Poor’s Financial Services LLC; • “SEC” — the U.S.
Corebridge | 2025 Form 10-K 138 TABLE OF CONTENTS ITEM 7 | Acronyms Acronyms • “AATOI” — adjusted after-tax operating income attributable to our common stockholders; • “ABS” — asset-backed securities; • “APTOI” — adjusted pre-tax operating income; • “AOCI” — accumulated other comprehensive income (loss); • “AUA” — assets under administration; • “AUM” — assets under management; • “AUMA” — assets under management and administration; • “BMA” — Bermuda Monetary Authority; • “CDO” — collateralized debt obligations; • “CDS” — credit default swap; • “CLO” — collateralized loan obligations; • “CMBS” — commercial mortgage-backed securities; • “DAC” — deferred policy acquisition costs; • “DSI” — deferred sales inducement; • “FABN”— funding agreement-backed notes; • “FASB” — the Financial Accounting Standards Board; • “GAAP” — accounting principles generally accepted in the United States of America; • “GIC” — guaranteed investment contract; • “GMDB” — guaranteed minimum death benefits; • “GMWB” — guaranteed minimum withdrawal benefits; • “ISDA” — the International Swaps and Derivatives Association, Inc.; • “MBS” — mortgage-backed securities; • “MRB” — market risk benefits; • “NAIC” — National Association of Insurance Commissioners; • “NPA” — Non-performance risk adjustment; • “NPR” — Net premium ratio; • “OCI” — other comprehensive income; • “PRT” — pension risk transfer; • “RBC” — Risk-Based Capital; • “RMBS” — residential mortgage-backed securities; • “S&P” — Standard & Poor’s Financial Services LLC; • “SEC” — the U.S.
As discussed in Note 7 , the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s Consolidated Balance Sheets.
(d) As discussed in Note 7, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s Consolidated Balance Sheets.
Summary of Significant Accounting Policies 2. Summary of Significant Accounting Policies The following identifies our significant accounting policies presented in other Notes to these Consolidated Financial Statements, with a reference to the Note where a detailed description can be found: Note 5.
Summary of Significant Accounting Policies The following identifies our significant accounting policies presented in other Notes to these Consolidated Financial Statements, with a reference to the Note where a detailed description can be found: Note 5.
The accounting guidance applied in the valuation of these assets and liabilities includes, but is not limited to, the following: (i) traditional life and limited pay insurance products for which actual experience is reflected in the liability and assumptions are reviewed and updated at least annually, if necessary, with the recognition and parenthetical presentation of any resulting re-measurement gain or loss in policyholder benefits (except for discount rate changes) in the income statement; (ii) certain product guarantees for which benefit liabilities are accrued over the life of the contract in proportion to actual and future expected policy assessments; (iii) certain product guarantees reported as market risk benefits or index crediting features accounted for as embedded derivatives which are carried at fair value; and (iv) unearned revenue and assets for DAC, VOBA and DSI which are amortized on a constant level basis over the expected term of the related contracts using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding contracts, as applicable.
The accounting guidance applied in the valuation of these assets and liabilities includes, but is not limited to, the following: (i) traditional life and limited pay insurance products for which actual experience is reflected in the liability and assumptions are reviewed and updated at least annually, if necessary, with the recognition and parenthetical presentation of any resulting re-measurement gain or loss in policyholder benefits (except for discount rate changes) in the income statement; (ii) certain product guarantees for which benefit liabilities are accrued over the life of the contract in proportion to actual and future expected policy assessments; (iii) certain product guarantees reported as market risk benefits or index-linked interest credited features accounted for as embedded derivatives which are carried at fair value; and (iv) unearned revenue and assets for DAC, VOBA and DSI which are amortized on a constant level basis over the expected term of the related contracts using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding contracts, as applicable.
We also incorporate our own risk of non-performance in the valuation of market risk benefits associated with variable annuity, fixed annuity, fixed index annuity and registered index linked annuity contracts and embedded derivatives associated with fixed index annuity, registered index linked annuity contracts and life contracts.
We also incorporate our own risk of non-performance in the valuation of market risk benefits associated with variable annuity, fixed annuity, fixed index annuity and registered index-linked annuity contracts and embedded derivatives associated with fixed index annuity, registered index-linked annuity contracts and index universal life.
Mortgage and other loans receivable We estimate the fair value of mortgage and other loans receivable that are measured at fair value by using dealer quotations, discounted cash flow analyses and/or internal valuation models.
Fair Value Measurements Mortgage and other loans receivable We estimate the fair value of mortgage and other loans receivable that are measured at fair value by using dealer quotations, discounted cash flow analyses and/or internal valuation models.
Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Corebridge Financial, Inc. and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, and the related consolidated statements of income (loss), comprehensive income (loss), of equity and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes and financial statement schedules listed in the accompanying index (collectively referred to as the “consolidated financial statements”).
Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Corebridge Financial, Inc. and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of income (loss), of comprehensive income (loss), of equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes and financial statement schedules listed in the accompanying index (collectively referred to as the “consolidated financial statements”).
Fair Value Measurements Other invested assets We initially estimate the fair value of investments in certain hedge funds, private equity funds and other investment partnerships by reference to the transaction price.
Other invested assets We initially estimate the fair value of investments in certain hedge funds, private equity funds and other investment partnerships by reference to the transaction price.
BENEFITS AND EXPENSES Our benefits and expenses come from six principal sources: • Policyholder benefits are driven primarily by customer withdrawals and surrenders from traditional products which change in response to changes in capital market conditions and changes in policy reserves, as well as life contingent benefit payments on life and annuity contracts and updates to assumptions related to future policyholder behavior, mortality and longevity; • Interest credited to policyholder account balances varies in relation to the amount of the underlying account value or benefit base and also includes changes in the fair value of certain embedded derivatives related to our insurance products and amortization of deferred sales inducement assets; • Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) for all contracts except for other investment contracts is amortized, on a constant level basis over the expected term of the related contracts, using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding contracts, as applicable.
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; • In terest 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.
The Ninth Circuit’s decision in Small squarely rejected the theory that the plaintiffs had advanced in that case and in Moriarty and embraced the argument, made by insurers, that any policyholder or beneficiary suing based on supposed breaches of Sections 10113.71 and 10113.72 must prove that the breaches actually caused them harm, for instance by resulting in missed payments or the lapse of the policy.
The Ninth Circuit’s decision in Small squarely rejected the theory that the plaintiffs had advanced in that case and in Moriarty and embraced the argument, made by insurers, that any policyholder or beneficiary suing based on alleged breaches of Sections 10113.71 and 10113.72 must prove that the breaches actually caused them harm, for instance by resulting in missed payments or the lapse of the policy.
Certain of our subsidiaries are also authorized under the IMAs to retain, oversee and direct third-party investment advisers and managers for and on behalf of these AIG clients. In some cases, Investment Services are provided through the clients’ participation in private investment funds, RMBS, CLO and other pooled investment vehicles and investment products (collectively, “Funds”) sponsored or managed by us.
Certain of our subsidiaries are also authorized under the IMAs to retain, oversee and direct third-party investment advisers and managers for and on behalf of these AIG clients. In some cases, Investment Services are provided through the clients’ participation in private investment funds and other pooled investment vehicles and investment products (collectively, “Funds”) sponsored or managed by us.
None of our fixed maturity securities met the criteria for held to maturity classification at December 31, 2024 or 2023. Unrealized gains and losses from available-for-sale investments in fixed maturity securities carried at fair value are reported as a separate component of AOCI, net of policy related amounts and deferred income taxes, in Shareholders’ equity.
None of our fixed maturity securities met the criteria for held to maturity classification at December 31, 2025 or 2024. Unrealized gains and losses from available-for-sale investments in fixed maturity securities carried at fair value are reported as a separate component of AOCI, net of policy related amounts and deferred income taxes, in Shareholders’ equity.
In connection with the preparation of this Annual Report on Form 10-K, an evaluation was carried out by Corebridge management, with the participation of Corebridge’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of December 31, 2024.
In connection with the preparation of this Annual Report on Form 10-K, an evaluation was carried out by Corebridge management, with the participation of Corebridge’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of December 31, 2025.
We continued to operate under market conditions in 2024 and 2023 characterized by factors such as higher interest rates, inflationary pressures, an uneven global economic recovery and global trade tensions. Responses by central banks and monetary authorities with respect to inflation, growth concerns and other macroeconomic factors have also affected global exchange rates and volatility.
We continued to operate under market conditions in 2025 and 2024 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.
The change in the fair value of MRBs and the derivative instruments that hedge those risks are recognized in “Change in the fair value of MRBs, net” in the Consolidated Statements of Income (Loss).
The change in the fair value of MRBs and the derivative instruments that hedge those risks are recognized in “Change in the fair value of MRBs, net” in the Consolidated Statements of Income (Loss). 10.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
DAC and related items (which may include VOBA, DSI and unearned revenue reserves) are amortized on a constant level basis. We also review assumptions related to variable annuities, fixed annuities, and fixed index annuities guaranteed benefits that are accounted for as MRBs or embedded derivatives and measured at fair value.
DAC and related items (which may include VOBA, DSI and unearned revenue reserves) are amortized on a constant level basis. We also review assumptions related to variable annuities, fixed annuities, and fixed index annuities and registered index-linked annuities guaranteed benefits that are accounted for as MRBs or embedded derivatives and measured at fair value.
In addition, our U.S. insurance companies had no outstanding borrowings in the form of cash advances from FHLBs at December 31, 2024. Certain of our U.S. insurance companies have securities lending programs that lend securities from their investment portfolios to supplement liquidity or for other uses deemed appropriate by management.
In addition, our U.S. insurance companies had no outstanding borrowings in the form of cash advances from FHLBs at December 31, 2025. 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.
The transfers of investments in CMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types. During the years ended December 31, 2024 and 2023, transfers out of Level 3 assets primarily included private placement and other corporate debt, CMBS, RMBS, CLO, ABS and certain investments in municipal securities.
The transfers of investments in CMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types. During the years ended December 31, 2025 and 2024, transfers out of Level 3 assets primarily included private placement and other corporate debt, CMBS, RMBS, CLO, ABS and certain investments in municipal securities.
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.
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.
(b) Includes gains and losses with related parties for the years ended December 31, 2024, 2023 and 2022. (c) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in earnings on a mark-to-market basis.
(b) Includes gains and losses with related parties for the years ended December 31, 2025, 2024 and 2023. (c) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in earnings on a mark-to-market basis.
Lower net realized losses excluding Fortitude Re funds withheld assets in the year ended December 31, 2024 compared to the year ended December 31, 2023 were due primarily to lower losses on index-linked interest credited embedded derivatives, net of related hedges partially offset by higher losses on sales of fixed maturity securities.
Higher net realized losses excluding Fortitude Re funds withheld assets in the year ended December 31, 2025 compared to the year ended December 31, 2024 were primarily due to higher losses on index-linked interest credited embedded derivatives, net of related hedges partially offset by lower losses on sales of fixed maturity securities.
On October 31, 2023 Corebridge completed the sale of Laya and on April 8, 2024 completed the sale of AIG Life U.K. • Institutional Markets – consists of stable value wrap (“SVW”) products, structured settlement and pension risk transfer (“PRT”) annuities, guaranteed investment contracts (“GICs”) and Corporate Markets products that include corporate- and bank-owned life insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuity products. • Corporate and Other – consists primarily of: – corporate expenses not attributable to our other segments; – interest expense on financial debt; – results of our consolidated investment entities; – institutional asset management business, which includes managing assets for non-consolidated affiliates; and – results of our legacy insurance lines ceded to Fortitude Re.
On October 31, 2023 Corebridge completed the sale of Laya and on April 8, 2024, Corebridge completed the sale of AIG Life U.K. • Institutional Markets – consists of stable value wrap (“SVW”) products, structured settlement and pension risk transfer (“PRT”) annuities, guaranteed investment contracts (“GICs”) and Corporate Markets products that include corporate- and bank-owned life insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuity products. • Corporate and Other – consists primarily of: – corporate expenses not attributable to our other segments; – interest expense on financial debt; – results of our consolidated investment entities; – institutional asset management business, which includes managing assets for non-consolidated affiliates; – results of our legacy insurance lines ceded to Fortitude Re; and – results of our individual variable annuity business that is reinsured to CSLR.
We expect $28 million to be reclassified into Interest expense over the next 12 months. There are no amounts excluded from the assessment of hedge effectiveness that are recognized in earnings. For additional information related to the debt issuances, see Note 17 to the Consolidated Financial Statements.
We expect $28 million to be reclassified into Interest expense over the next 12 months. There are no amounts excluded from the assessment of hedge effectiveness that are recognized in earnings. For additional information related to the debt issuances, see Note 15 to the Consolidated Financial Statements.
Key Investment Strategies Investment strategies are assessed at the segment level and involve considerations that include local and general market and economic conditions, duration and cash flow management, risk appetite and volatility constraints, rating agency and regulatory capital considerations, tax, regulatory and legal investment limitations, and, as applicable, environmental, social and governance considerations.
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.
DAC and related items (which may include VOBA) are amortized on a constant level basis. The net impacts to pre-tax income and APTOI because of the update of actuarial assumptions for the years ended December 31, 2024, 2023 and 2022 are shown in the following tables.
DAC and related items (which may include VOBA) are amortized on a constant level basis. The net impacts to pre-tax income and APTOI because of the update of actuarial assumptions for the years ended December 31, 2025, 2024 and 2023 are shown in the following tables.
Under one affiliated reinsurance arrangement, USL obtains letters of credit to support statutory recognition of the ceded reinsurance. As of December 31, 2024 USL had one bilateral letter of credit currently in the amount of $125 million, which was issued on May 9, 2022 and expires on February 7, 2028.
Under one affiliated reinsurance arrangement, USL obtains letters of credit to support statutory recognition of the ceded reinsurance. As of December 31, 2025 USL had one bilateral letter of credit currently in the amount of $125 million, which was issued on May 9, 2022 and expires on February 7, 2028.
For instance, in our variable annuity separate accounts, mutual fund assets and brokerage and advisory assets, we generally earn fee income based on the account value, which fluctuates with the equity markets as a significant amount of these assets are invested in equity funds.
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.
DAC for all contracts, except for those with limited to no exposure to policyholder behavior risk, (i.e., certain investment contracts), is grouped and amortized on a constant level basis (i.e., approximating straight line amortization with adjustments for expected terminations) over the expected term of the related contracts using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding contracts, as applicable.
Deferred Policy Acquisition Costs DAC for all contracts, except for those with limited to no exposure to policyholder behavior risk, (i.e., certain investment contracts), is grouped and amortized on a constant level basis (i.e., approximating straight line amortization with adjustments for expected terminations) over the expected term of the related contracts using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding contracts, as applicable.
In addition, on April 25, 2024, the Department of Labor (“DOL”) published a final rule in the Federal Register updating the definition for when a person is an “investment advice fiduciary” for purposes of transactions with ERISA qualified plans, related plan participants and IRAs.
For example, on April 25, 2024, the Department of Labor (“DOL”) published a final rule in the Federal Register updating the definition for when a person is an “investment advice fiduciary” for purposes of transactions with ERISA qualified plans, related plan participants and IRAs.
(b) Includes International life underwriting margin of $33 million, $226 million and $245 million for the years ended December 31, 2024, 2023 and 2022, respectively. (c) 2024 includes a $5 million favorable impact from the of annual actuarial assumption update. (d) Other primarily represents advisory fee expenses.
(b) Includes International life underwriting margin of $33 million and $226 million for the years ended December 31, 2024 and 2023, respectively. (c) 2024 includes a $5 million favorable impact from the annual actuarial assumption update. (d) Other primarily represents advisory fee expenses.
As a result, the unrealized gains (losses) on instruments held at December 31, 2024 and 2023 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).
As a result, the unrealized gains (losses) on instruments held at December 31, 2025 and 2024 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).
AHAC and NUFIC have not been required to perform under any of the agreements but remain contingently liable for all policyholder obligations associated with the Guaranteed Policies. We did not pay any fees under these agreements for the years ended December 31, 2024 or 2023.
AHAC and NUFIC have not been required to perform under any of the agreements but remain contingently liable for all policyholder obligations associated with the Guaranteed Policies. We did not pay any fees under these agreements for the years ended December 31, 2025 or 2024.
On August 22, 2022, participants’ accounts in the AIG plan were transferred to the Corebridge Financial Inc. Retirement Savings 401(k) Plan. The Company’s contributions relating to these plans were $70 million , $68 million and $76 million for the years ended December 31, 2024, 2023 and 2022, respectively.
On August 22, 2022, participants’ accounts in the AIG plan were transferred to the Corebridge Financial Inc. Retirement Savings 401(k) Plan. The Company’s contributions relating to these plans were $70 million, $70 million and $68 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The effectiveness of our internal control over financial reporting as of December 31, 2024 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report, which is included in this Annual Report on Form 10-K.
The effectiveness of our internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report, which is included in this Annual Report on Form 10-K.
Corebridge | 2024 Form 10-K 118 TABLE OF CONTENTS ITEM 7 | Investments Other Invested Assets We seek to enhance returns through investment in a diversified portfolio of alternative asset classes, including private equity, real estate equity and hedge funds.
Corebridge | 2025 Form 10-K 118 TABLE OF CONTENTS ITEM 7 | Investments Other Invested Assets We seek to enhance returns through investment in a diversified portfolio of alternative asset classes, including private equity, real estate equity and hedge funds.
Cash outflows primarily relate to policyholder withdrawal activity on investment-type contracts, repayments of debt of consolidated investment entities, repayments of short and long-term debt, repurchases of common stock, shareholder dividends, distributions to noncontrolling interests and outflows for the settlement of securities lending and repurchase agreements.
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.
Some of these leases contain options to renew after a specified period of time at the prevailing market rate; however, renewal options that have not been exercised as of December 31, 2024 are excluded until management attains a reasonable level of certainty.
Some of these leases contain options to renew after a specified period of time at the prevailing market rate; however, renewal options that have not been exercised as of December 31, 2025 are excluded until management attains a reasonable level of certainty.
Corebridge Parent entered into a general guarantee in favor of each holder of any monetary obligation or liability of Corebridge Markets, LLC, which transacts in various capital markets instruments. Corebridge Parent entered into a Capital and Liquidity Support Agreement with VALIC Trust Company Inc. for regulatory reasons.
Corebridge Parent entered into a general guarantee in favor of each holder of any monetary obligation or liability of Corebridge Markets, LLC, which transacts in various capital markets instruments. Corebridge Parent entered into a Capital and Liquidity Support Agreement with VALIC Trust Company Inc. and CRBG Bermuda for regulatory reasons.
Based on this evaluation, Corebridge’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2024. MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING Management of Corebridge is responsible for establishing and maintaining adequate internal control over financial reporting.
Based on this evaluation, Corebridge’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2025. MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING Management of Corebridge is responsible for establishing and maintaining adequate internal control over financial reporting.
CONSOLIDATED INVESTMENT ENTITIES CREDIT FACILITIES We also maintain revolving credit facilities that can exclusively be utilized by certain consolidated investment entities to acquire real estate assets. Draws under those credit facilities cannot be utilized for general corporate purposes. These credit facilities have consolidated limits of up to $271 million.
CONSOLIDATED INVESTMENT ENTITIES CREDIT FACILITIES We also maintain revolving credit facilities that can exclusively be utilized by certain consolidated investment entities to acquire real estate assets. Draws under those credit facilities cannot be utilized for general corporate purposes. These credit facilities have consolidated limits of up to $319 million.

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