Corebridge Financial : First Quarter 2025 Presentation

Financial Results

First Quarter 2025

Presentation

May 6, 2025

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Diversified business model

Strong balance sheet

Disciplined execution

sharreholdlderr valulue We are well positioned to continue creating as demonstrated by growth in our earnings, cash generation and capital return

Broad and diverse product suite drives resilient new business franchise

• Products serve range of customer needs with $9.3 billion of premiums and deposits1; well-positioned across market conditions

• Core sources of income2grew 1% year over year, with increases in fee income and underwriting margin

• New RILA gaining traction with expanded distribution footprint and launch in Group Retirement; California went live in April

• General account grew 8% year over year due to strong new business growth

  Robust balance sheet designed to withstand market volatility

• Life Fleet RBC ratio3above target; strong capital and liquidity even with current market volatility

• $2.4 billion of holding company cash with additional $3.0 billion of revolving credit facilities

• Diversified, high-quality investment portfolio with average credit rating of A; 95% of fixed income assets rated investment grade

  We continue to generate significant shareholder value

• Delivered payout ratio4of 70%; maintain target of 60-65% for full year

• Bermuda continues to support financial flexibility and earnings growth; ceded over $14 billion of statutory reserves to date

$1.16

Operating EPS1

+5% year over year

11.8%

Adjusted ROAE1

-10 bps year over year

$454M

Capital return to shareholders

Increase earnings growth

$1.21

Run rate EPS

(10-15% long-term p.a growth)

Enhance profitability

12.3%

Run rate ROAE

(12-14% target)

Maintain balance sheet strength

>400%

Life Fleet RBC Ratio

(>400% target)

Drive shareholder value

70%

Payout Ratio

(60-65% target)

Through varied markets...

Volatile equity and bond markets

S&P 500 (LHS) 10Y UST (RHS) VIX

...Corebridge consistently delivers

Robust Life Fleet RBC ratio1

Consistent cash generation2

($B)

480%

433%

(425-470% target)

389%

402%

(375-400% target)

447%

411%

428%

426%

(>400% target)

1.7

2.1

2.2

2.0

2.2

2.2

2.2

2.3

2017 2018 2019 2020 2021 2022 2023 2024

1Q24

Investments Reinsurance

Notable items

APTOI Operating ($M) EPS($)

78 0.10

(30) (0.04)

48 0.06

Alternative investments returns versus long-term return expectations

(135)

(0.17)

1Q25

Investments Reinsurance

Notable items

APTOI Operating ($M) EPS ($)

20 0.03

(12) (0.02)

8 0.01

Alternative investments returns versus long-term return expectations

(45)

(0.06)

Adjusted return on average equity

1Q24

1Q25

Operating EPS ($)

1Q24

1Q25

11.9%

11.9%
10.5%	1.3%

11.8%

1.03

1.10

1.10

0.13

1.16

-80 bps excluding VII & notable items

-2%

excluding VII & notable items

Adjusted pre-tax operating income1($M)

1Q24

1Q25

837

92

718

2

835

810

-10%

excluding VII & notable items

Excluding variable investment income (VII)

VII2

Core sources of income2,3($M)

Spread income1,2,3($M)

Fee income1($M)

Underwriting margin1,2,3($M)

+1%

excluding VII, notable items & international life business

1,847 1,886

1,794

1,812

2

92

33

-3%

excluding VII & notable items

+1% +12%

excluding VII, notable items & international life business

87

935

1,016

3

1,019 1,022

513 518

518

513

			5 341
	283 (1)

315 346

33

1Q24

1Q25

1Q24

1Q25

1Q24

1Q25

1Q24

1Q25

Base spread income1 Fee income Underwriting margin ex. VII

VII

International life business

Insurance company distributions ($M)

500

550

550

600

600

1Q24 2Q24 3Q24 4Q24 1Q25

Capital return by quarter1($M)

Capital and liquidity highlights

• Strong cash generation with $600 million distribution to holding company

• Returned $454 million of capital to shareholders, up 18% year over year

  • Represents 70% payout ratio

• $2.4 billion of holding company liquidity as of March 31, 2025;

  $1.4 billion cash on hand net of April 2025 debt maturity

  • Cash on hand exceeds next twelve months needs

• Increased holding company revolving credit facilities by

  $0.5 billion to a total of $3.0 billion

• No significant debt maturities until 2027

  321

133

129

133

139

143

515

243

436

200

398

1Q24 2Q24 3Q24 4Q24 1Q25

Quarterly dividend

Open market share buyback

Direct share buyback

Appendix

Sources of income ($M)

709

4

307

27

308

1,020 1,006

671

-%

excluding VII & notable items

First quarter highlights

• Sources of income down slightly year over year as Fed rate actions and our hedging activities reduced spread income by approximately $50 million, partially offset by business growth

• Premiums and deposits reflects another very good quarter as broad product suite serves retirement needs of customers as demand evolves

• General account net inflows of $1.1 billion demonstrate value of origination capabilities, product portfolio and distribution network

  1Q24 1Q25

  Base spread income Fee income VII
  
  

  Other key metrics 1Q24 Premiums and deposits ($M) 4,861		1Q25 4,701	Change -3%
  Fixed annuities	2,612	1,999	-23%
  Fixed index annuities and registered index-linked annuities	1,883	2,299	+22%
  Variable annuities	366	403	+10%
  Assets under management and administration ($B)	153	160	+5%
  General account	103	114	+11%
  Separate account	50	46	-7%

  Adjusted pre-tax operating income ($M)

  4

  554

  27

  -10%

  excluding VII & notable items

  527

618

622

1Q24

APTOI ex. VII VII

1Q25

Sources of income ($M)

		1		-6% excluding VII & notable items	24
	190				195
	199
					168

390 387

First quarter highlights

• Business continues to transition from spread to capital-light, fee-based revenue stream

  • Base spread income excluding notable items decreased 14% year over year given ongoing shift in customer base and resulting net outflows

  • Fee income increased 3% year over year driven by higher equity markets and growing advisory and brokerage business

• Premiums and deposits slightly lower year over year, but periodic deposits remain steady driven by sustained customer demand; launched RILA, generating approximately $50

  1Q24

  1Q25

  million of sales

  • Net outflows returned to levels observed in first half of 2024

  Base spread income Fee income VII
  
  

  Other key metrics 1Q24 Premiums and deposits ($M) 2,054		1Q25 1,824	Change -11%
  Excluding plan acquisitions	2,019	1,806	-11%
  Assets under management and administration ($B)	126	121	-4%
  In-plan	83	78	-6%
  Out-of-plan	28	27	-3%
  Advisory and brokerage	15	16	+5%

  Adjusted pre-tax operating income ($M)

  1

  -13%

  excluding VII & notable items

  171

199

24

200 195

1Q24

APTOI ex. VII VII

1Q25

-

297

325

4

265

+11%

excluding VII, notable items & int'l life

(1)

321

33

Sources of income ($M)

First quarter highlights

• Business remains a mainstay for Corebridge, providing stability during periods of market volatility

• Underwriting margin excluding VII, notable items and international life increased 11% year over year driven by more favorable mortality experience

• New business sales reflect strong product positioning and success of data-driven practices; 10th consecutive quarter where sales outpaced market1

  1Q24 1Q25

  Underwriting margin ex. VII & international life
  
  International life
  
  VII
  
  

  Adjusted pre-tax operating income ($M)

  4

  54

  +23%

  excluding VII, notable items & int'l life

  104

  61

  (1)

  (6)

  108

  Other key metrics2

  1Q24 1Q25 Change

  Premiums and deposits ($M) 854 856 -%

  1Q24

  
  
  APTOI ex. VII & international life
  
  VII
  
  

  1Q25

  New business sales3($M)	72	75	+4%
  Term / Traditional	47	49	+4%
  Universal life and other	25	26	+4%
  In force4($B)	998	999	-%
  Term / Traditional	872	872	-%
  Universal life and other	126	127	+1%

  International life
  
  

  Sources of income ($M)

  +2%

  excluding VII & notable items

  (2)

96

108

15

16

20

18

37

140

1Q24

168

1Q25

First quarter highlights

• Reserves increased 17% year over year largely driven by GIC issuances and PRT transactions

• Total sources of income excluding notable items increased 33% year over year supported by reserve growth

• Continue to grow GIC program as disciplined, consistent issuer

• Strong execution and continued demand for global PRT positions business for continued growth

  Base spread income

  Fee income Underwriting margin ex. VII VII
  
  

  Adjusted pre-tax operating income ($M)

  137

  Other key metrics

  1Q24 1Q25 Change

  112

  Premiums and deposits ($M) 2,586 1,942 -25%

  -1%

  excluding VII & notable items

  (2)

  114

37

Pension risk transfer 1,767 469 -73%

Pension risk transfer	19	21	+7%
Guaranteed investments contracts	10	15	+48%
Other	11	11	+5%

Guaranteed investments contracts 600 1,325 +121%

100	Other1	219	148	-32%
	Reserves ($B)2	40	47	+17%

1Q24

APTOI ex. VII VII

1Q25

3% 2%2% 4%

15%

35%

5%

$223.1B

1,2

9%

4%

4%

7%

10%

97%

Fixed income or short-term investments

95%

Fixed maturities rated investment grade

Government obligations Public corporate debt Private corporate debt RMBS

CMBS CLO ABS

Residential mortgage loans Commercial mortgage loans Other invested assets

Short-term investments All other

A

Average credit quality

• Liability driven investment strategy supported by disciplined asset-liability management process

• Diversified across asset class, sector, geography and issuer / borrower

• Portfolio defensively positioned in event of downturn in credit cycle

• Private securities contain negotiated, protective financial covenants

• Asset origination model enhances competitiveness while expanding capabilities and scale benefits

($ in millions, except per share data)

1Q25

Business segment	Notable items Investments All other		Alternative investments returns versus long-term return expectations	Total adjustments
Individual Retirement	10	-	(26)	(16)
Group Retirement	4	-	2	6
Life Insurance	2	-	(6)	(4)
Institutional Markets	4	-	(15)	(11)
Corporate and Other	-	(12)	-	(12)

$(0.05)

EPS impact $0.03 $(0.02) $(0.06)

1Q24

Business segment	Notable items Investments All other		Alternative investments returns versus long-term return expectations	Total adjustments
Individual Retirement	45	-	(46)	(1)
Group Retirement	8	-	(27)	(19)
Life Insurance	8	(30)	(11)	(33)
Institutional Markets	17	-	(51)	(34)
Corporate and Other	-	-	-	-

$(0.11)

EPS impact $0.10 $(0.04) $(0.17)

Modeling assumptions for 2025

Total company

Alternative investments returns Expect to be below long-term return assumption of 8-9%

Updated in 1Q25

Base portfolio income

Approximately 2 bps increase / decrease on average assets expected for every 25 bps increase / decrease in SOFR; impact of each rate action should largely earn in over two quarters given frequency of resets of floating rate positions

Fee income1Approximately $85M increase / decrease for every 10% immediate change in S&P 500 index

first quarter

General operating expenses Highest in first quarter, then trending lower and increasing again in fourth quarter; Rule of 65 impacts Effective tax rate Long-term assumption of 20-21% before discrete items

Individual Retirement

Maturity profile

Large blocks of fixed and fixed index annuities exiting surrender charge period in first, third and fourth quarters; positive flows expected in the general account

Deferred acquisition costs Higher run rate driven by growth and higher interest rates

Commissions Higher run rate driven by new business volume and equity market performance

Group Retirement

Withdrawals Seasonally higher in fourth quarter due to required minimum distributions

Life Insurance

Mortality Highest in first quarter, then trending lower and increasing again in fourth quarter

Corporate and Other

Interest expense Highest in first quarter due to pre-funding of upcoming debt maturities

Explanation of footnotes

1

This presentation refers to financial measures not calculated in accordance with generally accepted accounting principles (Non-GAAP). Definitions of Non-GAAP measures and reconciliations to their most directly comparable GAAP measures are included in the Appendix

Page 3

Page 5

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1. Excludes notable items and international life businesses

2. This presentation refers to certain key operating metrics and key terms. More information on key operating metrics and key terms are included in the Appendix

3. Percentage of adjusted after-tax operating income returned to shareholders; includes common stockholder dividends and share repurchases

1. 2018 RBC ratio impacted by passage of Tax Cuts and Jobs Act of 2017 (TCJA)

2. Includes normalized distributions to holding company

1

This presentation refers to financial measures not calculated in accordance with generally accepted accounting principles (Non-GAAP). Definitions of Non-GAAP measures and reconciliations to their most directly comparable GAAP measures are included in the Appendix

2 This presentation refers to certain key operating metrics and key terms. More information on key operating metrics and key terms are included in the Appendix

1 This presentation refers to certain key operating metrics and key terms. More information on key operating metrics and key terms are included in the Appendix

2 1Q24 includes notable items of $67M in spread income and ($19M) in underwriting margin

3 1Q25 includes notable items of $18M in spread income and $2 in underwriting margin

1 Dividends reflects payment date, not declaration date

1 Source: LIMRA's 4Q24 industry survey results, inclusive of term life, index universal life, universal life and whole life products

2 Excludes international life business

3

Continuous payment premium equivalent (CPPE) basis. Included periodic premiums from new business expected to be collected over a one year period and 10 percent of unscheduled and single premiums from new and existing policyholders

4 Includes direct and assumed business

1 Includes corporate and bank-owned life insurance, high net worth, structured settlements and stable value wraps

2 Pension risk transfer reserves at original discount rate, excluding deferred profit liability

1 GAAP carrying value

2

Insurance operating businesses. Excludes funds withheld assets, allowance for credit losses on mortgage loans, policy loans, consolidated investment entities as well as eliminations primarily between the consolidated investment entities and the insurance operating companies

1 Combination of fee income and advisory fee expense

Cautionary statement regarding forward-looking information, non-GAAP financial measures, key operating metrics and key terms

Certain statements in this presentation and other publicly available documents may include statements of historical or present fact, which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "expects," "believes," "anticipates," "intends," "seeks," "aims," "plans," "assumes," "estimates," "projects," "is optimistic," "targets," "should," "would," "could," "may," "will," "shall" or variations of such words are generally part of forward-looking statements. Also, forward-looking statements include, without limitation, all matters that are not historical facts. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Corebridge. There can be no assurance that future developments affecting Corebridge will be those anticipated by management. Any forward-looking statements included herein are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including those listed in the Appendix hereto.

Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law. You are advised, however, to consult any further disclosures we make on related subjects in our filings with the Securities and Exchange Commission ("SEC").

Important factors that could cause actual results to differ, possibly materially, from expectations or estimates

Any forward-looking statements included herein are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected or implied in such forward-looking statements, including, among others, risks related to:

• changes in interest rates and changes to credit spreads;

• the deterioration of economic conditions, including an increase in the likelihood of an economic slowdown or recession, changes in market conditions, trade disputes with other countries, including the effect of sanctions and trade restrictions, such as tariffs and trade barriers imposed by the U.S. government and any countermeasures by other governments in response to such tariffs, weakening in capital markets in the U.S and globally, volatility in equity markets, inflationary pressures, the rise of 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 Reinsurance Company Ltd. ("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 Insurer Financial Strength ("IFS") ratings or credit ratings;

Important factors that could cause actual results to differ, possibly materially, from expectations or estimates

(continued from prior page)

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

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

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

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

• 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 artificial intelligence ("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;

• 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 initial public offering ("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;

• challenges related to compliance with applicable laws incident to being a public company, which is expensive and time-consuming; and

• other factors discussed in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024, as well as our Quarterly Reports on Form 10-Q.

  Throughout this presentation, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are ''Non-GAAP financial measures'' under SEC rules and regulations. We believe presentation of these non-GAAP financial measures allows for a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. These measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with GAAP and should not be viewed as a substitute for GAAP measures. The non-GAAP financial measures we present may not be comparable to similarly named measures reported by other companies.

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

  APTOI excludes the impact of the following items:

  FORTITUDE RE RELATED ADJUSTMENTS:

  The modified coinsurance ("modco") reinsurance agreements with Fortitude Re transfer the economics of the invested assets supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the Fortitude Re funds withheld embedded derivative are also excluded from APTOI. The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not indicative of our ongoing business operations.

  INVESTMENT RELATED ADJUSTMENTS:

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

  MARKET RISK BENEFIT ADJUSTMENTS ("MRBs"):

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

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

  OTHER ADJUSTMENTS:

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

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

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

• separation costs;

• non-operating litigation reserves and settlements;

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

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

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

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

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

• deferred income tax valuation allowance releases and charges.

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

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

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

Net investment income (APTOI basis) is the sum of base portfolio income and variable investment income. We believe that presenting net investment income on an APTOI basis is useful for gaining an understanding of the main drivers of investment income.

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

Operating Earnings per Common Share ("Operating EPS") is derived by dividing AATOI by weighted average diluted shares.

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

Key operating metrics and key terms

Assets Under Management and Administration

• Assets Under Management ("AUM") include assets in the general and separate accounts of our subsidiaries that support liabilities and surplus related to our life and annuity insurance products.

• Assets Under Administration ("AUA") include Group Retirement mutual fund assets and other third-party assets that we sell or administer and the notional value of Stable Value Wrap ("SVW") contracts.

• Assets Under Management and Administration ("AUMA") is the cumulative amount of AUM and AUA.

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

  Base spread income means base portfolio income less interest credited to policyholder account balances, excluding the amortization of deferred sales inducement assets. Base yield means the returns from base portfolio income including accretion and impacts from holding cash and short-term investments.

  Core sources of income means the sum of base spread income, fee income and underwriting margin, excluding variable investment income, in our Individual Retirement, Group Retirement, Life Insurance and Institutional Markets segments.

  Key operating metrics and key terms

  (continued from prior page)

  Cost of funds means the interest credited to policyholders excluding the amortization of deferred sales inducement assets.

  Fee and Spread Income and Underwriting Margin

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

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

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

  Financial leverage ratio means the ratio of financial debt to the sum of financial debt plus Adjusted Book Value plus non-redeemable noncontrolling interests. Life Fleet RBC ratio

• Life Fleet means American General Life Insurance Company ("AGL"), The United States Life Insurance Company in the City of New York ("USL") and The Variable Annuity Life Insurance Company ("VALIC").

• Life Fleet RBC Ratio is the risk-based capital ("RBC") ratio for the Life Fleet. RBC ratios are quoted using the Company Action Level.

  Net Investment Income

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

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

Pre-tax income to adjusted pre-tax operating income & after-tax income to adjusted after-tax operating income

Three Months Ended March 31, 2025 2024

Pre-tax (in millions)		(Benefit) Charge	controlling Interests	After Tax	Pre-tax	(Benefit) Charge	controlling	After Tax
Pre-tax income (loss)/net income (loss), including noncontrolling interests	$ (862)	$ (205)	$ - $ (657)		$ 1,016	$ 189	$ - $ 827
Noncontrolling interests	-	-	(7) (7)		-	-	51 51
Pre-tax income (loss)/net income (loss) attributable to Corebridge	(862)	(205)	(7)	(664)	1,016	189	51	878
Fortitude Re related items
Net investment (income) on Fortitude Re funds withheld assets	(331)	(71)	-	(260)	(332)	(71)	-	(261)
Net realized (gains) losses on Fortitude Re funds withheld assets	(4)	(1)	-	(3)	164	35	-	129
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative	596	127	-	469	(22)	(5)	-	(17)
Subtotal Fortitude Re related items	261	55	-	206	(190)	(41)	-	(149)
Other reconciling Items
Reclassification of disproportionate tax effects from AOCI and other tax adjustments	-	21	-	(21)	-	26	-	(26)
Deferred income tax valuation allowance (releases) charges	-	(8)	-	8	-	(17)	-	17
Changes in fair value of market risk benefits, net	385	81	-	304	(369)	(77)	-	(292)
Changes in fair value of securities used to hedge guaranteed living benefits	(1)	-	-	(1)	1	-	-	1
Changes in benefit reserves related to net realized gains (losses)	31	7	-	24	(3)	(1)	-	(2)
Net realized (gains) losses(1)	905	190	-	715	222	47	-	175
Separation costs	-	-	-	-	67	14	-	53
Restructuring and other costs	97	20	-	77	47	10	-	37
Non-recurring costs related to regulatory or accounting changes	1	-	-	1	-	-	-	-
Net (gain) on divestiture	-	-	-	-	(5)	(1)	-	(4)
Noncontrolling interests	(7)	-	7	-	51	-	(51)	-
Subtotal Non-Fortitude Re reconciling items	1,411	311	7	1,107	11	1	(51)	(41)
Total adjustments	1,672	366	7	1,313	(179)	(40)	(51)	(190)
Adjusted pre-tax operating income/Adjusted after-tax operating income attributable to Corebridge	$ 810	$ 161	$ -	$ 649	$ 837	$ 149	$ -	$ 688

Total Tax

Non-

Total Tax

Non-Interests

(1) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication.

Adjusted pre-tax operating income by segment

Three Months Ended March 31, 2024

Three Months Ended March 31, 2025

(in millions) Individual Retirement Group Retirement Life Insurance Institutional Markets Corporate & Other Eliminations Total Corebridge

Premiums	$	27	$	4	$	340	$	500	$	18 $	-	$	889
Policy fees		198		108		364		50		-	-		720
Net investment income		1,486		485		336		589		16	(4)		2,908
Net realized gains (losses)(1)		-		-		-		-		13	-		13
Advisory fee and other income		110		87		1		1		7	-		206
Total adjusted revenues		1,821		684		1,041		1,140		54	(4)		4,736
Policyholder benefits		32		5		636		742		11	-		1,426
Interest credited to policyholder account balances		800		296		80		230		-	-		1,406
Amortization of deferred policy acquisition costs		164		22		85		4		-	-		275
Non-deferrable insurance commissions		106		30		14		5		1	-		156
Advisory fee expenses		37		33		-		-		-	-		70
General operating expenses		128		103		118		22		76	(1)		446
Interest expense		-		-		-		-		146	(6)		140
Total benefits and expenses		1,267		489		933		1,003		234	(7)		3,919
Noncontrolling interests		-		-		-		-		(7)	-		(7)
Adjusted pre-tax operating income (loss)	$	554	$	195	$	108	$	137	$	(187) $	3	$	810
Premiums	$	41	$	5	$	434	$	1,796	$	19 $	-	$	2,295
Policy fees		191		107		368		48		-	-		714
Net investment income		1,339		495		326		487		(10)	(8)		2,629
Net realized gains (losses)(1)		-		-		-		-		(8)	-		(8)
Advisory fee and other income		116		83		-		1		23	-		223
Total adjusted revenues		1,687		690		1,128		2,332		24	(8)		5,853
Policyholder benefits		36		3		748		2,023		-	-		2,810
Interest credited to policyholder account balances		639		298		83		169		-	-		1,189
Amortization of deferred policy acquisition costs		149		21		94		3		-	-		267
Non-deferrable insurance commissions		90		29		19		5		-	-		143
Advisory fee expenses		35		33		-		-		-	-		68
General operating expenses		116		106		130		20		86	-		458
Interest expense		-		-		-		-		137	(5)		132
Total benefits and expenses		1,065		490		1,074		2,220		223	(5)		5,067
Noncontrolling interests		-		-		-		-		51	-		51
Adjusted pre-tax operating income (loss)	$	622	$	200	$	54	$	112	$	(148) $	(3)	$	837

Three Months Ended March 31,

(in millions)	2025	2024
Individual Retirement Spread income	$ 698	$ 713
Fee income	308	307
Total Individual Retirement	1,006	1,020
Group Retirement Spread income	192	200
Fee income	195	190
Total Group Retirement	387	390
Life Insurance Underwriting margin	325	297
Total Life Insurance	325	297
Institutional Markets Spread income	132	106
Fee income	15	16
Underwriting margin	21	18
Total Institutional Markets	168	140
Total Spread income	1,022	1,019
Fee income	518	513
Underwriting margin	346	315
Total	$ 1,886	$ 1,847

Life Insurance

Three Months Ended March 31,

(in millions)	2025	2024
Premiums	$ 340	$ 434
Policy fees	364	368
Net investment income	336	326
Other income	1	-
Policyholder benefits	(636)	(748)
Interest credited to policyholder account balances	(80)	(83)
Underwriting margin	$ 325	$ 297

Premiums	$ 508	$ 1,805
Net investment income	551	449
Policyholder benefits	(725)	(2,006)
Interest credited to policyholder account balances	(202)	(142)
Spread income(1)	$ 132	$ 106
SVW fees	15	16
Fee income	$ 15	$ 16
Premiums	(8)	(9)
Policy fees (excluding SVW)	35	32
Net investment income	38	38
Other income	1	1
Policyholder benefits	(17)	(17)
Interest credited to policyholder account balances	(28)	(27)
Underwriting margin(2)	$ 21	$ 18

Institutional Markets

1. Represents spread income from Pension Risk Transfer, Guaranteed Investment Contracts and Structured Settlement products

2. Represents underwriting margin from Corporate Markets products, including corporate-and bank-owned life insurance private placement variable universal life insurance and private placement variable annuity 27

products

Operating earnings per share

Three Months Ended March 31,

(in millions, except per common share data)	2025	2024
GAAP Basis
Numerator for EPS
Net income (loss)	$ (657)	$ 827
Less: Net income (loss) attributable to noncontrolling interests	7	(51)
Net income (loss) attributable to Corebridge common shareholders	$ (664)	$ 878
Denominator for EPS Weighted average common shares outstanding - basic(1)	558.0	624.0
Dilutive common shares(2)	-	0.9
Weighted average common shares outstanding - diluted	558.0	624.9
Income per common share attributable to Corebridge common shareholders
Common stock - basic	$ (1.19)	$ 1.41
Common stock - diluted	$ (1.19)	$ 1.41
Operating Basis
Adjusted after-tax operating income attributable to Corebridge common shareholders	$ 649	$ 688
Weighted average common shares outstanding - diluted	559.4	624.9
Operating earnings per common share	$ 1.16	$ 1.10
Common Shares Outstanding
Common shares outstanding, beginning of period	561.5	621.7
Share repurchases	(10.0)	(9.5)
Newly issued shares	1.6	3.2
Common shares outstanding, end of period	553.1	615.4

1. Includes vested shares under our share-based employee compensation plans

2. Potential dilutive common shares include our share-based employee compensation plans 28

Adjusted return on average equity

Three Months Ended March 31,

(in millions, unless otherwise noted)	2025	2024
Actual or annualized net income (loss) attributable to Corebridge shareholders (a)	$ (2,656)	$ 3,512
Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b)	2,596	2,752
Average Corebridge Shareholders' equity (c)	11,721	11,671
Less: Average AOCI	(12,865)	(13,799)
Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets	(2,676)	(2,415)
Average Adjusted Book Value (d)	$ 21,910	$ 23,055
Return on Average Equity (a/c)	(22.7)%	30.1 %
Adjusted ROAE (b/d)	11.8 %	11.9 %

Net investment income (APTOI basis)

Three Months Ended March 31,

(in millions)							2025	2024
Net investment income (net income basis)							$ 3,189	$ 2,924
Net investment (income) on Fortitude Re funds withheld assets							(331)	(332)
Change in fair value of securities used to hedge guaranteed living benefits							(14)	(18)
Other adjustments							(8)	(6)
Derivative income recorded in net realized gains (losses)							72	61
Total adjustments							(281)	(295)
Net investment income (APTOI basis)							$ 2,908	$ 2,629
Normalized distributions
		Twelve Months Ended December 31,
(in millions)	2017	2018	2019	2020	2021	2022	2023	2024
Subsidiary dividends paid	$ 2,409	$ 2,488	$ 1,535	$ 540	$ 1,564	$ 1,821	$ 2,027	$ 2,200
Less: Non-recurring dividends	(890)	(1,113)	(400)	600	(295)	-	-	-
Tax sharing payments related to utilization of tax attributes	782	370	954	1026	902	401	0	0
Normalized distributions	$ 2,301	$ 1,745	$ 2,089	$ 2,166	$ 2,171	$ 2,222	$ 2,027	$ 2,200

Notable items and alternative investment returns versus long-term return expectations

Three Months Ended March 31,

(in millions)	2025	2024
Individual Retirement: Alternative investments returns versus long-term return expectations	$ (26)	$ (46)
Investments	10	45
Total adjustments	$ (16)	$ (1)
Group Retirement: Alternative investments returns versus long-term return expectations	$ 2	$ (27)
Investments	4	8
Total adjustments	$ 6	$ (19)
Life Insurance: Alternative investments returns versus long-term return expectations	$ (6)	$ (11)
Investments	2	8
Reinsurance	-	(30)
Total adjustments	$ (4)	$ (33)
Institutional Markets: Alternative investments returns versus long-term return expectations	$ (15)	$ (51)
Investments	4	17
Total adjustments	$ (11)	$ (34)
Total Corebridge:
Alternative investments returns versus long-term return expectations	(45)	(135)
Investments	20	78
Reinsurance	-	(30)
Corporate & other	(12)	-
Total adjustments	$ (37)	$ (87)