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Second Quarter 2026 Financial Results Presentation corebridge financial August 5 , 2026
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2 This presentation includes statements, 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, and any related oral statements, can be identified by the use of terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “projects,” “forecasts,” “intends,” “targets,” “plans,” “assumes,” “enable,” “estimates,” “anticipates,” “goals,” “guidance,” “formidable,” “preliminary,” “objective,” “continue,” “drive,” “improve,” “superior,” “robust,” “positioned,” “resilient,” “vision,” “potential,” “immediate,” “on track,” “progress”, “is optimistic,” and similar expressions or the negative of those expressions or verbs. We caution you that forward-looking statements are not guarantees of future performance or outcomes. Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, which may by their nature be inherently uncertain, and some of which may be outside our control. These statements include, but are not limited to, statements about the potential repurchases of shares of common stock, statements about the expected timing and completion of the proposed transaction between Corebridge Financial, Inc. (the “Company”) and Equitable Holdings, Inc. (“Equitable”) (the “Proposed Transaction”), the anticipated benefits of the Proposed Transaction, including estimated synergies and projected cost savings, and plans and expectations for the Company, Equitable or their new parent company after completion of the Proposed Transaction. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Key factors include, among others, the ability to repurchase shares (if the Company decides to do so) within the expected timing or at all; the ability to complete the Proposed Transaction on the timeframe or on the terms currently anticipated or at all, including due to a failure to obtain requisite stockholder, stock exchange, regulatory, governmental or other approvals; risks related to difficulties, inabilities or delays in integrating the parties’ businesses; the ability to realize the anticipated benefits of the Proposed Transaction, including estimated run-rate expense synergies and projected cost savings at the times, and to the extent, anticipated, as well as expected operating earnings and cashflow generation; the occurrence of any event, change or other circumstance that could give rise to the right of either or both parties to terminate the merger agreement; the potential impact of the announcement or consummation of the Proposed Transaction on the Company or Equitable’s stock price and on their respective business, contractual and operational relationships (including with regulatory bodies, employees, suppliers, clients and competitors); risks related to business disruptions from the Proposed Transaction that may harm the business or current plans and operations of either or both parties, including diversion of management time from ongoing business operations; the risk that the Proposed Transaction and its announcement could have an adverse effect on the ability of either or both parties to hire and retain key personnel; the parties’ ability to raise debt on favorable terms or at all; the outcome of any legal proceedings that may be instituted against the Company, Equitable, their new parent company or their respective directors; restrictions on the conduct of the Company and Equitable’s respective businesses prior to the closing of the Proposed Transaction and on each of their ability to pursue alternatives to the Proposed Transaction; the possibility that the Proposed Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, or unforeseen or unknown liabilities; the deterioration of economic conditions; geopolitical tensions; the potential impact of a downgrade in the Company or Equitable’s Insurer Financial Strength ratings or credit ratings or of the new parent company of the Company and Equitable following completion of the Proposed Transaction; other factors that may affect future results of the Company and Equitable; and management’s response to any of the aforementioned factors. 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. Such factors listed in the Appendix hereto is not exhaustive. You should carefully consider these factors and the other risks and uncertainties described in the “Risk Factors” section of the new parent company’s Registration Statement on Form S-4 and other documents filed or furnished by the Company and Equitable from time to time with the Securities and Exchange Commission (the “SEC”), including their Annual Reports on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. If any of these risks materialize or our assumptions prove incorrect, actual events and results could differ materially from those contained in the forward-looking statements. There may be additional risks that neither the Company nor Equitable presently know or that the Company and Equitable currently believe are immaterial that could also cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company and Equitable’s expectations, plans or forecasts of future events and views as of the date of this presentation. The Company and Equitable anticipate that subsequent events and developments will cause the Company and Equitable’s assessments to change. While the Company and Equitable may elect to update these forward-looking statements at some point in the future, the Company and Equitable specifically disclaim any obligation to do so, unless required by applicable law. Neither the Company nor Equitable gives any assurance that the Company, Equitable or their new parent company will achieve the results or other matters set forth in the forward-looking statements. This presentation and certain of the remarks made orally contain non-GAAP financial measures. Information regarding non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures is included in the Appendix of this presentation and in this period’s, earnings press release and in the quarterly financial supplement, which is available at Corebridge’s Investor Relations webpage (https:// investors.corebridgefinancial.com). Cautionary Statement Regarding Forward-Looking Information, Non-GAAP Financial Measures, Key Operating Metrics and Key Terms
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Winning with customers • Individual Retirement launched new product features in June to continually meet evolving customer needs • Implemented digital first solution with industry partners, digitizing internal replacements which reduced cycle times by 17% • Made material improvements in our Group Retirement Plan Sponsor NPS scores, increasing 19 points YoY Driving organic growth • Sales of $9.1B, underpinned by efficient capital allocation between our Individual Retirement and Institutional Markets businesses • Core sources of income up 5% YoY, from strong customer demand and business growth; on track to deliver base spread income as guided Enhancing our balance sheet • Life fleet RBC ratio above target • Holdco cash remains robust at $1.4B, with sufficient liquidity to fund the next 12-month needs Delivering resilient cashflows • Company cash generation in excess of $400M for 14 consecutive quarters • Returned $1.8B to shareholders YTD, with a normalized payout ratio1 of 84%; accelerated repurchases given attractive 1H share price Executing on our merger • Merger successfully approved by shareholders of both companies on July 30th • Established New Equitable organizational structure; integration focused on delivering expense and revenue synergies • Successfully cleared federal anti-trust reviews and continue to make progress with state regulators; on-track for closing by year-end $1.12 Operating EPS 8% YoY $412M Capital Return to Shareholders 7% YoY 11.4% Adjusted ROAE 150 bps YoY Second quarter highlights | Continued success on our strategic objectives Note: Rounding may apply. See Appendix for explanation of footnotes and key terms 3
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10.5 9.1 1.1 2.60.9 0.92.0 1.8 6.5 3.8 37.9 39.4 6.7 10.9 3.5 3.47.4 7.1 20.4 18.0 1. Total company PDOC excluding divested businesses (Int'l Life, VA) 2. Based on LIMRA data as of 1Q26 • Consistent top-line growth, reflecting increasing customer demand ◦ Top 5 total annuity provider for the past 10+ years2 ◦ Only insurer with top 10 sales ranking across all individual retirement annuity products • Efficiently allocated capital toward products with the highest risk- adjusted returns ◦ Strong return opportunities in Institutional Markets (IM) drove allocation shift, with 62% growth in last twelve months (LTM) IM sales YoY ◦ Well-positioned to expand the GIC portfolio; current book represents 5% of general account versus 10-15% for peers Note: Rounding may apply. See Appendix for explanation of footnotes and key terms ■ IM ■ Life ■ GR ■ IR Total Corebridge Sales1 ($B) 2Q262Q25 2Q26 LTM2Q25 LTM -13% p.a. +4% p.a. 4 Efficient capital allocation, driving steady, long-term growth
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Merger positions New Equitable to deliver better customer outcomes and drive shareholder value Focus on customer outcomes ü Over 10 million combined customers2 ü Differentiated presence across retail, institutional, and worksite channels ü Full suite of product solutions to address customer needs ü Investing to enhance customer experience ü Scale drives top-quartile expense ratio to support growth and profitability ü Distribution breadth results in lower cost of funds ü Differentiated asset sourcing capabilities ü Ability to attract and retain top talent ü Leading provider of life, retirement and institutional solutions ü Global asset manager with $1 trillion3 of pro forma AUM ü Holistic wealth management platform with >5,000 advisors2 and c. $325 billion of AUA4 ü 10%+ EPS and cash generation accretion5 ü 15%+ return on equity6 ü $30B+ Adjusted book value7 Leader in attractive and growing markets Clear right to win Deliver compelling financial outcomes1 5Note: Rounding may apply. See Appendix for explanation of footnotes and key terms
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Note: Rounding may apply. 842 664 649 636 193 6 Second quarter results 1.22 1.12 0.94 1.07 0.28 Adjusted return on average equity Adjusted pre-tax operating income ($M) Operating EPS ($) -2% excluding VII +14% excluding VII +90 bps excluding VII 12.9% 11.4% 10.0% 10.9% 2.9% 2Q25 APTOI ($M) Operating EPS ($) Notable items — — Alternative investments returns versus long- term return expectations 40 $0.06 2Q26 APTOI ($M) Operating EPS ($) Notable items — — Alternative investments returns versus long- term return expectations (135) $(0.23) Notable Items 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 ■ Excluding variable investment income ■ VII 0.5% 0.05 28
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357 344 350 345 282 325 282 325 Note: All numbers in ($M). Rounding may apply. 1,048 927 862 898 186 29 Diversified sources of income 2Q25 2Q26 Total sources of income +5% excluding VII 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 Spread income +4% excluding VII Fee income +15% 1,687 1,596 1,494 1,568 193 28 Underwriting margin -1% excluding VII 7 Notable items Fee Income: YoY increase benefitting from favorable market conditions Underwriting margin: favorable underwriting results, but less than 2Q25 BSI: primarily reflects growth in AUM and the underlying business 18 7 20 29 29 ■ Base spread income ■ Fee income ■ Underwriting margin ex. VII ■ VII -1 28
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600 1,320 1,290 925 475 600 585 545 648 475 735 745 277 Robust cash generation from diversified businesses support value creation 1Q262Q25 3Q25 4Q25 8 Insurance company distributions ($M) Holding company liquidity2 ($B)Capital return1 ($M) • $475M of dividends to the holding company while maintaining strong capital ratios • On track for $2.3B in insurance company distributions for 2026 442 509 1,224 1,364 412 131 128 119 114 112 311 381 1,105 1,250 300 1Q262Q25 3Q25 4Q25 1Q262Q25 3Q25 4Q25 1.3 1.8 2.3 1.7 1.4 • Capital return reflects an 84% YTD payout ratio, excluding VA reinsurance proceeds • Executed on $300M of share repurchases Note: Rounding may apply. See Appendix for explanation of footnotes and key terms 2Q26 2Q26 2Q26 • Holding company remain well funded, exceeding our next 12 months’ needs, including shareholder dividends ■ Quarterly dividend ■ Share repurchases■ Ordinary dividend ■ VA reinsurance related
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Appendix
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2Q25 2Q26 Change Premiums and deposits ($M) 6,487 3,822 -41% Fixed annuities 3,216 1,523 -53% Fixed index annuities 2,779 1,697 -39% Registered index-linked annuities 492 602 +22% Net Flows ($M) 3,257 67 -98% Assets under management and administration ($B) 112 122 +9% 780 754 630 645 76 89 74 Note: Rounding may apply. Second quarter highlights • Core sources of income grew 4% YoY across all sources ◦ Base spread income increased YoY and sequentially driven by growth in the underlying business and spread improvement ◦ Spreads increased 10 bps sequentially, driven by asset repositioning and the reduced impact from Fed rate cuts • Maintained pricing discipline with nearly $4B of sales and positive net flows even in a highly competitive market • Surrender rate declined from 11.5% last quarter to 10.9% due to lower FA surrenders 523 467 449 447 74 10 Individual Retirement Sources of income ($M) 2Q25 2Q26 Change Premiums and deposits ($M) 6,487 3,822 -41% Fixed annuities 3,216 1,523 -53% Registered index-linked annuities 492 602 22% Fixed index annuities 2,779 1,697 -39% Net Flows ($M) 3,257 67 -98% Assets under management and administration ($B) 112 122 +9% Other key metrics 20 Adjusted pre-tax operating income ($M) 20 +4% excluding VII —% excluding VII 10 $10.00 ■ Base spread income ■ Fee income ■ VII 2Q262Q25 ■ APTOI ex. VII ■ VII 2Q262Q25
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361 359 147 136 190 219 +5% excluding VII 182 151 158 147 24 Note: Rounding may apply. 11 Group Retirement 2Q25 2Q26 Change Premiums and deposits ($M) 1,976 1,769 -10% Assets under management and administration ($B) 126 132 +5% In-plan 82 83 +1% Out-of-plan 28 29 +4% Advisory and brokerage 17 20 +18% 4 24 4 4 Other key metricsAdjusted pre-tax operating income ($M) Sources of income ($M) VII Base spread income Fee income Notable Items APTOI ex. VII & notable items VII 4 Notable Items Second quarter highlights • Fee income increased 15% YoY and 6% sequentially, accounting for 61% of group retirement’s sources of income vs 53% in 2Q25 • Base spread income increased 4 bps sequentially, reflecting asset repositioning benefits • Net flows reflect $3.7B of large group surrenders in the quarter ◦ No large group surrenders are expected for the remainder of 2026 • Advisory and brokerage assets $19.9B, up 18% YoY ■ Notable items ■ VII ■ APTOI ex. VII & notable items -7% excluding VII ■ Base spread income ■ Fee income ■ VII 4 2Q262Q25 ■ APTOI ex. VII ■ VII 2Q262Q25
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2Q25 2Q26 Change Premiums and deposits ($M) 868 870 —% New business sales1 ($M) 78 91 +17% Traditional 54 64 +19% Universal life 24 27 +13% In force2 ($B) 998 995 —% Traditional 871 867 —% Universal life 127 127 —% 133 112 127 113 344 331 338 332 12 Life Insurance Adjusted pre-tax operating income ($M) Other key metrics Sources of income ($M) -2% excluding VII -11% excluding VII -1 Note: Rounding may apply. See Appendix for explanation of footnotes -1 6 ■ Underwriting margin ex. VII ■ VII ■ Base Underwriting ■ VII -1 -1 6 Second quarter highlights • Strong quarter with run rate APTOI of $122M, exceeding our 2Q-4Q quarterly guide of $110-120M • Underwriting income decreased 4% YoY, reflecting less favorable underwriting experience than the prior year quarter • Sales increased YoY and sequentially 2Q262Q25 ■ APTOI ex. VII ■ VII 2Q262Q25
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173 119 84 114 89 202 152 85 117 16 1712 1389 Fee income Adjusted pre-tax operating income ($M) 13 Institutional Markets Sources of income ($M) 2Q25 2Q26 Change Premiums and deposits ($M) 1,135 2,605 +130% Pension risk transfer / assumed reinsurance — 105 n/a Guaranteed investments contracts 1,024 1,848 +80% Other1 111 652 +487% Reserves2 ($B) 49 57 +17% Pension risk transfer / assumed reinsurance 21 24 +14% Guaranteed investments contracts 16 20 +26% Other 12 13 +10% Underwriting margin ex. VII VII Base spread income Other key metrics +30% excluding VII 36% excluding VII Note: Rounding may apply. See Appendix for explanation of footnotes Notable Items Second quarter highlights • Base spread income grew by 38% YoY, reflecting strong sales over the past four quarters and growth in the underlying business ◦ AUMA increased 12% YoY and 2% sequentially • Strong GIC sales of $1.8B, reflecting an intentional shift to allocate capital to higher risk-adjusted returns ◦ Continued expansion of Canadian FABN program • PRT / assumed reinsurance pipeline remains attractive, expect deals to be weighted towards 2H ■ Notable items ■ VII ■ Underwriting margin ex.VII ■ Fee income ■ Base spread income ■ Base spread income ■ Fee income ■ Underwriting margin ex. VII ■ VII 5 5 2Q262Q25 2Q262Q25 ■ APTOI ex. VII ■ VII
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4% 47% 7% 4% 4% 9% 5% 14% 3% 2% $239.6B 14 High-quality, well-diversified investment portfolio 1,2 Government obligations Corporate debt RMBS CMBS CLO ABS Residential mortgage loans Commercial mortgage loans Other invested assets Short-term investments All other • Liability driven investment strategy supported by disciplined asset-liability management process • Diversified across asset class, sector, geography and issuer / borrower • Private securities contain negotiated, protective financial covenants • Mortgage loans and structure products have diversified collateral pools and/or credit enhancements • Asset origination model enhances competitiveness while expanding capabilities and scale benefits 96% Fixed maturities rated investment grade A- Average credit quality 97% Fixed income or short- term investments Note: Rounding may apply. See Appendix for explanation of footnotes 1%
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Expansive multi-manager strategy provides proactive oversight with scale 15 Benefits from hybrid investment management model combining internal capabilities with world- class external partners "Manager of managers" approach designed to enhance competitiveness while expanding our capabilities and scalability World's largest alternative asset manager In-house expertise and origination World's largest asset manager $89B AUM1,2 $68B AUM1 $82B AUM1 Corebridge investment strategy and asset allocation • Oversight by experienced portfolio management, credit and manager-of-managers teams • All credit decisioning and approval of active portfolio management activity • Sets investment strategy, risk appetite, investment guidelines and asset allocation • Provides scale that allows for execution in the public markets • Provides complementary access to investment grade private assets • All investment opportunities reviewed and approved by Corebridge teams • Primarily liquid fixed income and certain private placements • Enhanced investment access at scale with expanded product offerings and direct origination capabilities • All investment opportunities reviewed and approved by Corebridge teams • Corebridge provides detailed investment guidelines and targets on each asset class • Primarily direct origination including private credit, structured credit and real estate loans • Deeply experienced private asset, real estate and private equity teams • Consistently strong origination capabilities within risk appetite • Overall portfolio optimized to meet strategic asset allocation and risk appetite • Primarily public and private credit, structured credit, real estate loans and alternative investments • Oversight by experienced portfolio management, credit and manager-of-managers teams • All credit decisioning and approval of active portfolio management activity • Sets investment strategy, risk appetite, investment guidelines and asset allocation Note: Rounding may apply. See Appendix for explanation of footnotes
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1H26 Transaction announced Integration Office established Level one of New Equitable leadership established Final proxy mailed 2H26 First three layers of leadership announced Shareholders approved the merger on July 30th Regulatory approvals Announcement of new Board of Directors Transaction closes by year-end 2026 1H27 Day 1 of "New Equitable" Q2 Investor Day $30B+ Adjusted book value; pro forma as of YE251 10%+ EPS and cash generation accretion pro forma YE28E2, 3 $5B+ Adj. operating earnings, YE27E run rate4 $25B+ Statutory Capital, pro forma as of YE255 15%+ Adj. return on equity, pro forma YE27E, 6 $4B+ Cash generation, pro forma YE272,3 Transaction benefits 16Note: Rounding may apply. See Appendix for explanation of footnotes and key terms Meaningful progress on our merger
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High quality, diversified investment portfolio • Diversified by asset class, industry sector, geography and issuer • Statutory statements include ~$25B of holdings relating to the Fortitude Re ModCo agreements • After adjusting for 144A bonds and Fortitude Re, the CRBG private debt portfolio is ~$50B which is 17.8% of CRBG's investment portfolio • 96% of the Corebridge fixed income portfolio is investment grade (excludes Fortitude) • Includes ~$2.2B of direct exposure to hyperscalers (i.e., Amazon, Microsoft, Google, etc.) • Primarily utilize the top 5 NRSRO (Moody's, S&P, Fitch, Kroll and DBRS) ◦ Private Letter Ratings account for 10% of the Corebridge portfolio ◦ Egan Jones rates a little over $1B of the portfolio • Key component of investment strategy that provides enhanced yield and diversification with strong covenant protection • High quality and diversified with a weighted average rating of BBB+ (91% IG) ◦ Only a small percentage is below investment grade ("BIG") ◦ BIG assets primarily made up of direct middle mkt. lending (avg. loan size ~$15M); are senior secured loans of portfolio companies backed by PE sponsors • Institutional buyers maintain an active secondary market for private placement assets • Includes ~$1.8B of BDC exposures • Direct middle market lending includes less than $300M software exposures 17 Public Bonds 144A Bonds Mortgage Loans Private Debt Fortitude Re ModCo Cash & OtherAlts & Equities 2Q'26 Investment Portfolio1 (Statutory basis2) $284B Private Corporate Debt Infrastructure Debt Private ABS Direct Middle Mkt. Lending $50B Private Debt 3.4% 3.2% Note: Rounding may apply. See Appendix for explanation of footnotes and key terms
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Our process embeds robust underwriting, execution and ongoing portfolio management Deep Credit Expertise Rigorous, Iterative Process Portfolio Management & Monitoring Focus on Long-Term, Resiliency • Private asset origination conducted by experienced internal and external teams • Robust governance framework that includes multiple levels of approvals • Review and challenge • We have an experienced internal workout team with a strong track record • Fundamentals-based, bottoms up underwriting including strict parameters for risk acceptance • Foundational to underwriting are risk mitigants, structural requirements, due diligence, deal terms, legal review and solid covenants • Review and/or re-underwrite private debt originated by external parties • Ongoing portfolio management and asset monitoring process has components for daily, weekly, monthly, quarterly and ongoing basis • Modeling of private assets • Process focuses on capital preservation and minimizing risk of loss as planned long term holdings • Underwrite through market cycles • Stress and sensitivity tests performed before and after purchase 18
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Corebridge Financial total investments – statutory basis Percentages calculated based on total general account portfolio plus non-insulated separate accounts. Carrying values are based on 2Q26 statutory statements. 19Note: Rounding may apply. See Appendix for explanation of footnotes (in billions) June 30, 2026 December 31, 2025 Public Bonds 84.8 29.8 % 84.8 29.9 % 144A Bonds 57.1 20.1 % 61.0 21.5 % Mortgage Loans 48.3 17.0 % 48.7 17.2 % Alternatives and Equities1 9.1 3.2 % 9.2 3.2 % Cash and Other 9.6 3.4 % 9.4 3.3 % Total excluding Private Debt 208.9 73.5 % 213.0 75.2 % Private Corporate Debt 27.0 9.5 % 23.4 8.3 % Infrastructure Debt 12.5 4.4 % 10.5 3.7 % Private ABS 7.6 2.7 % 7.7 2.7 % Direct Middle Market Lending 3.3 1.2 % 3.3 1.2 % Total Private Debt2 50.4 17.8 % 44.9 15.8 % Total excluding Fortitude Re ModCo 259.3 91.3 % 257.9 91.1 % Fortitude Re ModCo3 24.8 8.7 % 25.3 8.9 % Total including Fortitude 284.1 100.0 % 283.3 100.0 %
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Business segment Notable items Alternative investments returns versus long-term return expectations Total adjustments Investments All other Individual Retirement — — 12 12 Group Retirement — — (6) (6) Life Insurance — — 1 1 Institutional Markets — — 33 33 Corporate and Other — — EPS impact — — $0.06 $0.06 Business segment Notable items Alternative investments returns versus long-term return expectations Total adjustments Investments All other Individual Retirement — — (42) (42) Group Retirement — — (21) (21) Life Insurance — — (10) (10) Institutional Markets — — (62) (62) Corporate and Other — — — — EPS impact — — $(0.23) $(0.23) 20 2Q26 Notable items 2Q25 ($ in millions, except per share data) Note: Rounding may apply.
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Note: Rounding may apply. See Appendix for explanation of footnotes Modeling assumptions for 2026 Total company Alternative investments returns 2026 returns expected to be 1-2%, below our long-term return assumption of 8 - 9% Base spread income ~1 bps increase / decrease on average assets, or $20 - 25M, 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 income1 Approximately $50M increase / decrease for every 10% immediate change in S&P 500 index General operating expenses Highest in first quarter, then trending lower and increasing again in fourth quarter as Rule of 65 impacts first quarter; 2026 expenses expect to be 4 - 5% or ~$60M higher than 2025 Preferred dividends Semi-annual dividend payments in 2Q $(18)M and 4Q $(17)M, not tax effected Share repurchases Remain committed to our 60 - 65% payout ratio target Effective tax rate Long-term assumption of 20 - 21% before discrete items Individual Retirement Base spreads / income Base spread income is expected to be ~$2.55B in 2026 given current assumptions2; base spreads are expected to level off by the end of 2026 Net flows Positive net flows expected with incremental FIA business exiting surrender charge period Deferred acquisition costs $3 - 5M quarterly increase driven by strong business growth Non-deferrable insurance commissions Higher run rate driven by strong historical growth Group Retirement Withdrawals Seasonally higher in fourth quarter due to required minimum distributions Surrenders No large surrenders expected in 2H26 Fee income Seasonally higher in 3Q and 4Q driven by number of days in the quarter Life Insurance APTOI expected $110 - 120M per quarter, except 1Q which reflects higher expected mortality of $15 - 20M Corporate and Other APTOI expected to be ~$(700)M, given non-repeat of favorable one-time items in 2025 21
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Page 3 1 Percentage of adjusted after-tax operating income returned to shareholders, excluding the proceeds from the individual Variable Annuities reinsurance transaction; includes common stockholder dividends and share repurchases Page 4 1 Total company sales excluding the divested individual Variable Annuities business 2 Based on LIMRA data as of 1Q26 Page 5 1 Pro forma for the Merger 2 Combined as of 12/31/2025 with no transaction related adjustments 3 Reflects AllianceBernstein AUM as of 12/31/2025 with incremental Corebridge AUM of $100B to be allocated over time 4 Pro forma AUA and Advisors including Equitable Advisors, Corebridge Wealth Business and AllianceBernstein Private Wealth as of 6/30/2026 5 By end of 2028. Presented on a run rate basis i.e., includes expense synergies as outlined; excludes impact of purchase accounting; pro forma free cash flow generation reflects annual cash flow generated from insurance dividends and non-insurance operations; based on stated guidance and consensus estimates for both companies plus run rate synergies 6 By end of 2027; reflects estimated pro forma adjusted ROAE with Corebridge as accounting acquiror 7 Reflects Corebridge’s adjusted book value as of 12/31/2025 plus estimated equity issuance in connection with all stock merger Page 8 1 Dividends reflect payment date, not declaration date 2 Excludes $3 billion of liquidity available under revolving credit facilities Page 12 1 Continuous payment premium equivalent (CPPE) basis; includes 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 2 Includes direct and assumed business Page 13 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 22 Explanation of footnotes
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23 Explanation of footnotes Page 14 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 Page 15 1 GAAP carrying value as of 6/30/2026. Insurance operating businesses. Excludes funds withheld assets, allowance for credit loss on mortgage loans, policy loans, consolidated investment entities as well as eliminations primarily between the consolidated investment entities and the insurance operating companies. Asset classifications based on management group 2 Includes bank managed assets and cash Page 16 1 Reflects Corebridge’s adjusted book value as of 12/31/2025 plus estimated equity issuance in connection with all stock merger 2 Presented on a run rate basis i.e., includes expense synergies as outlined; excludes impact of purchase accounting 3 Pro forma free cash flow generation reflects annual cash flow generated from insurance dividends and non-insurance operations; based on stated guidance and consensus estimates for both companies plus run rate synergies 4 Reflects combined adjusted after-tax earnings based on consensus estimates plus run-rate synergies, excluding transaction adjustments 5 Includes Equitable and Corebridge total adjusted stat capital as of 12/31/2025 6 Reflects estimated pro forma adjusted ROAE with Corebridge as accounting acquiror Page 17 1 Investment portfolio consists of the general account and non-insulated separate accounts of American General Life Insurance Company, United States Life Insurance Company in the City of New York, Variable Annuity Life Insurance Company and AGC Life Insurance Company; these assets are based upon the carrying value recorded in the statutory statements 2 Includes both statutory general account and non-insulated separate account assets; non-insulated separate accounts of $36B includes $5.2B of private debt as of 6/30/2026 Page 19 1 2Q26 Alternatives and Equities numbers include a $412M investment in subsidiary 2 Changed our private debt asset classification methodology to align across asset managers in 1Q26 3 Fortitude Re ModCo includes $5.7B of private debt as of 6/30/2026 Page 21 1 Combination of fee income and advisory fee expenses 2 Assumes the earn-in of the remaining Fed rate cuts from 2025, two additional 25 bps Fed rate cuts in 2026, current net flows projections and investment plans (continued from prior page)
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24 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, an economic slowdown or recession, changes in market conditions, weakening in capital markets, volatility in equity markets, inflationary pressures, the rise of 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 Insurer Financial Strength (“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 ISG-I Advisors LLC or any affiliates thereof (“Blackstone”), 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; • 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;
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25 Important factors that could cause actual results to differ, possibly materially, from expectations or estimates (continued from prior page) • 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 Nippon Life Insurance Company, a mutual company organized under the laws of Japan (“Nippon”) and Blackstone and conflicts of interests arising due to such relationships; • the indemnification obligations we have to American International Group, Inc. (“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; 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, 2025, as well as our Quarterly Reports on Form 10-Q.
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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 GMWBs and/or GMDBs which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs are excluded from APTOI. MRBs related to the variable annuity business subject to the reinsurance agreements with Corporate Solutions Life Reinsurance Company (“CSLR”) are reported in the “Businesses exited through reinsurance” line item. 26 Use of non-GAAP financial measures
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27 Use of non-GAAP financial measures (continued from prior page) BUSINESSES EXITED THROUGH REINSURANCE: Represents the results of businesses that have been or will be economically exited through reinsurance. This includes MRBs, along with changes in the fair value of derivatives used to hedge MRBs which are recorded through “Change in the fair value of MRBs, net.” The results of operations from these businesses have been excluded from APTOI as they are not indicative of our ongoing business operations. OTHER ADJUSTMENTS: Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable: • restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization; • non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles; • separation costs; • non-operating litigation reserves and settlements; • loss (gain) on extinguishment of debt, if any; • losses from the impairment of goodwill, if any; and • income and loss from divested or run-off business, if any. Adjusted After-tax Operating Income Available to Corebridge Common Shareholders (“Adjusted After-tax Operating Income” or “AATOI”) is derived by excluding the tax effected APTOI adjustments described above and preferred stock dividends, as well as the following tax items from net income attributable to us: • reclassifications of disproportionate tax effects from AOCI, changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance; and • deferred income tax valuation allowance releases and charges. Adjusted Book Value Available to Corebridge Common Shareholders is derived by excluding preferred stock as well as AOCI, adjusted for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re.
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28 Use of non-GAAP financial measures (continued from prior page) Adjusted Return on Average Equity Available to Common Shareholders (“Adjusted ROAE”) is derived by dividing AATOI by average Adjusted Book Value available to Common Shareholders and is used by management to evaluate our recurring profitability and evaluate trends in our business. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re. Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments, revenues from businesses exited through reinsurance, and income from non-operating litigation settlements (included in Other income for GAAP purposes). 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. 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. Run Rate Earnings per Common Share (“Run Rate EPS”) is derived by adjusting Operating EPS for pre-tax notable items, Alternative investments returns at long-term return expectations, both adjusted for the Federal statutory long-term tax rate of 21%, and any tax-only notable items.
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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. 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, excluding the amortization of deferred sales inducement assets. Spread income is comprised of both base spread income and variable investment income. For our Institutional Markets segment, its structured settlements, PRT and GIC products generate spread income, which includes premiums, net investment income, less interest credited and policyholder benefits and excludes the annual assumption update. • Underwriting margin for our Life Insurance segment includes premiums, policy fees, other income and net investment income, less interest credited to policyholder account balances and policyholder benefits, and excludes the annual assumption update. For our Institutional Markets segment, its Corporate Markets products generate underwriting margin, which includes premiums, net investment income, policy and advisory fee income, less interest credited and policyholder benefits and excludes the annual assumption update. Financial leverage ratio means the ratio of financial debt to the sum of (i) financial debt (ii) Adjusted Book Value available to Common Shareholders (iii) preferred stock and (iv) non-redeemable noncontrolling interests. 29 Key operating metrics and key terms
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30 Key operating metrics and key terms (continued from prior page) 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 on bonds, commercial mortgage loan prepayments, changes in market value of investments accounted for under the fair value option, interest received on defaulted investments (other than foreclosed real estate), income from alternative investments and other miscellaneous investment income, including income on certain partnership entities that are required to be consolidated. Alternative investments include private equity and real estate equity funds which are generally reported on a one-quarter lag.
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31 Three Months Ended June 30, 2026 2025 (in millions) Pre-tax Total Tax (Benefit) Charge Non- controlling Interests/ Preferred stock dividends After Tax Pre-tax Total Tax (Benefit) Charge Non- controlling Interests/ Preferred stock dividends After Tax Pre-tax income (loss)/net income (loss), including noncontrolling interests $ 52 $ 50 $ — $ 2 $ (608) $ 60 $ — $ (668) Noncontrolling interests — — — — — — 8 8 Preferred stock dividends — — (18) (18) — — — — Pre-tax income (loss)/net income (loss) available to Corebridge common shareholders 52 50 (18) (16) (608) 60 8 (660) Fortitude Re related items Net investment (income) on Fortitude Re funds withheld assets (233) (51) — (182) (343) (73) — (270) Net realized losses on Fortitude Re funds withheld assets 25 6 — 19 30 7 — 23 Net realized losses on Fortitude Re funds withheld embedded derivative 316 68 — 248 251 53 — 198 Subtotal Fortitude Re related items 108 23 — 85 (62) (13) — (49) Other reconciling Items Reclassification of disproportionate tax effects from AOCI and other tax adjustments — 15 — (15) — (6) — 6 Deferred income tax valuation allowance (releases) charges — (60) — 60 — (186) — 186 Changes in fair value of market risk benefits, net 24 5 — 19 (44) (9) — (35) Changes in benefit reserves related to net realized (losses) (1) — — (1) (4) (1) — (3) Net realized (gains) losses(1) 301 63 — 238 1,758 369 — 1,389 Restructuring and other costs 62 13 — 49 129 28 — 101 Non-recurring costs related to regulatory or accounting changes — — — — 1 — — 1 Businesses exited through reinsurance 118 25 — 93 (336) (72) — (264) Noncontrolling interests — — — — 8 — (8) — Subtotal Other non-Fortitude Re reconciling items 504 61 — 443 1,512 123 (8) 1,381 Total adjustments 612 84 — 528 1,450 110 (8) 1,332 Adjusted pre-tax operating income (loss)/Adjusted after-tax operating income (loss) available to Corebridge common shareholders $ 664 $ 134 $ (18) $ 512 $ 842 $ 170 $ — $ 672 (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. Additionally, gains (losses) related to the disposition of real estate investments are also excluded from this adjustment Non-GAAP reconciliations and other financial disclosures Pre-tax income to adjusted pre-tax operating income & after-tax income to adjusted after-tax operating income
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32 Adjusted pre-tax operating income by segment (1) Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments (in millions) Individual Retirement Group Retirement Life Insurance Institutional Markets Corporate & Other Total Corebridge Premiums $ 26 $ 4 $ 382 $ 129 $ — $ 541 Policy fees 89 116 356 51 — 612 Net investment income 1,604 438 324 679 (14) 3,031 Net realized gains (losses)(1) — — — — — — Advisory fee and other income — 103 — — 9 112 Total adjusted revenues 1,719 661 1,062 859 (5) 4,296 Policyholder benefits 32 7 652 432 — 1,123 Interest credited to policyholder account balances 946 302 79 275 (1) 1,601 Amortization of deferred policy acquisition costs 131 28 83 6 — 248 Non-deferrable insurance commissions 50 31 14 5 1 101 Advisory fee expenses 6 39 — — — 45 General operating expenses 87 103 122 22 56 390 Interest expense — — — — 124 124 Total benefits and expenses 1,252 510 950 740 180 3,632 Adjusted pre-tax operating income (loss) $ 467 $ 151 $ 112 $ 119 $ (185) $ 664 Premiums $ 31 $ — $ 377 $ 25 $ — $ 433 Policy fees 76 105 366 51 — 598 Net investment income 1,519 469 335 654 7 2,984 Net realized gains (losses)(1) — — — — (11) (11) Advisory fee and other income — 85 — 1 6 92 Total adjusted revenues 1,626 659 1,078 731 2 4,096 Policyholder benefits 36 2 650 286 — 974 Interest credited to policyholder account balances 824 301 84 243 — 1,452 Amortization of deferred policy acquisition costs 112 21 84 4 — 221 Non-deferrable insurance commissions 41 30 15 5 — 91 Advisory fee expenses 3 30 1 — — 34 General operating expenses 87 93 111 20 50 361 Interest expense — — — — 129 129 Total benefits and expenses 1,103 477 945 558 179 3,262 Noncontrolling interests — — — — 8 8 Adjusted pre-tax operating income (loss) $ 523 $ 182 $ 133 $ 173 $ (169) $ 842 Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Non-GAAP reconciliations and other financial disclosures
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33 Three Months Ended June 30, (in millions) 2026 2025 Individual Retirement Spread income $ 665 $ 704 Fee income 89 76 Total Individual Retirement 754 780 Group Retirement Spread income 140 171 Fee income 219 190 Total Group Retirement 359 361 Life Insurance Underwriting margin 331 344 Total Life Insurance 331 344 Institutional Markets Spread income 122 173 Fee income 17 16 Underwriting margin 13 13 Total Institutional Markets 152 202 Total Spread income 927 1,048 Fee income 325 282 Underwriting margin 344 357 Total $ 1,596 $ 1,687 Non-GAAP reconciliations and other financial disclosures Sources of income
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34 (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 products Life Insurance Three Months Ended June 30, (in millions) 2026 2025 Premiums $ 382 $ 377 Policy fees 356 366 Net investment income 324 335 Policyholder benefits (652) (650) Interest credited to policyholder account balances (79) (84) Underwriting margin $ 331 $ 344 Premiums $ 138 $ 34 Net investment income 644 617 Policyholder benefits (413) (262) Interest credited to policyholder account balances (247) (216) Spread income(1) $ 122 $ 173 SVW fees 17 16 Fee income $ 17 $ 16 Premiums (9) (9) Policy fees (excluding SVW) 34 35 Net investment income 35 37 Other income — 1 Policyholder benefits (19) (24) Interest credited to policyholder account balances (28) (27) Underwriting margin(2) $ 13 $ 13 Non-GAAP reconciliations and other financial disclosures Sources of income Institutional Markets
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35 (1) Includes vested shares under our share-based employee compensation plans (2) Potential dilutive common shares include our share-based employee compensation plans Three Months Ended June 30, (in millions, except per common share data) 2026 2025 GAAP Basis Numerator for EPS Net income (loss) $ 2 $ (668) Less: Net income (loss) attributable to noncontrolling interests — (8) Net income (loss) attributable to Corebridge $ 2 $ (660) Less: Preferred stock dividends 18 — Net income (loss) available to Corebridge common shareholders $ (16) $ (660) Denominator for EPS Weighted average common shares outstanding - basic(1) 454.2 550.3 Weighted average common shares outstanding - diluted 454.2 550.3 Income per common share attributable to Corebridge common shareholders Common stock - basic $ (0.04) $ (1.20) Common stock - diluted $ (0.04) $ (1.20) Operating Basis Adjusted after-tax operating income available to Corebridge common shareholders $ 512 $ 672 Weighted average common shares outstanding - diluted 454.7 551.3 Operating earnings per common share $ 1.12 $ 1.22 Common Shares Outstanding Common shares outstanding, beginning of period 456.7 553.1 Share repurchases (10.9) (9.9) Common shares outstanding, end of period 445.8 543.2 Non-GAAP reconciliations and other financial disclosures Operating earnings per share
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36 Three Months Ended June 30, (in millions, unless otherwise noted) 2026 2025 Actual or annualized net income (loss) available to Corebridge common shareholders (a) $ (64) $ (2,640) Actual or annualized adjusted after-tax operating income available to Corebridge common shareholders (b) 2,048 2,688 Average Corebridge Shareholders’ equity 10,728 12,141 Less: Average preferred stock 493 — Total Average equity available to Corebridge common shareholders (c) 10,235 12,141 Less: Average AOCI (10,298) (11,341) Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (2,568) (2,570) Average Adjusted Book Value (d) $ 17,965 $ 20,912 Return on Average Equity (a/c) (0.6) % (21.7) % Adjusted ROAE (b/d) 11.4 % 12.9 % Net investment income (APTOI basis) Three Months Ended June 30, (in millions) 2026 2025 Net investment income (net income basis) $ 3,190 $ 3,338 Net investment (income) on Fortitude Re funds withheld assets (233) (343) Net investment (income) related to businesses exited through reinsurance (8) (80) Other adjustments (7) (8) Derivative income recorded in net realized gains (losses) 89 77 Total adjustments (159) (354) Net investment income (APTOI basis) $ 3,031 $ 2,984 Non-GAAP reconciliations and other financial disclosures Adjusted return on average equity
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(1) Other principally consists of ceded premiums, in order to reflect gross premiums and deposits (2) Includes premiums and deposits related to in-plan mutual funds of $781 million and $842 million for the three months ended June 30, 2026 and June 30, 2025, respectively (3) Excludes client deposits into advisory and brokerage accounts of $935 million and $744 million for the three months ended June 30, 2026 and June 30, 2025, respectively Three Months Ended June 30, (in millions) 2026 2025 Individual Retirement Premiums $ 26 $ 31 Deposits 3,799 6,457 Other(1) (3) (1) Premiums and deposits $ 3,822 $ 6,487 Group Retirement Premiums $ 4 $ — Deposits 1,765 1,976 Premiums and deposits(2)(3) $ 1,769 $ 1,976 Life Insurance Premiums $ 382 $ 377 Deposits 391 393 Other(1) 97 98 Premiums and deposits $ 870 $ 868 Institutional Markets Premiums $ 129 $ 25 Deposits 2,455 1,102 Other(1) 21 8 Premiums and deposits $ 2,605 $ 1,135 Total Premiums $ 541 $ 433 Deposits 8,410 9,928 Other(1) 115 105 Premiums and deposits $ 9,066 $ 10,466 37 Non-GAAP reconciliations and other financial disclosures Premiums and deposits