$CRBG

Corebridge Financial, Inc.

CIK:0001889539|SEC Filings

Corebridge Financial, Inc. Condensed Consolidated Statements of Income (Loss) (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Premiums	$ 542	$ 446	$ 929	$ 1,317
Policy fees	624	721	1,234	1,441
Net investment income:	3,190	3,338	6,387	6,527
Net realized losses:
Total net realized losses	(554)	(1,975)	(890)	(3,389)
Advisory fee income	87	121	170	246
Other income	25	75	48	156
Total revenues	3,914	2,726	7,878	6,298
Benefits and expenses:
Policyholder benefits (includes remeasurement (gains) losses of $69 and $59 for the three months ended June 30, 2026 and 2025, and $146 and $205, for the six months ended June 30, 2026 and 2025, respectively)	1,120	982	2,094	2,439
Change in the fair value of market risk benefits, net	180	(279)	558	106
Interest credited to policyholder account balances	1,570	1,486	3,095	2,903
Amortization of deferred policy acquisition costs and value of business acquired	248	275	493	550
Non-deferrable insurance commissions	102	152	206	308
Advisory fee expenses	45	64	89	134
General operating expenses	466	517	934	1,043
Interest expense	131	137	262	285
Net (gain) on divestitures	0	0	(2)	0
Total benefits and expenses	3,862	3,334	7,729	7,768
Income (loss) before income tax expense (benefit)	52	(608)	149	(1,470)
Income tax expense (benefit)	50	60	208	(145)
Net income (loss)	2	(668)	(59)	(1,325)
Less: Net loss attributable to noncontrolling interests	0	(8)	(8)	(1)
Net income (loss) attributable to Corebridge	2	(660)	(51)	(1,324)
Less: Preferred stock dividends	18	0	18	0
Net loss available to Corebridge common shareholders	$ (16)	$ (660)	$ (69)	$ (1,324)
Income (loss) per common share available to Corebridge common shareholders:
Common stock - basic (in dollars per share)	$ (0.04)	$ (1.20)	$ (0.15)	$ (2.39)
Common stock - diluted (in dollars per share)	$ (0.04)	$ (1.20)	$ (0.15)	$ (2.39)
Weighted average shares outstanding:
Common stock - basic (in shares)	454.2	550.3	463.8	554.1
Common stock - diluted (in shares)	454.2	550.3	463.8	554.1
Excluding Fortitude Re Funds Withheld Assets
Revenues:
Net investment income:	$ 2,957	$ 2,995	$ 5,894	$ 5,853
Net realized losses:
Total net realized losses	(213)	(1,694)	(542)	(2,516)
Net realized gains (losses) on Fortitude Re funds withheld assets
Revenues:
Net investment income:	233	343	493	674
Net realized losses:
Total net realized losses	(25)	(30)	(46)	(26)
Net realized losses on Fortitude Re funds withheld embedded derivatives
Net realized losses:
Total net realized losses	$ (316)	$ (251)	$ (302)	$ (847)

Corebridge Financial, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash flows from operating activities:

Net income (loss)

$ (59)

$ (1,325)

Non-cash revenues, expenses, gains and losses included in income (loss):

Net losses (gains) on sales of securities available-for-sale and other assets

325

925

Net (gain) loss on divestitures

(2)

Unrealized (gains) losses in earnings - net

104

1,002

Change in the fair value of market risk benefits in earnings, net

534

417

Equity in income from equity method investments, net of dividends or distributions

Depreciation and other amortization

338

183

Impairments of assets

Changes in operating assets and liabilities:

Insurance liabilities

(397)

Premiums and other receivables and payables - net

144

Funds held relating to Fortitude Re Reinsurance contracts

(682)

(472)

Reinsurance assets and funds held under reinsurance treaties

250

613

Capitalization of deferred policy acquisition costs

(608)

(692)

Current and deferred income taxes - net

195

(354)

Other, net

(95)

(413)

Total adjustments

1,441

Net cash provided (used in) by operating activities

(53)

116

Sales or distributions of:

Available-for-sale securities

5,553

6,897

Other securities

2,129

731

Other invested assets

1,095

767

Divestitures, net

Maturities of fixed maturity securities available-for-sale

8,968

8,415

Principal payments received on mortgage and other loans receivable

3,497

3,708

Purchases of:

Available-for-sale securities

(16,457)

(20,356)

Other securities

(2,125)

(1,582)

Other invested assets

(2,030)

(489)

Mortgage and other loans receivable

(3,155)

(4,395)

Net change in short-term investments

1,085

1,359

Net change in derivative assets and liabilities

452

(1,525)

Other, net

(75)

Net cash (used in) investing activities

(968)

(6,545)

Proceeds from (payments for):

Policyholder contract deposits

18,454

20,233

Policyholder contract withdrawals

(14,806)

(12,453)

Repayments of short-term debt

(1,000)

Dividends paid on common stock

(226)

(264)

Dividends paid on preferred stock

(18)

Distributions to noncontrolling interests

(32)

Contributions from noncontrolling interests

Net change in securities lending and repurchase agreements

(934)

(5)

Repurchase of common stock

(1,550)

(632)

Other, net

^[1]

Net cash provided by (used in) financing activities

926

5,902

Effect of exchange rate changes on cash and restricted cash

(1)

Net increase (decrease) in cash and restricted cash

(95)

(528)

Cash and restricted cash at beginning of year

453

824

Cash and restricted cash at end of period

358

296

Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:

Cash

353

^[2]

290

Restricted cash included in short-term investments

Restricted cash included in other assets

Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows

358

296

Cash (received) paid during the period for:

Interest

268

300

Taxes

209

Non-cash investing activities:

Fixed maturity securities, designated available-for-sale, transferred in connection with reinsurance transactions

194

Non-cash financing activities:

Interest credited to policyholder contract deposits included in financing activities

3,118

3,068

Fee income debited to policyholder contract deposits included in financing activities

(1,473)

(1,464)

Non-cash capital contributions

Consolidated VIE

Proceeds from (payments for):

Issuance of debt of consolidated investment entities

Maturities and repayments of debt of consolidated investment entities

(113)

$ (105)

Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:

Cash

$ 36

[1]	2026 includes an inflow of $4 million of cash related to the individual variable annuity business reinsured to Corporate Solutions Life Reinsurance Company.
[2]	See Note 8 for details of balances associated with variable interest entities