Slide 1: Second Quarter 2026 Financial Results Presentation
Second Quarter 2026 Financial Results Presentation August 5, 2026
Slide 2: Cautionary Statement Regarding Forward-Looking Information, Non-GAAP Financial Measures, Key Operating Metrics and Key Terms
Cautionary Statement Regarding Forward-Looking Information, Non-GAAP Financial Measures, Key Operating Metrics and Key Terms This presentation includes statements, which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” within the meaning o
Slide 3: Second quarter highlights
Second quarter highlights | Continued success on our strategic objectives 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 whi
Slide 4: Efficient capital allocation, driving steady, long-term growth
Efficient capital allocation, driving steady, long-term growth Total Corebridge Sales1 ($B) • Consistent top-line growth, reflecting increasing customer demand +4% p.a. ◦ Top 5 total annuity provider for the past 10+ years2 39.4 37.9 ◦ Only insurer with top 10 sales ranking across all individual ret
Slide 5: Merger positions New Equitable to deliver better customer outcomes and drive shareholder value
Merger positions New Equitable to deliver better customer outcomes and drive shareholder value Focus on customer Leader in attractive Deliver compelling Clear right to win outcomes and growing markets financial outcomes1 ü Over 10 million combined ü Leading provider of life, ü Scale drives top-quart
Slide 6: Second quarter results
Second quarter results Adjusted return on average equity 2Q25 2Q25 10.0% 2.9% 12.9% APTOI Operating +90 bps ($M) EPS ($) excluding VII 2Q26 10.9% 0.5% 11.4% Notable items — — Alternative investments returns versus long- 40 $0.06 term return expectations Operating EPS ($) 2Q25 0.94 0.28 1.22 +14% exc
Slide 7: Diversified sources of income
Diversified sources of income Total sources of income Spread income Fee income Underwriting margin +5% +4% +15% -1% excluding VII excluding VII excluding VII 1,687 1,596 1,048 193 28 28 927 186 29 29 325 357 344 282 7 862 898 1,568 325 350 345 1,494 282 -1 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 BSI: primaril
Slide 8: Robust cash generation from diversified businesses support value creation
Robust cash generation from diversified businesses support value creation Insurance company distributions ($M) Capital return1 ($M) Holding company liquidity2 ($B) 1,320 1,364 1,290 1,224 925 735 745 277 600 1,250 1,105 475 509 2.3 442 412 1.8 1.7 1.3 1.4 600 585 648 311 381 545 475 300 131 128 119
Slide 9: Appendix
Appendix
Slide 10: Individual Retirement
Individual Retirement Sources of income ($M) Second quarter highlights • Core sources of income grew 4% YoY across all sources 780 754 ◦ Base spread income increased YoY and sequentially driven by growth in 74 20 89 the underlying business and spread improvement 76 ◦ Spreads increased 10 bps sequent
Slide 11: Group Retirement
Group Retirement Sources of income ($M) Second quarter highlights • Fee income increased 15% YoY and 6% sequentially, accounting for 61% of 361 359 group retirement’s sources of income vs 53% in 2Q25 24 4 • Base spread income increased 4 bps sequentially, reflecting asset repositioning benefits 190
Slide 12: Life Insurance
Life Insurance Sources of income ($M) Second quarter highlights • Strong quarter with run rate APTOI of $122M, exceeding our 2Q-4Q 344 331 quarterly guide of $110-120M 6 • Underwriting income decreased 4% YoY, reflecting less favorable underwriting experience than the prior year quarter • Sales incr
Slide 13: Institutional Markets
Institutional Markets Sources of income ($M) Second quarter highlights • Base spread income grew by 38% YoY, reflecting strong sales over the past 202 four quarters and growth in the underlying business 152 ◦ AUMA increased 12% YoY and 2% sequentially 89 5 13 • Strong GIC sales of $1.8B, reflecting
Slide 14: High-quality, well-diversified investment portfolio
High-quality, well-diversified investment portfolio 1% 4% 3% 2% • Liability driven investment strategy supported 14% by disciplined asset-liability management Government obligations process Corporate debt RMBS • Diversified across asset class, sector, 5% CMBS 1,2 geography and issuer / borrower $239
Slide 15: Expansive multi-manager strategy provides proactive oversight with scale
Expansive multi-manager strategy provides proactive oversight with scale 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 inve
Slide 16: Meaningful progress on our merger
Meaningful progress on our merger 1H26 2H26 1H27 Transaction announced First three layers of leadership announced Day 1 of "New Equitable" Integration Office established Shareholders approved the merger on July 30th Q2 Investor Day Level one of New Equitable leadership established Regulatory approva
Slide 17: High quality, diversified investment portfolio
High quality, diversified investment portfolio 2Q'26 Investment Portfolio1 Private Debt (Statutory basis2) Direct Middle Mkt. Lending Mortgage Loans 144A Bonds Private ABS $284B Private Debt $50B Private Corporate Debt Infrastructure Debt 3.4% Public Bonds Fortitude Re 3.2% ModCo Alts & Equities Cas
Slide 18: Our process embeds robust underwriting, execution and ongoing portfolio management
Our process embeds robust underwriting, execution and ongoing portfolio management Deep Credit Rigorous, Iterative Portfolio Focus on Long-Term, Expertise Process Management & Resiliency Monitoring • Private asset origination • Fundamentals-based, bottoms up • Ongoing portfolio management • Process
Slide 19: Corebridge Financial total investments – statutory basis
Corebridge Financial total investments – statutory basis (in billions) June 30, 2026 December 31, 2025 Public Bonds 84.8 29.8 % 84.8 29.9 % 144A Bonds 57.1 20.1 % 61.0 21.5 % Mortgage Loans 48.3 17.0 % 48.7 17.2 % Alternatives and Equities1 9.1 3.2 % 9.2 3.2 % Cash and Other 9.6 3.4 % 9.4 3.3 % Tota
Slide 20: Notable items
Notable items ($ in millions, except per share data) 2Q26 Notable items Alternative investments returns Business segment versus long-term return Total adjustments Investments All other expectations Individual Retirement — — (42) (42) Group Retirement — — (21) (21) Life Insurance — — (10) (10) Instit
Slide 21: Modeling assumptions for 2026
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% ~1 bps increase / decrease on average assets, or $20 - 25M, expected for every 25 bps increase / decrease in SOFR; Base spread income impact o
Slide 22: Explanation of footnotes
Explanation of footnotes Page 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 3 1 Total company sales excluding the diveste
Slide 23: Explanation of footnotes
Explanation of footnotes (continued from prior page) 1 GAAP carrying value Page 14 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 consolidate
Slide 24: Important factors that could cause actual results to differ, possibly materially, from expectations or estimates
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 actu
Slide 25: Important factors that could cause actual results to differ, possibly materially, from expectations or estimates
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 ne
Slide 26: Use of non-GAAP financial measures
Use of non-GAAP financial measures 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
Slide 27: Use of non-GAAP financial measures
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 whi
Slide 28: Use of non-GAAP financial measures
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 profita
Slide 29: Key operating metrics and key terms
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 Administrat
Slide 30: Key operating metrics and key terms
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 RB
Slide 31: Non-GAAP reconciliations and other financial disclosures
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 Three Months Ended June 30, 2026 2025 Non- Non- Total Tax controlling Total Tax controlling Pre-tax (Benefit) Interests/ After Tax Pr
Slide 32: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Adjusted pre-tax operating income by segment (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 N
Slide 33: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Sources of income 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 Re
Slide 34: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Sources of income Three Months Ended June 30, (in millions) 2026 2025 Premiums $ 382 $ 377 Policy fees 356 366 Life Insurance Net investment income 324 335 Policyholder benefits (652) (650) Interest credited to policyholder account balances (7
Slide 35: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Operating earnings per share 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) Ne
Slide 36: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Adjusted return on average equity 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
Slide 37: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Premiums and deposits 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 1,9