Slide 1: First Quarter 2025 Financial Results Presentation
First Quarter 2025 Financial Results Presentation May 6, 2025
Slide 2: Corebridge value proposition
Corebridge value proposition icon icon icon tbd tbd tbd Diversified Strong Disciplined business model balance sheet execution We are well positioned to continue creating shareholder shareholdervalue value as demonstrated by growth in our earnings, cash generation and capital return 2
Slide 3: Key first quarter highlights
Key first quarter highlights $1.16 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 income2 grew 1% year over year, with increases i
Slide 4: Corebridge continues to make progress against stated objectives
Corebridge continues to make progress against stated objectives Increase Enhance Maintain balance Drive earnings growth profitability sheet strength shareholder value $1.21 12.3% >400% 70% Run rate EPS Run rate ROAE Life Fleet RBC Ratio Payout Ratio (10-15% long-term p.a growth) (12-14% target) (>40
Slide 5: Business model proven resilient across various macro environments
Business model proven resilient across various macro environments 30 0 Volatile equity and bond 20 Through markets 0 varied markets... S&P 500 (LHS) 10Y UST (RHS) 10 0 VIX Robust Life Fleet RBC 480% 389% 402% 433% 447% 411% 428% 426% ratio1 (425-470% target) (375-400% target) (>400% target) ...Coreb
Slide 6: First quarter results
First quarter results Adjusted return on average equity 1Q24 1Q24 11.9% 11.9% APTOI Operating -80 bps ($M) EPS ($) excluding VII & Investments 78 0.10 1Q25 10.5% 1.3% 11.8% notable items Reinsurance (30) (0.04) Notable items 48 0.06 Operating EPS ($) Alternative investments returns versus (135) (0.1
Slide 7: Market-leading businesses deliver diversified sources of income
Market-leading businesses deliver diversified sources of income Core sources of income2,3 ($M) Spread income1,2,3 ($M) Fee income1 ($M) Underwriting margin1,2,3 ($M) +1% -3% +1% +12% excluding VII, notable items & excluding VII & notable items excluding VII, notable items & international life busine
Slide 8: Strong capital and liquidity position us to navigate current environment
Strong capital and liquidity position us to navigate current environment Insurance company distributions ($M) Capital and liquidity highlights • Strong cash generation with $600 million distribution to holding company 600 550 550 600 500 • Returned $454 million of capital to shareholders, up 18% yea
Slide 9: Appendix
Appendix 9
Slide 10: Individual Retirement
Individual Retirement Sources of income ($M) First quarter highlights 1,020 1,006 4 27 • Sources of income down slightly year over year as Fed rate actions and our hedging 307 activities reduced spread income by approximately $50 million, partially offset by 308 business growth —% • Premiums and dep
Slide 11: Group Retirement
Group Retirement Sources of income ($M) First quarter highlights 390 387 • Business continues to transition from spread to capital-light, fee-based revenue stream 1 24 ◦ Base spread income excluding notable items decreased 14% year over year given 190 ongoing shift in customer base and resulting net
Slide 12: Life Insurance
Life Insurance Sources of income ($M) First quarter highlights 325 • Business remains a mainstay for Corebridge, providing stability during periods of 297 — 4 33 market volatility +11% • Underwriting margin excluding VII, notable items and international life increased 11% excluding VII, year over ye
Slide 13: Institutional Markets
Institutional Markets Sources of income ($M) 168 First quarter highlights 140 • Reserves increased 17% year over year largely driven by GIC issuances and PRT 37 18 transactions 16 20 • Total sources of income excluding notable items increased 33% year over year +2% 15 supported by reserve growth exc
Slide 14: High-quality, well-diversified investment portfolio
High-quality, well-diversified investment portfolio 2% 4% 3% 2% Government obligations • Liability driven investment strategy supported by 15% Public corporate debt disciplined asset-liability management process Private corporate debt RMBS 35% CMBS • Diversified across asset class, sector, geography
Slide 15: Notable items
Notable items ($ in millions, except per share data) 1Q25 Notable items Alternative investments Business segment returns versus long-term Total adjustments Investments All other return expectations Individual Retirement 10 — (26) (16) Group Retirement 4 — 2 6 Life Insurance 2 — (6) (4) Institutional
Slide 16: Modeling assumptions for 2025
Updated in 1Q25 Modeling assumptions for 2025 Total company Alternative investments returns Expect to be below long-term return assumption of 8-9% Approximately 2 bps increase / decrease on average assets expected for every 25 bps increase / Base portfolio income decrease in SOFR; impact of each rat
Slide 17: Explanation of footnotes
Explanation of footnotes This presentation refers to financial measures not calculated in accordance with generally accepted accounting principles (Non-GAAP). Definitions of Non-GAAP measures and 1 reconciliations to their most directly comparable GAAP measures are included in the Appendix Page 2 Ex
Slide 18: 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 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 statemen
Slide 19: 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) • 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 o
Slide 20: 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 21: Use of non-GAAP financial measures
Use of non-GAAP financial measures (continued from prior page) 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 exclu
Slide 22: Use of non-GAAP financial measures
Use of non-GAAP financial measures (continued from prior page) 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 chan
Slide 23: Key operating metrics and key terms
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 othe
Slide 24: 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 March 31, 2025 2024 Total Tax Non- Total Tax Non- Pre-tax (Benefit) controlling After Tax Pre-tax (Benefit) contro
Slide 25: 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 Eliminations Total Corebridge Premiums $ 27 $ 4 $ 340 $ 500 $ 18 $ — $ 889 Policy fees 198
Slide 26: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Sources of income 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 G
Slide 27: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Sources of income Three Months Ended March 31, (in millions) 2025 2024 Premiums $ 340 $ 434 Policy fees 364 368 Net investment income 336 326 Life Insurance Other income 1 — Policyholder benefits (636) (748) Interest credited to policyholder a
Slide 28: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures 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
Slide 29: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures 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 a
Slide 30: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures 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
Slide 31: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Premiums and deposits Three Months Ended March 31, (in millions) 2025 2024 Individual Retirement Premiums $ 27 $ 41 Deposits 4,679 4,822 Other(1) (5) (2) Premiums and deposits $ 4,701 $ 4,861 Group Retirement Premiums $ 4 $ 5 Deposits 1,820 2,