Slide 1: Third Quarter 2025 Financial Results Presentation
Third Quarter 2025 Financial Results Presentation November 4, 2025
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 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 3: 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 5
Slide 4: Key third quarter highlights
Key third quarter highlights Our four businesses continue to deliver meaningful growth • Premiums and deposits of $12.3B up 34% YoY, demonstrating breadth of our product and service offerings $0.96 • Total company RILA sales were $0.8B in the quarter with $1.7B cumulatively YTD Operating EPS -22% ye
Slide 5: Third quarter results
Third quarter results Adjusted return on average equity 3Q24 3Q24 10.2% 1.6% 1.3% 13.1% APTOI Operating +40bps ($M) EPS ($) excluding VII & 3Q25 -1.5% 10.6% 1.2% 10.3% Reinsurance 67 0.09 notable items Corporate & other 32 0.04 Annual actuarial assumption update (3) — Operating EPS ($) Discrete tax
Slide 6: Diversified sources of income
Diversified sources of income Total Sources of income Spread income Fee income Underwriting margin +1% -1% +7% -1% excluding VII & notable items excluding VII & notable items excluding VII & notable items 1,697 1,602 993 112 953 74 106 73 417 6 342 1 1,518 1,528 307 887 880 287 344 341 287 307 67 67
Slide 7: Robust cash generation from diversified businesses support value creation
Robust cash generation from diversified businesses support value creation Insurance Company Distributions ($M) Capital Return ($M)1 Holding Company Liquidity2 ($B) 200 1,320 2.4 515 2.2 398 381 2.0 1.8 321 311 1.3 550 550 600 600 133 129 133 131 128 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25
Slide 8: Appendix
Appendix 10
Slide 9: Individual Retirement
Individual Retirement Sources of income ($M) Third quarter highlights 755 728 • Core sources of income were slightly lower year over year as the impact of 2024 Fed 39 12 rate actions were partially offset by strong general account growth and asset 71 80 optimization actions —% – Sequentially, base s
Slide 10: Group Retirement
Group Retirement Sources of income ($M) Third quarter highlights 377 376 • Business continues to transition from spread to fee-based revenue stream 27 23 ◦ Fee earnings now represents 56% of the sources of income and are up both YoY and sequentially 201 +1% 210 ◦ Spread earnings are down -4% YoY giv
Slide 11: Life Insurance
Life Insurance Sources of income ($M) Third quarter highlights 392 55 • Segment provides both balance sheet diversification and stability to the overall 327 business profile 1 • Excluding notable items, underwriting margin remains in line with last year's strong 325 —% performance. Favorable mortali
Slide 12: Institutional Markets
Institutional Markets Sources of income ($M) Third quarter highlights 173 171 • Highest sales quarter since our IPO, reflecting disciplined execution in a transaction- focused business 41 38 ◦ This is the 6th sequential quarter where GIC issuances have exceeded $1B 15 19 15 +5% 17 ◦ PRT pipeline con
Slide 13: High-quality, well-diversified investment portfolio
High-quality, well-diversified investment portfolio 2% 4% 3% 2% Government obligations • Liability driven investment strategy supported by 14% Public corporate debt disciplined asset-liability management process Private corporate debt RMBS 36% CMBS • Diversified across asset class, sector, geography
Slide 14: Notable items
Notable items ($ in millions, except per share data) 3Q25 Notable items Alternative investments Business segment returns versus long-term Total adjustments Annual unlocking All other return expectations Individual Retirement (7) — (38) (45) Group Retirement — — (15) (15) Life Insurance (85) — (8) (9
Slide 15: Modeling assumptions for 2025
Updated in 3Q25 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 / decrease in SOFR; Base portfolio income impact of each rat
Slide 16: Disciplined asset liability management and reduced sensitivity to SOFR
Disciplined asset liability management and reduced sensitivity to SOFR • Liability-driven investment strategy. Investment decisions SOFR Interest Rate Sensitivity driven by liability profile and tight duration matching of (per 25 bps reduction in SOFR) assets and liabilities. 4.0 -51% • Floaters pla
Slide 17: Explanation of footnotes
Explanation of footnotes 1 Insurance company capital ratio reflects the risk-based capital (“RBC”) ratio for the Life Fleet Page 4 2 Percentage of adjusted after-tax operating income returned to shareholders; includes common stockholder dividends and share repurchases 1 Dividends reflects payment da
Slide 18: 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 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) • catastrophes, including those associated with climate change and pandemics; • business or asset acquisitions and dispositions that may expose us to certain r
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) 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 22: Use of non-GAAP financial measures; Key operating metrics and key terms
Use of non-GAAP financial measures (continued from prior page) Adjusted Return on Average Equity (“Adjusted ROAE”) is derived by dividing AATOI by average Adjusted Book Value and is used by management to evaluate our recurring profitability and evaluate trends in our business. We believe this measur
Slide 23: Key operating metrics and key terms
Key operating metrics and key terms (continued from prior page) 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, exclud
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 September 30, 2025 2024 Total Tax Non- Total Tax Non- Pre-tax (Benefit) controlling After Tax Pre-tax (Benefit) co
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 $ 23 $ 3 $ 366 $ 1,547 $ — $ — $ 1,939 Policy fees
Slide 26: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Sources of income Three Months Ended September 30, (in millions) 2025 2024 Individual Retirement Spread income $ 648 $ 684 Fee income 80 71 Total Individual Retirement 728 755 Group Retirement Spread income 166 176 Fee income 210 201 Total Gro
Slide 27: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Sources of income Three Months Ended September 30, (in millions) 2025 2024 Premiums $ 366 $ 352 Policy fees 357 360 Net investment income 323 336 Life Insurance Other income 1 81 Policyholder benefits (726) (687) Interest credited to policyhol
Slide 28: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Operating earnings per share Three Months Ended September 30, (in millions, except per common share data) 2025 2024 GAAP Basis Numerator for EPS Net income (loss) $ 137 $ (1,187) Less: Net income (loss) attributable to noncontrolling interests
Slide 29: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Adjusted return on average equity Three Months Ended September 30, (in millions, unless otherwise noted) 2025 2024 Actual or annualized net income (loss) attributable to Corebridge shareholders (a) $ 576 $ (4,736) Actual or annualized adjusted
Slide 30: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Premiums and deposits Three Months Ended September 30, (in millions) 2025 2024 Individual Retirement Premiums $ 23 $ 30 Deposits 5,501 5,051 Other(1) (2) (3) Premiums and deposits $ 5,522 $ 5,078 Group Retirement Premiums $ 3 $ 5 Deposits 1,75